T1 Energy Inc. (TE)

Price$4.55Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe market price balances large growth potential against unusually high funding risk.

At the observed price, 294.5 million August shares imply an equity value near $1.36 billion. Adding roughly $699 million of June net debt gives an enterprise value—what buyers effectively pay for operations—near $2.1 billion, about 2.1 times trailing twelve-month sales of roughly $997 million. With continuing losses and no dependable free cash flow, earnings cannot anchor the valuation. That looks demanding beside June book equity of $202 million, but G2_Austin's upside prevents an extreme call; Fair-priced reflects the unusually wide range of possible outcomes.

Big pictureSales are rising fast, but reported progress has not produced durable cash yet.

First-half sales rose to $427.8 million from $186.2 million, while gross profit reached $78.2 million. However, the company lost $64.0 million and used $103.0 million in operations, then spent $161.8 million on property and equipment. Free cash flow—cash left after operations and investment—was therefore about negative $265 million. Second-quarter adjusted operating earnings benefited from a $24.4 million tariff refund; excluding that temporary benefit, the underlying gross margin and cash picture were substantially weaker.

Business strengthFactory scale is real, while debt and rapid share growth weaken shareholder protection.

G1_Dallas has five gigawatts of annual capacity and produced 935 megawatts during the second quarter, demonstrating meaningful manufacturing scale. Yet June unrestricted cash was only $79.1 million against $778.5 million of total debt in the supplied history. Current assets exceeded current liabilities by $173.7 million, but much of those assets were inventory, receivables, and supplier advances rather than cash. Shares outstanding climbed from 155.9 million to 280.6 million in one year and reached 294.5 million by August, showing how acquisitions and financing have diluted existing owners.

What could change the storyFunding and starting the Austin cell plant without more dilution would unlock the bull case.

The strongest bull case is timely completion of the 2.1-gigawatt G2_Austin first phase, supported by Clearway's 641-megawatt order, domestic-manufacturing tax credits, and tariffs that may favor American cells. Internal cell production could also reduce dependence on imported-cell costs and improve module margins. The bear case is concrete: estimated project spending rose to $510 million, comprehensive financing remained unfinished, and production was expected in early 2027. A fully funded completion plan, stable double-digit gross margins without refunds, and positive operating cash would strengthen the thesis; further convertible debt or shares would weaken it.

AI: News

Mixed second-quarter updateSecond-quarter sales climbed, but temporary refunds and rising project costs clouded the improvement.

On August 12, T1 reported $250.1 million of quarterly sales and 935 megawatts of module production. Its continuing operations still lost $36.9 million. Adjusted operating earnings were $10.7 million, but cost of sales included a $24.4 million tariff refund, making the result less repeatable. Management also raised projected G2_Austin first-phase spending to $510 million, including a 20% contingency, while comprehensive financing remained incomplete. The update confirmed operating growth but preserved the central funding and execution risk.

Clearway supply agreementA major customer committed to Austin-made cells, strengthening demand evidence before production begins.

On August 3, T1 announced an agreement to supply Clearway Energy Group with 641 megawatts of solar modules using domestic cells from G2_Austin. The contract is valuable evidence that a large developer wants the planned integrated product, reducing some demand uncertainty. It does not eliminate construction or financing risk because the Austin cell factory was not yet producing. Contract pricing, margins, deposits, and delivery timing were not disclosed, so the agreement's eventual profit contribution remains uncertain.

Convertible bridge financingNew convertible debt kept construction moving but added interest costs and potential dilution.

T1 completed a $120 million private placement of 4.75% convertible senior notes on July 31. The proceeds were designated for G2_Austin construction, production equipment, and general corporate purposes, providing a bridge while the company pursued a larger financing package. Convertible notes are debt that may later become shares, so they create both interest obligations and possible dilution. Because the full project financing was still unfinished, the transaction improved near-term liquidity without resolving the plant's complete funding requirement.

Norway data-center approvalNorway approved data-center use, creating a possible route to monetize a legacy factory.

On August 27, local officials rezoned part of T1's Giga Arctic campus in Mo i Rana for data-center development. T1 said its 926,000-square-foot building could support an initial 50-megawatt facility in 2027, while retaining a queue position for as much as 396 megawatts. A sale or partnership could release capital for the core United States strategy. However, no buyer, partner, transaction value, or committed development funding was announced, so the potential balance-sheet benefit remains speculative.

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Revenue

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$755.3M	$2.9M	$0	$0	—
Gross profit	$55.6M	$1.2M	$0	—	—
Gross margin	7.36%	41.74%	—	—	—
Research & development	—	—	$28.5M	$13.6M	$13.8M
Operating expenses	$290.1M	$80.2M	$143.0M	$122.5M	$75.6M
Operating income	−$234.6M	−$79.0M	−$65.5M	−$122.5M	−$75.6M
Operating margin	−31.06%	−2,685.45%	—	—	—
EBITDA	−$141.3M	−$68.6M	−$62.2M	−$122.0M	−$75.5M
EBITDA margin	−18.70%	−2,330.08%	—	—	—
Net income	−$367.8M	−$450.6M	−$71.9M	−$98.8M	−$93.4M
Net profit margin	−48.70%	−15,314.55%	—	—	—
Basic EPSper basic share	-$2.19	-$3.20	-$0.51	-$0.83	-$1.24
Diluted EPSper diluted share	-$2.19	-$3.20	-$0.51	-$0.83	-$1.24

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

12.46%of listed shares

Encompass Capital Advisors LLC34.97M shares · Jun 30, 2026

View holders

Top 20 reported holders of TE
Holder	% owned
Encompass Capital Advisors LLC	12.46%34.97M shares
TRINA SOLAR (SCHWEIZ) AG	≈10.92%30.65M shares
BlackRock, Inc.	9.33%26.19M shares
STATE STREET CORP	5.55%15.56M shares
Invesco Ltd.	3.96%11.11M shares
TWO SIGMA INVESTMENTS, LP	3.29%9.24M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.13%8.8M shares
DISCOVERY CAPITAL MANAGEMENT, LLC / CT	2.66%7.47M shares
UBS Group AG	1.81%5.08M shares
GEODE CAPITAL MANAGEMENT, LLC	1.80%5.04M shares
CITADEL ADVISORS LLC	1.78%5M shares
Situational Awareness LP	1.75%4.9M shares
RENAISSANCE TECHNOLOGIES LLC	1.50%4.21M shares
BNP PARIBAS FINANCIAL MARKETS	1.35%3.79M shares
BARCLAYS PLC	1.29%3.63M shares
FIRST TRUST ADVISORS LP	1.13%3.18M shares
Electron Capital Partners, LLC	1.04%2.93M shares
HRT FINANCIAL LP	1.00%2.82M shares
MORGAN STANLEY	1.00%2.8M shares
JUPITER ASSET MANAGEMENT LTD	0.92%2.59M shares

Percentages use 280.6M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$1.15M disclosed value

Sells (SEC code S)15$196.39M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 22, 2026Form 4	TRINA SOLAR (SCHWEIZ) AGTenPercentOwner	SellCommon Shares	20.1K	$8.80	$176.8K	30.65M
May 22, 2026Form 4	TRINA SOLAR (SCHWEIZ) AGTenPercentOwner	SellCommon Shares	9.48M	$8.13	$77.07M	30.67M
May 21, 2026Form 4	TRINA SOLAR (SCHWEIZ) AGTenPercentOwner	SellCommon Shares	3.00M	$8.71	$26.13M	40.15M
May 21, 2026Form 4	TRINA SOLAR (SCHWEIZ) AGTenPercentOwner	SellCommon Shares	1.15M	$9.20	$10.59M	43.15M
May 21, 2026Form 4	TRINA SOLAR (SCHWEIZ) AGTenPercentOwner	SellCommon Shares	8.85M	$8.62	$76.28M	44.30M