T1 Energy (TE) investor relations material

Executive summary

• Achieved record Q4 2025 production and sales at G1_Dallas, with 1.13 GW produced in Q4 and 2.79 GW for the year, surpassing previous quarters and meeting annual targets.

• Construction of G2_Austin solar cell fab is on schedule, with Phase 1 targeting 2.1 GW and production expected to begin by end of 2026; future expansion is planned.

• Secured major supply and offtake agreements, including a three-year, 900 MW contract with Treaty Oak Clean Energy and a framework for U.S.-made steel panel frames.

• Raised over $440 million in Q4 2025 through equity and convertible note offerings, strengthening liquidity and supporting G2_Austin development.

• Completed first sale of $160 million in Section 45X tax credits at $0.91 per dollar to a U.S. financial institution.

Financial highlights

• 2025 net sales reached $755.3 million, with Q4 net sales of $358.6 million, nearly matching the total of the first three quarters.

• Gross margin for 2025 was 7.4%, with gross profit of $55.6 million on $755.3 million net sales.

• Adjusted EBITDA for 2025 was ($65.0 million), impacted by non-recurring items including a $34 million sales commission waiver and $16.2 million inventory sale at lower prices.

• Year-end 2025 cash, equivalents, and restricted cash totaled $270.8 million, with $182.5 million unrestricted.

• Full-year 2025 net loss attributable to stockholders was $380.8 million ($2.19 per share), improved from $450.2 million ($3.20 per share) in 2024.

Outlook and guidance

• 2026 production and sales guidance maintained at 3.1–4.2 GW, with 3 GW already contracted and growing confidence in achieving the higher end.

• Upon completion of G2_Austin Phase 1, annualized run-rate Adjusted EBITDA expected at $375–$450 million in 2027; full G1/G2 (Phases 1–2) projected at $650–$700 million.

• Merchant module pricing and customer demand expected to improve in H2 2026, driven by AI infrastructure growth.

• Confident in achieving full financial close for G2_Austin Phase 1 in April 2026, with $350 million targeted.

• Monitoring regulatory developments, including Section 232, which could impact pricing and sales timing.