# T1 Energy Inc. (TE)

> Source: Nexqual · https://nexqual.com/TE · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, T1 Energy Inc. (TE), nexqual.com/TE" · informational, not investment advice.

**Price:** USD 2.29 (-0.87% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 2.31 · day 2.21–2.32 · 52w 2.21–12.49 · market cap $686M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $997M, net income -$384M (-38.5% margin), free cash flow -$185M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $190M; 1 not under a Rule 10b5-1 plan ($190M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y -34.0% vs S&P 500 +13.4%; 5Y -77.4% vs S&P 500 +76.9%.
- Next earnings: 2026-11-12, EPS estimate USD -0.12, revenue estimate $270M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | — | $0K | $2.9M | $755M | $997M |
| Gross profit | — | — | $0K | $1.2M | $55.6M | — |
| Operating income | -$75.6M | -$122M | -$65.5M | -$79.0M | -$235M | -$227M |
| Net income | -$93.4M | -$98.8M | -$71.9M | -$451M | -$368M | -$384M |
| EPS (diluted) | -$1.24 | -$0.83 | -$0.51 | -$3.20 | -$2.19 | — |
| Free cash flow | -$76.9M | -$271M | -$276M | -$154M | $16.7M | -$185M |
| Gross margin | — | — | — | 41.7% | 7.4% | — |
| Operating margin | — | — | — | -2685.5% | -31.1% | -22.8% |
| Net margin | — | — | — | -15314.5% | -48.7% | -38.5% |
| Revenue growth | — | — | — | — | +25572.8% | — |
| Cash + short-term investments | $564M | $443M | $253M | $72.6M | $182M | — |
| Total debt | — | — | $0K | $602M | $390M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.7x · EV/Sales 1.2x · P/B 3.4x · FCF yield -26.95% · Earnings yield -55.94% · Net debt $471M · EV $1.16B

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-21…2026-05-22 | Trina Solar (schweiz) Ag |  | 22,500,000 | $190M | 42.3% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-23 | Needham | Target lowered | Buy | $7 → $6 |
| 2026-09-14 | JP Morgan | Initiated | Neutral | $5 |
| 2026-08-12 | BTIG | Target raised | Buy | $8 → $9 |
| 2026-07-28 | Needham | Target lowered | Buy | $8 → $7 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -34.0% | -77.4% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -34.1% | -25.7% |
| Volatility (annualized) | 120.0% | 103.2% |
| Max drawdown | -81.0% (Jun 2026→Oct 2026) | -93.3% (Oct 2022→Oct 2024) |

## Peers (Electrical Equipment & Parts)
ADSE (ADS-TEC ENERGY PLC) USD 9.7 +1.57% · EOSE (Eos Energy Enterprises, Inc.) USD 1.73 +1.17% · ENVX (Enovix Corporation) USD 2.79 +9.41% · KE (Kimball Electronics, Inc.) USD 24.6 -1.62% · FCEL (FuelCell Energy, Inc.) USD 11.11 -4.06% · AMPX (Amprius Technologies, Inc.) USD 8.18 +3.41%

## More
Full page: https://nexqual.com/TE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TE's own 10-K filed 2026-03-31 (https://www.sec.gov/Archives/edgar/data/1992243/000199224326000007/t1-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Corning (GLW) | "Our efforts to build a domestic supply chain, including domestic cells to be produced at our G2_Austin facility, domestic polysilicon from Hemlock Semiconductor, domestic wafers from Corning, and domestic steel frames fr…" |
| Related party | Trina Solar | "In connection with the Trina Business Combination, we issued a senior unsecured note due 2029 to Trina Solar (Schweiz) AG, a related party." |
| Related party | EDGE Global | "As of December 31, 2024, we had 0.7 million warrants held by EDGE Global LLC ("EDGE Global"), a related party, or its co-owners that were outstanding and exercisable." |

## Customer concentration

Period ended 2026-06-30: 100% of revenue from unnamed direct customers (10-Q, filed 2026-08-12).

## Company outlook (8-K filed 2026-08-12)

- "As the Company indicated in July, T1 is projecting that capital expenditures for G2_Austin Phase 1 will total $510 million in accordance with the recent addition of a 20% contingency."
- "T1 expects to produce the first solar cells at G2_Austin in Q1 2027. §"
- "T1 Energy Inc. 1 News Release Business update and guidance §"
- "T1 expects the run rate of production in Q3 and Q4 2026 will exceed Q2 2026 production and believes 2026 production will fall within the higher end of its previously disclosed 2026 production range of 3.1 - 4.2 GW."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.12 | $-0.04 | +198.6% | $269.9M | 4 |
| Next quarter (ends 2026-12-31) | $-0.08 | $-0.02 | +356.7% | $328.1M | 4 |
| Current fiscal year (ends 2026-12-31) | $-0.39 | $-0.23 | +69.0% | $1.02B | 3 |
| Next fiscal year (ends 2027-12-31) | $0.06 | $0.21 | -72.4% | $1.37B | 4 |