T1 Energy
Manufactures U.S. solar modules while adding domestic cells and utility-scale battery storage.
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Profile
Manufactures photovoltaic modules in Texas for utility, commercial and residential projects, earning revenue from module sales while monetizing federal manufacturing credits. Builds an in-house cell supply chain through G2_Austin and has added battery-storage engineering, controls software and project delivery through T1 NRI.
Manufactures photovoltaic modules at G1_Dallas in Texas for utility-scale, commercial, industrial and residential projects. The automated 5 GW plant has reached full production and can switch between PERC and TOPCon formats; module sales remain the main revenue source.
Builds G2_Austin to bring TOPCon solar-cell production in-house and increase domestic content. The project remains under construction and requires additional financing. The newly acquired T1 NRI operation designs, installs and operates utility-scale battery storage systems and develops supporting controls software.
Execution centers on running G1_Dallas, completing G2_Austin, and integrating storage capabilities, while legacy Nordic assets are being evaluated for monetization. Module production still relies on third-party cells; economics depend on federal manufacturing credits, trade policy and domestic-content rules.
Company facts
Categories
Key statistics
Year to date −38.8% · Average volume (30d) 35.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 12, 2026 | BTIG | Reiterate | Buy | $7 | $9 |
| Jun 16, 2026 | Bernstein | Target | $9 | ||
| Jun 3, 2026 | Northland Securities | Target | $16 | ||
| Dec 23, 2025 | Roth Capital | Target | $7 | $15 | |
| Dec 9, 2025 | Industrial Alliance Securities | Target | $8.50 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | −$0.11 | −$0.14 | −25.6% | $206.7M | $250.1M | +21.0% | −10.42% |
| May 12, 2026Q1 FY26 | −$0.21 | $0.01 | +104.8% | $95.5M | $177.6M | +86.1% | −4.10% |
| Mar 31, 2026Q4 FY25 | −$0.01 | −$0.61 | −6,753.9% | $368.2M | $358.6M | −2.6% | +2.05% |
| Nov 14, 2025Q3 FY25 | $0.06 | −$0.85 | −1,516.7% | $368.2M | $90.4M | −75.5% | −5.36% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $53.5M | $132.8M | $210.5M | $358.6M | $177.6M | $250.1M | |
| Gross profit | $17.8M | $32.8M | $21.1M | −$16.1M | $29.1M | $49.1M | |
| Operating income | −$23.6M | −$29.2M | −$41.5M | −$85.4M | −$22.5M | −$22.8M | |
| Net income | −$16.2M | −$31.9M | −$130.6M | −$189.1M | −$20.4M | −$43.5M | |
| Diluted EPS | −$0.11 | −$0.21 | −$0.87 | −$1.00 | −$0.12 | −$0.25 | |
| Gross margin | 33.3% | 24.7% | 10.0% | -4.5% | 16.4% | 19.6% | |
| Operating margin | -44.2% | -22.0% | -19.7% | -23.8% | -12.7% | -9.1% |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $2.9M · FY25 $755.3M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $79.1M · Total debt $778.5M · Total assets $1.64B · Shareholders' equity $275.3M
Dividends
No dividends on record.
Ownership
Shares outstanding 279.04M · Float 194.55M · 69.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Encompass Capital Advisors LLC | 74.15M | 19.99% | 13D | Dec 15, 2025 |
| Trina Solar (Schweiz) AG · 10 percent owner | 30.65M | 10.99% | Form 4 | May 26, 2026 |
| Millennium Management LLC | 16.27M | 5.50% | 13G | Aug 19, 2026 |
| State Street Corporation | 15.59M | 5.60% | 13G | Aug 7, 2026 |
| BlackRock, Inc. | 14.87M | 5.30% | 13G | Apr 27, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 22, 2026 | Trina Solar (Schweiz) AG | 10 percent owner | −9,500,000 | $8.14 |
| May 21, 2026 | Trina Solar (Schweiz) AG | 10 percent owner | −13,000,000 | $8.69 |
| Sep 23, 2025 | Tore Ivar Slettemoen | director | −376,106 | $1.92 |
| Sep 22, 2025 | Tore Ivar Slettemoen | director | −384,349 | $1.97 |
| Sep 15, 2025 | Tore Ivar Slettemoen | director | −188,420 | $1.81 |
Peers
- First Solar
Head-to-head in US utility-scale modules, domestic cell fab, and 45X economics
- Canadian Solar
Delivered 8.1 GW to US in FY2025; HJT cell fab in Indiana in trial production
- JinkoSolar (ADR)
Global #1 module maker; TOPCon; 2 GW US plant; OBBBA-barred from 45X
- Fluence Energy
Global BESS leader with $5.6B backlog and US domestic-content supply chain
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| T1 Energy | $4.80 | −0.05% | $1.34B | — | — | 1.3 | +276.3% |
| First Solar | $205.40 | +0.47% | $21.97B | 12.6 | 9.7 | 4.1 | −3.7% |
| Canadian Solar | $13.10 | −0.19% | $892.2M | — | — | 0.2 | −28.7% |
| JinkoSolar (ADR) | $13.54 | −0.22% | $177.3M | — | — | 0.0 | −27.7% |
| Fluence Energy | $10.92 | +0.36% | $2.01B | — | — | 0.8 | +7.9% |
| Median | 12.6 | 9.7 | 0.5 | −15.7% |