T1 Energy [TE]
As of 2026-07-29. Every date is from a filing or a statute. No date is estimated. Where a date is not announced, that is stated and historical filing dates are given as context only.
| Date | Item | Effect on T1 | Status |
|---|---|---|---|
| 2022-08-16 | IRA enacted | §45X advanced manufacturing production credit available to PV module and component manufacturers | in force |
| 2025-06-16 | §48E domestic content | Threshold 40% → 45% for customers' projects commencing construction after this date | in force |
| 2025-07-04 | OBBBA enacted | Introduces the PFE (Prohibited Foreign Entity) restrictions — limits on SFE/FIE equity, debt, material assistance and IP arrangements — as a condition of §45X eligibility | in force |
| 2026-01-01 | PFE restrictions effective | Modules containing non-compliant PFE cells lose §45X. This is the deadline that caused the Q4-2025 inventory liquidation at a −4.5% gross margin | FIRED |
| 2026-02-12 | Treasury PFE guidance | Initial implementation guidance released. Company: "We believe that we remain in compliance… and expect to be eligible for 45X Tax Credits," and the guidance "validates the compliance plan that we developed and implemented" | FIRED — favourable |
| 2026-07-04 | §48E begin-construction (customers') | 12 months from OBBBA. T1's utility-scale developer customers had to be under construction to keep §48E for projects placed in service after 2027-12-31 | FIRED |
| 2027-12-31 | §48E placed-in-service (customers') | Hard stop for projects that missed the begin-construction date | ahead |
| 2030 | §45X phase-down begins | 25% reduction per year | ahead |
| 2031 | §45X | 50% — the terminal year of a five-year model built today | ahead |
| 2032 | §45X | 25% | ahead |
| 2033 onward | §45X zero | The credit is larger than gross profit today. This is the perpetuity a terminal multiple is applied to | ahead |
| 2027-12-23 | Series B and Series B-1 preferred maturity |
|---|---|
| $66.0m | Aggregate liquidation preference ($16.0m Series B + $50.0m Series B-1); carrying value $72.505m including accrued dividends |
| If not converted | T1 must redeem at $10.00 per share plus accrued and unpaid dividends — a $66.0m cash call |
| If converted | ~9.4m shares (Series B at $1.70) + ~26.3m shares (Series B-1 at $1.90 if the 10-day average price is ≥$2.50, else $1.70) = ~35.7m shares, +12.8% |
| Holder | Funds and accounts managed by Encompass Capital Advisors, LLC — a related party |
| At $3.72 | Both series are deeply in the money and should convert, which removes the cash call. If the price falls below the conversion prices, the cash call returns |
This is the only hard-dated financial obligation in the name and it is the one to diarise.
| Date | Item |
|---|---|
| 2024-12-23 | Trina Business Combination closes. T1 acquires Trina Solar US Holding Inc. (G1_Dallas, 5 GW module plant, Texas). Assumes a $235.0m senior secured credit facility (HSBC agent) and a $65.0m related-party Production Reservation Fee |
| 2025-02-15 | Coweta County, Georgia land sold for $50.0m; a $20.0m government grant repaid concurrently; $5.7m gain. $7.0m of repayable grants remained at 2025-12-31 |
| 2025-08-13 | Amendment No. 1 to the Sales Agency Agreement — all service fees payable to TUS (Trina) deferred without interest |
| 2025-11-14 | Q3-2025 10-Q filed. Fourth quarter of module revenue — the first date on which a trailing-twelve-month revenue figure existed |
| 2025-12-29 | Non-IP Commercial Agreements Letter Agreement with Trina entities — commercial terms amended as part of the FEOC restructuring |
| 2025-12-30 | FEOC restructuring announced. Trina equity below the 25% OBBBA threshold; substantial debt repayment to Trina using late-2025 capital and shares; Trina's right to appoint a covered officer removed; the IP licence moved from Trina to Evervolt; non-PFE cell sourcing begun. Trademark License Agreement terminated — Trina no longer provides product warranties for non-Trina-branded modules |
| Q4-2025 | Inventory liquidation to beat the 2026-01-01 PFE deadline. $358.554m of revenue — the largest quarter in company history — at a −4.5% gross margin |
| 2026-03-31 | FY2025 10-K filed |
| 2026-04-16 | 424B5 equity offering |
| 2026-05-12 | Q1-2026 10-Q filed. Revenue $177.647m (−50.5% sequentially), gross margin +16.4%, operating loss $(22.505)m; net income from continuing operations +$3.902m but only on $30.4m of non-cash warrant and derivative fair-value gains |
| 2026-06-22 | Warrants issued in connection with the Fit-related transaction structure — (note: the 12,000,000 warrants at $26.44 referenced in this cluster belong to FuelCell Energy, not T1. T1's warrant instruments are the listed TE WS, the Private Warrants and the Anti-Dilution Right) |
| 2026-07-10 | Form 25-NSE filed — WARRANTS ONLY. The common stock continues to trade on the NYSE under TE. This is not a delisting of the common and is not treated as one |
| July 2026 | KORE Power, Inc. acquisition closes. Creates the "T1 NRI" brand for battery energy storage and data-centre infrastructure. Consideration not disclosed in the preliminary release |
| 2026-07-28 | Preliminary Q2-2026 results. See below |
| 2026-07-28 | Evervolt IP Purchase Agreement. "foundational solar patents and other intellectual property rights… for total consideration of $135 million." Consideration shares priced at a 15% discount to the 5-trading-day VWAP — up to ~42.7m shares at $3.72 (+15.3%). Existing IP licences terminated on closing. A Call Option Agreement dated 2026-07-27 is included in the same exhibit |
| Item | Disclosure |
|---|---|
| Total net sales | $245–255m on module volumes of ~835 MW (implied ASP ~$0.299/W) |
| Net loss from continuing operations | $34.0–37.0m |
| Adjusted EBITDA | $(14.5)m to $(11.5)m, "which excludes approximately $24.4 million of refunds for tariffs incurred under the International Emergency Economic Powers Act (IEEPA)" |
| Cash | $156.4m total including restricted, of which $79.1m unrestricted |
| §45X | "During Q2 2026, T1 monetized the balance of the Company's remaining 2025 Section 45X tax credits for $39.1 million, at a gross price of $0.93 on the dollar, which was higher than previously announced 2025 sales. T1 has also commenced early-stage negotiations with several potential counterparties regarding sales of 45X tax credits accrued in 2026" |
| G2_Austin capex | raised from $425m to $510m (+20.0%), "which represents a 20% contingency," attributed to "labor and materials costs associated with tightness in the Texas data center construction market" |
| G2_Austin timing | first solar cells pushed to Q1 2027 from "a prior timeline of before year-end 2026." Steel work ~80% complete |
| G2_Austin financing | "T1 continues to target a comprehensive financing solution, which includes a significant debt component, in an amount sufficient to fund the remaining estimated capital expenditure required for G2_Austin Phase 1" — not secured |
| 2026 production | "believes 2026 production will fall within the higher end of its previously disclosed 2026 production range of 3.1 – 4.2 GW," reflecting "progress qualifying international cell vendors to supply G1_Dallas" |
Note on the adjusted-EBITDA presentation, which deserves credit. T1 states adjusted EBITDA of $(14.5)m to $(11.5)m and excludes the $24.4m IEEPA tariff refund from it. Including the refund the figure would be roughly $10–13m positive. Management chose the more conservative presentation and disclosed the excluded amount. That is better hygiene than the Twist precedent (adjusted EBITDA excluding $64.5m of stock compensation) and it should be recorded as such.
| Date | Item | Detail |
|---|---|---|
| Q1 2027 | G2_Austin first solar cells | Revised 2026-07-28 from "before year-end 2026." The vertical-integration mechanism the whole equity story rests on |
| 2027-12-23 | Preferred maturity | $66.0m redemption if unconverted — see above |
| ongoing, monthly | European disposal fees | "we expect to incur fees of $2.0 million per month until the business is disposed of." $35.2m already accrued; $56.397m of current liabilities of discontinued operations at 2026-03-31 |
| Item | Company language | Why it matters |
|---|---|---|
| G2_Austin Phase 1 financing | "continues to target a comprehensive financing solution, which includes a significant debt component" | $510m against $79.1m of unrestricted cash and $404.5m of existing debt principal. This is the single binary in the name. It has no date |
| 2026 §45X monetisation | "commenced early-stage negotiations with several potential counterparties regarding sales of 45X tax credits accrued in 2026" | The 2026 vintage sits in the $77.8m government-grants receivable at a 93-cent realisation, unsold |
| Remaining 2026 cell sourcing | "we have purchased solar cells for use in a portion of our solar modules to be produced in 2026 from a supplier that has provided certifications of its non-PFE status and are undertaking diligence to ensure the remainder of cells for use in 2026 will be MA Compliant" | 45X exceeds gross profit. A portion is certified; the remainder is not yet |
| Further Treasury PFE regulations | The company notes the 2026-02-12 guidance was "initial" | Additional rules could change eligibility either way |
| European business disposal | "certain of our European business assets remain unsold and continue to be held for sale" | Stops the $2.0m/month bleed |
| T1-branded warranty framework | "The Company expects to establish a new warranty framework for T1-branded PV solar modules… supported by third-party warranty [providers]" | A module's 25–30 year warranty is the product. Trina no longer stands behind non-Trina-branded modules |
| Customer diversification | Third-party net sales were $0.241m of $177.647m in Q1-2026 | Any material third-party customer is a hard invalidation trigger |
T1 has not announced the filing date for its full Q2-2026 Form 10-Q. No date is assumed. For context only: the Q2-2025 10-Q was filed 2025-08-19, Q3-2025 on 2025-11-14, the FY2025 10-K on 2026-03-31 and Q1-2026 on 2026-05-12. These are historical filing dates, not predictions.
The full Q2-2026 10-Q matters more than usual, because the preliminary release gives revenue, net loss and cash but not gross profit, not the related-party share of net sales, and not the government-grants receivable balance — the three lines that determine whether the product margin is still negative.
TE_Research.md §6.1 rather than filled in.