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 capacity, first steel erection expected in April, and production set for Q4 2026.

• Secured major supply and offtake agreements, including a three-year, 900 MW contract with Treaty Oak Clean Energy and expanded partnerships with Hemlock Corning and Nextpower.

• Raised over $440 million in Q4 2025 through equity and convertible offerings, enhancing 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.

• Adjusted EBITDA for 2025 was $(65.0) million, impacted by non-recurring items including a $34 million sales commission waiver and $16 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 in 2024.

Outlook and guidance

• 2026 production and sales guidance maintained at 3.1–4.2 GW, with 3 GW already contracted and confidence in reaching the high 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.

• Expecting improved margin performance and sequential ramp in sales and EBITDA throughout 2026.

• G2_Austin Phase 1 to be fully funded by April, with high-efficiency domestic cell production by year-end 2026.

• 2026 seen as a bridge year, with a step change in earnings and cash flow anticipated in 2027.