T1 Energy Inc Q4 FY2025 earnings call

2025 was for building T1 Foundation. 2026 focuses on G2 Austin solar cell fab construction. Fourth quarter had important milestones like supply partnerships, capital raises, strategic partnership with Treaty Oak Clean Energy, completion of transactions for section 45 X tax credits. G1 Dallas had record production and sales in Q4. G2 Austin construction is progressing on schedule with first steel to be erected in April

G1 Dallas' 5 gigawatt solar module facility had quarterly production and sales surpassing one gigawatt in Q4 2025. Construction of G2 Austin solar cell fab is ongoing with phase one expected to start producing high domestic content solar cells by end of 2026 with 2.1 gigawatts annual capacity

Maintain G1 2026 production and sales target of 3.1 - 4.2 gigawatts. Expect G1 production and sales to ramp sequentially in 2026 with sales and EBITDA improving each quarter. Aim for full financial close of G2 Austin phase one in April. Anticipate step change in earnings and cash flow in 2027 with G2 production

Risks include market conditions impact, regulatory changes affecting compliance and sales, potential Section 232 ruling on merchant capacity pricing, uncertainties in cell procurement for G1 during bridge period

Q: Just on the remaining raise for phase one.

A: Confident of closing in April, passed on higher cost options, G2 progress gives confidence.

Q: On new large customers.

A: Treaty Oak is one, others confidential, close on significant contract.

Q: On European assets.

A: Looking to sell or partner, assets in Norway have power shell and interest, moving ready