T1 Energy Inc.

What they do

T1 Energy manufactures and sells photovoltaic solar modules, primarily into the U.S. utility-scale market, using Passivated Emitter and Rear Contact and Tunnel Oxide Passivated Contact (TOPCon) technologies. Its operating module plant, G1_Dallas in Wilmer, Texas, has a total annual nameplate production capacity of five gigawatts. The company is constructing the first 2.1-gigawatt phase of a solar cell fab, G2_Austin, in Milam County, Texas, to supply cells for use in modules made at G1_Dallas.

Revenue drivers

• PV solar modules (G1_Dallas) — The company currently generates sales by manufacturing and selling solar modules from its 5 GW nameplate Wilmer, Texas facility, primarily to utility-scale customers; Q2 2026 total net sales were $250.1 million and G1_Dallas module production was 935 MW.
• Domestic-content cell supply (G2_Austin) — T1 has contracted to supply Clearway Energy Group 641 MW of solar modules built with domestic cells from G2_Austin, which is targeted to begin cell production in Q1 2027; no cell revenue has been reported yet.
• Section 45X tax credit monetization — During Q2 2026 T1 monetized the balance of its remaining 2025 Section 45X tax credits for $39.1 million, a cash source tied to domestic manufacturing.
• Battery energy storage systems and software (KORE Power) — T1 acquired KORE Power, an engineering-focused BESS and software solutions provider, on July 1, 2026 for a purchase enterprise value of approximately $32.0 million; no revenue from this business has been reported in the provided financials.

Recent performance

For Q2 2026, T1 reported total net sales of $250.1 million, G1_Dallas module production of 935 MW, a net loss from continuing operations of $(36.9) million, and Adjusted EBITDA of $10.7 million. The quarterly net loss and Adjusted EBITDA included a pre-tax reduction in Cost of Sales of $24.4 million from tariff refunds recognized in the quarter. First-half 2026 total net sales were $427.8 million, and the company ended Q2 2026 with cash, cash equivalents and restricted cash of $156.4 million. For full-year 2025, revenue was $755.3 million and operating cash flow was $95.5 million, versus revenue of $2.9 million in 2024.

Strategy

T1's stated strategy is to build an integrated U.S. supply chain for solar modules and cells, pairing its existing module plant with the G2_Austin cell fab. The company began construction of G2_Austin Phase 1 (2.1 GW) in December 2025 and expects first solar cells in Q1 2027, with projected Phase 1 capital expenditures of $510 million, including a 20% contingency. It acquired TOPCon-related solar patents and other IP from Evervolt in July 2026 for $135 million, and it plans to work with the Department of Commerce on the Section 232 polysilicon tariff offset onshoring program using its G2_Austin, TOPCon IP, and U.S. polysilicon and wafer commitments with Hemlock Semiconductor and Corning. T1 also acquired KORE Power and is exploring strategic pathways, including potential joint ventures, to monetize its Nordic portfolio, which includes a data center asset with a 50 MW grid allocation and a queue position for 396 MW of power.

Risks

• G2_Austin construction and ramp execution — The G2_Austin cell fab is not yet producing, its projected Phase 1 capex is $510 million including a 20% contingency for Texas data center construction market cost pressure, and first cells are not expected until Q1 2027.
• Losses and cash consumption — T1 reported a Q2 2026 net loss from continuing operations of $(36.9) million and annual net losses in each year from 2021 through 2025, and its Q2 2026 result benefited from a $24.4 million pre-tax tariff refund.
• Leverage and financing — As of June 30, 2026, T1 had total liabilities of $1.37 billion, long-term debt of $500.4 million, and shareholder equity of $201.8 million, and in April 2026 it issued $184.0 million of 4.00% Convertible Senior Notes due 2031.
• Policy and tariff dependence — T1's outlook references the Section 232 proclamation signed August 6, 2026 imposing tariffs on U.S. imports of polysilicon and polysilicon derivatives effective December 4, 2026, and an onshoring program T1 plans to access, making results sensitive to trade policy.

Outlook

Management says it is focused on delivering strong operational and financial performance in the second half of 2026 while progressing G2_Austin. T1 projects capital expenditures for G2_Austin Phase 1 of $510 million and expects to produce the first solar cells there in Q1 2027. The company also intends to pursue value from its Nordic portfolio and to access the Section 232 tariff offset onshoring program through its U.S. investments and polysilicon and wafer commitments.