T1 Energy reports $196.6 million in sales, raises 2026 production target
Key Facts
T1 Energy reported third-quarter 2026 results, with net sales of $196.590 million, compared with $210.522 million in the same period last year, according to a company statement. Net loss from continuing operations was $34.7 million, or $0.12 per share, compared with a loss of $130.8 million, or $0.87 per share, in the third quarter of 2025. Gross margin was 8.5%, while adjusted EBITDA was a loss of $16.4 million. The company attributed the results to higher utility costs related to increased inventory production, along with higher selling, general and administrative expenses. The statement did not provide a comparison with analyst expectations; the results showed sales declining as the loss from continuing operations narrowed year over year.
The company raised its 2026 production outlook for the G1 Dallas facility to a range of 4.0 to 4.2 gigawatts, at the upper end of its previous range of 3.1 to 4.2 gigawatts. It said it produced 1,056 megawatts of modules at the facility during the third quarter. Part of production was allocated to building inventory of 326 megawatts in preparation for 2027 deliveries tied to customer contracts. Chief Executive Dan Barcelo said module prices and demand had improved materially following the Commerce Department's Section 232 announcement. He added that the company had begun a 5.3-gigawatt production plan for 2027.
T1 Energy said it had contracted more than 3.5 gigawatts of its 2027 manufacturing capacity for delivery that year. It said new supply contracts for advanced solar modules exceeded 1.58 gigawatts. The contracts reflect part of the demand underpinning the company's inventory build for upcoming deliveries, as it continues to increase output at G1 Dallas. At the G2 Austin facility, the company completed the main steel structure during the third quarter. The remaining production-line equipment for Phase 1 also arrived at U.S. ports, and installation of mechanical, electrical and plumbing systems began in September 2026.
The expansion plans require funding. The company said it was negotiating exclusively, with certain exceptions, with institutional investors to complete a debt financing solution for G2 Austin. It cautioned that the transaction could require additional share issuance and that there was no guarantee it would be completed. As of September 30, 2026, cash, cash equivalents and restricted cash totaled $137.0 million, including $59.5 million of unrestricted cash. Cash, cash equivalents and restricted cash had totaled $156.4 million as of June 30, 2026, including $79.1 million of unrestricted cash, according to the second-quarter results. In that quarter, the company recorded a net loss attributable to common shareholders of $44.5 million, or $0.16 per share, compared with a loss of $32.8 million, or $0.21 per share, in the second quarter of 2025.
Before releasing the results, the company had announced that its third-quarter report and investor call would be issued on Thursday, November 12, 2026, with the call set to begin at 8:00 a.m. Eastern time. In trading ahead of the announcement, TE shares closed at $2.13 on the November 11 session, according to EL7 data. On October 22, 2026, the company said it had received a Commerce Department exemption allowing it to import up to 1.725 gigawatts of solar cells. It said the exemption was intended to support continued manufacturing at G1 Dallas while it continued building Phase 1 of the G2 Austin facility, which has capacity of 2.1 gigawatts. In its second-quarter results, the company said it was focused on operational and financial performance in the second half of 2026, while making progress at G2 Austin.