Overview

• US solar and battery supply chain builder's Q1 net income from continuing ops reached record high

• Company's Q1 net loss widened due to discontinued operations losses

• T1 completed upsized convertible note offering to fund Austin solar cell fab construction

Outlook

• T1 Energy maintains 2026 production guidance of 3.1–4.2 GW from G1_Dallas

• Company says 2026 Adjusted EBITDA could be impacted by H2 merchant sales demand and U.S. policy outcomes

• T1 sees preliminary customer demand covering over 100% of anticipated 2027-2028 G1/G2 production capacity

Result Drivers

• DALLAS PRODUCTION RAMP - Record Q1 profitability attributed to higher than forecasted production and sales at G1_Dallas

• SALES MIX SHIFT - Sequential shift from merchant sales to fixed margin and cost-plus offtake contracts contributed to improved results

• LOWER THIRD-PARTY FEES - Reduced third-party fees supported profitability in the quarter

Company press release: ID:nGNXbSzjSC

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$21.42 mln
Q1 Operating Expenses		$51.59 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the electrical components & equipment peer group is "buy"

• Wall Street's median 12-month price target for T1 Energy Inc is $8.50, about 40.7% above its May 11 closing price of $6.04

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.