Second quarter 2026
Filed Aug 12, 2026T1 Energy Reports Second Quarter 2026 Results
T1 reported $250.1 million of total net sales and $10.7 million of Adjusted EBITDA, but remained loss-making and is pursuing a financing solution for G2_Austin Phase 1 after projecting $510 million of capital expenditures.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total net salesGAAP | $250.1 million | – | – |
| G1_Dallas module productionother | 935 MW | – | – |
| Net loss attributable to common stockholdersGAAP | $44.5 million | – | – |
| Net loss attributable to common stockholders per shareGAAP | $(0.16) per share | – | – |
| Net loss from continuing operationsGAAP | $36.9 million | – | – |
| Net loss from continuing operations per shareGAAP | $(0.14) per share | – | – |
| Net loss from discontinued operationsGAAP | $6.6 million | – | – |
| Net loss from discontinued operations per shareGAAP | $(0.02) per share | – | – |
| Adjusted EBITDAnon-GAAP | $10.7 million | – | – |
| Pre-tax reduction in Cost of Sales due to tariff refunds recognized during the quarterother | $24.4 million | – | – |
| Cash, cash equivalents, and restricted cashGAAP | $156.4 million | – | – |
| Unrestricted cashGAAP | $79.1 million | – | – |
Full-year 2026 and G2_Austin Phase 1 outlook
- NoteT1 expects the run rate of production in Q3 and Q4 2026 will exceed Q2 2026 production.
- NoteT1 believes 2026 production will fall within the higher end of its previously disclosed 2026 production range of 3.1 - 4.2 GW.
- NoteT1 is projecting that capital expenditures for G2_Austin Phase 1 will total $510 million.
- NoteT1 expects to produce the first solar cells at G2_Austin in Q1 2027.
- NoteT1 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.
What drove it
- G1_Dallas module production was 935 MW during Q2 2026.
- The second-quarter 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.
- The enhanced 2026 production target reflects T1's progress qualifying international cell vendors to supply G1_Dallas.
- In August 2026, T1 announced a contract to supply Clearway Energy Group 641 MW of solar modules built with domestic cells from T1's G2_Austin solar cell fab.
- Construction on the 2.1 GW Phase 1 of G2_Austin continued, with all key shipments from the production line equipment vendor either on the water or already in the United States.
- In July 2026, T1 closed the acquisition of KORE Power, Inc., creating the T1 NRI brand to service BESS and data center infrastructure markets.
Concerns
- T1 reported a net loss attributable to common stockholders of $44.5 million and a net loss from continuing operations of $36.9 million for the second quarter of 2026.
- Adjusted EBITDA and net loss from continuing operations included a pre-tax reduction in Cost of Sales due to $24.4 million of tariff refunds recognized during the quarter.
- G2_Austin Phase 1 capital expenditures are projected to total $510 million, including a 20% contingency intended to account for labor and materials costs associated with tightness in the Texas data center construction market.
- T1 continues to target a comprehensive financing solution with a significant debt component to fund the remaining estimated G2_Austin Phase 1 capital expenditure.
- The Nordic data center asset has been assigned a 50 MW grid allocation and remains in the queue for 396 MW of power.
What to watch
- Whether Q3 and Q4 2026 production run rates exceed Q2 2026 production of 935 MW.
- Whether 2026 production falls within the higher end of the previously disclosed 3.1 - 4.2 GW range.
- Progress toward producing the first solar cells at G2_Austin in Q1 2027.
- Completion and terms of the targeted comprehensive financing solution for G2_Austin Phase 1.
- Early-stage negotiations regarding sales of Section 45X tax credits accrued in 2026.
- Execution of the 641 MW Clearway solar-module supply contract.
Balance sheet and cash flow
- 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.
- During Q2 2026, T1 monetized the balance of the Company's remaining 2025 Section 45X tax credits for $39.1 million, at a gross price of $0.93 on the dollar.
- In July 2026, T1 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.
- In July 2026, T1 acquired foundational solar patents and other intellectual property rights from Evervolt for total consideration of $135 million.
Analysis
T1 reported $250.1 million of total net sales, 935 MW of G1_Dallas module production, and $10.7 million of Adjusted EBITDA in the second quarter of 2026. The company nevertheless recorded a $44.5 million net loss attributable to common stockholders and a $36.9 million net loss from continuing operations. The filing states that both continuing-operations loss and Adjusted EBITDA included a pre-tax reduction in Cost of Sales from $24.4 million of tariff refunds recognized during the quarter.
Production and customer activity are central to the second-half setup. Management expects Q3 and Q4 2026 production run rates to exceed Q2 production and believes full-year production will fall within the higher end of the previously disclosed 3.1 - 4.2 GW range. The stated driver is progress qualifying international cell vendors for G1_Dallas. In August, T1 also announced a 641 MW solar-module supply contract with Clearway using domestic cells from the G2_Austin fab.
G2_Austin remains the principal capital and execution item. Phase 1 is a 2.1 GW solar cell fab, and the company projects capital expenditures of $510 million following the addition of a 20% contingency for labor and materials costs associated with the Texas data center construction market. T1 expects first solar-cell production in Q1 2027. It has received initial production-line equipment containers at U.S. ports and states that all key Phase 1 vendor shipments are either on the water or already in the United States.
Liquidity and funding are also prominent. T1 had $156.4 million of cash, cash equivalents, and restricted cash at June 30, 2026, including $79.1 million of unrestricted cash. It monetized its remaining 2025 Section 45X tax credits for $39.1 million during Q2 and subsequently completed a $120 million private placement of 4.75% convertible senior notes due 2031. Management characterizes that issuance as a bridge and continues to target a comprehensive financing solution, including a significant debt component, to fund the remaining G2_Austin Phase 1 capital expenditure.
The company is expanding its strategic footprint alongside the buildout. It acquired Evervolt solar intellectual property rights for total consideration of $135 million in July and closed the KORE Power acquisition in July, positioning the T1 NRI brand for BESS and data center infrastructure markets. It is also exploring monetization pathways for its Nordic portfolio. The quarter therefore combines reported sales and positive Adjusted EBITDA with continuing losses, reliance on tariff refunds in Cost of Sales, and substantial remaining project-financing and construction milestones.
Management, verbatim
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. 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.
Dan Barcelo, Chairman and CEO of T1 Energy
Not in the filing
stated, not guessed- GAAP gross profit and gross margin were not provided in the filing text.
- GAAP operating income or loss and operating margin were not provided in the filing text.
- GAAP net income was not provided because the filing reported net losses.
- Non-GAAP net income and non-GAAP EPS were not provided in the filing text.
- Operating cash flow and free cash flow were not provided in the filing text.
- Balance-sheet debt as of June 30, 2026 was not provided in the filing text.
- Capital returns, including share repurchases and dividends, were not provided in the filing text.
- Segment revenue and segment growth comparisons were not provided in the filing text.
- Prior-quarter comparisons for reported metrics were not provided in the filing text.
- Year-over-year percentage changes for reported metrics were not provided in the filing text.
- Revenue, gross-margin, operating-expense, and tax-rate guidance were not provided in the filing text.
- A previous quarterly outlook was not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.