T1 Energy, the US-based solar PV manufacturer, exited Q3 2025 with net sales of $200 million to $210 million, having sold close to 725 MW of solar modules from its G1_Dallas factory, according to its preliminary financial results.
T1 Energy’s module capacity was fully booked in August 2025 after a 437 MW agreement with a major US utility (see T1 Energy Sells Out 2025 Solar Module Capacity After 437 MW Deal).
T1 is negotiating a potential dispute with a long-term offtake customer that cut Q3 2025 sales. It now expects deferred sales in Q4 2025. T1 stressed that it has a strong contractual position and is exploring options. It has nevertheless recorded a non-cash intangible asset impairment of $53 million.
In Q4 2025, T1 forecasts a ‘significant’ increase in sales due to the highest expected production year-to-date (YtD) at G1_Dallas and policy-related module sales from Q3 inventory. It assumes module production of between 2.6 GW and 3.0 GW from its G1_Dallas factory this year.
The management has also reiterated 2025 EBITDA guidance of $25 million to $50 million, but says this forecast continues to skew towards the low-end of the range owing to mix shift towards merchant sales agreements in H2 2025, and near-term uncertainties related to AD/CVD, reciprocal tariffs, supply chain impacts, and customer safe harboring backlogs.
T1 Energy sees Section 232 investigation into foreign-sourced polysilicon and its derivatives as a positive for its business, as it has already signed a local supply contract with Corning (see T1 Energy Locks In US-Produced Silicon Wafer Supply With Corning).
It also expects to become compliant to become eligible for Section 45X tax credits in 2026 and beyond by the end of this year.
T1 Energy’s G2_Austin solar cell factory is ramping up as scheduled, to be commissioned in 2 phases with a combined 5 GW annual capacity. Phase I of the project is expected to total 2.1 GW of annual capacity and an estimated capital expenditure of $400 million to $425 million. Phase 2 of the cell fab is planned to enter construction in Q4 2025 to begin operations in Q4 2026.
According to the company, “T1 is positioned to flex capacity to add up to three phases potentially totaling as many as 8 GW on T1’s existing Austin leasehold. The rationale behind the phased development approach is to match planned capacity with long-term offtake contracts; advance capital formation initiatives; and start production in Q4 2026 to address robust customer demand.”
Earlier this month, T1 Energy made a minority investment in Talon PV, which is building a 4.8 GW TOPCon solar cell plant in Texas (see T1 Energy Invests In US Solar Cell Producer Talon PV).
Recently, T1 Energy entered into agreements with existing and new leading but unidentified institutional investors to sell its common stock, aiming to raise $72 million. It intends to use the proceeds as working capital, strategic investments, and partnership development, and to advance energy technology and infrastructure projects.
It announced a multi-GW solar module frame supply agreement, worth $75 million spread over several years, with Nextracker, which entered this space through the acquisition of Origami Solar (see Nextracker Acquires Origami Solar For $53 Million).
