T1 Energy (TE) investor relations material

Executive summary

• Construction of the 2.1 GW G2_Austin solar cell fab is on schedule, with foundational concrete works underway and first cell production targeted for Q4 2026; steel erection expected in May 2026.

• Achieved record quarterly net income from continuing operations of $3.9 million ($0.01/share) and Adjusted EBITDA of $9.1 million in Q1 2026, driven by strong G1_Dallas production and favorable contract mix.

• G1_Dallas produced 638.3 MW of solar modules in Q1 2026, operating at a 3.4 GW annualized rate in April.

• Total net sales reached $177.6 million in Q1 2026, up from $53.4 million in Q1 2025.

• Focus remains on efficiency, profitability, and securing comprehensive financing for G2_Austin Phase 1.

Financial highlights

• Record quarterly adjusted EBITDA of $9.1 million in Q1 2026, with gross margin expanding to 17%, up 10% from Q4 2025.

• Net income from continuing operations was $3.9 million for the quarter.

• Cash, cash equivalents, and restricted cash stood at $124 million as of March 31, 2026.

• Shareholders' equity was $237 million at quarter-end.

• Gross profit was $35.7 million on total net sales of $177.6 million.

Outlook and guidance

• 2026 G1 production guidance remains at 3.1–4.2 GW, with potential to reach the high end due to expanded non-FEOC vendor network and cell procurement.

• On track for G1_Dallas/G2_Austin Phase 1 Adjusted EBITDA run rate of $375–$450 million in 2027.

• Full ramp of G1 and G2 (Phases 1 and 2) expected to deliver $650–$700 million Adjusted EBITDA run rate.

• Full-year guidance for 2026 will be updated after clarity on Section 232, customer demand, and IEEPA tax refund.

• Indicative customer demand for G1/G2 modules exceeds anticipated production capacity for 2027–2028.