Maybe the scariest development is the disclosure that the company is starting to take ownership of some of the projects that had been customers. So they are being effectively pulled "downstream" (i.e. towards the actual construction/installation of solar facilities, away from their core business of making the panels) by the absence of financially healthy customers.
On the other hand, they're still profitable and they still have what could be the leading solar panel technology. I think it's got a 20% chance of becoming a $100 billion company, so at a $10 billion valuation I'm not selling. Things could easily get worse before they get better, though.
Disclosure: I own FSLR shares
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