T1 Energy (NYSE: TE) Posts Q2 Net Loss Up to $37M, Raises Solar Fab Cost Estimate to $510M

Q2 2026 Preliminary Results

T1 Energy Inc. (NYSE: TE) reported preliminary second-quarter 2026 results on Tuesday showing revenue of approximately $245 million to $255 million on module sales volumes of approximately 835 MW, while projecting a Net Loss from Continuing Operations of approximately $34.0 million to $37.0 million for the period. Separately, the company revised its G2_Austin Phase 1 solar cell fabrication facility capital expenditure estimate up from $425 million to $510 million, a $85 million increase attributed to labor and materials cost inflation in the Texas data center construction market. Shares fell -15.31% on Tuesday, July 28, 2026, while the S&P 500 gained 0.24%.

Key Metrics

• Revenue (Q2 2026): Approximately $245 million to $255 million (midpoint ~$250 million), up from $178 million in Q1 2026 ended March 31, 2026.
• Net Loss from Continuing Operations: Approximately $34.0 million to $37.0 million in Q2 2026.
• Adjusted EBITDA: Approximately ($14.5) million to ($11.5) million, excluding approximately $24.4 million in refunds for tariffs incurred under the International Emergency Economic Powers Act.
• Cash and restricted cash: $156.4 million as of June 30, 2026, of which $79.1 million was unrestricted.
• G2_Austin Phase 1 capex guidance: Revised to approximately $510 million from a prior estimate of $425 million, with first solar cell production now expected in Q1 2027, pushed back from the prior target of before year-end 2026.

What Drove the Results

Revenue grew sequentially from Q1 2026's $178 million to an approximately $250 million midpoint in Q2 2026, but cost pressures kept the company in a net loss position. Adjusted EBITDA remained negative at a midpoint of approximately ($13.0) million even before accounting for the $24.4 million in IEEPA tariff refunds, reflecting ongoing manufacturing ramp costs. The $85 million upward revision to G2_Austin Phase 1 capital expenditures, driven by tightness in the Texas data center construction market, also pushed the facility's first production timeline into Q1 2027.

T1 did monetize the remaining balance of its 2025 Section 45X advanced manufacturing tax credits for $39.1 million, at a gross price of $0.93 on the dollar. The company has commenced early-stage negotiations with counterparties for the sale of 45X credits accrued in 2026. On the production side, T1 expects its Q3 and Q4 2026 run rate to exceed Q2 2026 levels, projecting full-year 2026 output at the higher end of its previously disclosed 3.1 to 4.2 GW range.

T1 also announced the acquisition of foundational solar patents and other intellectual property rights from Evervolt Green Energy Holding Pte Ltd. for total consideration of $135 million. In a separate development, T1 closed its previously announced acquisition of KORE Power, Inc. in July 2026, establishing what it described as the T1 NRI brand to target battery energy storage and data center infrastructure markets.

Wall Street View

Wall Street sentiment on T1 Energy heading into the results was broadly constructive, with the most recent consensus as of July 1, 2026 showing 4 Strong Buy ratings and 9 Buy ratings against 2 Hold ratings and no Sell recommendations. No specific analyst price target revisions were available in the source data following Tuesday's preliminary release.

Investor Takeaway

The $510 million G2_Austin Phase 1 cost revision, combined with the delayed first-production timeline now pushed to Q1 2027, raises the near-term financing burden: T1 has stated it is targeting a comprehensive financing solution that includes a significant debt component to fund the remaining capex, but no structure or timeline has been disclosed. With $79.1 million in unrestricted cash as of June 30, 2026, against a facility cost estimate that has grown 20% in a single quarter, the pace of that financing process is now a central variable for shareholders monitoring the company's path to profitability.