NYSE: TE
T1 Energy Inc.CIK 0001992243 · SIC 3674 · Semiconductors
In February 2025, we changed our corporate name from FREYR Battery, Inc. to T1 Energy Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report on Form 10-K. As such, unless expressly indicated or the context… About this business →
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revenue $250.1M, net income -$43.5M. T1 Energy revenue surges 88% as KORE acquisition, in convertible debt, and legal disputes reshape operations
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T1 Energy reports Q2 2026 results with $250M sales, acquires $135M solar IP, raises $120M
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T1 Energy posts Q2 prelim $245-255M revenue, $34-37M loss; delays G2_Austin to Q1 2027
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T1 Energy acquires solar IP from Evervolt for $135M, eliminating royalties
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T1 Energy's 24.6M warrants expire July 9; public warrants to be delisted from NYSE
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T1 Energy stockholders approve doubling authorized shares to 1 billion
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T1 Energy acquires battery storage firm KORE Power for $32M with stock-heavy deal structure
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T1 Energy revenue surges 232% to $177.6M; raises in convertible debt for Texas cell fab
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T1 Energy announces Q1 2026 financial results, holds earnings call May 12
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T1 Energy Chief Development Officer Einar Kilde retires with NOK 5.5M severance package
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T1 Energy raises $184M in convertible notes to fund 2.1 GW solar fab construction
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revenue $755.3M, net income -$380,789. T1 Energy pivots from battery to solar, hits 5 GW capacity but faces control weakness
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Latest financial statements
From 10-Q filed Aug 12, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(In thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net sales | — | 66,465 | 241 | 66,465 |
| Net sales related party | 250,128 | 66,302 | 427,534 | 119,754 |
| Total net sales | 250,128 | 132,767 | 427,775 | 186,219 |
| Cost of sales | 201,031 | 100,006 | 349,594 | 135,677 |
| Gross profit | 49,097 | 32,761 | 78,181 | 50,542 |
| Operating expenses: | ||||
| Selling, general and administrative | 71,878 | 62,712 | 123,467 | 106,091 |
| Impairment of intangible assets | — | 1,410 | — | 1,410 |
| Total operating expenses | 71,878 | 64,122 | 123,467 | 107,501 |
| Operating loss from continuing operations | (22,781) | (31,361) | (45,286) | (56,959) |
| Other (expense) income: | ||||
| Warrant liability fair value adjustment | (2,836) | (220) | 7,577 | 1,347 |
| Derivative liabilities fair value adjustment | (5,493) | 1,048 | 14,462 | 26,277 |
| Impairment of assets previously classified as held for sale | — | (1,747) | — | (2,029) |
| Interest expense, net | (6,726) | (8,045) | (12,890) | (17,898) |
| Other income, net | 1,690 | 3,162 | 3,671 | 3,325 |
| Total other (expense) income | (13,365) | (5,802) | 12,820 | 11,022 |
| Loss from continuing operations before income taxes | (36,146) | (37,163) | (32,466) | (45,937) |
| Income tax (expense) benefit | (781) | 5,979 | (559) | 8,492 |
| Net loss from continuing operations | (36,927) | (31,184) | (33,025) | (37,445) |
| Net loss from discontinued operations, net of tax | (6,609) | (725) | (30,930) | (10,703) |
| Net loss | (43,536) | (31,909) | (63,955) | (48,148) |
| Preferred dividends and accretion | (990) | (891) | (1,980) | (1,782) |
| Net loss attributable to common stockholders | (44,526) | (32,800) | (65,935) | (49,930) |
| Weighted average shares outstanding: | ||||
| Weighted average shares of common stock outstanding basic | 280,129 | 155,938 | 279,282 | 155,936 |
| Weighted average shares of common stock outstanding diluted | 280,129 | 155,938 | 279,282 | 155,936 |
| Net loss per share attributable to common stockholders: | ||||
| Net loss per share from continuing operations basic and diluted | (0.14) | (0.21) | (0.13) | (0.25) |
| Net loss per share from discontinued operations basic and diluted | (0.02) | — | (0.11) | (0.07) |
| Net loss per share basic and diluted | (0.16) | (0.21) | (0.24) | (0.32) |
| Other comprehensive loss: | ||||
| Net loss | (43,536) | (31,909) | (63,955) | (48,148) |
| Foreign currency translation adjustments | (4,341) | 13,482 | 2,997 | 39,547 |
| Total comprehensive loss | (47,877) | (18,427) | (60,958) | (8,601) |
| Preferred dividends and accretion | (990) | (891) | (1,980) | (1,782) |
| Comprehensive loss attributable to common stockholders | (48,867) | (19,318) | (62,938) | (10,383) |
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 79,109 | 182,450 |
| Restricted cash | 70,207 | 81,203 |
| Accounts receivable trade, net related parties | 98,645 | 84,481 |
| Government grants receivable, net | 95,390 | 36,376 |
| Inventory | 228,773 | 116,043 |
| Advances to suppliers | 133,231 | 137,532 |
| Other current assets | 38,611 | 5,989 |
| Current assets of discontinued operations | 7,229 | 19,418 |
| Total current assets | 751,195 | 663,492 |
| Restricted cash | 7,120 | 7,120 |
| Property and equipment, net | 430,416 | 302,302 |
| Goodwill | 57,449 | 57,449 |
| Intangible assets, net | 157,781 | 180,481 |
| Right-of-use asset under operating leases | 218,320 | 151,166 |
| Other assets | 19,988 | 10,098 |
| Total assets | 1,642,269 | 1,372,108 |
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 102,282 | 91,323 |
| Accrued liabilities and other | 86,085 | 47,224 |
| Deferred revenue | 150,398 | 56,731 |
| Derivative liabilities | 1,352 | 11,661 |
| Current portion of long-term debt | 49,593 | 46,357 |
| Accounts payable and accrued liabilities related parties | 125,736 | 162,754 |
| Current liabilities of discontinued operations | 62,030 | 47,538 |
| Total current liabilities | 577,476 | 463,588 |
| Long-term deferred revenue | 48,189 | 48,189 |
| Convertible notes | 328,970 | 152,960 |
| Operating lease liability | 206,161 | 143,534 |
| Long-term debt | 116,534 | 137,303 |
| Long-term debt related party | 54,850 | 53,538 |
| Deferred tax liability | 3,524 | 3,758 |
| Other long-term liabilities | 31,291 | 47,353 |
| Total liabilities | 1,366,995 | 1,050,223 |
| Commitments and contingencies | ||
| Redeemable preferred stock | ||
| Series B convertible non-voting preferred stock, $0.01 par value, 1,600 shares issued and outstanding as of both June 30, 2026 and December 31, 2025, respectively (includes accrued dividends of $640 and $160 as of June 30, 2026 and December 31, 2025, respectively) | 18,285 | 17,805 |
| Series B-1 convertible non-voting preferred stock, $0.01 par value, 5,000 shares issued and outstanding as of both June 30, 2026 and December 31, 2025, respectively (includes accrued dividends of $2,000 and $500 as of June 30, 2026 and December 31, 2025, respectively) | 55,210 | 53,710 |
| Equity: | ||
| Common stock, $0.01 par value, 280,604 and 266,267 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 2,806 | 2,663 |
| Additional paid-in capital | 1,371,216 | 1,358,992 |
| Accumulated other comprehensive loss | (15,216) | (18,213) |
| Accumulated deficit | (1,157,027) | (1,093,072) |
| Total equity | 201,779 | 250,370 |
| Total liabilities, redeemable preferred stock and equity | 1,642,269 | 1,372,108 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (63,955) | (48,148) |
| Adjustments to reconcile net loss to cash used in operating activities: | ||
| Share-based compensation expense | 8,530 | 5,220 |
| Depreciation and amortization | 50,121 | 43,598 |
| Impairment of intangible assets | — | 1,410 |
| Impairment of assets previously classified as held for sale | — | 2,029 |
| Change in valuation allowance | 15,358 | (2,230) |
| Change in fair value of derivative liabilities | (14,462) | (26,277) |
| Gain on sale of property and equipment | — | (5,675) |
| Amortization of debt issuance costs, premium and discount | 3,745 | 7,923 |
| Reduction in the carrying amount of right-of-use assets | 4,747 | 3,259 |
| Warrant liability fair value adjustment | (7,577) | (1,347) |
| Deferred income taxes | (234) | (6,994) |
| Other | (89) | 2,349 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable trade | (14,164) | (34,584) |
| Government grants receivable, net | (59,014) | (43,970) |
| Inventory | (112,730) | (51,673) |
| Other assets | (1,296) | — |
| Advances to suppliers and other current assets | (31,236) | 29,904 |
| Accounts payable, accrued liabilities and other | 25,610 | 75,035 |
| Deferred revenue | 93,667 | 38,788 |
| Net cash used in operating activities | (102,979) | (11,383) |
| Cash flows from investing activities: | ||
| Issuance of notes receivable | (8,594) | — |
| Proceeds from the return of property and equipment deposits | — | 1,202 |
| Purchases of property and equipment | (161,821) | (51,943) |
| Proceeds from the sale of property and equipment | — | 50,000 |
| Net cash used in investing activities | (170,415) | (741) |
| Cash flows from financing activities: | ||
| Repayment of Senior Secured Credit Facility | (18,764) | (14,874) |
| Proceeds from issuance of Convertible Notes, net of underwriting fees | 175,720 | — |
| Exercise of Penny Warrants | 70 | — |
| Payment of debt issuance costs | (912) | (3,760) |
| Exercise of stock options | 6,833 | — |
| Cash paid for equity repurchases for equity-based compensation tax withholding | (3,818) | — |
| Net cash (used in) provided by financing activities | 159,129 | (18,634) |
| Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash | (72) | 777 |
| Net decrease in cash, cash equivalents, and restricted cash | (114,337) | (29,981) |
| Cash, cash equivalents, and restricted cash at beginning of period | 270,773 | 76,645 |
| Cash, cash equivalents, and restricted cash at end of period | 156,436 | 46,664 |
| Reconciliation to condensed consolidated balance sheets: | ||
| Cash and cash equivalents | 79,109 | 8,451 |
| Restricted cash | 77,327 | 38,213 |
| Cash, cash equivalents, and restricted cash | 156,436 | 46,664 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share amounts); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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About T1 Energy Inc.
Source: Item 1 (Business) from the 10-K filed March 31, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS
In February 2025, we changed our corporate name from FREYR Battery, Inc. to T1 Energy Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report on Form 10-K. As such, unless expressly indicated or the context requires otherwise, the terms “T1,” “Company,” “we,” “us,” and “our” in this document refer to T1 Energy Inc., a Delaware corporation, and, where appropriate, its subsidiaries.
Overview
T1 Energy Inc. is an energy solutions provider building an integrated U.S. solar supply chain for solar modules to invigorate the United States with scalable, reliable, and low-cost energy. We currently manufacture and sell photovoltaic (“PV”) solar modules in Texas and are constructing our PV solar cell fab in Texas. We are an advanced manufacturer, and our strategy is to manufacture high-domestic content, high-efficiency, technologically advanced solar energy products.
Demand for U.S.-manufactured solar is growing as developers seek to meet surging power demand tied to digital infrastructure development while satisfying domestic content requirements. We believe that the combination of solar and energy storage is the only scalable energy solution capable of meeting projected demand over the next several years. Other sources of power generation, such as new natural gas combined-cycle plants and nuclear power plants, often face multiyear delays before large-scale deployment. We believe solar’s potential is enormous and largely untapped: one hour of Texas sunshine contains more energy than the world uses in one day. In the past, technology governed the growth of energy. Today, energy governs the growth of technology.
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We are one of the leading solar manufacturing companies in the United States, primarily selling into the utility-scale market, the largest solar market segment in the U.S. We produce PV solar modules that employ highly energy efficient Passivated Emitter and Rear Contact (“PERC”) and Tunnel Oxide Passivated Contact (“TOPCon”) technologies. Our PV solar module manufacturing facility operating in Wilmer, TX (“G1_Dallas”) has a total annual nameplate production capacity of five gigawatts (“5 GW”). We believe our facility is one of the most technologically advanced PV solar module plants globally and has achieved annualized run rates above nameplate capacity. To further expand our U.S. manufacturing footprint, we began construction in December 2025 of the first 2.1-gigawatt phase of our solar cell manufacturing fab in Milam County, Texas (“G2_Austin”). This facility is anticipated to begin production by the end of 2026 of high-efficiency TOPCon solar cells that will be used in the solar modules manufactured at G1_Dallas.
T1 is focused on establishing an end-to-end American polysilicon solar supply chain, and we are executing that vision by partnering with great American companies, including Corning, Hemlock Semiconductor, Nextpower, Treaty Oak and others. This journey began on November 6, 2024, when we announced that we had entered into an agreement (the “Transaction Agreement”), to acquire all the shares of capital stock of Trina Solar (U.S.) Holding Inc., a Delaware corporation and related subsidiaries (collectively “Trina Solar US Holding”). The transaction closed on December 23, 2024 (the “Trina Business Combination”). As part of the Transaction Agreement, we acquired G1_Dallas from Trina Solar US Holding and entered into a series of commercial support and technology licensing agreements with Trina Solar. Following the acquisition of G1_Dallas from Trina Solar, a global solar company based in China, T1 Energy dedicated significant resources in 2025 with the goal of achieving full compliance with new restrictions on energy tax credits under the One Big Beautiful Bill Act (“OBBBA”). On December 29, 2025, we entered into a series of transactions with Trina Solar and other parties that, among other things, are intended to allow T1 to comply with the restrictions on energy tax credits imposed under Sections 7701(a)(51), 7701(a)(52), 45X(d)(4), 45Y(b)(1)(E) and 48E(b)(6) of the Internal Revenue Code of 1986, as amended (the “IRC”), following the enactment of the OBBBA on July 4, 2025 (the “FEOC Restructuring”). For further discussions regarding the risks associated with the FEOC Restructuring, see