T1 Energy Reports Third Quarter 2026 Results   

More than 3.5GW is contracted for 2027 deliveries, while G2_Austin financing remains subject to definitive agreements and conditions.

Rhea-AI Summary

T1 Energy (NYSE: TE) reported a third-quarter 2026 net loss attributable to common stockholders of $41.6 million, narrower than a year earlier. The loss was $0.14 per share versus $0.87 a year earlier. Net sales fell to $196.590 million from $210.522 million, while gross margin was 8.5%.

T1 signed more than 1.58GW of module offtake contracts and has more than 3.5GW contracted for 2027 deliveries. It narrowed 2026 production guidance to 4.0–4.2GW and initiated a preliminary 2027 plan of 5.3GW, assuming capacity sells out. G2_Austin financing remains under negotiation and may require additional equity-linked securities; T1 intends to align construction spending with financing timing. A completed convertible-note placement generated $50.4 million in gross proceeds. T1 also signed a non-binding letter of intent to explore repurposing its Nordic asset as a data center.

15 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 12 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 common-stockholder loss narrowed to $41.6 million, or $0.14 per share, from $140.8 million, or $0.87.
• Moderate pointNew module offtake contracts exceed 1.58GW, with expected G1_Dallas supply in 2027 and 2028.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 production guidance tightened to 4.0–4.2GW, the high end of the previous 3.1–4.2GW range.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Preliminary 2027 production plan is 5.3GW, based on T1's forecast that G1_Dallas capacity sells out.
• Moderate point$155.3 million in production tax credits generated through Q3 2026 are the subject of monetization discussions. 24% of market cap
• Moderate pointConvertible-note placement generated $50.4 million in gross proceeds as a bridge to G2_Austin financing. 7.9% of market cap
• Moderate pointNine-month net sales rose to $624.365 million from $396.741 million a year earlier.

8 minor points

• Minor pointQ3 continuing-operations loss narrowed to $34.7 million, or $0.12 per share, from $130.8 million, or $0.87.
• Minor pointMore than 3.5GW of 2027 manufacturing capacity is contracted for scheduled 2027 deliveries.
• Minor pointG2_Austin construction milestones include completed primary steelwork and delivery of remaining Phase 1 equipment to U.S. ports.
• Minor pointSolar-cell import waiver covers up to 1.725GW to support G1_Dallas manufacturing.
• Minor pointApproximately 65% non-FEOC material use is T1's estimate, above the 50% threshold through Q2 2026.
• Minor pointQ3 net interest expense fell to $7.321 million from $9.395 million a year earlier.
• Minor pointNine-month gross profit rose to $94.888 million from $71.690 million a year earlier.
• Minor pointNine-month continuing-operations loss narrowed to $67.698 million from $168.210 million a year earlier.

Negative

• Moderate pointG2_Austin financing remains pending, subject to definitive documentation and numerous conditions; additional equity or equity-linked securities may be required.
• Moderate point. Forward-looking: it has not happened yet and may not happen.G2_Austin capital-spending pace will temporarily be matched to the expected financing timeline, T1 intends.
• Moderate pointQ3 net sales declined to $196.590 million from $210.522 million a year earlier.
• Moderate pointQ3 gross profit declined to $16.707 million from $21.148 million; gross margin was 8.5%.
• Moderate pointQ3 SG&A rose to $71.185 million from $62.778 million, including higher staffing, financing, transaction and legal expenses.
• Moderate pointQ3 adjusted EBITDA was negative $16.4 million, reflecting higher inventory-production facility costs and SG&A.
• Moderate pointUnrestricted cash fell to $59.523 million at September 30, 2026, from $182.450 million at December 31, 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.$50 million of additional convertible debt carries 4.75% interest, matures in 2031 and introduces potential conversion dilution. 7.8% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Remaining 2027 capacity sales depend on executing customer offtake contracts and continued demand.

3 minor points

• Minor pointNordic data-center letter of intent is non-binding; any arrangement requires definitive documentation.
• Minor point. Forward-looking: it has not happened yet and may not happen.Potential Nordic partner responsibilities include financing capital expenditures and securing a tenant and/or compute offtaker.
• Minor pointQ3 discontinued-operations loss was $5.892 million, versus income of $0.206 million a year earlier.

News Explained

The higher reported share count affects existing holders’ ownership; monetization of $155.3 million in credits remains at the discussion stage.

In its third-quarter report, T1 lists 299,499 thousand common shares issued and outstanding at September 30, 2026, compared with 266,267 thousand at December 31, 2025.

That higher share count reduces existing holders’ percentage ownership absent offsetting changes.

T1 said it had generated $155.3 million in Section 45X credits and advanced several conversations to monetize them; the report describes this potential liquidity source at the discussion stage, not as a completed transaction.

Key Figures

Net loss attributable to common stockholders: $41.6 million Net loss from continuing operations: $34.7 million Total net sales: $196.6 million +5 more

Net loss attributable to common stockholders

$41.6 million

Q3 2026; compared with $140.8 million in Q3 2025

Net loss from continuing operations

$34.7 million

Q3 2026; compared with $130.8 million in Q3 2025

Total net sales

$196.6 million

Q3 2026; compared with $210.5 million in Q3 2025

Adjusted EBITDA

($16.4) million

Q3 2026

Gross margin

8.5%

Q3 2026

G1_Dallas 2026 production guidance

4.0–4.2 GW

Full-year 2026; prior range was 3.1–4.2 GW

Planned G1_Dallas production

5.3 GW

2027 preliminary production guidance

New offtake contracts

More than 1.58 GW

Solar modules

Previous Earnings Reports

2 past events · Latest: Aug 12

Same Type 2 events

1. Aug 12

   Q2 earnings report

   24h Move

   -10.4%

   Reported a continuing-operations loss alongside positive Adjusted EBITDA.

2. Nov 14

   Q3 earnings report

   24h Move

   -3.7%

   Reported a Q3 net loss and reaffirmed full-year EBITDA guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

convertible senior notes, section 45x production tax credits

2 terms

convertible senior notes financial

"additional $50 million in aggregate principal amount of its 4.75% convertible senior notes"

Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.

section 45x production tax credits regulatory

"monetize the $155.3 million of Section 45X Production Tax Credits"

A United States federal production tax credit codified at Internal Revenue Code section 45X that pays a per-unit tax benefit to eligible manufacturers for producing specified clean-energy components or related products in the U.S. The credit applies to qualifying manufactured items (for example, parts used in solar, wind, battery, or related technologies) and is claimed on a taxpayer's federal tax return under the statutory eligibility, certification and compliance rules set by the Internal Revenue Service; it is a production-based incentive (paid per unit produced) rather than an investment or research credit and generally requires that the goods meet the law's product and domestic-production tests.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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AUSTIN, Texas and NEW YORK, Nov. 12, 2026 (GLOBE NEWSWIRE) -- T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) today reported financial and operating results for the third quarter 2026. The Company will hold a conference call today at 8:00 am EST.

Headlines

• G2_Austin comprehensive financing update. T1 is in negotiations with certain institutional investors under exclusivity (with certain exceptions) to finalize a G2_Austin debt financing solution. Any such financing is subject to the negotiation and execution of definitive documentation and the satisfaction of numerous conditions precedent (some of which may be beyond T1’s control) and may include or require the issuance of additional equity or equity-linked securities. Closing a comprehensive financing solution for G2_Austin remains T1’s top priority; however, there can be no assurance that definitive documents will be agreed, or that any such financing will be completed, on a timely basis on terms acceptable to T1, or at all.
  
• T1 Signs Nearly 1.6 GW of New Offtake Contracts Following Section 232 Proclamation, fielding indications of strong demand for 2027. The U.S. Department of Commerce Section 232 proclamation in support of the domestic polysilicon industry has catalyzed heightened customer interest in T1's available projected 2027-2030 module and cell production capacity at G1_Dallas and G2_Austin.
  

As previously announced, T1 has signed new offtake deals totaling more than 1.58GW of advanced solar modules. Through its latest offtake contracts, including with independent power producer Avantus, T1 Energy expects to supply high-performance, high-efficiency, TOPCon modules from its G1_Dallas solar module facility in 2027 and 2028. The modules are expected to use a blend of imported solar cells and domestically produced cells from T1’s G2_Austin new solar cell fab. T1 now has more than 3.5GW of its 2027 manufacturing capacity under contract for scheduled 2027 deliveries.

Based on ongoing conversations with Tier 1 customers, indicative demand, and the recently signed offtake contracts, T1 believes it may sell out of its 5 GW capacity at G1_Dallas for 2027 at attractive prices and terms. Actual sales of G1_Dallas production capacity in 2027 will be subject to execution of offtake contracts with such Tier 1 customers and continued demand.

• Q3 2026 results reflect T1’s decision to build module inventory to facilitate 2027 deliveries on new customer offtake contracts. T1 Energy reported a net loss from continuing operations of $34.7 million, or $(0.12) per share for the third quarter of 2026. T1 elected to produce 1,056MW of modules at G1_Dallas in the third quarter of 2026, the second highest quarterly run-rate in the Company’s history, building 326MW of module inventory to facilitate 2027 deliveries under recently signed customer offtake contracts. Third quarter 2026 gross margins of 8.5% and Adjusted EBITDA of ($16.4) million reflect higher facilities-related costs driven by increased inventory production along with higher SG&A expense. Third quarter SG&A expense of $71.2 million is attributable to growth in T1’s technical and operational headcount, as well as higher financing, transaction and legal expenses associated with capital markets activity and other matters.
  
• Tightening 2026 G1_Dallas production guidance to the high end of prior range, initiating preliminary 2027 production guidance of 5.3GW. T1 now expects to achieve full-year 2026 G1_Dallas module production of 4.0 – 4.2GW, at the high end of the previous range of 3.1 – 4.2GW. Updated 2026 production guidance is consistent with contracted customer demand for the fourth quarter and imported cell availability. For 2027, with more than 3.5GW of G1_Dallas capacity under contract, and a customer offtake pipeline in excess of remaining available capacity, T1 is planning to produce 5.3GW, which is based on a forecast that G1 is sold out of capacity for the full-year 2027.
• T1 enters into Letter of Intent to potentially monetize Nordic data center asset. T1 continues to advance its plan to generate value for shareholders by repurposing its Nordic Giga Arctic asset as a data center. Following the previously announced 50MW grid allocation from Norway’s national grid operator, Statnett, and the approval by local officials to rezone a portion of the campus for data center development, T1 has signed a non-binding LOI to negotiate and explore the possibility of repurposing the asset with a potential partner. Under the terms of the LOI, T1 would contribute the assets, power allowance and the queue position for additional power, while the partner would be responsible for financing capital expenditures in addition to identifying and securing a tenant and/or compute offtaker. Any such arrangement is subject to the negotiation and execution of definitive documentation and there can be no assurance that definitive documentation will be agreed, or that a transaction will be completed, on a timely basis on terms acceptable to T1, or at all.
• T1 receives Commerce Department 232 waiver. On October 22, 2026, the Company announced it had received a waiver from the Commerce Department to import up to 1.725GW of solar cells to support uninterrupted manufacturing activities at G1_Dallas. T1 requested the waiver to help ensure access to necessary solar cells for a limited duration while construction on the 2.1GW Phase 1 of the Company’s G2_Austin solar cell fab in Rockdale, Texas, continues. T1 appreciates the Commerce Department’s support of its strategy to strengthen American manufacturing and intends to work with the Commerce Department to potentially access the onshoring relief program on the basis of its committed capital investment at G2_Austin.
  

“T1 continued to invest in the Company’s future during the third quarter to advance our mission to build America’s first integrated polysilicon solar supply chain,” said Dan Barcelo, Chief Executive Officer and Chairman of T1 Energy. “Following the Commerce Department’s Section 232 proclamation, pricing and demand for G1_Dallas modules has improved meaningfully, and we have initiated a 2027 G1 production plan of 5.3GW to accommodate the expected growth of T1’s commercial enterprise. In parallel, we are investing in the construction of G2_Austin and the key people we need to build, commission and operate our landmark U.S. solar cell fab while we work to potentially finalize a comprehensive G2_Austin financing solution.”

Business update

• G2_Austin construction update. During the third quarter of 2026, T1’s team completed the primary steel structure and took delivery of all the remaining Phase 1 production line equipment at U.S. ports. Mechanical, Electrical, and Plumbing (“MEP”) installation commenced in September 2026 and continues ahead of the planned completion of trades work and preparation of the cleanroom. Given the progress on construction to date and the projected timing of initial cell deliveries under customer contracts, T1 intends to temporarily match the pace of capital spending at G2_Austin with the expected timeline to close a G2_Austin financing solution.
  
• Section 45X Production Tax Credit Monetization. T1 has advanced several conversations to monetize the $155.3 million of Section 45X Production Tax Credits (“Section 45X tax credits”) it has generated through the third quarter of 2026. Through third-party due diligence analysis conducted on the Company’s solar cell supply chain, T1 believes it has achieved approximately 65% use of non-FEOC materials, exceeding the 50% non-FEOC Material Assistance Cost Ratio (“MACR”) threshold required to comply with the safe harbor tables under the One Big Beautiful Bill Act (“OBBBA”) through the second quarter of 2026. The Company continues to make progress on its strategic sourcing initiatives and is currently working with five distinct solar cell suppliers who have been independently verified for the MACR ratio test, with two additional cell suppliers being evaluated. T1 is confident in its plans to continue to increase its MACR as it builds out a domestic polysilicon-based solar supply chain.
  
• T1 completed private placement of $50 million of convertible senior notes due 2031. On September 30, 2026, T1 completed a private placement to a qualified institutional investor that was an existing shareholder of the Company of an additional $50 million in aggregate principal amount of its 4.75% convertible senior notes due 2031. The offering generated gross proceeds of $50.4 million and was intended as a bridge to a comprehensive G2_Austin financing solution.
  

Q3 2026 Results Overview

• T1 Energy reported a net loss attributable to common stockholders for the third quarter of 2026 of $41.6 million, or $(0.14) per share compared to a net loss of $140.8 million, or $(0.87) per share for the third quarter of 2025. Net loss from continuing operations was $34.7 million, or $(0.12) per share for the third quarter of 2026 compared to a net loss from continuing operations of $130.8 million, or $(0.87) per share for the third quarter of 2025. Net income (loss) from discontinued operations was $(5.9) million, or $(0.02) per share, for the third quarter of 2026 compared to $0.2 million, or $0.00 per share, for the third quarter of 2025.
  
• As of September 30, 2026, T1 had cash, cash equivalents, and restricted cash of $137.0 million, of which $59.5 million was unrestricted cash.
  

Presentation of Third Quarter 2026 Results

A presentation will be held today, November 12, 2026, at 8:00 am Eastern Standard Time. The results and presentation material will be available for download at https://ir.t1energy.com/.

Participants can access the conference call by clicking the following link and completing the online registration form. Upon registering participants will receive the dial-in info and PIN to join the call.

The call will also be available by clicking the webcast link

About T1 Energy

T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the U.S., with a complementary solar and battery storage strategy. Based in the U.S. with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

To learn more about T1, please visit www.T1energy.com and follow on social media.

Investor contact:

Jeffrey Spittel
EVP, Investor Relations and Corporate Development
jeffrey.spittel@T1energy.com
Tel: +1 409 599-5706

Media contact:

Russell Gold
EVP, Strategic Communications
russell.gold@T1energy.com
Tel: +1 214 616-9715

Cautionary Statement Concerning Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: T1’s negotiation and execution of a potential G2_Austin financing solution (including any terms thereof); T1’s development of G2_Austin and related timeline (including the timing for funding and completing G2_Austin and expected levels of capital expenditures); T1’s ability to convert ongoing commercial discussions into binding offtake agreements; T1’s expectations with respect to the terms of a potential transaction to monetize its Nordic data center asset; negotiations of sales for Section 45X tax credits and T1’s ability to increase its MACR; T1’s strategy of developing as an integrated U.S. solar and storage leader, powering U.S. AI development and energy dominance and establishing a domestic solar supply chain (including its desired position as the first vertically integrated American silicon-based advanced solar company); T1’s ability to generate meaningful long-term shareholder value; T1’s financial and operating performance and guidance and any projected business outlook; the impact of the 232 polysilicon proclamation, including on T1’s pricing, demand, customer behavior, any cell procurement targets and indications of customer demand in 2026 and beyond, and T1’s ability to access the Department of Commerce tariff offset onshoring program; the growth of U.S. electricity demand; any commercial funnel of sales opportunities for 2027 and beyond; T1’s commercial presence and ability to grow its U.S. customer base; T1’s capital formation opportunities and the timing thereof; and T1’s ability to meet its strategic priorities to fund and build T1’s integrated polysilicon solar supply chain and enhance its profitability and capital structure. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from T1’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in T1's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2026, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2026, and in T1’s Quarterly Reports on Form 10-Q and other filings with the SEC, including risks related to: (1) T1's ability to (i) construct and equip manufacturing facilities in a timely and cost-effective manner; (ii) target and retain customers and suppliers; (iii) attract and retain key employees and qualified personnel; (iv) protect its intellectual property; (v) comply with legal and environmental regulations; (vi) compete in international markets in light of export and import controls; (vii) incur substantially more debt; (viii) remediate the material weakness in T1's internal control over financial reporting or otherwise maintain effective internal control over financial reporting, (ix) qualify for the advanced manufacturing production credit under Section 45X of the Internal Revenue Code of 1986, as amended, and (x) manage T1’s exposure to warranty claims; (2) T1’s ability to secure a comprehensive financing solution to fund the remaining capital expenditure for G2_Austin Phase 1 on favorable terms, or at all, including its ability to (i) satisfy the conditions precedent to any potential G2_Austin financing in a timely manner and (ii) to negotiate and execute definitive documentation for any such financing on terms acceptable to T1, or at all; (3) the concentration of T1's operations in Texas and its dependence on a limited number of suppliers; (4) changes adversely affecting the flow of components and materials from international vendors, the costs of raw materials, components, equipment, and machinery; (5) general economic and geopolitical conditions, (6) changes in applicable laws or regulations, including environmental, export control and tax laws and incentives and renewable energy targets, as well as international trade policies, including tariffs, on T1's products and competitive position (including T1’s ability to obtain tariff refunds); (7) the outcome of any legal proceedings relating to T1's products and services, including intellectual property or product liability claims, commercial or contractual disputes, warranty claims, and other proceedings; (8) T1’s ability to realize the anticipated benefits of acquisitions, investments and other strategic transactions; and (9) the capital-intensive nature of T1's business and its ability to raise additional capital on attractive terms or service its debt. The above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to T1 as of the date of this press release, and T1 assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Use of Non-GAAP Financial Measures

T1 reports financial results in accordance with generally accepted accounting principles in the United States (“GAAP”). Adjusted EBITDA presented herein is a supplemental measure of T1’s performance that is not required by, or presented in accordance with, GAAP. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.

T1 defines Adjusted EBITDA as net income (loss) from continuing operations before interest expense, income tax expense (benefit), depreciation and amortization, and further adjustments to exclude certain items that management does not consider indicative of the Company’s core operating performance, including, but not limited to, non-cash charges, non-recurring items, and non-operating gains or losses. These adjustments include impairment charges, losses on debt extinguishment, losses on settlement of derivative liabilities, share-based compensation, fair value adjustments of warrant and derivative liabilities, and non-recurring transaction expenses. Our Adjusted EBITDA measure was re-defined in the fourth quarter of 2025 to also exclude certain non-recurring transaction expenses. The historical presentation of Adjusted EBITDA in this press release has been recast to conform to the revised definition.

T1 uses Adjusted EBITDA as a key measure in evaluating its financial and operating performance and in making strategic business decisions. T1 believes that Adjusted EBITDA, when considered together with the corresponding GAAP financial measures, provides meaningful supplemental information by excluding items that may not be representative of its core business, operating results, or future outlook. However, Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) from continuing operations or any other measure of performance or liquidity presented in accordance with GAAP.

Adjusted EBITDA has been reconciled to the nearest GAAP measure for historical periods in the table entitled “Reconciliation of Non-GAAP Measures to Most Comparable Amounts” set forth on Annex A of this press release.

T1 ENERGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
	September 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	59,523			$	182,450
Restricted cash		70,397				81,203
Accounts receivable trade		7,036				—
Accounts receivable trade, net - related parties		72,843				84,481
Government grants receivable, net		139,133				36,376
Inventory		335,363				116,043
Advances to suppliers		129,672				137,532
Other current assets		20,140				5,989
Current assets of discontinued operations		16,369				19,418
Total current assets		850,476				663,492
Restricted cash		7,120				7,120
Property and equipment, net		523,946				302,302
Goodwill		81,688				57,449
Intangible assets, net		291,314				180,481
Right-of-use asset under operating leases		225,107				151,166
Other assets		13,748				10,098
Total assets	$	1,993,399			$	1,372,108
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	166,906			$	91,323
Accrued liabilities and other		169,031				47,224
Deferred revenue		153,935				56,731
Derivative liabilities		—				11,661
Current portion of long-term debt		51,698				46,357
Accounts payable and accrued liabilities - related parties		134,084				162,754
Current liabilities of discontinued operations		68,521				47,538
Total current liabilities		744,175				463,588
Long-term deferred revenue		48,189				48,189
Convertible notes		495,140				152,960
Operating lease liability		214,577				143,534
Long-term debt		101,116				137,303
Long-term debt - related party		55,531				53,538
Deferred tax liability		2,848				3,758
Other long-term liabilities		10,897				47,353
Total liabilities		1,672,473				1,050,223
Commitments and contingencies
Redeemable preferred stock
Series B convertible non-voting preferred stock, $0.01 par value, 1,600 shares issued and outstanding as of both September 30, 2026 and December 31, 2025 (includes accrued dividends of $880 and $160 as of September 30, 2026 and December 31, 2025, respectively)		18,525				17,805
Series B-1 convertible non-voting preferred stock, $0.01 par value, 5,000 shares issued and outstanding as of both September 30, 2026 and December 31, 2025 (includes accrued dividends of $2,750 and $500 as of September 30, 2026 and December 31, 2025, respectively)		55,960				53,710
Equity:
Common stock, $0.01 par value, 299,499 and 266,267 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		2,995				2,663
Additional paid-in capital		1,448,031				1,358,992
Accumulated other comprehensive loss		(6,993	)			(18,213	)
Accumulated deficit		(1,197,592	)			(1,093,072	)
Total equity		246,441				250,370
Total liabilities, redeemable preferred stock and equity	$	1,993,399			$	1,372,108

T1 ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)
(Unaudited)
	Three months ended September 30,								Nine months ended September 30,
	2026				2025				2026				2025
Net sales	$	6,696			$	90,385			$	6,937			$	156,850
Net sales - related party		189,894				120,137				617,428				239,891
Total net sales		196,590				210,522				624,365				396,741
Cost of sales		179,883				189,374				529,477				325,051
Gross profit		16,707				21,148				94,888				71,690
Operating expenses:
Selling, general and administrative		71,185				62,778				194,652				168,869
Impairment of intangible assets		—				53,262				—				54,672
Total operating expenses		71,185				116,040				194,652				223,541
Operating loss from continuing operations		(54,478	)			(94,892	)			(99,764	)			(151,851	)
Other (expense) income:
Warrant liability fair value adjustment		1,351				1,521				8,928				2,868
Derivative liabilities fair value adjustment		21,647				(30,868	)			36,109				(4,591	)
Loss on settlement of derivative liability		—				(5,836	)			—				(5,836	)
Impairment of assets previously classified as held for sale		—				(2,981	)			—				(5,010	)
Interest expense, net		(7,321	)			(9,395	)			(20,211	)			(27,293	)
Other income, net		1,734				(397	)			5,405				2,928
Total other (expense) income		17,411				(47,956	)			30,231				(36,934	)
Loss from continuing operations before income taxes		(37,067	)			(142,848	)			(69,533	)			(188,785	)
Income tax (expense) benefit		2,394				12,083				1,835				20,575
Net loss from continuing operations		(34,673	)			(130,765	)			(67,698	)			(168,210	)
Net loss from discontinued operations, net of tax		(5,892	)			206				(36,822	)			(10,497	)
Net loss		(40,565	)			(130,559	)			(104,520	)			(178,707	)
Preferred dividends and accretion		(990	)			(819	)			(2,970	)			(2,601	)
Preferred deemed dividend		—				(7,777	)			—				(7,777	)
Tranche right deemed dividend		—				(1,667	)			—				(1,667	)
Net loss attributable to common stockholders	$	(41,555	)		$	(140,822	)		$	(107,490	)		$	(190,752	)
Weighted average shares outstanding:
Weighted average shares of common stock outstanding - basic		291,150				160,977				283,073				157,622
Weighted average shares of common stock outstanding - diluted		291,150				160,977				283,073				157,622
Net loss per share attributable to common stockholders:
Net loss per share from continuing operations - basic and diluted	$	(0.12	)		$	(0.87	)		$	(0.25	)		$	(1.14	)
Net loss per share from discontinued operations - basic and diluted	$	(0.02	)		$	—			$	(0.13	)		$	(0.07	)
Net loss per share - basic and diluted	$	(0.14	)		$	(0.87	)		$	(0.38	)		$	(1.21	)
Other comprehensive loss:
Net loss	$	(40,565	)		$	(130,559	)		$	(104,520	)		$	(178,707	)
Foreign currency translation adjustments		8,223				3,622				11,220				43,169
Total comprehensive loss		(32,342	)			(126,937	)			(93,300	)			(135,538	)
Preferred dividends and accretion		(990	)			(819	)			(2,970	)			(2,601	)
Preferred deemed dividend		—				(7,777	)			—				(7,777	)
Tranche right deemed dividend		—				(1,667	)			—				(1,667	)
Comprehensive loss attributable to common stockholders	$	(33,332	)		$	(137,200	)		$	(96,270	)		$	(147,583	)

T1 ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Nine months ended September 30,
	2026				2025
Cash flows from operating activities:
Net loss	$	(104,520	)		$	(178,707	)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation expense		13,822				7,103
Depreciation and amortization		79,599				68,630
Impairment of intangible assets		—				54,672
Impairment of assets previously classified as held for sale		—				5,010
Change in valuation allowance		14,700				(2,681	)
Change in fair value of derivative liabilities		(36,109	)			4,591
Loss on settlement of derivative liability		—				5,836
Gain on sale of property and equipment		—				(5,675	)
Amortization of debt issuance costs, premium and discount		6,059				12,322
Reduction in the carrying amount of right-of-use assets		7,780				5,025
Warrant liability fair value adjustment		(8,928	)			(2,868	)
Deferred income taxes		(1,417	)			(19,399	)
Other		(10	)			2,356
Changes in operating assets and liabilities:
Accounts receivable trade		(601	)			(78,896	)
Government grants receivable, net		(102,757	)			(92,378	)
Inventory		(210,022	)			22,591
Other assets		(3,649	)			—
Advances to suppliers and other current assets		(5,516	)			25,107
Accounts payable, accrued liabilities and other		92,173				194,622
Deferred revenue		83,633				25,214
Net cash provided by (used in) operating activities		(175,763	)			52,475
Cash flows from investing activities:
Business acquisition, net of cash acquired		380				—
Issuance of notes receivable		(8,594	)			—
Proceeds from the return of property and equipment deposits		—				1,202
Purchases of property and equipment and intangible assets		(250,099	)			(60,817	)
Proceeds from the sale of property and equipment		—				50,000
Net cash used in investing activities		(258,313	)			(9,615	)
Cash flows from financing activities:
Repayment of Senior Secured Credit Facility		(33,022	)			(29,794	)
Repayment of T1 NRI debt		(12,803	)			—
Proceeds from issuance of Convertible Notes, net of underwriting fees		341,620				—
Proceeds from issuance of common stock		7,267				—
Exercise of Penny Warrants		70				—
Payment of debt issuance costs		(1,307	)			(3,760	)
Exercise of stock options		7,071				—
Cash paid for equity repurchases for equity-based compensation tax withholding		(8,604	)			—
Net cash (used in) provided by financing activities		300,292				(33,554	)
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash		51				783
Net increase (decrease) in cash, cash equivalents, and restricted cash		(133,733	)			10,089
Cash, cash equivalents, and restricted cash at beginning of period		270,773				76,645
Cash, cash equivalents, and restricted cash at end of period	$	137,040			$	86,734
Reconciliation to condensed consolidated balance sheets:
Cash and cash equivalents	$	59,523			$	34,146
Restricted cash		77,517				52,588
Cash, cash equivalents, and restricted cash	$	137,040			$	86,734

T1 ENERGY INC.
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
(In thousands)
(Unaudited)
	Three months ended September 30,								Nine months ended September 30,
	2026				2025				2026				2025
Net loss(1)	$	(40,565	)		$	(130,559	)		$	(104,520	)		$	(178,707	)
Net loss from discontinued operations, net of tax		5,892				(206	)			36,822				10,497
Net income (loss) from continuing operations(1)		(34,673	)			(130,765	)			(67,698	)			(168,210	)
Adjustments to net income (loss) from continuing operations
Interest expense, net		7,321				9,395				20,211				27,293
Income tax benefit		(2,394	)			(12,083	)			(1,835	)			(20,575	)
Depreciation and amortization		29,478				25,032				79,599				68,630
Impairment of intangible assets		—				53,262				—				54,672
Impairment of assets previously classified as held for sale		—				2,981				—				5,010
Warrant liability fair value adjustment		(1,351	)			(1,521	)			(8,928	)			(2,868	)
Derivative liabilities fair value adjustment		(21,647	)			30,868				(36,109	)			4,591
Loss on settlement of derivative liability		—				5,836				—				5,836
Other income, net		(1,734	)			397				(5,405	)			(2,928	)
Share-based compensation expense		5,292				1,883				13,822				7,103
Transaction and nonrecurring expenses(2)		3,264				2,560				9,690				7,369
Adjusted EBITDA(1)	$	(16,444	)		$	(12,155	)		$	3,347			$	(14,077	)

(1)	Net loss, Net loss from continuing operations and Adjusted EBITDA include pre-tax reduction in Cost of sales due to $24.4 million of tariff refunds recognized during the nine months ended September 30, 2026.
(2)	Transaction and nonrecurring expenses includes $3.3 million and $9.7 million for the three and nine months ended September 30, 2026, which is primarily related to non-recurring legal costs in connection with the evaluation, interpretation, and implementation of provisions under the Inflation Reduction Act (“IRA”) and the One Big Beautiful Bill Act (“OBBBA”) and non-recurring legal and advisory costs in connection with the evaluation and pursuit of acquisitions, potential acquisitions and joint venture arrangements. Transaction and nonrecurring expenses of $2.6 million and $7.4 million for the three and nine months ended September 30, 2025, was primarily related to the Trina Business Combination and non-recurring legal and advisory costs in connection with the evaluation and pursuit of potential acquisitions and joint venture arrangements.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What production guidance did T1 Energy give for 2026 and 2027?

T1 expects 4.0–4.2GW of G1_Dallas module production in 2026 and has a preliminary 2027 production plan of 5.3GW. The previous 2026 range was 3.1–4.2GW. The 2027 plan assumes G1_Dallas sells out of capacity for the full year.

How much solar-module inventory did T1 Energy build in the third quarter of 2026?

T1 built 326MW of module inventory while producing 1,056MW at G1_Dallas in the third quarter. The company gives preparation for 2027 deliveries under recently signed customer offtake contracts as the reason for building inventory.

What power and planning approvals does T1 Energy have for its proposed Nordic data center?

The Nordic Giga Arctic asset has a 50MW grid allocation from Statnett, and local officials approved rezoning part of the campus for data-center development. Under the non-binding letter of intent, T1 would contribute the assets, power allowance and queue position for additional power.

What is T1 Energy doing to support production tax-credit eligibility?

T1 is working with five solar-cell suppliers independently verified against the Material Assistance Cost Ratio test, which measures the relevant material-cost mix, and is evaluating two additional suppliers. Based on third-party supply-chain due diligence, T1 believes approximately 65% of its materials were non-FEOC, exceeding the 50% threshold through the second quarter of 2026.