T1 Energy Inc

t1energy.com

What Do They Do?

Sells solar modules to utility-scale developers, commercial and industrial customers, and residential end users.

How Do They Make Money?

Customers pay an advance before a quarter begins and settle the remaining module price when the modules ship or are delivered.

FY2025 revenue

Who Are Their Customers?

Customers contract for future module volumes and delivery schedules; contracts are generally priced per watt and require an advance payment before each quarter.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 100% from one customer

Do Revenues Turn Into Profits?

Not on paper. It lost $367.8M in FY2025, but brought in more cash than it spent: $16.7M of free cash flow.

Operating income, FY2025

−31% of revenue

▲ +197% (Loss) vs FY2024 (−$79M, −2685%)

Net income, FY2025

−49% of revenue

▼ −18% (Loss) vs FY2024 (−$450.6M, −15315%)

Free cash flow, FY2025

2% of revenue

▲ Now profitable vs FY2024 (−$153.6M, −5223%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +88%; vs $132.8M in Q2 FY2025
Net income: ▲ +36% (Loss); vs −$31.9M in Q2 FY2025

Aug 12, 2026 T1 completed its acquisition of KORE Power The deal gives T1 an entry point into energy storage and AI data center infrastructure markets.
Jun 29, 2026 T1 announced its public warrants would expire and be delisted T1's common stock continues to trade on the New York Stock Exchange under TE.

Who Do They Compete With?

Competes with First Solar, Canadian Solar, JinkoSolar, and Hanwha Qcells

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