T1 Energy Inc.

Listed Company

TECIK 0001992243NYSENon-AcceleratedSmaller ReportingSemiconductors & Related DevicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$755.29M

Net Income

$-367.83M

Total Assets

$1.37B

Equity

$250.37M

Shares Out

279.07M

Op. Cash Flow

$95.46M

Business

T1 Energy Inc. is an energy solutions provider building an integrated U.S. supply chain for solar and batteries and manufactures and sells photovoltaic (PV) solar modules in the United States. It produces advanced PV solar modules using PERC and TOPCon technologies under commercial and IP license agreements with Trina, and plans domestic solar cell production. Key business components include its operating G1 Dallas module manufacturing facility, the planned G2 Austin solar cell facility, and commercial, licensing and sales agency arrangements with Trina affiliates. T1 targets the U.S. market, selling to utility‑scale developers, commercial and industrial customers, and residential end users through direct sales and partner channels.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total net sales	755	3	—	—	—
Cost of sales	700	2	0	—	—
Gross profit	56	1	0	—	—
Selling, general and administrative	235	79	—	—	—
Impairment of intangible assets	55	1	—	—	—
Total operating expenses	290	80	143	122	76
Loss from discontinued operations	−235	−79	−66	−122	−76
Warrant liability fair value adjustment	−8	−1	32	14	−22
Derivative liabilities fair value adjustment	−31	−15	0	—	—
Loss on settlement of derivative liability	−6	0	—	—	—
Loss on debt extinguishment	−9	0	—	—	—
Impairment of assets previously classified as held for sale	−16	0	—	—	—
Interest (expense) income, net	−37	3	10	2	314,000
Foreign currency transaction (loss) gain	−200,000	563,000	−306,000	3	1
Other income, net	1	9	6	5	2
Total other expense	−106	−4	47	23	−18
Loss from continuing operations before income taxes	−341	−83	−18	−99	−93
Income tax benefit	19	16	−443,000	0	0
Net loss from continuing operations	−321	−67	−19	—	—
Net loss from discontinued operations, net of tax	−46	−384	−54	—	—
Net loss	−368	−451	−73	−99	−93
Net loss attributable to non-controlling interests	0	402,000	1	328,000	0
Preferred dividends and accretion	−4	−87,000	—	—	—
Preferred deemed dividend	−8	0	0	—	—
Tranche right deemed dividend	−2	0	—	—	—
Net loss attributable to common stockholders	−381	−450	−72	—	—
Weighted average shares of common stock outstanding - basic (in shares)	174	141	140	118	75
Weighted average shares of common stock outstanding - diluted (in shares)	174	141	140	118	75
Net loss per share from continuing operations - basic (in USD per share)	−1.93	−0.48	−0.13	—	—
Net loss per share from continuing operations - diluted (in USD per share)	−1.93	−0.48	−0.13	—	—
Net loss per share from discontinued operations - basic (in USD per share)	−0.26	−2.72	−0.39	—	—
Net loss per share from discontinued operations - diluted (in USD per share)	−0.26	−2.72	−0.39	—	—
Net loss attributable to stockholders per share - basic (in USD per share)	−2.19	−3.2	−0.51	−0.83	−1.24
Net loss attributable to stockholders per share - diluted (in USD per share)	−2.19	−3.2	−0.51	−0.83	−1.24
Foreign currency translation adjustments	41	−40	−28	10	−1
Total comprehensive loss	−327	−491	−101	−90	−95
Comprehensive loss attributable to non-controlling interests	0	402,000	1	328,000	0
Preferred dividends and accretion	−4	−87,000	—	—	—
Comprehensive loss attributable to common stockholders	−340	−490	−100	−89	−95

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	182	73	253	443	564
Restricted cash	81	4	969,000	120	2
Accounts receivable	84	0	—	—	—
Government grants receivable, net	36	687,000	—	—	—
Inventory	116	275	0	—	—
Advances to suppliers	138	165	0	—	—
Other current assets	6	4	0	8	—
Current assets of discontinued operations	19	51	58	—	—
Total current assets	663	572	312	579	—
Restricted cash	7	0	—	—	—
Property and equipment, net	302	294	2	211	—
Goodwill	57	75	0	—	—
Intangible assets, net	180	284	3	3	—
Right-of-use asset under operating leases	151	112	0	15	—
Other assets	10	0	4	11,000	—
Total assets	1,372	1,336	732	828	—
Accrued liabilities and other	47	93	10	51	—
Deferred revenue	57	49	0	—	—
Derivative liabilities	12	15	0	—	—
Current portion of long-term debt	46	94	0	—	—
Current liabilities of discontinued operations	48	45	31	—	—
Total current liabilities	464	410	49	63	—
Long-term deferred revenue	48	32	0	—	—
Operating lease liability	144	106	0	11	—
Deferred tax liability	4	21	443,000	—	—
Other long-term liabilities	47	22	2	0	—
Total liabilities	1,050	1,099	97	108	—
Commitments and contingencies	—	—	—	—	—
Common stock, $0.01 par value, 266,267 and 155,928 shares issued and outstanding as of December 31, 2025 and 2024, respectively	3	2	1	140	—
Additional paid-in capital	1,359	971	926	773	—
Accumulated other comprehensive loss	−18	−59	−19	9	—
Accumulated deficit	−1,093	−725	−275	−203	—
Total equity	250	189	635	720	545
Total liabilities, redeemable preferred stock and equity	1,372	1,336	732	828	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation expense	11	8	12	9	15
Depreciation and amortization	93	10	3	478,000	120,000
Change in valuation allowance	8	312	—	—	—
Reduction in the carrying amount of long-term investments due to license termination	0	21	0	—	—
Change in fair value of derivative liabilities	31	15	0	—	—
Gain on sale of property and equipment	−6	0	—	—	—
Amortization of debt issuance costs, premium and discount	15	0	—	—	—
Reduction in the carrying amount of right-of-use assets	6	2	1	1	0
Warrant liability fair value adjustment	8	1	−32	−14	22
Deferred income taxes	−14	−22	—	—	—
Foreign currency transaction net unrealized loss (gain)	−303,000	−2	—	—	—
Other	4	1	469,000	2,000	−131,000
Accounts receivable trade, net - related parties	−77	0	—	—	—
Government grants receivable, net	−36	0	—	—	—
Inventory	159	0	—	—	—
Other assets	−5	0	—	—	—
Advances to suppliers and other current assets	20	−8	—	—	—
Accounts payable, accrued liabilities and other	135	8	20	17	10
Deferred revenue	25	0	—	—	—
Net cash provided by (used in) operating activities	95	−103	−88	−90	−63
Proceeds from the return of property and equipment deposits	1	23	0	—	—
Purchases of property and equipment	−79	−51	−188	−181	−14
Proceeds from the sale of property and equipment	50	0	—	—	—
Purchase of equity investment	−5	0	—	—	—
Business acquisition, net of cash acquired	0	−110	0	—	—
Net cash used in investing activities	−33	−138	−187	−175	−34
Proceeds from issuance of redeemable preferred shares, net of issuance costs	50	50	0	0	8
Repayment of Senior Secured Credit Facility	−43	0	—	—	—
Extinguishment of long-term debt - related party	−241	0	—	—	—
Proceeds from issuance of Convertible Notes, net of underwriting fees	154	0	—	—	—
Payment of debt issuance costs	−8	0	—	—	—
Payment for non-controlling interest	0	−4	0	—	—
Equity-based compensation tax withholding	−101,000	0	—	—	—
Payment of costs related to equity offerings	−2	0	—	—	—
Net cash provided by financing activities	130	46	0	250	649
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash	1	−4	−12	12	−1
Net decrease in cash, cash equivalents, and restricted cash	194	−199	−287	−3	551

Filings

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