T1 Energy produced 2.79 GW of solar modules in FY2025 at its G1_Dallas facility, near the top of its guidance
Its annual net sales rose to over $755 million, while net losses narrowed compared to the previous year
T1 is scaling its G2_Austin TOPCon cell fab and pursuing 41 GW of potential project opportunities
US-based solar PV manufacturer T1 Energy exited FY2025 with an annual production of 2.79 GW of solar modules at its G1_Dallas factory, meeting the higher end of its guidance of 2.6 GW to 3.0 GW. This includes 1.13 GW produced during Q4 (64%+ quarter-on-quarter).
Its total annual net sales exceeded $755.3 million, up from $2.94 million in the previous year. This comprises record quarterly net sales of $358.8 million in Q4, which neared total net sales of the initial 3 quarters combined.
Nevertheless, T1 posted a net loss of $380.8 million in FY2025, narrowing it from $450.2 million in 2024.
T1 Energy operates its module manufacturing fab G1_Dallas with an annual nameplate production capacity of 5 GW. It is building a high-efficiency TOPCon solar cell fab, G2_Austin, to feed the module fab. Phase I of the cell fab, with 2.1 GW of capacity, is scheduled to begin commercial operations by the end of 2026. China-based Laplace is the turnkey production line equipment supplier for this facility.
“Upon completion of the first 2.1 GW phase of G2, T1 expects to generate annualized run-rate Adjusted EBITDA of $375 - $450 million during 2027. Fully integrated production of 5 GW each between G1 and G2 is expected to produce an annualized Adjusted EBITDA run-rate of $650 - $700 million,” shares T1 Energy.
Last year, it also executed a $160 million sale of its Section 45X production tax credits (PTC).
T1 Energy Chairman and CEO Dan Barcelo shared that the company executed a series of transactions to ensure its eligibility for Section 45X tax credits under the Inflation Reduction Act (IRA) in 2026. These include debt repayment, removal of Trinasolar’s right to appoint a covered officer, a new intellectual property licensing agreement with Evervolt Green Energy Holding Pte Ltd., and the purchase of solar cells from a supplier that provided certifications of its non-FEOC status.
For 2026, T1 is upbeat, claiming 3 GW of G1 modules under contract. It targets 3.1 GW to 4.2 GW of solar cell production during the year, which it plans to source from an ‘expanding’ global vendor network. Recently, it secured a 3-year contract to supply Treaty Oak with G1 modules produced with G2 cells for 900 MW capacity.
The company says it is seeing positive customer response to its plan to develop a domestic polysilicon solar supply chain and is building a strong sales pipeline.
It, however, lists some factors that could impact its 2026 sales, module pricing, earnings, and cash flow. This includes a potential ruling in the Section 232 investigation into foreign-sourced polysilicon, exceeding the high end of its cell procurement guidance, and customer safe harboring activity. It also expects merchant module pricing to be higher than in Q4.
T1 Energy remains upbeat about its commercial prospects, as it sees 41 GW worth of opportunities for its G1 and G2 fabs. This includes 12.8 GW of potential merchant sales, 10 GW of additional advanced offtake pipeline, and 18.2 GW of mid-stage opportunities.