The recording originally went unreleased, and the band instead decided to release The Second Annual Report in 1977.

According to AllMusic, "this legendary recording [...] reached an almost mythical status in the industrial music scene until its belated issue in 2001" as The First Annual Report.

"[1] Pitchfork praised the album's originality, but gave it a low grade in terms of listenability.

[3] Pitchfork also commented that "This record is essentially the birth of industrial music, packed with samples, abrasive, irregular beats, manipulated loops and Cosey Fanni Tutti's often unrecognizable guitar.

Nurse with Wound, Cabaret Voltaire, Einstürzende Neubauten, Skinny Puppy, Controlled Bleeding and Acid Bath are just a few of the outfits that owe a huge debt to Throbbing Gristle's unrelenting assault.