T1 Energy (TE) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 net sales of $250.1 million, up 88% year-over-year, driven by increased PV solar module production at G1_Dallas and expanded utility-scale market presence.

• Closed the acquisition of KORE Power, expanding into energy storage and AI data center infrastructure markets, and acquired advanced solar IP from Evervolt, eliminating licensing fees and enhancing technology leadership.

• Completed a $120 million private placement of convertible notes as bridge financing for G2_Austin Phase 1, with ongoing efforts to secure comprehensive financing.

• Announced a 641 MW strategic offtake deal with Clearway Energy, augmenting the existing 900 MW Treaty Oak contract and supporting a strong commercial pipeline.

• Pursuing strategy to become a leading U.S. solar and storage provider with vertically integrated silicon-based technology and domestic supply chain.

Financial highlights

• Q2 2026 net sales reached $250.1 million, up from $132.8 million in Q2 2025, with gross profit of $49.1 million and gross margin of 19.6%.

• Adjusted EBITDA for Q2 2026 was $10.7 million, including a $24.4 million positive impact from IEEPA/tariff refunds.

• Net loss attributable to common stockholders for Q2 2026 was $44.5 million ($0.16 per share).

• Cash, cash equivalents, and restricted cash totaled $156.4 million at June 30, 2026, with $79.1 million unrestricted.

• Operating cash flow was negative $103 million for the first half of 2026, reflecting increased working capital needs.

Outlook and guidance

• Full-year 2026 production and sales expected near the high end of the 3.1–4.2 GW guidance range, with Q3 and Q4 production run rates to exceed Q2.

• First solar cells from G2_Austin Phase 1 expected in Q1 2027, with construction on track and $510 million projected capex including contingency.

• Management expects continued eligibility for 45X Tax Credits, providing significant future funding.

• Adjusted EBITDA projected to improve in H2 2026 as deliveries ramp, targeting $375M–$450M for G2 phase I and $650M–$700M for combined G1 and G2 volumes.

• Engaged in early negotiations for 2026 Section 45X tax credit sales and exploring strategic options for Nordic data center asset.