Tech Hardware
Tech Hardware Components and Solar
Skyworks makes radio chips for phones, and Apple is 67 percent of sales
FY2025 revenue was $4.09B. Apple, through distributors and contract manufacturers, was 67 percent of sales. That is phones, tablets, PCs, and watches. It is not an AI accelerator, which is why Skyworks is here and not on AI Chips.
Most of Skyworks' sales still run through distributors
Distributors were $3.53B of $4.09B in FY2025. Direct customers were $0.56B. The Apple concentration is a customer fact, not a named Apple line on the income statement.
First Solar sold 17.5 GW of modules in 2025
Net sales rose 24 percent to $5.22B as third-party module volume rose 24 percent. 2023 is shown as dollars only. The annual report that year disclosed production, not GW sold.
The factory sold more than it produced
First Solar produced 16.1 GW and sold 17.5 GW in 2025. Sold volume can exceed production when inventory is drawn down.
Most factory capacity is now in the United States
Year-end 2025 capacity was about 13 GW in the United States and 10.2 GW international. India is 3.2 GW inside the international total. This is factory nameplate capacity, not gigawatts sold.
The backlog shrank even as the factory ran harder
Contracted backlog fell from 78.3 GW at the start of 2024 to 50.1 GW at the end of 2025. 2025 included 8.3 GW of de-bookings. Visibility is still years of production. It is no longer a growing queue.
Lifetime volume crossed 100 GW in 2026
The 2025 10-K printed more than 93 GW sold worldwide. The Q2 2026 release said the company surpassed 100 GW. Both prints are floors.
A US manufacturing tax credit offset $1.6B of costs on $5.2B of sales
First Solar recognized $1.6B of Section 45X credits as a reduction to cost of sales in 2025. That is not revenue. The 10-K says the current form factor qualifies for about 17 cents per watt.