T1 Energy : Q1 Financial Results (t1 energy q1 2026 earnings call)

Published: 2026-05-12 17:17:12 ET TE

Published on 05/12/2026 at 05:17 pm EDT

May 12, 2026

Q1 2026

Earnings Call

G2_AUSTIN CONSTRUCTION: APRIL 2026

Participants and Agenda

Business updates

Concluding remarks

Key messages

▪

Daniel Barcelo

Chairman of the Board and Chief Executive Officer

DETAILS

ITEM

Prepared Remarks

Jaime Gualy

Chief Operating Officer

G1_Dallas update

Evan Calio

Chief Financial Officer

▪

Financial summary

2026 - 2027 outlook

Capital formation update

Jeff Spittel

EVP, Investor Relations and Corporate Development

Q&A

State of the Business

T1 is positioned downstream of hyperscaler demand for power and at the nexus of U.S. advanced manufacturing and policy

G2_AUSTIN CONSTRUCTION IN APRIL 2026

G2_Austin construction proceeding on schedule with foundational concrete works underway in April 2026 and erection of first steel expected in May 2026

T1 has identified and is targeting a comprehensive financing solution, which includes a significant debt component, to fund the remaining balance of capital expenditures for Phase 1 of G2_Austin in Q2 2026

T1 generated record quarterly net income from continuing operations of

$3.9 million ($0.01/share) and record quarterly Adjusted EBITDA of $9.1 MM in Q1 2026

T1 continues to qualify international cell suppliers to support the higher

end of the targeted 2026 G1_Dallas production range of 3.1 - 4.2 GW

As a major buyer of American polysilicon and a growing American advanced manufacturer building critical domestic energy supply chains, we believe that T1 is well positioned for a potential Section 232 ruling

G2_Austin: Flagship U.S. Project Update

Construction of T1's flagship U.S. solar cell

WE ARE HERE

fab proceeding on schedule

Latest from G2_Austin:

Construction proceeding

on schedule despite unusually wet weather at site in April 2026

Concrete pouring work got underway in April

KEY

DESIGN PROGRESS

Concrete work

began

Geopiers completed

90% design completed

PLE enters US Ports

Full contract award for Central Utility Plant and Water Management Plant

Issue for Construction (IFC) design completion

Steel arrives and erection of steel skeleton begins

Production Line Equipment (PLE) factory testing begins

Electrical and Mechanical contracts to be awarded

PLE enters US Ports

Q3 Q4

PLE enters US Ports

Roof and walls of main production building complete

PLE installation starts

Final commissioning And start of production

G1_Dallas Operations Update

Executing against 3GW of contracts in 2026

Production Status

Produced 683.3 MW of solar modules in Q1 2026

In April, G1_Dallas produced at a 3.4 GW annualized rate

Sales Update

T1 generated Q1 2026 total net sales of $177.6 MM vs. $53.4 MM in Q1 2025

2026 Outlook

Executing against 3 GW of firm contracts for 2026

Cell procurement for 2026 advancing to potentially support the high-end of the production guidance range of 3.1 - 4.2 GW range for 2026 with volumes weighted to H2 2026

Potential for H2 2026 pricing upside driven by AI infrastructure

demand and possible Section 232 ruling

G1_Dallas Q1 2026 Production and Outbound Activity Summary

T1 Financial Summary

T1 generated record quarterly Adjusted EBITDA of $9.1 MM in Q1 2026

T1 BALANCE SHEET SUMMARY

683 MW

Q1 2026 Module Production

Production expected to ramp as

2026 progresses

17%

Q1 2026 Gross Margin

Q1 performance reflects margin profile of T1's contract coverage

$9.1 MM

Q1 Adjusted EBITDA

Improvement driven by increased sales volumes under fixed margin contract and lower third-party fees

$ in millions

As of

31-Mar-26

As of

31-Dec-25

Cash, cash equivalents, and restricted cash

$124

$271

Other current assets

$469

$400

Net, property, plant, & equipment

$346

$302

Other assets

$398

$399

Total assets

$1,337

$1,372

Current liabilities

$466

$464

Other liabilities

$561

$586

Preferred stock

$73

$72

Shareholders' equity

$237

$250

Total liabilities & equity

$1,337

$1,372

Strong financial position for 2026

Q1 2026 margin improvement underpinned by fixed-margin and cost-plus offtake contracts

Adjusted EBITDA of $9.1MM benefitted from higher than forecast production and sales in Q1 and lower third-party fees

Priced upsized convertible notes offering in April 2026, generating

$175MM of net proceeds and facilitating continued progress on G2_Austin Phase 1

T1 is targeting a comprehensive financing solution, which includes a significant debt component, to fund the remaining balance of capital expenditures for Phase 1 of G2_Austin in Q2 2026

Several institutional investors that are among T1's top 50 holders have initiated or added to positions in T1's equity as of latest available SEC filings

2026 - 2027 Outlook

T1 is well positioned to navigate bridge year to planned G2_Austin start of production and expected step change in earnings power in 2027

INTEGRATED G1/G2 OPERATING AND FINANCIAL GUIDANCE

Production Guidance

Maintaining 2026 production guidance of 3.1 - 4.2 GW

OPERATING AND FINANCIAL GUIDANCE SUMMARY

2026E

G1_DALLAS (5GW) -G2_AUSTIN (2.1GW PHASE 1) RUN RATE

INTEGRATED G1 (5GW) - G2 (5GW) RUN RATE

Annual Module Production (GW)

3.1 - 4.2

5.0

Annual G2_Austin Cell Production (GW)

2.1

5.0

Estimated Adj. EBITDA ($MM)

TBA

$375 - $450

$650 - $700

T1 believes it is well positioned to achieve high-end of range based on procurement outlook for international cells from suppliers who have certified as non-FEOC

Financial Guidance

No changes to integrated G1/G2

annual Adjusted EBITDA run rate guidance

T1 is on track to achieve G1_Dallas/G2_Austin Ph. 1: $375

$450 MM run rate in 2027 based on:

G1 operating at 5.0 GW capacity

Fully ramped 2.1 GW G2 first phase

G1_Dallas/G2_Austin (Ph. 1-2): $650 - $700 MM based

on:

Market Outlook

2026: waiting on Section 232 outcome and customer safe-harboring

Potential ruling in Section 232 case, third party cell availability above 4.2 GW, customer demand for merchant volumes post July safe-harboring milestone are still unknown swing factors for 2026

Intend to issue 2026 Adjusted EBITDA guidance after the expected 232 determination

Preliminary indications of incremental G1/G2 domestic content underpinned by hyperscaler growth

Indicative customer demand for potential G1/G2 offtakes cover more than 100% of anticipated production capacity for 2027 - 2028

G1 operating at 5.0 GW capacity

Fully ramped 5.0 GW G2 (Ph. 1 and 2)

T1's Unique Commitment

to U.S. Energy Dominance

T1 is building an integrated U.S.

polysilicon-based solar supply chain

Investing in American Advanced Manufacturing Supporting the nascent U.S.

polysilicon industry

Aligned with U.S. policies that promote domestic solar

G1_Dallas: T1 is operating its state-of-the-art solar module production supporting more than 1,200 jobs in Texas

G2_Austin: expect to invest more than $400

MM on 2.1 GW Phase 1 of U.S. solar cell fab

T1 plans to develop >5 GW of production capacity at G2_Austin in two phases

Expect >5 GW G2_Austin to support up to 1,800 jobs

Domestic polysilicon production is critical to strengthen both the solar and semiconductor industries

Developing U.S. semiconductor-grade polysilicon production at scale depends upon a healthy solar-grade polysilicon sector

T1 is one of the largest buyers of U.S. polysilicon through offtake commitment with Hemlock Semiconductor

Extended supply agreement to source U.S. solar wafers from Hemlock's parent company Corning Inc.

T1 is investing in critical domestic supply chains to provide America with scalable, reliable, low-cost energy while hyperscaler capex is driving significant electricity demand growth

Potential Section 232 ruling on polysilicon and derivatives imports creates upside pricing potential for T1's modules made with U.S. poly/wafers

Entered into transactions intended to maintain eligibility for Section 45X credits

Advancing plan to produce high domestic content modules that are expected to qualify customers for Section 48E bonus credits

T1's Strategic Priorities

Positioning T1 as the first vertically integrated American

silicon-based advanced solar company

Fund and build G2_Austin Ph. 1

T1 is targeting a comprehensive financing solution to fund the remaining balance of capital expenditures for Phase 1 of G2_Austin in Q2 2026

Begin production of high domestic content modules at G1_Dallas with U.S. polysilicon, wafers, steel frames and solar cells

Raise capital required to begin construction of G2_Austin Ph. 2

Enhance T1's

profitability

Generate efficiencies and bolster throughput at G1_Dallas to achieve sustainable profitability

Internalize workstreams that were previously outsourced to realize cost efficiencies

Optimize T1's capital stack across key metrics including leverage, cost, complexity, and ownership as the business model matures

Grow T1's supply chain, sales

and engineering teams

Take next steps to mature T1's organization and enhance critical capabilities

Build T1's dedicated sales team to accelerate commercial development and sell out G1/G2

Create a flexible supply chain to drive domestic content strategy while harvesting cost efficiencies from global vendor network

Q&A

Disclaimer

T1 Energy Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 21:16 UTC.