T1 Energy — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported net loss attributable to common stockholders of $41.6 million ($0.14 per share) for Q3 2026, compared to a net loss of $140.8 million ($0.87 per share) in Q3 2025.
• Net loss from continuing operations was $34.7 million ($0.12 per share) for Q3 2026, compared to $130.8 million ($0.87 per share) in Q3 2025.
• Net loss from discontinued operations was $5.9 million ($0.02 per share) for Q3 2026, compared to a net income of $0.2 million ($0.00 per share) in Q3 2025.
• Total net sales for Q3 2026 were $196.6 million, down from $210.5 million in Q3 2025.
• Gross profit for Q3 2026 was $16.7 million, resulting in a gross margin of 8.5%, compared to $21.1 million in Q3 2025.
• Adjusted EBITDA for Q3 2026 was a loss of $16.4 million, compared to a loss of $12.2 million in Q3 2025.
• SG&A expense for Q3 2026 was $71.2 million, up from $62.8 million in Q3 2025.
• As of September 30, 2026, the company held $137.0 million in cash, cash equivalents, and restricted cash, including $59.5 million in unrestricted cash.
• Inventory increased to $335.4 million as of September 30, 2026, from $116.0 million as of December 31, 2025.
• Deferred revenue increased to $202.1 million (current: $153.9 million; long-term: $48.2 million) as of September 30, 2026, from $104.9 million (current: $56.7 million; long-term: $48.2 million) as of December 31, 2025.
• Convertible notes increased to $495.1 million as of September 30, 2026, from $153.0 million as of December 31, 2025.

Guidance and Future Outlook:

• Tightened 2026 G1_Dallas module production guidance to 4.0–4.2 GW, at the high end of the previous range of 3.1–4.2 GW.
• Initiated preliminary 2027 production guidance of 5.3 GW for G1_Dallas, based on a forecast that the facility will be sold out of capacity for the full year.
• Expects to sell out its 5 GW capacity at G1_Dallas for 2027 at attractive prices and terms, subject to execution of contracts with Tier 1 customers.
• Plans to produce 1,056 MW of modules at G1_Dallas in Q3 2026, the second highest quarterly run-rate in company history, to build 326 MW of inventory for 2027 deliveries.

Business Segments and Product Lines:

• Signed nearly 1.6 GW of new offtake contracts following the U.S. Department of Commerce Section 232 proclamation, with more than 3.5 GW of 2027 manufacturing capacity under contract.
• New contracts include supply of high-performance TOPCon modules from G1_Dallas in 2027 and 2028, utilizing a blend of imported and domestically produced cells from the G2_Austin fab.
• Completed private placement of $50 million in 4.75% convertible senior notes due 2031 on September 30, 2026, generating $50.4 million in gross proceeds.
• Advanced conversations to monetize $155.3 million of Section 45X Production Tax Credits generated through Q3 2026.
• Achieved approximately 65% use of non-FEOC materials, exceeding the 50% MACR threshold required for safe harbor tables under the One Big Beautiful Bill Act.
• G2_Austin construction progress includes completion of the primary steel structure and delivery of all remaining Phase 1 production line equipment; MEP installation commenced in September 2026.

Market and Competitive Landscape:

• The U.S. Department of Commerce Section 232 proclamation has catalyzed heightened customer interest in T1's projected 2027-2030 module and cell production capacity.
• Received a waiver from the Commerce Department on October 22, 2026, to import up to 1.725 GW of solar cells to support uninterrupted manufacturing at G1_Dallas while G2_Austin construction continues.
• Pricing and demand for G1_Dallas modules have improved meaningfully following the Section 232 proclamation.
• T1 is working with five distinct solar cell suppliers independently verified for the MACR ratio test, with two additional suppliers being evaluated.

Risks and Challenges:

• Negotiations for a comprehensive G2_Austin debt financing solution are ongoing under exclusivity; there is no assurance that definitive documents will be agreed upon, financing will be completed, or terms will be acceptable.
• The G2_Austin financing solution may require the issuance of additional equity or equity-linked securities.
• T1 intends to temporarily match the pace of capital spending at G2_Austin with the expected timeline to close the financing solution.
• The Nordic data center asset monetization is subject to negotiation and execution of definitive documentation, with no assurance of completion.
• Forward-looking statements involve risks related to construction timelines, customer retention, capital formation, regulatory compliance, and the ability to secure financing on favorable terms.

Management Commentary and Tone:

• CEO Dan Barcelo stated the company continued to invest in its future to build America's first integrated polysilicon solar supply chain.
• Management noted that pricing and demand for G1_Dallas modules have improved meaningfully following the Section 232 proclamation.
• The company is investing in the construction of G2_Austin and the personnel required to build, commission, and operate the solar cell fab.
• Management expressed confidence in plans to continue increasing the MACR as the domestic polysilicon-based solar supply chain is built out.

Other Key Points:

• Signed a non-binding Letter of Intent (LOI) to potentially monetize the Nordic Giga Arctic asset by repurposing it as a data center; the partner would be responsible for financing capital expenditures and securing a tenant.
• Received 50MW grid allocation from Norway's national grid operator, Statnett, and approval to rezone a portion of the campus for data center development.
• Q3 2026 gross margins and Adjusted EBITDA were negatively impacted by higher facilities-related costs driven by increased inventory production and higher SG&A expenses related to headcount growth and capital markets activity.
• The company received $24.4 million in tariff refunds during the nine months ended September 30, 2026, recognized as a reduction in Cost of Sales.
• Transaction and nonrecurring expenses for Q3 2026 were $3.3 million, primarily related to legal costs for IRA and OBBBA provisions and acquisition evaluations.