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Image source: The Motley Fool. Wednesday, Aug. 12, 2026 at 8:00 a.m. ET Executive Vice President of Investor Relations and Corporate Development - Jeffrey Spittel Chairman and Chief Executive Officer - Daniel Barcelo Chief Financial Officer - Evan Calio Chief Operating Officer - Jaime Gualy Chief Legal and Policy Officer - Andy Munro Operator: Good day, everyone, and thank you for standing by. Welcome to the T1 Energy Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. Now it's my pleasure to hand the conference to Jeff Spittel, Executive Vice President of Investor Relations and Corporate Development. Please proceed. Jeffrey Spittel: Good morning, and welcome to T1 Energy's Second Quarter 2026 Earnings Conference Call. Before we get started, please turn to Slide 2 for our forward-looking statements disclaimer. During today's call, management may make forward-looking statements about our business. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expectations. Most of these factors are outside T1's control and are difficult to predict. Additional information about risk factors that could materially affect our business are available in our annual report on Form 10-K filed with the Securities and Exchange Commission and our other filings made with the SEC, all of which are available on the Investor Relations section of our website. Turning to Slide 3. With me today on the call are Dan Barcelo, our Chairman and CEO; Evan Calio, our Chief Financial Officer; Jaime Gualy, our Chief Operating Officer; and Andy Munro, our Chief Legal and Policy Officer. I'll now turn the call over to Dan to get us started. Daniel Barcelo: Thanks, Jeff, and welcome everyone to our second quarter 2026 earnings call. We'll begin on slide 4. Our theme for today's call is ambition and execution. When we set out on this journey as T1, our ambition was clear to build the first vertically integrated American silicon-based solar company. Every milestone we have reached and every initiative we have pursued has been a step towards that North Star. Today, I'm pleased to report that we are executing that mission across every dimension of our business while remaining focused on the most important open items on our to-do list. As a growth company building out our American supply chain, capital is the lifeblood of our strategy, and through a series of capital market transactions, we have been advancing construction of the 2.1 gigawatt Phase 1 of our G2_Austin, T1's solar cell fab in Rockdale, Texas. As we have noted previously, we have been funding construction of G2_Austin opportunistically with junior capital because the capital markets have signaled an appetite to underwrite our growth with equity and equity-linked instruments at the most favorable terms and conditions. In July, we executed a $120 million private placement of convertible notes, which is intended to bridge us to the comprehensive financing solution that we have been pursuing for several months. We view these financings as a means to an end, and we remain focused on this comprehensive financing based on a significant debt component, which we believe represents the most attractive combination of structure, quantum, cost, duration, and counterparty. In the interim, the continued support we have received from our convertible and equity investors has enabled us to keep G2 moving while we advance our other key strategic initiatives. On the policy front, the Trump administration issued a Section 232 proclamation last week. We believe this new framework aligns with T1's commitment to establish the first end-to-end domestic polysilicon solar supply chain built on leading U.S. technology. While we and other industry participants are still working through the details, we believe we are witnessing the beginnings of a major American solar manufacturing industry. Andy will share more about 232 momentarily. Commercially, we announced a significant achievement just last week. T1 has executed a strategic off-take deal with Clearway Energy Group to supply 641 megawatts of G1_Dallas modules built with domestic solar cells from G2_Austin. This agreement augments our existing 900-megawatt Treaty Oak contract and further validates the demand for what T1 intends to uniquely offer once G2_Austin is online. High domestic content, silicon-based TOPCon modules that are not available at a comparable scale from any other American company. We also recently announced a landmark move to strengthen T1's competitive differentiation by acquiring the foundational TOPCon intellectual property we had previously licensed. This is an example of how our growing involvement in the solar industry presents us with opportunities unavailable to our competitors. This acquisition enhances our competitive position, eliminates future licensing costs, is value accretive, and opens the door to potential partnerships and licensing revenue from third parties. Technology transfer is a multi-stage process, and we believe that owning the industry's leading intellectual property is a necessary element of T1's plan to build an American solar champion. T1's domestic solar manufacturing platform and emergence as a significant player in the sector has unearthed several opportunities to expand our partnership network and revenue share with IPPs, developers, and hyperscalers. Earlier this summer, we closed on one such opportunity with the acquisition of KORE Power, which we have rebranded as T1 NRI. NRI has a 50-year history of providing power system solutions to blue-chip customers in the industrial data center and government sectors. We believe this acquisition of a capital light, high-margin business that provides T1 with a presence in the BESS and data center support markets is an ideal complement to our solar business. NRI also brings world-class engineering talent to our organization. I'd like to welcome Jay Bellows and the entire T1 NRI team to the T1 family. We are excited to have you on board, and we look forward to growing the business together. Turning to Europe. We continue to advance our value optimization initiative for our legacy assets. Data center development in the Nordic region has been ramping up, and we believe that our data center asset in Mo i Rana, Norway, which has been granted a 50-megawatt power allowance from the Norwegian grid operator, is an attractive strategic target. We are currently engaged in multiple conversations to explore monetization pathways through a variety of structures, and we are excited to share more details about the path forward as it's appropriate. At G2_Austin, our flagship U.S. solar cell fab in Rockdale, Texas, construction is progressing steadily. The building is now ready for mechanical, electrical, and plumbing installation, and all key shipments from our production line equipment vendor are either on the water or already in the U.S. As we indicated in our recent Q2 preliminary results announcement, first cell production is expected in Q1 2027. At G1_Dallas, production volumes moved higher sequentially throughout the second quarter, during which we produced 935 megawatts of solar modules. Based on our continued success in sourcing cells from the non-FEOC international suppliers and firming customer demand, we now expect full year 2026 production and sales to fall near the high end of our guidance range of 3.1 to 4.2 gigawatts. Taken together, these achievements represent a company that is moving forward with purpose. Let's now go through each of these in more detail, starting with an overview of the Section 232 ruling and the implications for T1. I'll now hand the call over to our Chief Legal and Policy Officer, Andy Munro, to walk you through it. Andy? Andy Munro: Thanks, Dan. Please turn to Slide 5. As Dan mentioned, following a lengthy investigation, President Trump signed the Section 232 proclamation last week. We believe this framework represents a major step forward in the development of the domestic solar and polysilicon industries, which T1 adamantly supports. The key tenets of the proclamation are the imposition of minimum import prices and Ad valorem tariffs on solar modules and subcomponents. These measures are designed to provide tangible economic and strategic incentives to invest in domestic solar capacity and the emerging U.S. polysilicon solar supply chain to support the semiconductor and solar industry, which is precisely what T1 is doing. The framework also provides an opportunity to access tariff offsets for companies who have committed investments to establish domestic manufacturing capacity such as T1's G2_Austin U.S. solar cell fab. These benefits are tied to a facility's construction period and are contingent upon making significant progress to the satisfaction of commerce. With G2_Austin's 2.1 gigawatt Phase 1 currently under construction and with plans to expand G2 to 5 gigawatts or more in the subsequent Phase 2, we believe that T1's strategy is aligned with this framework. We maintain a healthy dialogue with the Commerce Department, and we will continue to work with them during and following the 120-day period prior to implementation. In the interim, we applaud the Section 232 confirmation and T1 will continue to champion the virtues of building a robust end-to-end polysilicon-based solar supply chain here in America. And now I'll turn the call back over to Dan. Daniel Barcelo: Thanks, Andy. Please turn to Slide 6. The acquisition of TOPCon intellectual property from Evervolt Green Energy is one of the most consequential steps we have taken to differentiate T1 in the U.S. solar market. TOPCon is the world's leading commercialized solar cell technology, and T1 had been licensing this IP since our founding. With this transaction, we have converted an ongoing licensing obligation into owned strategic intellectual property. We estimate the acquisition is NPV positive versus the prior licensing arrangement, and it eliminates projected licensing fees over the life of the previous IP agreement. The financial logic, while compelling is only part of the story. As an American-owned listed and led company with U.S. ownership of TOPCon IP, a distinction that matters to our customers and to policymakers. And with the potential to license this technology to third parties, we have optionality to generate a new revenue stream as the U.S. domestic solar market grows. When you look at the full picture of T1's value proposition to customers, which is based on 5 gigawatts of U.S. module capacity at G1_Dallas, 2.1 gigawatts of U.S. solar cell fab capacity under construction at G2_Austin, American ownership, access to U.S. polysilicon and wafers through Hemlock and Corning, U.S. ownership of TOPCon IP and expectations to have available 2027 and 2028 module and cell volumes, we believe that no other American solar manufacturer can bring customers what T1 offers. We are building something genuinely unique in this market, and this IP acquisition adds another layer to that differentiation. Now let's turn to Slide 7 for an update on construction progress at G2_Austin. As you can see from the photos in this presentation and from our social media channels, G2_Austin is taking shape. The building is ready for mechanical, electrical and plumbing equipment installation and steel topping out is scheduled for August, a meaningful milestone that marks the structural completion of the building. We have already ordered the long lead time clean room equipment, and we expect to commence clean room installation later in Q3. Even more importantly, all key Phase 1 production line equipment is either already in U.S. ports or on the water, and we expect production line equipment installation to begin in Q4 of this year. On the civil side, we finalized the contract for the central utility plant and wastewater management plant during the quarter. The main production building is expected to be complete in Q4, setting the stage for equipment installation and final commissioning. To allow our team to proceed with an optimized installation and commissioning process of all 3 production lines, we are targeting a start of cell production in Q1 2027. This time line positions T1 to begin ramping up cell production in G2 during the first half of 2027, which is the key to unlocking the step change in T1's earnings power and cash flow that has been the foundation of our investment thesis. Now let's turn to Slide 8 for an update on operations at G1_Dallas. G1_Dallas had a solid second quarter. We produced 935 megawatts of solar modules, which was the second highest quarterly production of the facility. Production volumes moved higher each month during Q2. Our operations team at the factory continues to demonstrate world-class capability and G1 is expected to achieve production and sales near the high end of our 2026 targets. On the commercial front, we recently announced a 641-megawatt strategic offtake with Clearway Energy. This marks the second significant offtake contract for G1 modules with G2 cells that T1 has negotiated and secured directly with an established U.S. utility scale developer. We view these commercial successes as validation of T1's integrated domestic content strategy from the U.S. marketplace. For 2027 and beyond, our strategy and competitive offering are resonating with customers at a time when U.S. electricity demand is growing meaningfully and AI infrastructure development requires power at speed and scale. Domestically produced TOPCon cells simply aren't available in the U.S. today at scale, and our available capacity of G1 modules made with domestically produced G2 cells is attracting widespread interest at prices above the levels at which we have previously secured contracts. While we continue to derisk our business case through our financing and advancing constructions at G2, our 3 gigawatts of contract coverage for 2026 and our growing offtake portfolio for 2027 and beyond provide T1 with solid top line and gross margin visibility. And with that, I'll turn the call over to Evan Calio, our CFO, for a review of our financials and an update on our capital formation activities. Evan? Evan Calio: Thanks, Dan. Please turn to Slide 9. T1 delivered strong second quarter financial results and is well positioned to generate improving performance in the second half of '26. On production, as Dan just mentioned, we produced 935 megawatts of solar modules in 2Q. Gross margins were 19.5%, an improvement of roughly 300 basis points versus 1Q, reflecting higher throughput and a favorable mix of deliveries under our fixed margin and cost-plus offtake contracts. 2Q adjusted EBITDA was $10.7 million, inclusive of a nonrecurring IEEPA tariff refund of $24 million that we received subsequent to the end of the second quarter. On our quarterly adjusted EBITDA, SG&A to third parties was significantly higher in 2Q versus 1Q. Higher SG&A in 2Q was largely event-driven. We executed a convertible offering in April. We've been incurring advisory and legal fees associated with our comprehensive financing, and we have 2 ongoing litigation cases as well as other matters that require legal support. Further, we are building an organization for significant growth at G2 and relative to our module facility at G1. Looking at the balance sheet. Cash, cash equivalents and restricted cash was $149 million at the end of the second quarter. Given the current and projected cadence of capital expenditures on G2 and our continued pursuit of a comprehensive G2 financing solution, we elected to raise an additional $120 million of gross proceeds last week through a private placement of convertible notes. On the production and EBITDA outlook, we expect Q3 and Q4 run rates to exceed 2Q as deliveries ramp in the second half. We continue to believe full year 2026 production will fall within the high end of our 3.1 to 4.2 gigawatt guidance range, and we expect adjusted EBITDA to improve for the balance of the year. There are no changes to our run rate guidance for integrated production. We're targeting a run rate of $375 million to $450 million for Phase 1, and we're targeting a run rate of $650 million to $700 million for the matched 5 gigawatts of G1 and G2 volumes. Turning to capital formation. In August, we closed a $120 million private offering of convertible notes due 2031. The transaction is intended to serve as a bridge to the comprehensive financing solution we're targeting to fund for the remaining balance of capital expenditures for Phase 1 of G2_Austin, which includes a significant debt component. We believe this bridge puts us in a strong position to finalize the comprehensive solution while keeping G2 construction on schedule. We have a management team with deep capital markets experience, and we've applied that experience throughout this process. sequencing our funding sources carefully to balance the cost, structure, quantum and duration. Our confidence in our ability to close this financing is grounded in the ongoing dialogue and an appreciation of value of what T1 is building. These conversations have yielded a preferred financing solution, which remains our target because we believe it continues to offer the most attractive combination of cost, structure and quantum. In our estimation, bridging to this targeted financing, while not in our initial plans, is clearly in the best long-term interest of T1, our shareholders, customers and partners. And now I'll turn it back to Dan for closing remarks. Daniel Barcelo: Thanks, Evan. Let's turn to Slide 10. As we look at the path ahead, our strategic priorities remain clear and consistent: build, fund, operate and engage. On building, building energy and Building America are at the heart of T1's corporate ethos, but there is also a practical commitment to build this company into an industry leader founded on world-class assets and technology. As we have chronicled on social media and through this quarterly update, the G2 team is advancing construction, hitting significant milestones and working through the necessary steps to complete the G2 facility while we ship production line equipment to the U.S. We also continue to build T1's commercial presence with major utility scale customers. The Clearway offtake deal this quarter is another proof point that T1's unique value proposition is resonating in the market. And with our ownership of TOPCon IP, we have a new tool to leverage our position and enhance our U.S. solar partnership network. On funding, Evan detailed the $120 million convertible notes offering that is intended to serve as our bridge to the comprehensive financing solution for G2 Phase 1 we are targeting. Securing that solution, which is based on a significant debt component remains our #1 priority. And in Europe, our team is advancing discussions with multiple potential counterparties to optimize the value of our asset portfolio, consisting of our data center asset, grid allowance and NOL carryforwards. On operations, T1 is a hypergrowth company with big ambitions. We are on a path to building a much larger business. We are committed to continuously improving our operational capabilities and performance. After a solid first half of 2026 at G1_Dallas, we anticipate higher production, sales and profitability in the second half of the year. As the Section 232 proclamation is implemented, we will operate within its framework, which we believe is intended to support advanced American manufacturers committed to building America like T1 is. With the NRI acquisition and our G2 U.S. solar cell fab, our operating footprint is expanding across a growing commercial opportunity set. We intend to capture these opportunities to create value for shareholders by identifying and executing cross-selling opportunities with T1 NRI and by continuing to hire world-class technical and operational talent. On engagement, we continue to position T1 as the U.S. silicon-based solar leader. We have built T1 to win in this environment, and we intend to do exactly that. Our focus is executing at a high level with our existing assets and pursuing new opportunities that fit our mission while we communicate clearly and consistently with our capital providers. We are proud of the progress we have made in the second quarter and excited for what lies ahead in the second half of '26 and into 2027. The foundation is in place. We are advancing G2 construction, while we expect to ramp production and sales at G1. Our commercial momentum is building, and we have the team, the technology and the capital plan to execute. Thank you all for your continued support and interest in T1 Energy. With that, I'll turn it back to Jeff to coordinate our Q&A session. Jeffrey Spittel: Thank you, Dan. Carmen, we can open up the line for questions. Operator: [Operator Instructions] Our first question is from Philip Shen with ROTH Capital Partners. Philip Shen: Great. Okay. So with the polysilicon 232 out now, I wanted to check in with you guys to see if you're already seeing a change in pricing dynamics with your customers. I know it's only been a couple of days, but can you share any color on how those conversations are going? I think the MIP is $0.38 a watt plus this 15% Ad valorem tariff. Are you pricing -- do you think you can price north of $0.42, $0.43? Just provide a little bit of color. Daniel Barcelo: Sure. Thanks, Phil. Look, since 232 dropped, there's been a flurry of calls from both customers, developers, potential developers. And we are aware that there's a lot of scrambling going on in the industry to try to source within this 120-day window. And then also, there's a lot of scrambling for people to see how they can comply with the onshoring plans. We feel really, really comfortable with T1 because it's very simple for us. We buy all of our polysilicon and we buy all of our wafers from Corning or Hemlock Semiconductor. So from our standpoint, those are bases by which we feel that this 232 action really, really plays to what we've designed. Secondly, we're actually building, and we're building a plant right now. So if you look at what's happening there, we feel that we do fit a lot of the definitions that Commerce has here on those parts. For now, we don't really have or want to provide real guidance on pricing. But I'd say in a broad way, there is a lot more confidence now in terms of the types of domestic products we're selling rather than dependency on things that would be imported that may or may not be, we'll say, accepted by commerce both during the 120-day window or accepted as part of an onshoring plan. So I think overall, I see much more confidence in our cost structure, which is, again, set upon Hemlock Poly or Corning wafer. Andy, do you want to touch a little bit more on the mechanics of those 2 pieces? Andy Munro: Well, really, I think you put it perfectly, Dan. I think we're basically the poster child for this 232, right? We've got a fully domestic supply chain in the polysilicon area with the modules, G2, the crucial cell component, and we're anchor customers for Hemlock Poly and Corning wafers. So this 232, we were doing what this 232 incentivizes before it even came into play. So we feel really confident in our position to take advantage of it and also to benefit from the onshoring program and get tariff offsets. And we've been engaged with commerce in very productive discussions before the 232 dropped, and we plan to be doing that in order to maximize the benefits for T1. Philip Shen: Okay. Great. Dan and Andy. Continuing on, as it relates to the tariff offset program based on U.S. CapEx, I was wondering if you could share a little bit about how you guys expect to take advantage of that. And for example, with the -- if you use Corning wafer, then you don't need to take advantage of the tariff offset program. But if you import a wafer, I'm guessing you do. And so how much of that tariff offset program would you expect to tap into in '27? And then mechanically, how would it work? Would you actually have to pay the difference between the MIP and the import wafer cost that you pay and then the 15% ad val tariff? Or would there be kind of a -- like no change of cash, if that makes sense, so that you can actually happens -- I mean you don't have to actually deploy any money at all. So thank you for the long question, and I'll pass. Daniel Barcelo: Andy, why don't you do the mechanics. But first, let me do it at a higher level. We have 5 gigawatts of modules. We're building about 2 gigawatts of solar cell. Those solar cells that we build at G2_Austin, we use Corning wafers, and then we have a delta of 3 gigawatts. We expect that a portion of that will be -- and we're already covered with Hemlock Poly, and we're interested in either expanding our Hemlock Poly relationship or U.S. poly or, as you said, fall under the guise of the system where we're importing to cover that coverage. So we feel very, very comfortable that we'll be able to look at -- to take maximum benefit for the onshoring program, again, because we're planning to build. Andy, do you want to touch on some of the mechanics there? Andy Munro: Yes, sure. So first, you think about the necessary imports of cells until we have G2 up and running. So that is one area where you could have the offset. And as you've indicated, we have different potential strategies for acquiring the additional wafers that we would need. And also, you have the potential for Phase 2. So we have -- we're certainly discussing with domestic producers. And if we're not able to obtain, we have flexibility to import. And I think we would be well positioned because of all of our extensive investments in the U.S. supply chain to benefit from the onshoring program and the offset. Your specific question, I'm not sure I'm following exactly, but an offset could potentially reduce your tariff burden that delta materially, if not completely, right? I think the proclamation allows for that, but I think it's going to be on a company-by-company basis, what you're able to negotiate with commerce. But we feel that we're in a very good position because like I said, we've been investing in the U.S. supply chain, and we're going to continue to do that, and we have a strong case to make. Daniel Barcelo: And we have our team, which will be working with commerce to get clarity on some of these mechanics as will the rest of the industry. I think the most important thing post 232 is that the conversation has changed. Before, it was literally how do I get domestic light, -- how do I get this? How do I -- I'm talking about competition or others in the industry. How do we bring in imported modules, imported cells, where are they from? What's the QA/QC, -- where do they come from? Where was the poly? Was it [ Uyghur ]? That was always the conversation and the pressures were about the lowest cost. In a post-232 world, the conversation is, okay, there's a minimum price. And it's almost like all of those other conversations are now moot points. It's all about, are you building in America? Are you investing in America? Are you doing jobs in America? If so, here's the onshoring plan for you. We believe confidently that we fit that model. And we think that, that will give us, as we're building and expanding capacity, a lot of room to comply. So we're excited about the conversation moving towards an assumption now that these are the new pricings rather than trying to figure out every which way from Sunday on how to get things into the country that may not fully comply. Philip Shen: Okay. Great. One last one. As it relates to the financing, you guys had talked about end of May and then it was end of June and then end of July. So we're sitting here still kind of mid-August. Just curious if you can give us a little more color on timing and when that financing package that you've envisioned can actually close? Daniel Barcelo: Yes. Look, I'd say, first, things take longer than expected. We didn't want that. We didn't expect that. But at this point today, we're extremely confident in this comprehensive financing, which is a significant debt component, and that's where we are today. Evan, would you like to give some more color around the financing? And I would just add, we're fairly -- we have the right advisers. We have the right teams. We're working with the right counterparties to achieve this, and it took longer than expected. But right now, we're extremely confident. Evan? Evan Calio: Yes. No, look, I mean, we're obviously balancing progressing the optimal financing solution with keeping G2 project on pace and on budget. And as Dan mentioned, we're -- we've done what we need to do. It's taking a little bit longer. We chose to go into the capital markets for a bridge amount of financing on a convert that extends the time period in which we're expecting to complete our financing. Operator: It comes from Sherif Elmaghrabi with BTIG. Sherif Elmaghrabi: Sticking with the conversation on 232, you guys talked about your ability to source that incremental 3 gigawatts in sort of the medium term, call it. But at what point does domestic demand pull G2 Phase 2 forward? And thinking about upstream, how do you feel about Corning or any suppliers' ability to deliver an incremental 2 to 3 gigawatts of domestic wafers? Daniel Barcelo: Thanks for the question. I can't speak for Corning or Hemlock, as you're aware, but we've had interest in conversations about what capacity is there and indications that it could be there. So we believe that there'll be enough or enough incentives in the right amount of time to get that capacity. That's the first point. The second point in terms of our sourcing strategies, we have not announced the Phase 2 as Phase 1 is 2 gigs. We've talked about a 5-gigawatt optimum solution. When and if the market is right, the customer is right, the Board approves it and we sanction it, we'll announce that to the market. But we haven't yet sanctioned that. We also feel a real duty to -- as the prior question touched on, we want to complete the comprehensive financing based on a significant debt component, and we want to do that ASAP. We want to deliver what we said we would deliver, and that remains a core focus before we look to expansion there. Sherif Elmaghrabi: Okay. That's very helpful. And on NRI, how soon do you think we might start seeing an integrated offtake agreement there? Daniel Barcelo: Sure. Well, NRI has its own business offerings, both on controllers, both on customer services, both on their historical O&M and their network operating center type businesses. So those ongoing businesses continue to operate as is with NRI. What we've done with NRI is we've integrated that into our sales functions to just offer large utility-scale developers and others the opportunity to have a stronger engineering sales force approach to it. So while the products necessarily don't have to be attached to existing solar customers, there is now a whole -- there's a whole wrap around the customer. We're trying to make things easier for the customer. We're trying to illustrate to the customer that we have a sophisticated long-term partnership with them strategically. And if we can address some of the other issues that they're facing, one topic du jour becomes the inverters, how do people source inverters now with the new rules. Those are things that NRI has literally been dealing with for decades. So we think this is as much about an enhanced sales offering and integrated approach with engineering rather than new bespoke products offered to the market. We're not trying to get into the older market that NRI was in with battery cell manufacturing with NRI's old technology there. This is extremely focused around the services, the controllers and the integration potential for NRI. We like the business. It's capital light. It has a good customer base. That integration is fairly straightforward, and we've added a real breadth of development team, including with some of their leadership. Operator: Our next question comes from Martin Malloy with Johnson Rice. Martin Malloy: With respect to the G2_Austin plant and now getting a second offtake contract, is there kind of a tipping point at some point where the scarcity of the available remaining capacity you think could drive additional offtake agreements being signed relatively quickly? Daniel Barcelo: Thanks for the question. Look, that's a great problem when we have it. I think as we get closer to that demand, which we are seeing a lot of and discussions around demand are different than us announcing. We were very excited to announce the Clearway partnership with that order. As you know, historically, we've also announced the Treaty Oak contract. We have multiple live active discussions with some of the best utility scale developers, and those conversations are really, really, really anchored around that domestic cell. As I gave some color on a prior question, I do think post-232 world, it does shift the conversation towards domestic module domestic cell drop, stop, finished. It's not about this whole DC light, how do we get around pieces. So at this point, we do anticipate that we're going to have a lot of demand and a lot of expectations for exactly the question you just posed. When do we expand Phase 2. We've been thinking about it from an engineering side. Markets are building everything and you can imagine under the sun in Texas, but we do have great relationships with our ecosystem of partners and construction and suppliers and vendors and PLE equipment. But as I replied previously, we are focused on mission #1, comprehensive financing solution. We know we've said that before. Things take longer than we expected. We're just still confident in that, and we want to clear that before we start thinking about expansion. Martin Malloy: Okay. And then for my follow-up question, I wanted to ask about the ability to license the TOPCon technology now. How do you envision benefiting from that or being able to take advantage of that? Daniel Barcelo: We now own it. We can license it for U.S. TOPCon technology to whomever we want. We're starting to explore and have conversations with people that would use TOPCon technology in the U.S., and we're very excited about those conversations. Where they go and what form they may take, it could be from a very simple straight licensing agreement for X amount of time or Y amount of quantum to broader things. We would like to think about how we actually develop this technology now that we own it. Can we or will we partner with universities? Can we or will we partner with national labs? Can we or will we partner with other large companies? Those options now are all on the table now that we're the owner of the IP. I believe that this IP gives us current state, one of the best commercialized silicon-based technologies. That's what the customers want. They want the higher efficiencies of silicon, and they want the commercialized benefits of TOPCon. That's what we get. When we start thinking of very, very medium term or longer term, we now have a great problem of how do we enhance and build that. And from that perspective, we'd really look at partnering with people a lot smarter than us in terms of national labs or universities or other companies to really think about developing that IP longer term, because we're not naive. This technology is great as of today. It's great for this year and for next year, but this industry's been moving ahead grinding out percentages of efficiencies for a very long time. So we would also look to protect that IP and enhance it longer term. But we're open to models. We're open to different formats. For us, this was a very good transaction just from removing the licensing fees that we would have paid. We view this as NPV positive. We see this as accretive in terms of a cash flow impact from a go-forward basis. So on its own merits, just from a financial standpoint, was great. But I do think it's really different now to have an American-owned foundational IP that we are very excited to partner and work or license with other people with. Evan Calio: When Dan mentioned that it was NPV positive, that's on our existing plan. So to your first question, any ultimate expansion of G2 would drive additional upside, royalties covered upside, as well as any duration of the value of the license post its initial end, which was the end of 2029, is all upside. So it was a strong economic transaction for T1. Operator: Our question comes from Sunaina Ocalan with Bernstein SG. Sunaina Pai Ocalan: I just had a quick question on the Clearway agreement and the deal on the 641 megawatts. Can you guys provide any terms of any color on sort of the timing or the structure? Is it a cost plus? Any color on that would be great. Daniel Barcelo: Yes. Apologies, though. We respect their customers' privacy. So I would defer that to when Clearway would like to disclose some of those aspects. We're very excited to have Clearway. They're a Tier 1 developer. They've been in this industry for a very long time. We've worked with them for a long time to get to this point where they're comfortable with our products and comfortable with operations, and we're really excited about that. So at this point, we've only disclosed the quantum and we've disclosed Clearway. And as I'm sure you can appreciate, there's some sensitivity there on commercial terms, both from our standpoint for new customers or for Clearway. Operator: One moment for our next question. It comes from Sean Milligan with Needham. Sean Milligan: Dan, you kind of talked about the comprehensive financing of G2. Just curious like how much remaining CapEx is there with G2? And when we think about the comprehensive financing, should we think about it only covering remaining CapEx or other components, maybe like the IP costs to bring that in, costs that have already been spent? Anything around context there would be helpful. Daniel Barcelo: Great. Thanks, Sean. Evan, do you want to take it? Evan Calio: Yes, sure. I mean it remains a private conversation, but our comprehensive financing solution, it would be reasonable to expect can cover more than just the remaining CapEx of G2, which could include other elements that you referenced, right? And it may also seek to, as others have, as we have mentioned, prime existing debt structures. So I think that would be a reasonable assumption without putting a number on it. In terms of the remaining capital spend, which is kind of projected based upon allocation of the proceeds that we just raised is up to $250 million. So there's a range also based upon the contingency, but that would be $200 million to $250 million would be remaining for just the Phase 1 project. Sean Milligan: Okay. Great. And then a couple more. On the COGS side, it looks like you've done a really good job on like going back to early last year, there was some inflation on your COGS line on a per watt basis, and then you've kind of been able to maintain that pretty stable here. As we look forward to like Section 232, just trying to understand what type of agreements you have on the poly, like how much is covered maybe by fixed price to protect yourself from inflation there? And also on the offtake agreements, I know you have the Trina agreement was cost plus, but are there any offsets on the offtake to protect from cost increases? Daniel Barcelo: Evan, do you want to cover that? Evan Calio: Sure. I mean our -- for 2026, our 3 gigawatts is under a cost, either plus a fixed margin or kind of a cost-plus basis. And so your cost is protected. Our 5-year contract that underpins the financing of G1 is also a cost-plus contract. As far as the balance, we'll be importing cells until we replace them with domestic production. And that's part of the offset plan that Andy and Dan mentioned, of which we believe we're well positioned, but we haven't gone in and offered our onshoring plan. But given that we're constructing 2.1 and at least a stated ambition up to 5, that would provide us coverage for the cell purchases depending upon the conversations with commerce. In terms of wafer, which is the other -- that's the only 2 things you'd be importing, right, wafer and cell. As Dan mentioned, we're covered on the Corning contract for wafer that relates to Phase 1. Corning is a domestic sourced contract at a price. Sean Milligan: Awesome. On the G&A side, kind of up $20 million quarter-over-quarter. I'm just curious how much embedded with G&A is maybe still like higher legal costs, costs related to the financing underwriting cost. And then maybe like any Nordic carryover, are there any costs there that we could think about unwinding as some of these issues resolve themselves? Daniel Barcelo: Yes. Look, on the -- taking your questions backward on the Nordic side, we are in multiple discussions with multiple parties for either divestment or partnership or sell-down of those Nordic assets. There's obviously some costs around that. Those are on the smaller side. I'd say the key part is we're building an SG&A for a multiple asset company, including G2, including G1. And with that includes a heavy amount of both legal lobbying, work around, as you've seen and heard from Andy, extensive work around commerce. On the legal side, as you touched on, a lot of capital markets and fundraising activities. When we get to a steady state, we'd expect those run rates to be lower. And then also part of the SG&A has been building out the broader team. As we get ready for G2_Austin, that's a significant buildup now, which did require a lot of people to start phasing in at the corporate level rather than the asset level. So there's quite a bit of work there, which then those costs will be carried more fully with the operation of G2_Austin. So recognize your question. In terms of quarter-over-quarter or year-over-year, primarily legal, it's not necessarily lobbying per se, but it's work around government, work around policy, a lot of that work and then also for financing. Operator: And as I see no further questions in the queue. I will conclude the Q&A session and pass it back to Jeff Spittel for final comments. Jeffrey Spittel: Thank you, Carmen. Well, thank you all for your participation and interest in T1. We have a busy rest of the week. Please feel free to follow up with calls and e-mails, and we'll get back to you as soon as we can. Thanks again. This will conclude today's call. Operator: Thank you all for participating, and you may now disconnect. Before you buy stock in T1 Energy Inc., consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and T1 Energy Inc. wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $419,408!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,348,694!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 19, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. T1 Energy (TE) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

T1 Energy Inc. TE used its second-quarter 2026 earnings call to focus investors on financing and construction of G2_Austin, while emphasizing policy support for a domestic solar supply chain. Chairman and CEO Daniel Barcelo also highlighted stronger second-half module output, new offtake agreements and ownership of TOPCon intellectual property. Barcelo said that completing a comprehensive G2_Austin financing package remains T1 Energy’s top priority. The company raised $120 million through convertible senior notes as a bridge. CFO Evan Calio said that the targeted financing includes a significant debt component and could cover more than the remaining Phase 1 capital expenditure. He put remaining spending at roughly $200 million to $250 million. Barcelo acknowledged that financing has taken longer than expected. He remains highly confident in the targeted structure while construction continues. Chief Legal and Policy Officer Andy Munro said that the new Section 232 framework aligns with T1 Energy’s domestic manufacturing plan. He highlighted potential tariff offsets tied to qualifying U.S. investment and construction progress. Barcelo said that T1 Energy sources polysilicon from Hemlock Semiconductor and wafers from Corning for its domestic strategy. He said that the policy has shifted customer conversations toward U.S.-made modules and cells. Munro said that the company intends to work with the Commerce Department during implementation. He did not provide pricing guidance despite questions about module pricing under the new framework. Calio said that third- and fourth-quarter production run rates should exceed the second quarter as deliveries ramp. He expects full-year 2026 production near the high end of the 3.1 GW to 4.2 GW range. G1_Dallas produced 935 MW of modules, while gross margin reached 19.5%. Adjusted EBITDA was $10.7 million and included a $24.4 million tariff refund recognized during the quarter. The loss from continuing operations of 14 cents per share missed the Zacks Consensus Estimate of a 13-cent loss. Revenues of $250.1 million missed the consensus estimate of $999.0 million. T1 Energy Inc price-consensus-eps-surprise-chart | T1 Energy Inc Quote Barcelo highlighted a 641 MW offtake agreement with Clearway Energy Group for G1_Dallas modules using cells from G2_Austin. The contract adds to the previously announced 900 MW Treaty Oak agreement. Barcelo also emphasized the $135 million acquisition of foundational TOPCon patents from Evervolt. He said that ownership eliminates future licensing costs and creates potential third-party licensing opportunities. Calio said that the economics were net-present-value positive under the existing plan. He added that future G2 expansion or licensing beyond the prior agreement’s 2029-end could create additional upside. A ROTH Capital Partners analyst pressed management on repeated extensions to the expected financing timeline. Barcelo conceded the process has taken longer than planned but reiterated confidence in a financing with a significant debt component. A Needham analyst asked about G2 funding needs and rising general and administrative costs. Calio said that a comprehensive package could address more than remaining project capital spending. Barcelo said that elevated SG&A reflects legal, policy, financing and organizational buildout costs ahead of G2_Austin. He said those run rates should decline at a steadier operating state. Barcelo framed the near-term agenda around building, funding, operating and engaging. The emphasis remains securing G2 financing, completing Phase 1 and lifting G1_Dallas production and profitability. Barcelo said that Phase 2 expansion remains conditional on market demand, customer commitments and board approval. The earnings call remained centered on executing the current plan before another major expansion. TE carries a Zacks Rank #3 (Hold). Its Growth Score of A is the strongest Style Score signal, while the Value Score of D, Momentum Score of C and VGM Score of C create a mixed profile. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. The Style Scores complement the Zacks Rank, with A and B grades viewed more favorably and the strongest combinations generally pairing those scores with a Zacks Rank #1 or 2 (Buy). The Zacks Rank can change as analyst estimates are revised after the just-reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report T1 Energy Inc (TE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

T1 Energy Inc. (NYSE:TE) shares gained 3.11% in premarket trading on Wednesday after the solar manufacturer reported second-quarter 2026 revenue comfortably above Wall Street expectations. The company recorded a net loss from continuing operations of -$0.14 per share, in line with analyst estimates. Revenue reached $250.1 million, exceeding the consensus forecast of $205.13 million. Second-quarter revenue increased 88% year on year from $132.8 million in the corresponding period of 2025. The results also benefited from a $24.4 million pre-tax reduction in cost of sales related to tariff refunds recognised during the quarter. T1 Energy produced 935 MW of solar modules at its G1_Dallas facility during the quarter and generated Adjusted EBITDA of $10.7 million. “We made significant advances during and since the second quarter to strengthen T1’s long-term competitive position while we fund and execute our domestic vertical integration strategy,” said Dan Barcelo, Chairman and CEO of T1 Energy. “Our mission to power America with industry leading solar technology while we support the domestic polysilicon industry is resonating with customers, and we are focused on delivering strong operational and financial performance in the second half of 2026 while we continue to make meaningful progress at G2_Austin, our flagship U.S. solar cell fab.” Following the quarter’s operating performance, T1 said it expects full-year 2026 production to fall towards the upper end of its previously announced range of 3.1 GW to 4.2 GW. T1 Energy continues to advance construction of the first phase of its G2_Austin solar cell manufacturing facility as part of its strategy to establish a vertically integrated domestic production platform. Phase 1 is designed to provide 2.1 GW of capacity, with total capital expenditure currently projected at $510 million. The company expects the facility to produce its first solar cells during the first quarter of 2027. T1 is also pursuing a comprehensive financing package to fund the remaining estimated capital expenditure required to complete the first phase. The company expects a significant debt component to form part of the financing solution. As of June 30, 2026, T1 Energy held $156.4 million in cash, cash equivalents and restricted cash. Of that amount, $79.1 million represented unrestricted cash available to the company as it continues investing in its U.S. manufacturing expansion. The stronger-than-expected quarterly revenue, combined with progress at G1_Dallas and the ongoing development of G2_Austin, supported the positive market reaction following the results. T1 Energy stock price

Interested in FREYR Battery, Inc.? Here are five stocks we like better. T1 Energy, formerly FREYR Battery, is progressing with construction of its 2.1-gigawatt G2 Austin solar-cell factory, targeting initial production in the first quarter of 2027. The company raised $120 million through convertible notes and estimates $200 million to $250 million in remaining Phase I capital expenditures while pursuing broader financing. G1 Dallas produced 935 megawatts of modules in the second quarter, while gross margin improved to 19.5%. T1 maintained 2026 production guidance of 3.1 to 4.2 gigawatts but expects results near the high end and improved adjusted EBITDA in the rest of the year. T1 expanded its commercial and technology platform with a 641-megawatt Clearway Energy offtake agreement, ownership of its foundational TOPCon intellectual property and the acquisition of KORE Power, now T1 NRI. Management said these moves support domestic solar manufacturing, potential licensing revenue and engineering-led growth. The Hottest Markets to Watch After the Fed’s 25 Bps Rate Cut T1 Energy, formerly FREYR Battery (NYSE:FREY), reported higher solar-module production and improved gross margins in the second quarter of 2026 as it continued construction of its planned U.S. solar-cell factory in Rockdale, Texas. Chairman and CEO Dan Barcelo said the company is pursuing its goal of building a vertically integrated, silicon-based U.S. solar manufacturing platform. T1’s strategy centers on its G1 Dallas module facility and the 2.1-gigawatt first phase of its G2 Austin solar-cell factory, which is expected to begin production in the first quarter of 2027. → SoundHound AI Sends a Loud Signal After Its Q2 Earnings Beat MarketBeat Week in Review – 8/19 - 8/23 “Our theme for today’s call is ambition and execution,” Barcelo said, citing progress on construction, commercial contracts, intellectual property and financing initiatives. T1 said the G2 Austin building is ready for mechanical, electrical and plumbing installation, while steel topping out is scheduled for August. The company has ordered long-lead clean-room equipment and expects clean-room installation to begin later in the third quarter. Key production-line equipment is either at U.S. ports or in transit, with installation expected to begin in the fourth quarter. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be Microvast vs. FREYR: Which Battery Stock Holds the Power? The company finalized contracts for its central utility plant and wastewater-management plant during the quarter. The main production building is expected to be completed in the fourth quarter, followed by equipment installation and commissioning. T1 is targeting initial cell production during the first quarter of 2027 and expects to ramp output through the first half of that year. Barcelo said domestic cell production at G2 is central to the company’s expected increase in earnings power and cash flow. → First Solar’s Profit Engine Faces a New Policy Test in Washington To support construction, T1 closed a $120 million private placement of convertible notes due in 2031 during August. Chief Financial Officer Evan Calio said the financing is intended to serve as a bridge while the company pursues a broader financing package for G2 that is expected to include a significant debt component. Calio said remaining capital expenditures for G2’s first phase are projected at roughly $200 million to $250 million, depending on contingencies. He added that the comprehensive financing could potentially cover more than remaining construction spending and could address existing debt structures, though the details remain private. Management acknowledged that the broader financing process has taken longer than expected, but said it remains confident in its ability to complete the transaction while keeping the project on schedule and within budget. G1 Dallas produced 935 megawatts of solar modules in the second quarter, its second-highest quarterly production level, according to T1. Production increased month by month during the quarter. T1 reported a gross margin of 19.5%, up about 300 basis points from the first quarter. Calio attributed the improvement to higher throughput and a favorable mix of deliveries under fixed-margin and cost-plus offtake agreements. Second-quarter adjusted EBITDA was $10.7 million, including a $24 million non-recurring refund related to International Emergency Economic Powers Act tariffs that the company received after the quarter ended. Cash equivalents and restricted cash totaled $149 million at the end of the second quarter. The company said selling, general and administrative costs rose from the first quarter, primarily because of expenses related to capital-markets activity, advisory and legal work on its financing efforts, ongoing litigation, policy-related work and hiring for G2’s planned expansion. T1 expects production and delivery run rates in the third and fourth quarters to exceed second-quarter levels. It maintained its full-year 2026 production guidance of 3.1 gigawatts to 4.2 gigawatts and said it now expects production and sales to land near the high end of that range. The company also expects adjusted EBITDA to improve during the remainder of the year. Phase I integrated production run-rate target: $375 million to $450 million. Matched 5-gigawatt G1 and G2 production run-rate target: $650 million to $700 million. 2026 contract coverage: approximately 3 gigawatts. T1 recently signed a 641-megawatt strategic offtake agreement with Clearway Energy Group for G1 Dallas modules incorporating domestically produced G2 Austin cells. The contract adds to the company’s existing 900-megawatt agreement with Treaty Oak. Barcelo said the Clearway agreement represented the company’s second significant contract with an established U.S. utility-scale developer for modules using G2 cells. T1 did not disclose pricing, delivery timing or the commercial structure of the Clearway agreement, citing customer confidentiality. The company said it sees growing demand for U.S.-made TOPCon modules and cells, particularly as electricity demand rises and data-center and artificial-intelligence infrastructure projects seek power at scale. T1 also highlighted a recently announced Section 232 proclamation by President Trump covering solar modules and subcomponents. Chief Legal and Policy Officer Andy Munro said the framework includes minimum import prices and ad valorem tariffs, as well as potential tariff offsets for companies that are making qualifying domestic manufacturing investments. Munro said T1 believes it is well positioned under the framework because it is building G2 Austin and has relationships with Hemlock Semiconductor and Corning for U.S. polysilicon and wafers. The company said it remains in discussions with the Commerce Department during the 120-day period before implementation. T1 acquired the foundational TOPCon intellectual property that it had previously licensed from Evervolt Green Energy. Barcelo said the transaction eliminates projected licensing costs under the former agreement and is net-present-value positive based on the company’s existing plans. The acquisition also gives T1 the option to license the technology to third parties and pursue partnerships with companies, universities and national laboratories. Calio said potential expansion of G2, third-party licensing revenue and value beyond the prior licensing agreement’s 2029 expiration would represent additional upside. Separately, T1 completed its acquisition of KORE Power, which it has rebranded as T1 NRI. Management described the business as a capital-light provider of power-system solutions, engineering services, controllers and operational support to industrial, data-center and government customers. Barcelo said T1 intends to use the acquisition to strengthen its engineering-led sales approach and identify cross-selling opportunities rather than return to battery-cell manufacturing. The company is also exploring potential monetization options for legacy Nordic assets, including a data-center asset in Mo i Rana, Norway, with a 50-megawatt power allowance from the Norwegian grid operator. FREYR Battery is a sustainable battery technology and manufacturing company focused on producing high-performance lithium-ion cells for electric vehicles (EVs) and energy storage systems. The company aims to leverage low-carbon hydroelectric power in Norway and renewable energy sources in other regions to supply clean battery cells that meet the growing global demand for decarbonized transportation and grid resilience. FREYR’s product roadmap includes battery modules, packs and integrated storage solutions, designed to serve auto manufacturers, utilities and large-scale commercial energy users. Headquartered in Oslo, Norway, FREYR Battery was founded in 2018 with the mission of establishing cost-efficient, scalable gigafactories in strategic locations. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "FREYR Battery Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Secured a 641-megawatt strategic offtake agreement with Clearway Energy Group, validating demand for high-domestic-content silicon-based TOPCon modules. Acquired foundational TOPCon intellectual property from Evervolt Green Energy, converting a recurring licensing obligation into a strategic asset to enhance competitive differentiation and eliminate future fees. Progressed construction at the G2_Austin solar cell fab, with production line equipment either in U.S. ports or in transit, targeting first cell production in Q1 2027. Achieved sequential production growth at G1_Dallas, producing 935 megawatts of modules in Q2 and trending toward the high end of full-year 2026 guidance. Expanded the operational footprint into BESS and data center support markets through the acquisition of KORE Power (rebranded as T1 NRI), adding capital-light, high-margin revenue streams. Advanced monetization pathways for legacy Nordic data center assets, leveraging a 50-megawatt power allowance to attract strategic interest in the region. Anticipate full-year 2026 production and sales to fall near the high end of the 3.1 to 4.2 gigawatt guidance range due to firming demand and stable cell sourcing. Targeting a comprehensive financing solution centered on a significant debt component to fund the remaining $200 million to $250 million in Phase 1 capital expenditures for G2_Austin. Expect Q3 and Q4 2026 adjusted EBITDA to improve relative to Q2 as delivery volumes ramp in the second half of the year. Projecting integrated production run rates of $375 million to $450 million for G2 Phase 1, increasing to $650 million to $700 million once 5 gigawatts of capacity is matched. Planning to leverage the Section 232 framework to access tariff offsets contingent upon domestic manufacturing progress at the Rockdale facility. Section 232 proclamation introduces minimum import prices and tariffs, which management believes aligns perfectly with T1's domestic polysilicon supply chain strategy. Q2 adjusted EBITDA included a $24 million nonrecurring IEEPA tariff refund received after the quarter's end. SG&A expenses increased significantly in Q2 due to event-driven costs, including legal fees for litigation, advisory fees for comprehensive financing, and organizational scaling. Executed a $120 million private placement of convertible notes in July to serve as a liquidity bridge while finalizing long-term debt financing. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted a flurry of customer interest following the ruling, as developers scramble to comply with new onshoring requirements. While declining to provide specific pricing guidance, management indicated the conversation has shifted from seeking the lowest-cost imports to securing reliable domestic supply. Confirmed that T1's reliance on Hemlock Poly and Corning wafers positions them as a 'poster child' for the new policy incentives. The company expects to use its significant U.S. capital investments to negotiate material tariff offsets with the Commerce Department for necessary cell imports prior to G2's completion. Management emphasized that offsets could potentially reduce the tariff burden 'materially, if not completely' on a company-specific basis. Management acknowledged the financing is taking longer than initially expected but expressed extreme confidence in closing a debt-heavy solution. The recent $120 million convertible bridge was a strategic choice to keep G2 construction on schedule while holding out for the most optimal long-term capital structure. The acquisition is NPV positive based solely on existing internal plans, but offers significant upside through potential third-party licensing revenue. Ownership allows T1 to partner with national labs and universities to further develop the technology, ensuring it remains competitive beyond the original 2029 license expiration.

AUSTIN, Texas and NEW YORK, Aug. 12, 2026 (GLOBE NEWSWIRE) -- T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) today reported financial and operating results for the second quarter 2026. The Company will hold a conference call today at 8:00 am EDT. Headlines Second quarter 2026 results summary. During Q2 2026, T1 achieved total net sales of $250.1 million, G1_Dallas module production of 935 MW, a net loss from continuing operations of $(36.9) million, and Adjusted EBITDA of $10.7 million. The Company’s second quarter 2026 net loss from continuing operations and Adjusted EBITDA included a pre-tax reduction in Cost of Sales due to $24.4 million of tariff refunds recognized during the quarter. T1 and Clearway execute strategic offtake deal. In August 2026, T1 announced a contract to supply independent power producer Clearway Energy Group (“Clearway”) 641 MW of solar modules built with domestic cells from T1’s G2_Austin solar cell fab. This latest offtake contract marks a continuation of T1’s commercial strategy to offer customers a traceable and reliable solar supply chain built on leading U.S. technology and domestic content. T1 acquires advanced solar intellectual property rights from Evervolt. In July 2026, the Company announced that it acquired foundational solar patents and other intellectual property rights from Evervolt Green Energy Holding Pte Ltd. (“Evervolt”) for total consideration of $135 million. T1 believes these patents, which relate to Tunnel Oxide Passivated Contact (“TOPCon”) solar cells and modules, provide the most advanced, highly efficient commercially viable solar technology available. G2_Austin project update. Construction work on the 2.1 GW Phase 1 of G2_Austin, T1’s solar cell fab, continues with the building ready for interior Mechanical, Electrical and Plumbing installation. Additionally, T1 has begun receiving the first containers of production line equipment at U.S. ports, and all the key shipments from T1’s production line equipment vendor for Phase 1 are now either on the water or already in the United States. Long lead time clean room equipment has also been ordered ahead of the projected start of clean room installation later in the third quarter. As the Company indicated in July, T1 is projecting that capital expenditures for G2_Austin Phase 1 will total $510 million in accordance with the recent addition of a 20% contingency. The capital expenditure contingency is intended to account for labor and materials costs associated with tightness in the Texas data center construction market. T1 expects to produce the first solar cells at G2_Austin in Q1 2027. T1 applauds the Section 232 proclamation in support of American polysilicon solar manufacturing. The Company believes the new action, which was signed and announced on August 6, 2026, aligns with T1’s strategy to build a vertically integrated solar supply chain on industry leading U.S. technology. The proclamation details new tariffs on U.S. imports of polysilicon and polysilicon derivatives, which go into effect on December 4, 2026. It also launches an onshoring program to incentivize companies to invest in U.S. production of polysilicon products. T1 plans to work with the Department of Commerce to access the tariff offset onshoring program through T1’s committed and planned investments in G2_Austin, TOPCon IP, and U.S. polysilicon and wafer commitments with Hemlock Semiconductor and Corning, Inc. (NYSE: GLW). “We made significant advances during and since the second quarter to strengthen T1’s long-term competitive position while we fund and execute our domestic vertical integration strategy,” said Dan Barcelo, Chairman and CEO of T1 Energy. “Our mission to power America with industry leading solar technology while we support the domestic polysilicon industry is resonating with customers, and we are focused on delivering strong operational and financial performance in the second half of 2026 while we continue to make meaningful progress at G2_Austin, our flagship U.S. solar cell fab.” Business update and guidance Nordic value optimization. T1 is engaged in discussions with multiple parties to explore potential strategic pathways to generate value from the Company’s Nordic portfolio. T1’s Nordic data center asset, which has been assigned a 50 MW grid allocation by Norway’s power grid operator, remains in the queue for 396 MW of power. Potential monetization structures could include participation in a joint venture through T1’s contribution of assets with established operators in the global data center ecosystem. Section 45X tax credits. During Q2 2026, T1 monetized the balance of the Company's remaining 2025 Section 45X tax credits (as defined below) for $39.1 million, at a gross price of $0.93 on the dollar, which was higher than previously announced 2025 sales. T1 has also commenced early-stage negotiations with several potential counterparties regarding sales of Section 45X tax credits accrued in 2026. Enhanced full-year 2026 G1_Dallas production target. T1 expects the run rate of production in Q3 and Q4 2026 will exceed Q2 2026 production and believes 2026 production will fall within the higher end of its previously disclosed 2026 production range of 3.1 - 4.2 GW. The enhanced production target reflects T1's progress qualifying international cell vendors to supply G1_Dallas. Financing update. T1 continues to target a comprehensive financing solution, which includes a significant debt component, in an amount sufficient to fund the remaining estimated capital expenditure required for G2_Austin Phase 1. Subsequent Events to Q2 2026 T1 completed a private placement of $120 million of convertible senior notes due 2031. In July 2026, the Company completed a private placement of $120 million aggregate principal amount of its 4.75% convertible senior notes due 2031. The offering generated gross proceeds of $120 million and is intended as a bridge to a comprehensive financing solution to fund the remaining capital expenditures of the 2.1 GW Phase 1 of G2_Austin. T1 closes acquisition of KORE Power, Inc., creating T1 NRI brand to service BESS and data center infrastructure markets. In July 2026, T1 closed the previously announced acquisition of KORE Power, Inc. The transaction is expected to provide T1 with an entry point into the energy storage and AI data center infrastructure markets through an expanded potential customer base for solar and storage solutions. Q2 2026 Results Overview T1 Energy reported a net loss attributable to common stockholders for the second quarter of 2026 of $44.5 million, or $(0.16) per share compared to a net loss of $32.8 million, or $(0.21) per share for the second quarter of 2025. Net loss from continuing operations was $36.9 million, or $(0.14) per share for the second quarter of 2026 compared to a net loss from continuing operations of $31.2 million, or $(0.21) per share for the second quarter of 2025. Net loss from discontinued operations was $6.6 million, or $(0.02) per share for the second quarter of 2026 compared to a net loss of $0.7 million, or $(0.00) per share for the second quarter of 2025. As of June 30, 2026, T1 had cash, cash equivalents, and restricted cash of $156.4 million, of which $79.1 million was unrestricted cash. Presentation of Second Quarter 2026 Results A presentation will be held today, August 12, 2026, at 8:00 am Eastern Daylight Time to discuss financial and operating results for the second quarter 2026. The results and presentation material will be available for download at https://ir.t1energy.com/. Participants can access the conference call by clicking the following link and completing the online registration form. Upon registering participants will receive the dial-in info and PIN to join the call. The call will also be available by clicking the webcast link. About T1 Energy T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the U.S., with a complementary solar and storage strategy. Based in the U.S. with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe. To learn more about T1, please visit www.T1energy.com and follow on social media. Investor contact: Jeffrey SpittelEVP, Investor Relations and Corporate [email protected]: +1 409 599-5706 Media contact: Russell GoldEVP, Strategic [email protected]: +1 214 616-9715 Cautionary Statement Concerning Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to T1’s strategy of developing as an integrated U.S. solar and storage leader, powering U.S. artificial intelligence development and energy dominance and establishing a domestic solar supply chain (including its desired position as the first vertically integrated American silicon-based advanced solar company); T1’s ability to build commercial traction with U.S. customers; T1’s ability to generate meaningful long-term shareholder value; the timing for funding and completion of G2_Austin Phase 1 and the expected level of capital expenditure to achieve such completion; expectations with respect to future financing activities (including the structure, timing and size of any such transaction); T1’s financial and operating performance and guidance (including 2026 operating and financial guidance) and any projected business outlook; the negotiation of sales of Section 45X tax credits accrued in 2026; the expected benefits from T1’s acquisition of patents and other intellectual property rights from Evervolt; the impact of the Section 232 polysilicon proclamation, including anticipated benefits to T1’s supply chain strategy and T1’s ability to access the Department of Commerce tariff offset onshoring program; the growth of U.S. electricity demand; T1’s commercial presence and ability to grow its U.S. customer base; T1’s ability to meet its production plan and pursue strategic partnerships, including the status of any ongoing discussions with utilities/developers (including with respect to T1’s portfolio of European assets); T1’s capital formation opportunities and the timing thereof; any cell procurement targets and indications of customer demand in 2026; T1’s ability to optimize its capital structure; the ramp up of production and revenues at G1_Dallas (including the timing for module production); any commercial funnel of sales opportunities for 2026 and beyond (including customer pursuits, advanced opportunities and ongoing discussions with customers); the expected benefits from the acquisition of KORE Power, Inc.; and T1’s ability to meet its strategic priorities to fund and build T1’s integrated polysilicon solar supply chain and enhance its profitability and capital structure. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from T1’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in T1's Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2026, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2026, including risks related to: (1) T1's ability to (i) construct and equip manufacturing facilities in a timely and cost-effective manner; (ii) target and retain customers and suppliers; (iii) attract and retain key employees and qualified personnel; (iv) protect its intellectual property; (v) comply with legal and environmental regulations; (vi) compete in international markets in light of export and import controls; (vii) incur substantially more debt; (viii) remediate the material weakness in T1's internal control over financial reporting or otherwise maintain effective internal control over financial reporting, (ix) qualify for the advanced manufacturing production credit under Section 45X of the Internal Revenue Code of 1986, as amended (the ”Section 45X tax credits”), and (x) rely on third-party warranties; (2) T1’s ability to secure a comprehensive financing solution to fund the remaining capital expenditure for G2_Austin Phase 1 on favorable terms, or at all, and the timing of such financing; (3) the concentration of T1's operations in Texas and its dependence on a limited number of suppliers; (4) changes adversely affecting the flow of components and materials from international vendors, the costs of raw materials, components, equipment, and machinery; (5) general economic and geopolitical conditions, (6) changes in applicable laws or regulations, including environmental, export control and tax laws and incentives and renewable energy targets, as well as international trade policies, including tariffs, on T1's products and competitive position (including T1’s ability to obtain tariff refunds); (7) the outcome of any legal proceedings relating to T1's products and services, including intellectual property or product liability claims, commercial or contractual disputes, warranty claims, and other proceedings; and (8) the capital-intensive nature of T1's business and its ability to raise additional capital on attractive terms or service its debt. The above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to T1 as of the date of this press release, and T1 assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law. T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. Use of Non-GAAP Financial Measures T1 reports financial results in accordance with generally accepted accounting principles in the United States (“GAAP”). Adjusted EBITDA presented herein is a supplemental measure of T1’s performance that is not required by, or presented in accordance with, GAAP. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. T1 defines Adjusted EBITDA as net income (loss) from continuing operations before interest expense, income tax expense (benefit), depreciation and amortization, and further adjusted to exclude certain items that management does not consider indicative of the Company’s core operating performance, including, but not limited to, non-cash charges, non-recurring items, and non-operating gains or losses. These adjustments include impairment charges, losses on debt extinguishment, losses on settlement of derivative liabilities, share-based compensation, fair value adjustments of warrant and derivative liabilities, and non-recurring transaction expenses. Our Adjusted EBITDA measure was re-defined in the fourth quarter of 2025 to also exclude certain non-recurring transaction expenses. The historical presentation of Adjusted EBITDA in this press release has been recast to conform to the revised definition. T1 uses Adjusted EBITDA as a key measure in evaluating its financial and operating performance and in making strategic business decisions. T1 believes that Adjusted EBITDA, when considered together with the corresponding GAAP financial measures, provides meaningful supplemental information by excluding items that may not be representative of its core business, operating results, or future outlook. However, Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) from continuing operations or any other measure of performance or liquidity presented in accordance with GAAP. Adjusted EBITDA has been reconciled to the nearest GAAP measure for historical periods in the table entitled “Reconciliation of Non-GAAP Measures to Most Comparable Amounts” set forth on Annex A of this press release. (1) Net loss, Net loss from continuing operations and Adjusted EBITDA include pre-tax reduction in Cost of sales due to $24.4 million of tariff refunds recognized during the three and six months ended June 30, 2026. The impact of these tariff refunds was excluded from the estimated Adjusted EBITDA range in our press release, dated July 28, 2026, related to certain preliminary results for the three months ended June 30, 2026. In connection with the completion of our quarterly financial closing procedures, we determined that such tariff refunds would not be excluded from Adjusted EBITDA and have revised the presentation of such non-GAAP metric in this press release.(2) Transaction and nonrecurring expenses includes $2.6 million and $6.4 million for the three and six months ended June 30, 2026, which is primarily related to non-recurring legal costs in connection with the evaluation, interpretation, and implementation of provisions under the Inflation Reduction Act (“IRA”) and the One Big Beautiful Bill Act (“OBBBA”). Transaction and nonrecurring expenses of $1.8 million and $4.8 million for the three and six months ended June 30, 2025, was primarily related to the Trina Business Combination and non-recurring legal and advisory costs in connection with the evaluation and pursuit of potential acquisitions and joint venture arrangements.

This article first appeared on GuruFocus. Q2 Production: Produced 935 megawatts of solar modules, the second-highest quarterly production for the G1 Dallas facility. Gross Margin: 19.5% in Q2, an improvement of roughly 300 basis points versus Q1. Adjusted EBITDA: $10.7 million in Q2, inclusive of a non-recurring IEPA tariff refund of $24 million received after the quarter ended. Cash Position: Cash equivalents and restricted cash totaled $149 million at the end of Q2. Convertible Notes Offering: Raised $120 million in gross proceeds in August through a private placement of convertible notes due 2031. Full-Year 2026 Production Guidance: Expects production and sales to fall near the high end of the 3.1 to 4.2 gigawatt guidance range. Run Rate Guidance (Phase 1): Targeting $375 million to $450 million for Phase 1 integrated production. Run Rate Guidance (Matched 5 GW): Targeting $650 million to $700 million for matched 5 gigawatts of G1 and G2 volumes. Warning! GuruFocus has detected 5 Warning Signs with TE. Is TE fairly valued? Test your thesis with our free DCF calculator. Release Date: August 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. T1 Energy Inc (NYSE:TE) secured a significant 641 MW off-take agreement with Clearway Energy Group, augmenting its existing 900 MW Treaty Oak contract and validating demand for its high domestic content modules. The acquisition of Topcon intellectual property eliminates future licensing costs, is NPV positive, and opens potential revenue streams through third-party licensing. The Section 232 proclamation aligns with T1 Energy Inc (NYSE:TE)'s strategy, providing tariff offsets and incentives for its domestic manufacturing investments, positioning the company as a 'poster child' for the new framework. G2 Austin construction is progressing on schedule, with the building ready for MEP installation, all key production line equipment shipped or on the water, and first cell production expected in Q1 2027. G1 Dallas produced 935 MW of modules in Q2, the second highest quarterly output, with full-year 2026 production expected near the high end of the 3.1-4.2 GW guidance range. The acquisition of Core Power (now T1 NRI) adds a capital-light, high-margin business with a 50-year history, providing cross-selling opportunities and entry into the data center support market. The comprehensive financing solution for G2 Austin, which is critical for funding remaining capital expenditures, has been delayed, with management acknowledging it is taking longer than expected. T1 Energy Inc (NYSE:TE) had to raise an additional $120 million through convertible notes as a bridge, indicating ongoing capital needs and potential dilution for existing shareholders. SG&A expenses were significantly higher in Q2 due to event-driven costs, including legal fees from ongoing litigation, advisory fees for financing, and organizational buildup for G2. The company faces uncertainty regarding the mechanics of the Section 232 tariff offset program, with details still being worked out with the Commerce Department. T1 Energy Inc (NYSE:TE) has not yet sanctioned Phase 2 expansion of G2 Austin, and the timeline for such expansion remains unclear, potentially limiting near-term growth. The company's ability to source incremental domestic wafers for the remaining 3 GW of module capacity is uncertain, as it depends on suppliers like Corning and Hemlock expanding capacity. Q: How is T1 Energy positioned to benefit from the recent Section 232 proclamation, and what impact is it having on customer conversations and pricing dynamics? A: Dan Barcelo (CEO) stated that the Section 232 ruling has shifted industry conversations from sourcing low-cost imports to focusing on domestic manufacturing. T1 is uniquely positioned as a "poster child" for the policy due to its fully domestic supply chain, anchored by Hemlock polysilicon and Corning wafers. Andy Munro (Chief Legal & Policy Officer) added that T1's investments align with the onshoring program, potentially providing tariff offsets. While specific pricing guidance was not provided, management noted increased customer confidence in domestic products and expects the new framework to support higher pricing for their U.S.-made modules. Q: Can you provide an update on the timing and structure of the comprehensive financing solution for the G2 Austin plant? A: Dan Barcelo (CEO) acknowledged that the financing process has taken longer than initially expected but expressed high confidence in closing a comprehensive solution based on a significant debt component. Evan Calio (CFO) explained that the recent $120 million convertible notes offering serves as a bridge to this larger financing. The company is balancing the pursuit of the optimal financing structure with keeping the G2 project on pace and on budget, and expects the comprehensive solution to potentially cover more than just the remaining CapEx, which is estimated at $200-$250 million for Phase 1. Q: How does the acquisition of Topcon intellectual property benefit T1 Energy, and what are the plans for leveraging this asset? A: Dan Barcelo (CEO) explained that acquiring the Topcon IP from Evervolt Green Energy is a "consequential step" that converts an ongoing licensing obligation into owned strategic IP. The transaction is NPV positive and eliminates future licensing fees. T1 now has the option to license the technology to third parties, creating a potential new revenue stream. Andy Munro (Chief Legal & Policy Officer) added that the acquisition is accretive on the existing plan, with additional upside from any future G2 expansion or licensing deals beyond the initial license term ending in 2029. Q: What is the status of the G2 Austin construction, and when can we expect first cell production? A: Dan Barcelo (CEO) reported that construction is progressing steadily, with the building ready for mechanical, electrical, and plumbing installation. Steel topping out is scheduled for August, and all key production line equipment is either in U.S. ports or on the water. The company expects production line equipment installation to begin in Q4 2026, with first cell production targeted for Q1 2027. This timeline positions T1 to begin ramping up cell production during the first half of 2027, which is key to unlocking the company's earnings power and cash flow. Q: How is the recent 641 MW offtake agreement with Clearway Energy impacting T1's commercial momentum? A: Dan Barcelo (CEO) highlighted the Clearway deal as a "significant achievement" that validates T1's integrated domestic content strategy. The agreement augments the existing 900 MW Treaty Oak contract, bringing total contract coverage to over 3 GW for 2026. Management noted that domestically produced Topcon cells are not available at scale in the U.S. today, and T1's available capacity is attracting widespread interest at prices above previously secured contract levels. The company is in multiple live discussions with other utility-scale developers for 2027 and beyond. Q: How does T1 plan to source the incremental 3 GW of wafers needed beyond the G2 Austin Phase 1 capacity, and could domestic demand pull Phase 2 forward? A: Dan Barcelo (CEO) stated that T1 has had indications from Corning and Hemlock that additional domestic wafer capacity could be available. The company has not yet sanctioned Phase 2 expansion, as the primary focus remains completing the comprehensive financing for Phase 1. However, management acknowledged that post-232, there is significant demand for domestic cells, and the company is preparing for potential expansion once the core financing is secured. Q: How is the NRI acquisition being integrated, and when might we see integrated offtake agreements? A: Dan Barcelo (CEO) explained that NRI's existing business operations continue as-is, but T1 has integrated the team into its sales functions to offer a stronger engineering-focused approach to utility-scale developers. The strategy is to provide a "wrap-around" customer experience, addressing issues like inverter sourcing under new trade rules. The integration is straightforward, and T1 is focused on cross-selling opportunities rather than creating new bespoke products. The acquisition is capital-light with a strong customer base in the industrial, data center, and government sectors. Q: What is driving the higher SG&A costs in Q2, and should we expect these levels to continue? A: Evan Calio (CFO) and Dan Barcelo (CEO) explained that Q2 SG&A was significantly higher due to event-driven costs, including the April convertible offering, advisory and legal fees related to the comprehensive financing, and two ongoing litigation cases. Additionally, the company is building out its organization for significant growth at G2 and G1. Management expects these run rates to decrease once the financing is completed and the company reaches a steady state, with costs being carried more fully by G2 Austin operations. Q: Can you provide details on the terms of the Clearway offtake agreement, such as timing and structure? A: Dan Barcelo (CEO) declined to provide specific commercial terms, citing customer privacy and sensitivity. He noted that Clearway is a Tier 1 developer with a long history in the industry, and T1 is excited about the partnership. The company has only disclosed the quantum (641 MW) and the customer name, deferring further details to Clearway's discretion. Q: How is T1's cost structure protected under Section 232, particularly regarding polysilicon and wafer sourcing? A: Evan Calio (CFO) explained that for 2026, T1's 3 GW of contracts are on a cost-plus or fixed-margin basis, protecting the company from cost increases. The five-year contract underpinning G1 financing is also cost-plus. For wafer sourcing, T1 is covered by a domestic source contract with Corning at a set price for Phase 1. The company will import cells until G2 production replaces them, but expects to benefit from the onsh For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Vaalco Energy (EGY) reported break-even quarterly earnings per share versus the Zacks Consensus Estimate of $0.04. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -100.00%. A quarter ago, it was expected that this oil and natural gas explorer would post a loss of $0.07 per share when it actually produced a loss of $0.45, delivering a surprise of -542.86%. Over the last four quarters, the company has not been able to surpass consensus EPS estimates. Vaalco Energy, which belongs to the Zacks Oil and Gas - Exploration and Production - International industry, posted revenues of $135.17 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.18%. This compares to year-ago revenues of $96.89 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Vaalco Energy shares have added about 41.5% since the beginning of the year versus the S&P 500's gain of 12.8%. While Vaalco Energy has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Vaalco Energy was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.06 on $127.2 million in revenues for the coming quarter and $0.11 on $450 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Exploration and Production - International is currently in the bottom 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the broader Zacks Oils-Energy sector, T1 Energy Inc (TE), is yet to report results for the quarter ended June 2026. This company is expected to post quarterly loss of $0.13 per share in its upcoming report, which represents a year-over-year change of +38.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. T1 Energy Inc's revenues are expected to be $147 million, up 10.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Vaalco Energy Inc (EGY) : Free Stock Analysis Report T1 Energy Inc (TE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Nextpower (NXT) came out with quarterly earnings of $1.2 per share, beating the Zacks Consensus Estimate of $1.04 per share. This compares to earnings of $1.16 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +15.39%. A quarter ago, it was expected that this solar energy equipment supplier would post earnings of $0.89 per share when it actually produced earnings of $1.05, delivering a surprise of +17.98%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Nextpower, which belongs to the Zacks Solar industry, posted revenues of $935.17 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.31%. This compares to year-ago revenues of $864.25 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Nextpower shares have added about 6.4% since the beginning of the year versus the S&P 500's gain of 6.9%. While Nextpower has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Nextpower was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.17 on $1.06 billion in revenues for the coming quarter and $4.67 on $4.35 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Solar is currently in the top 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. T1 Energy Inc (TE), another stock in the same industry, has yet to report results for the quarter ended June 2026. This company is expected to post quarterly loss of $0.13 per share in its upcoming report, which represents a year-over-year change of +38.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. T1 Energy Inc's revenues are expected to be $147 million, up 10.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Nextpower Inc. (NXT) : Free Stock Analysis Report T1 Energy Inc (TE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

AUSTIN, Texas and NEW YORK, July 28, 2026 (GLOBE NEWSWIRE) -- T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) has announced preliminary financial and operating results for the second quarter of 2026. Preliminary Second Quarter 2026 Results Overview Total Net Sales/Modules Sale Volumes: In Q2 2026, T1 expects to generate total sales of approximately $245 million to $255 million on module sales volumes of approximately 835 MW. Net Loss from Continuing Operations and Adjusted EBITDA Range: T1 expects a Net Loss from Continuing Operations of approximately $34.0 million to $37.0 million in Q2 2026. T1 expects Adjusted EBITDA of approximately ($14.5) million to ($11.5) million in Q2 2026, which excludes approximately $24.4 million of refunds for tariffs incurred under the International Emergency Economic Powers Act (“IEEPA”). Cash and Restricted Cash. As of June 30, 2026, T1 had cash, cash equivalents, and restricted cash of $156.4 million, of which $79.1 million was unrestricted cash. Business Update T1 acquires advanced solar intellectual property rights from Evervolt. This morning the Company announced that it has acquired foundational solar patents and other intellectual property rights from Evervolt Green Energy Holding Pte Ltd. for total consideration of $135 million. Terms and conditions of the transaction are available in a separate press release issued this morning. Section 45X tax credits. During Q2 2026, T1 monetized the balance of the Company's remaining 2025 Section 45X tax credits (as defined below) for $39.1 million, at a gross price of $0.93 on the dollar, which was higher than previously announced 2025 sales. T1 has also commenced early-stage negotiations with several potential counterparties regarding sales of 45X tax credits accrued in 2026. G2_Austin project update. Construction work at the first phase of G2_Austin, our solar cell fab, continues with steel work having recently achieved 80% of completion. In addition, T1 is updating G2_Austin Phase 1 capital expenditure guidance from a prior projection of $425 million to an estimated $510 million, which represents a 20% contingency. The increased estimated capital expenditures are due to labor and materials costs associated with tightness in the Texas data center construction market. T1 now expects to produce the first solar cells at G2_Austin in Q1 2027 from a prior timeline of before year-end 2026. Enhanced full-year 2026 G1_Dallas production target. T1 expects the run rate of production in Q3 and Q4 2026 will exceed Q2 2026 production and believes 2026 production will fall within the higher end of its previously disclosed 2026 production range of 3.1 - 4.2 GW. The enhanced production target reflects T1's progress qualifying international cell vendors to supply G1_Dallas. Financing update. T1 continues to target a comprehensive financing solution, which includes a significant debt component, in an amount sufficient to fund the remaining estimated capital expenditure required for G2_Austin Phase 1. T1 closes acquisition of KORE Power, Inc., creating T1 NRI brand to service BESS and data center infrastructure markets. In July 2026, T1 closed the previously announced acquisition of KORE Power, Inc. The transaction is expected to provide T1 with an entry point into the energy storage and AI data center infrastructure markets through an expanded potential customer base for solar and storage solutions. About T1 Energy T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. solar supply chain for solar. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the U.S., with a complementary solar storage strategy. Based in the U.S. with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe. To learn more about T1, please visit www.T1energy.com and follow on social media. Investor contact: Jeffrey SpittelEVP, Investor Relations and Corporate [email protected] Tel: +1 409 599 5706 Media contact: Russell GoldEVP, Strategic [email protected] Tel: +1 214 616 9715 Cautionary Statement Concerning Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding the timing for completion of G2_Austin Phase 1 and the expected level of capital expenditure to achieve such completion, expectations regarding run-rate production for the second half of 2026, targeted modular production for 2026 and the negotiation of sales of 45X tax credits accrued in 2026, the expected benefits from the acquisition of KORE Power, Inc. and expectations with respect to future financing activities (including the structure, timing and size of any such transaction). These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from T1’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in T1’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2026, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2026, and in T1’s other filings with the SEC, including risks related to: (1) T1’s ability to (i) construct and equip manufacturing facilities in a timely and cost-effective manner; (ii) target and retain customers and suppliers; (iii) attract and retain key employees and qualified personnel; (iv) protect its intellectual property; (v) comply with legal and environmental regulations; (vi) compete in international markets in light of export and import controls; (vii) incur substantially more debt; (viii) remediate the material weakness in T1’s internal control over financial reporting or otherwise maintain effective internal control over financial reporting, (ix) qualify for the advanced manufacturing production credit under Section 45X of the Internal Revenue Code of 1986, as amended (the “Section 45X tax credits”), and (x) rely on third-party warranties; (2) T1’s ability to secure a comprehensive financing solution to fund the remaining capital expenditure for G2_Austin Phase 1 on favorable terms, or at all, and the timing of such financing; (3) the concentration of T1’s operations in Texas and its dependence on a limited number of suppliers; (4) changes adversely affecting the flow of components and materials from international vendors, the costs of raw materials, components, equipment, and machinery; (5) general economic and geopolitical conditions, (6) changes in applicable laws or regulations, including environmental, export control and tax laws and incentives and renewable energy targets, as well as international trade policies, including tariffs, on T1’s products and competitive position (including T1’s ability to obtain tariff refunds); (7) the outcome of any legal proceedings relating to T1’s products and services, including intellectual property or product liability claims, commercial or contractual disputes, warranty claims, and other proceedings; (8) T1's ability to satisfy each installment of consideration for its acquisition of intellectual property from Evervolt as it becomes due; and (9) the capital-intensive nature of T1’s business and its ability to raise additional capital on attractive terms or service its debt. The above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to T1 as of the date of this press release, and T1 assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law. T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. Preliminary Financial and Operating Results The financial and operational information in this press release is selected, preliminary, estimated unaudited financial information for the three months ended June 30, 2026. These estimates have been prepared by, and are the responsibility of, management and have not been reviewed by the Company’s independent registered accounting firm. The preliminary financial and operational information set forth above is based solely on information available to the management of the Company as of the date hereof and is subject to change. The actual financial results of the Company for the quarter ended June 30, 2026, may differ (and such differences may be material) from these preliminary estimates due to the completion of the Company’s quarterly financial closing procedures. The preliminary estimates presented above are subject to final adjustments and other developments that may arise between the date hereof and the time that the results for the quarter ended June 30, 2026 for the Company are finalized, and are not intended to be a comprehensive statement of our financial or operational results for the three months ended June 30, 2026. Accordingly, you should not place undue reliance on this preliminary estimated financial information, as it may differ materially from the actual results. Use of Non-GAAP Financial Measures T1 reports financial results in accordance with generally accepted accounting principles in the United States (“GAAP”). Adjusted EBITDA presented herein is a supplemental measure of T1’s performance that is not required by, or presented in accordance with, GAAP. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. T1 defines Adjusted EBITDA as net income (loss) from continuing operations before interest expense, income tax expense (benefit), depreciation and amortization, and further adjustments to exclude certain items that management does not consider indicative of the Company’s core operating performance, including, but not limited to, non-cash charges, non-recurring items, and non-operating gains or losses. These adjustments include impairment charges, losses on debt extinguishment, losses on settlement of derivative liabilities, share-based compensation, fair value adjustments of warrant and derivative liabilities, and transaction and non-recurring expenses. Our Adjusted EBITDA measure was re-defined in the fourth quarter of 2025 to also exclude certain transaction and non-recurring expenses. T1 uses Adjusted EBITDA as a key measure in evaluating its financial and operating performance and in making strategic business decisions. T1 believes that Adjusted EBITDA, when considered together with the corresponding GAAP financial measures, provides meaningful supplemental information by excluding items that may not be representative of its core business, operating results, or future outlook. However, Adjusted EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to net income (loss) from continuing operations or any other measure of performance or liquidity presented in accordance with GAAP. Adjusted EBITDA has been reconciled to the nearest GAAP measure for historical periods in the table entitled “Reconciliation of Preliminary Non-GAAP Measures to Most Comparable Amounts” set forth on Annex A of this press release. (1) T1 currently expects that its loss on warrant liability fair value adjustment will be approximately $2.5 million to $3.0 million, however the actual gain or loss realized during the quarter will depend on the amount and fair value of private warrants (which, along with our public warrants, expired on July 9, 2026) that were sold or transferred during the quarter to become public warrants and thus reclassified within Stockholders’ Equity at the fair value on the date of the transfer. (2) Transaction and nonrecurring expenses for the three months ended June 30, 2026, are expected to primarily be related to non-recurring legal costs in connection with the evaluation, interpretation, and implementation of provisions under the Inflation Reduction Act and the One Big Beautiful Bill Act and non-recurring legal and advisory costs in connection with the evaluation and pursuit of potential acquisitions and joint venture arrangements. Additionally, T1 currently expects to realize approximately $24.4 million of refunds for tariffs incurred under the IEEPA for the three months ended June 30, 2026.