The company is in the process of expanding manufacturing capacity in the United States, including the fourth and fifth manufacturing facilities expected to commence operations in the second halves of 2024 and 2025, respectively.

During the three months ended June 30, 2024, the company achieved a new world record CdTe research cell conversion efficiency of 23.1%, which was certified by the U.S. Department of Energy's National Renewable Energy Laboratory.

The company completed certain key construction and equipment installation activities at its dedicated R&D innovation center in Ohio, and in July 2024, the facility was formally commissioned.

During the three months ended June 30, 2024, the company produced 3.7 GW and sold 3.4 GW of solar modules.

During 2024, the company expects to produce between 15.6 GW and 16.0 GW and sell between 15.6 GW and 16.3 GW of solar modules.

In December 2023, the company entered into an agreement with Fiserv for the sale of $687.2 million of Section 45X tax credits generated during 2023 for aggregate cash proceeds of $659.7 million. The company received the full cash proceeds during the six months ended June 30, 2024.

The company is currently under examination in India, Chile, Singapore, the United States, and the State of Georgia.

The company is party to other legal matters and claims in the normal course of its operations. While the company believes the ultimate outcome of these matters and claims will not have a material adverse effect on its financial position, results of operations, or cash flows, the outcome of such matters and claims is not determinable with certainty, and negative outcomes may adversely affect it.

On September 29, 2023 and June 5, 2024, the Company received subpoenas from the Division of Enforcement of the SEC seeking documents and information relating to the Company's operations in India, the Company's entry into a PV module supply agreement with an India-based customer, and certain aspects of the Company's technology roadmap, among other things. The Company is cooperating with the SEC and cannot predict the ultimate timing, scope, or outcome of this matter.

The company faces intense competition from manufacturers of crystalline silicon solar modules and other emerging technologies. Solar module manufacturers compete with one another on sales price per watt, which may be influenced by several module value attributes, including energy yield, wattage, degradation, sustainability, and reliability.

The company believes that utility-scale solar will continue to be a compelling offering and will continue to represent an increasing portion of the overall electricity generation mix. However, this focus on utility-scale module offerings exists within a current market environment that includes rooftop and distributed generation solar, which may influence the company's future offerings.

The company continues to devote significant resources to support the implementation of its technology roadmap and improve the energy output of its modules. In the course of its R&D activities, the company explores various technologies in its efforts to sustain competitive differentiation of its modules.

The company continues to increase the nameplate production capacity of its existing manufacturing facilities by improving its production throughput, increasing module wattage, and reducing manufacturing yield losses.

To mitigate certain logistics costs, the company employs commercial contract structures that provide additional consideration to it if the cost of logistics services, excluding demurrage and detention, exceeds defined thresholds.

The company's manufacturing capacity expansions are expected to bring production activities closer to customer demand, further mitigating its exposure to the cost of ocean freight.

During the three months ended June 30, 2024, the company achieved a new world record CdTe research cell conversion efficiency of 23.1%, which was certified by the U.S. Department of Energy's National Renewable Energy Laboratory.

During the three months ended June 30, 2024, the company completed certain key construction and equipment installation activities at its dedicated R&D innovation center in Ohio, and in July 2024, the facility was formally commissioned.

The company continues to devote significant resources to support the implementation of its technology roadmap and improve the energy output of its modules. In the course of its R&D activities, the company explores various technologies in its efforts to sustain competitive differentiation of its modules.

During 2024, the company expects to spend between $1.8 billion and $2.0 billion for capital expenditures, including the new facilities mentioned above, and upgrades to machinery and equipment that it believes will further increase its module wattage and expand capacity and throughput at its facilities.

The company has also committed certain financial resources to fulfill its solar module collection and recycling obligations and has established a trust under which these funds are put into custodial accounts with an established and reputable bank.

The company has also committed and expects to continue committing significant working capital to purchase various raw materials used in its module manufacturing process.

From raw material sourcing through end-of-life module recycling, the company is committed to reducing the environmental impacts and enhancing the social and economic benefits of its products.

The company's PV solar modules are produced using a fully integrated, continuous process that does not rely on Chinese crystalline silicon supply chains.

The company has also committed certain financial resources to fulfill its solar module collection and recycling obligations and has established a trust under which these funds are put into custodial accounts with an established and reputable bank.

As a result of these and other factors, worldwide solar markets continue to develop and expand.

Recently enacted government support programs, such as the IRA, have contributed and are expected to continue to contribute to this momentum by providing solar module manufacturers, project developers, and project owners with certain subsidies and tax incentives to accelerate the ongoing transition to clean energy.

In light of such market realities, the company continues to advocate for industrial and trade policies that provide a level playing field for manufacturers of solar cells and modules.