Excluding the IRA credit, sees 2024 adjusted gross margin 20%-22%, with adjusted operating margin 10%-12%. For 2025, First Solar sees gross margin 53%-55% and operating margin 45%-47%, with adjusted gross margin 25%-27% and adjusted operating margin 17%-19%. For 2026, First Solar sees gross margin 60%-62% and operating margin 53%-55%, with adjusted gross margin 28%-30% and adjusted operating margin 22%-24%. Comments taken from slides being presented at First Solar’s analyst day event.
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