T1 Energy Keeps 2026 Guidance Despite Wider Net Loss

Stronger production and sales at its G1_Dallas facility enabled T1 Energy, the US-based solar PV manufacturer, to achieve improved profitability from continuing operations and record adjusted EBITDA in Q1 2026. However, its overall net loss widened due to discontinued operations. 

For Q1 2026, the company reported net income from continuing operations of $3.9 million, compared with a loss of $6.3 million in the prior year. Its adjusted EBITDA reached a record $9.1 million, supported by higher-than-expected production and a greater share of fixed-margin and cost-plus offtake contracts. However, the company’s total net loss widened from $17.1 million in Q1 2025 to $21.4 million. 

Having rebranded from FREYR, T1 Energy produced 683.3 MW of solar modules during the reporting quarter at its G1-Dallas fab, which produced at a 3.4 GW annualized rate in April this year. Its nameplate annual production capacity is 5 GW. 

It continues to be on track for the planned operation of G2_Austin factory, which is expected to produce 5 GW of solar cells annually once fully online. As of now, the factory is under construction with initial cell production planned for Q4 2026.   

At the same time, T1 is pursuing a financing package with a significant debt component to fund the remaining estimated $225 million needed for the G2_Austin Phase I project, following its $174.7 million convertible notes offering in April.  

Noting management’s statement that the financing package could exceed the amount needed for the remaining Phase 1 CapEx, ROTH analysts believe additional funding for G2 Phase 2 and repayment of bank debt could follow later in 2026 through the same financing partner, new offtake agreements, or both. They also said full funding for Phase 1 could help the company finalize pending offtake deals. 

T1 maintains its 2026 production guidance of 3.1 GW to 4.2 GW for the G1_Dallas facility. “With safe harboring deadlines and a potential Section 232 outcome looming, Indicative customer demand for potential G1/G2 offtakes covers more than 100% of the Company’s anticipated G1/G2 production capacity for 2027 – 2028,” stated the company. 

On the company’s earnings call, T1 Energy COO Jamie Gauly said customers have been using existing module inventory after a surge in purchases before new Foreign Entity of Concern (FEOC) restrictions took effect on January 1. 

Due to these trends, the company expects stronger activity and higher module shipments in the second half of 2026. 

The manufacturer believes it is well-positioned for a potential ruling in the US Department of Commerce’s Section 232 investigation into foreign-sourced polysilicon (see US Launches National Security Investigation Into Polysilicon Imports). 

ROTH analysts agree, as they see possible upside to T1’s 2026 forecasts from stronger merchant sales, Section 232 measures on polysilicon, and potential IEEPA tariff refunds.