Total Revenue

+30.6%

Total Revenue increased to $1.514 billion in Q4 2024 from $1.159 billion in Q4 2023, primarily driven by robust growth in modules revenue, which reflects continued high demand and effective pricing strategies that built on improvements seen in previous periods. " "

Modules Revenue

+30.6%

Modules Revenue rose from approximately $1.158 billion in Q4 2023 to $1.514 billion in Q4 2024, largely due to increased volume and a higher average selling price; this strength follows earlier period gains where sales momentum and operational enhancements were already evident. " "

Operating Income

+15%

Operating Income improved to $456.8 million in Q4 2024 from $397.8 million in Q4 2023, reflecting better gross profit margins and controlled operating expenses, an evolution from earlier cost improvements and revenue growth in prior quarters. " "

Net Income

+12.4%

Net Income increased to $393.1 million from $349.2 million YoY, driven by higher net sales and efficient cost management, continuing the positive trends established in previous quarters despite challenges such as warranty charges impacting certain product lines. " "

Basic EPS

+12%

Basic EPS climbed from $3.27 in Q4 2023 to $3.67 in Q4 2024, largely reflecting the higher net income and stable share count, indicating that profitability improvements have been effectively translated into stronger earnings per share compared to the prior period. " "

Earnings per diluted share (EPS)

FY 2025

$13.00 to $13.50 " "

$17 to $20 "

raised

Operating income

FY 2025

$1.48 billion to $1.54 billion "

$1.95 billion to $2.3 billion "

raised

Gross margin

FY 2025

$1.95 billion to $2.00 billion "

$2.45 billion to $2.75 billion "

raised

Net sales

FY 2025

$4.1 billion to $4.25 billion "

$5.3 billion to $5.8 billion "

raised

SG&A Expense

FY 2025

$445 million to $475 million "

$180 million to $190 million "

lowered

Capital expenditures (CapEx)

FY 2025

$1.55 billion to $1.65 billion "

$1.3 billion to $1.5 billion "

lowered

Year-End Net Cash Balance

FY 2025

$0.5 billion to $0.7 billion "

$0.7 billion to $1.2 billion "

raised

R&D Expense

FY 2025

no prior guidance

$230 million to $250 million "

no prior guidance

Production Start-Up Expense

FY 2025

no prior guidance

$60 million to $70 million "

no prior guidance

Ramp and Underutilization Costs

FY 2025

no prior guidance

$50 million to $60 million "

no prior guidance

Full-Year Tax Expense

FY 2025

no prior guidance

$100 million to $120 million "

no prior guidance

Module Sales

FY 2025

no prior guidance

18 to 20 gigawatts (with U.S. Production: 9.5–9.8 GW; India Domestic: ~1 GW) "

no prior guidance

Average Selling Price (ASP)

FY 2025

no prior guidance

Approximately $0.29 per watt "

no prior guidance

Global Production Forecast

FY 2025

no prior guidance

18 to 19 gigawatts (U.S.: 9.2–9.7 GW; Southeast Asia: 5.8–6.1 GW; India: 3–3.2 GW) "

no prior guidance

Section 45X Tax Credits

FY 2025

no prior guidance

$1.65 billion to $1.7 billion " "

no prior guidance

Operating margin

FY 2025

no prior guidance

Approximately 38% "

no prior guidance

Financial Performance and Earnings Growth

Q1 and Q2 discussions centered on strong EPS figures, revenue growth, improved gross margins and robust full‐year guidance. " " " " " "

Q4 focused on record net sales and full‐year EPS guidance, but highlighted a lower Q4 gross margin due to discrete items like warranty charges and tax credit discounts. " " " "

Consistent earnings growth overall, but Q4 sentiment turns more cautious due to one‑off costs affecting quarterly margins.

Manufacturing Capacity Expansion and Investment

Q1 and Q2 emphasized rapid facility expansions (Alabama, Ohio, Louisiana, India), aggressive investments in R&D and innovation (CuRe technology, perovskite development). " " "

Q4 reiterated capacity growth with record net additions and new production lines, while noting ramp‐related charges and higher costs in some facilities. " " "

Ongoing expansion and investment remain a central theme, though Q4 reveals minor execution challenges and ramp issues.

Policy, Regulatory, and Trade Uncertainty

In Q1 and Q2, attention was given to AD/CVD petitions, potential tariff changes, political uncertainty around the IRA, and debates over trade remedies to counter dumping. " " " " " "

Q4 discussions became more pointed with updated AD/CVD rates in Southeast Asia, heightened tariff impacts (including Section 232 on aluminum) and policy-induced regional challenges in Europe and India. " " "

Persistent uncertainty with an increased regulatory sting in Q4, indicating a more challenging external policy environment.

Operational and Supply Chain Challenges

Q1 mentioned shipment delays, ramp-related costs, and potential excess inventory concerns while Q2 had limited coverage aside from ramp costs and an IT outage incident. " " "

Q4 provided detailed accounts of significant shipment delays, ramp-related charges at multiple facilities, and rising logistics/warehousing costs due to inventory buildups. " "

Operational challenges have intensified by Q4, highlighting worsening supply chain and ramp-related issues.

Pricing and Margin Dynamics

Q1 and Q2 reports focused on steady pricing (around $0.31–$0.33 per watt) and improved margins (with Q2 margins near 49%), driven by favorable mix and Section 45X tax credits. " " " " "

Q4 maintained a stable ASP near $0.30 per watt, but margins compressed significantly (down to 37% in Q4) because of warranty costs, shipment delays, and tax credit discounts. " "

While pricing remains steady, Q4 experiences pronounced margin pressure from discrete cost factors compared to earlier optimistic margins.

Customer Backlog, Bookings, and Demand Volatility

Q1 and Q2 highlighted a robust backlog with strong pipeline bookings and selective contracting, though concerns were flagged about contract terminations and delivery shifts. " " " " "

Q4 continued to show a strong backlog with details on shifted deliveries, higher contract terminations, and a back-end weighting of revenue collection, reflecting increased demand volatility. " " "

Demand remains robust, but Q4 reveals growing volatility with more contract terminations and shipment adjustments impacting near‑term collections.

Emerging Demand Segments: Data Centers and Corporate Customers

Q1 and Q2 underscored the rising importance of renewable supply for data centers and corporate customers, noting significant energy demand growth and new large-scale supply agreements. " " " " "

Q4 contains no mention of these segments.

Previously emerging as an important growth driver, this topic is absent in Q4, suggesting a reduced emphasis or shift in focus during the most recent period.