T1 Energy Inc. (TE) shares declined 7.68% to $5.05 following the release of its second-quarter 2026 financial results. The drop came despite quarterly net sales of $250.1 million and strong solar module production at the company's G1_Dallas facility, where output reached 935 MW during the quarter. T1, which was formerly known as FREYR Battery before pivoting to solar manufacturing, also progressed on multiple expansion projects central to its U.S. solar manufacturing strategy.

Q2 Financial Results: Sales Climb but Losses Deepen

T1 Energy posted $250.1 million in net sales for the second quarter of 2026, with G1_Dallas maintaining robust manufacturing activity at 935 MW of module production. Adjusted EBITDA for the quarter came in at $10.7 million.

The company recorded a $36.9 million net loss from continuing operations, compared to a $31.2 million loss in the same period a year earlier. Second-quarter cost of sales was reduced by $24.4 million in tariff refunds.

Net loss attributable to common stockholders totaled $44.5 million, or $0.16 per share. As of June 30, T1 held $156.4 million in cash, cash equivalents, and restricted cash.

G2_Austin Construction Advances as Solar Capacity Grows

T1 continued building the 2.1 GW first phase of its G2_Austin solar cell facility. The structure is now prepared for interior mechanical, electrical, and plumbing installation, while production equipment shipments have begun arriving at U.S. ports. The facility is significant because most U.S. solar module manufacturers currently depend on imported cells, predominantly from Southeast Asia, and domestic cell production capacity remains limited industry-wide.

Phase 1 capital spending is projected at approximately $510 million, an estimate that includes a 20% contingency for elevated labor and material costs in Texas. T1 anticipates the first solar cells from G2_Austin will be produced in the first quarter of 2027.

G1_Dallas production is expected to strengthen in the second half of 2026, with third- and fourth-quarter output rates projected to exceed second-quarter levels. Annual production could consequently reach the upper end of the company's 3.1 GW to 4.2 GW guidance range.

Clearway Supply Agreement, IP Acquisition, and Financing Moves

T1 recently signed an agreement to supply Clearway Energy Group with 641 MW of solar modules utilizing domestic cells from the planned G2_Austin facility, reinforcing the company's strategy to build a traceable domestic solar supply chain.

The company also acquired solar intellectual property from Evervolt Green Energy Holding for $135 million. The portfolio includes patents covering TOPCon solar cell and module technology, a high-efficiency cell architecture that has become the dominant technology standard among leading global manufacturers. T1 intends to integrate these patents into its expanding domestic manufacturing platform.

During July, T1 completed a $120 million private placement of convertible senior notes intended as bridge financing toward broader G2_Austin funding. The company continues to pursue a larger financing package with a significant debt component.

Also in July 2026, T1 completed its acquisition of KORE Power, gaining entry into battery storage and data center infrastructure markets. The company established the T1 NRI brand to serve those business segments, positioning itself to serve growing electricity demand from hyperscale data centers alongside its core solar manufacturing operations.