T1 Energy (TE) investor relations material

Executive summary

• Announced a transformative supply agreement with Corning for U.S.-made solar wafers, supporting FEOC compliance and domestic content goals.

• Sold out 2025 G1_Dallas production at the low end of the 2.6 GW plan, including a 437 MW sales agreement with a major U.S. utility.

• Advancing G2_Austin development as a 5 GW, $850 million project in two phases, with construction targeted for late 2025 and production starting in late 2026.

• Cleared CFIUS review of the Trina transaction, providing flexibility for compliance with U.S. regulations.

• Accelerated wind down of legacy European operations, exploring repurposing Giga Arctic as a data center or AI hub.

Financial highlights

• Q2 2025 net sales reached $132.8 million, with gross profit of $32.8 million and a net loss of $32.8 million.

• Produced 1,222 MW of solar modules in 2025 through August 11, maintaining a 2025 production plan of 2.6–3.0 GW.

• Ended Q2 with $46.7 million in cash and $1.41 billion in total assets.

• Net cash used in operating activities for the first half of 2025 was $11.4 million, a 74% decrease year-over-year.

• Integrated annual EBITDA run rate guidance for G1 and G2 remains $650M–$700M.

Outlook and guidance

• Maintains 2025 production guidance of 2.6–3.0 GW and EBITDA guidance of $25–$50 million, but risks are skewed to the downside due to merchant mix, tariffs, and supply chain uncertainties.

• Management expects Section 45X advanced manufacturing production credit to provide significant future funding, with monetization expected to begin in Q3 2025.

• Sufficient liquidity is expected for at least the next 12 months, but long-term growth plans require substantial additional financing.

• Roadmap targets ramping integrated U.S. solar cell and module production in 2027 to achieve $650M–$700M annual EBITDA.

• Estimated cost for the planned 5 GW solar cell manufacturing facility is $850 million.