Recently, U.S. solar company T1 Energy released its preliminary financial and operational results for the third quarter of 2025. The data shows that the company’s total net sales for the quarter reached $200 to $210 million, with module shipments of approximately 725 MW. T1 Energy maintained its full-year EBITDA guidance range of $25 to $50 million and plans to commence construction of its Austin G2 module factory in the fourth quarter.
As of September 30, T1 Energy held $87 million in cash, cash equivalents, and restricted cash, including $34 million in unrestricted cash. Additionally, the company has accrued $92 million in Section 45X tax credits this year. These credits, a key manufacturing support policy under the U.S. Inflation Reduction Act, are expected to be monetized. The company forecasts a significant sales increase in the fourth quarter, driven by production ramp-up at its Dallas G1 factory and policy-driven inventory sales from the third quarter.
Regarding its business strategy, T1 Energy clarified that the Austin G2 cell and module factory will be developed in phases. The first phase is expected to have an annual capacity of 2.1 GW, with capital expenditures estimated between $400 and $425 million, and is scheduled to begin production in the fourth quarter of 2026. If this factory, along with the Dallas G1 factory (5 GW capacity), operates at full capacity, the company’s annualized EBITDA could reach $375 to $450 million. T1 Energy has now drawn the final $50 million from its $100 million preferred equity commitment with Encompass Capital Advisors, securing the funding foundation for the G2 factory construction.
On the policy front, T1 Energy supports the Department of Commerce’s Section 232 investigation into polysilicon imports. Should subsequent tariffs or import restrictions be imposed, the company expects to gain a competitive advantage in sourcing ultra-pure polysilicon. Concurrently, T1 Energy is fully advancing its compliance efforts for the Section 45X tax credits and expects to meet the eligibility requirements for 2026 and beyond by year-end. However, the full-year EBITDA forecast remains toward the lower end of the guidance range, primarily influenced by shifts in sales mix, uncertainty around trade tariffs, and ongoing supply chain challenges.
