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T1 Energy Inc.

CIK:0001992243|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total net sales	$ 250,128	$ 132,767	$ 427,775	$ 186,219
Cost of sales	201,031	100,006	349,594	135,677
Gross profit	49,097	32,761	78,181	50,542
Operating expenses:
Selling, general and administrative	71,878	62,712	123,467	106,091
Impairment of intangible assets	0	1,410	0	1,410
Total operating expenses	71,878	64,122	123,467	107,501
Operating loss from continuing operations	(22,781)	(31,361)	(45,286)	(56,959)
Other (expense) income:
Warrant liability fair value adjustment	(2,836)	(220)	7,577	1,347
Derivative liabilities fair value adjustment	(5,493)	1,048	14,462	26,277
Impairment of assets previously classified as held for sale	0	(1,747)	0	(2,029)
Interest expense, net	(6,726)	(8,045)	(12,890)	(17,898)
Other income, net	1,690	3,162	3,671	3,325
Total other (expense) income	(13,365)	(5,802)	12,820	11,022
Loss from continuing operations before income taxes	(36,146)	(37,163)	(32,466)	(45,937)
Income tax (expense) benefit	(781)	5,979	(559)	8,492
Net loss from continuing operations	(36,927)	(31,184)	(33,025)	(37,445)
Net loss from discontinued operations, net of tax	(6,609)	(725)	(30,930)	(10,703)
Net loss	(43,536)	(31,909)	(63,955)	(48,148)
Preferred dividends and accretion	(990)	(891)	(1,980)	(1,782)
Net loss attributable to common stockholders	$ (44,526)	$ (32,800)	$ (65,935)	$ (49,930)
Weighted average shares outstanding:
Weighted average shares of common stock outstanding - basic (in shares)	280,129	155,938	279,282	155,936
Weighted average shares of common stock outstanding - diluted (in shares)	280,129	155,938	279,282	155,936
Net loss per share attributable to common stockholders:
Net loss per share from continuing operations - basic (in USD per share)	$ (0.14)	$ (0.21)	$ (0.13)	$ (0.25)
Net loss per share from continuing operations - diluted (in USD per share)	(0.14)	(0.21)	(0.13)	(0.25)
Net loss per share from discontinued operations - basic (in USD per share)	(0.02)	0	(0.11)	(0.07)
Net loss per share from discontinued operations - diluted (in USD per share)	(0.02)	0	(0.11)	(0.07)
Net loss per share - basic (in USD per share)	(0.16)	(0.21)	(0.24)	(0.32)
Net loss per share - diluted (in USD per share)	$ (0.16)	$ (0.21)	$ (0.24)	$ (0.32)
Other comprehensive loss:
Net loss	$ (43,536)	$ (31,909)	$ (63,955)	$ (48,148)
Foreign currency translation adjustments	(4,341)	13,482	2,997	39,547
Total comprehensive loss	(47,877)	(18,427)	(60,958)	(8,601)
Preferred dividends and accretion	(990)	(891)	(1,980)	(1,782)
Comprehensive loss attributable to common stockholders	(48,867)	(19,318)	(62,938)	(10,383)
Nonrelated party
Total net sales	0	66,465	241	66,465
Related party
Total net sales	$ 250,128	$ 66,302	$ 427,534	$ 119,754

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (63,955)	$ (48,148)
Adjustments to reconcile net loss to cash used in operating activities:
Share-based compensation expense	8,530	5,220
Depreciation and amortization	50,121	43,598
Impairment of intangible assets	0	1,410
Impairment of assets previously classified as held for sale	0	2,029
Change in valuation allowance	15,358	(2,230)
Change in fair value of derivative liabilities	(14,462)	(26,277)
Gain on sale of property and equipment	0	(5,675)
Amortization of debt issuance costs, premium and discount	3,745	7,923
Reduction in the carrying amount of right-of-use assets	4,747	3,259
Warrant liability fair value adjustment	(7,577)	(1,347)
Deferred income taxes	(234)	(6,994)
Other	(89)	2,349
Changes in operating assets and liabilities:
Accounts receivable trade	(14,164)	(34,584)
Government grants receivable, net	(59,014)	(43,970)
Inventory	(112,730)	(51,673)
Other assets	(1,296)	0
Advances to suppliers and other current assets	(31,236)	29,904
Accounts payable, accrued liabilities and other	25,610	75,035
Deferred revenue	93,667	38,788
Net cash used in operating activities	(102,979)	(11,383)
Cash flows from investing activities:
Issuance of notes receivable	(8,594)	0
Proceeds from the return of property and equipment deposits	0	1,202
Purchases of property and equipment	(161,821)	(51,943)
Proceeds from the sale of property and equipment	0	50,000
Net cash used in investing activities	(170,415)	(741)
Cash flows from financing activities:
Repayment of Senior Secured Credit Facility	(18,764)	(14,874)
Proceeds from issuance of Convertible Notes, net of underwriting fees	175,720	0
Exercise of Penny Warrants	70	0
Payment of debt issuance costs	(912)	(3,760)
Exercise of stock options	6,833	0
Cash paid for equity repurchases for equity-based compensation tax withholding	(3,818)	0
Net cash (used in) provided by financing activities	159,129	(18,634)
Effect of changes in foreign exchange rates on cash, cash equivalents, and restricted cash	(72)	777
Net decrease in cash, cash equivalents, and restricted cash	(114,337)	(29,981)
Cash, cash equivalents, and restricted cash at beginning of period	270,773	76,645
Cash, cash equivalents, and restricted cash at end of period	156,436	46,664
Reconciliation to condensed consolidated balance sheets:
Cash and cash equivalents	79,109	8,451
Restricted cash	77,327	38,213
Cash, cash equivalents, and restricted cash	$ 156,436	$ 46,664

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 79,109	$ 182,450
Restricted cash	70,207	81,203
Accounts receivable trade, net - related parties	98,645	84,481
Government grants receivable, net	95,390	36,376
Inventory	228,773	116,043
Advances to suppliers	133,231	137,532
Other current assets	38,611	5,989
Current assets of discontinued operations	7,229	19,418
Total current assets	751,195	663,492
Restricted cash	7,120	7,120
Property and equipment, net	430,416	302,302
Goodwill	57,449	57,449
Intangible assets, net	157,781	180,481
Right-of-use asset under operating leases	218,320	151,166
Other assets	19,988	10,098
Total assets	1,642,269	1,372,108
Current liabilities:
Accrued liabilities and other	86,085	47,224
Deferred revenue	150,398	56,731
Derivative liabilities	1,352	11,661
Current portion of long-term debt	49,593	46,357
Current liabilities of discontinued operations	62,030	47,538
Total current liabilities	577,476	463,588
Long-term deferred revenue	48,189	48,189
Operating lease liability	206,161	143,534
Deferred tax liability	3,524	3,758
Other long-term liabilities	31,291	47,353
Total liabilities	1,366,995	1,050,223
Commitments and contingencies
Equity:
Common stock, $0.01 par value, 280,604 and 266,267 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	2,806	2,663
Additional paid-in capital	1,371,216	1,358,992
Accumulated other comprehensive loss	(15,216)	(18,213)
Accumulated deficit	(1,157,027)	(1,093,072)
Total equity	201,779	250,370
Total liabilities, redeemable preferred stock and equity	1,642,269	1,372,108
Series B Preferred Stock
Redeemable preferred stock
Redeemable preferred stock	18,285	17,805
Series B1 Preferred Stock
Redeemable preferred stock
Redeemable preferred stock	55,210	53,710
Nonrelated party
Current liabilities:
Accounts payable	102,282	91,323
Accrued liabilities and other	86,085	47,224
Current portion of long-term debt	49,593	46,357
Convertible notes	328,970	152,960
Long-term debt	116,534	137,303
Related party
Current liabilities:
Accounts payable and accrued liabilities - related parties	125,736	162,754
Long-term debt	$ 54,850	$ 53,538