US solar manufacturer T1 Energy produced 2.79GW of solar modules in 2025, in line with its guidance of 2.6-3GW for the year.
In the fourth quarter of 2025 alone, the company produced 1.17GW of module capacity at its Dallas assembly plant, which accounted for more than two-thirds (40%) of its total annual production, and generated record net sales of US$358.5 million, up from US$210 million in Q3 2025.
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As the company’s net sales increased from the previous quarter, T1 Energy reduced its net loss attributable to common stockholders in Q4 2025 to US$190 million, nearly half of the US$367 million registered in Q4 2024.
For the full fiscal year 2025, the manufacturer reported a net loss attributable to stockholders of US$380.8 million, down from the US$450.2 million reported in 2024. As of December 31, 2025, T1 had cash, cash equivalents and restricted cash of US$270.8 million, of which US$182.5 million was unrestricted cash.
Q4 highlights include a supply agreement and tax credit sale
Dan Barcelo, chairman and CEO at T1 Energy, said that during the last three months of 2025, the company also expanded its commercial partnerships with a long-term supply agreement with independent power producer (IPP) Treaty Oak Clean Energy.
The three-year contract will see T1 Energy supply at least 900MW of solar modules with US-made solar cells from its solar cell processing plant in Austin, at which the company began construction in mid-December 2025.
“We executed a series of transactions to preserve eligibility for Section 45X tax credits—culminating in our first successful sale of Section 45X tax credits to a US financial institution. Entering 2026, we’re building on this momentum as we execute our plan to build a vertically integrated US polysilicon solar supply chain and seek to position T1 Energy as a leading US energy producer and cash‑flow powerhouse,” added Barcelo.
The first sale of Section 45X tax credits that Barcelo highlighted was achieved in late December last year and was valued at US$160 million, at a price of US$0.91 per dollar of production tax credits generated
In the same week, T1 completed a series of transactions with Chinese manufacturer Trina Solar—from which they acquired the Dallas module assembly plant in 2024—and other parties to ensure T1’s eligibility to secure Section 45X tax credits in 2026 and its compliance with Foreign Entity of Concern (FEOC) regulation, which prohibits companies from benefitting from tax credits if they use components from companies based in or owned by countries deemed to be a threat to US security.
“The transactions included debt repayment, removal of Trina’s right to appoint a covered officer, a new intellectual property licensing agreement with Evervolt Green Energy Holding and the purchase of solar cells from a supplier that provided certifications of its non-FEOC status,” said T1 Energy of the deals.
Construction of Texas cell plant on schedule
Moreover, the company said the construction of its Austin, Texas, cell processing plant—dubbed G2_Austin—remains on schedule. The start of production for phase one is still scheduled for the fourth quarter of 2026 and would deliver an annual nameplate production of 2.1GW once fully operational. Before that, the manufacturer expects to reach financial close of G2_Austin during Q2 2026.
The company advanced on potential pathways in private and public markets in Q4 2025 to fund the remaining capital spending on the solar cell manufacturing plant. It estimated the remaining capital spending for phase one of the cell plant to be around US$350 million.
As construction of the Texas cell plant continues this year, T1 Energy said it secured solar cell supply for 2026 from an undisclosed international supplier that has certified its non-FEOC status.
T1 targets up to 4.2GW of module production in 2026
For its 2026 outlook forecast, the manufacturer expects to produce between 3.1GW and 4.2GW of modules in 2026 using cells sourced from “an expanding global vendor network”. So far, the company has 3GW of module production contracted for 2026, but has highlighted that several factors could “materially” impact its 2026 sales.
Among the factors, T1 Energy mentioned the long-awaited ruling on the Section 232 polysilicon investigation (Premium access), the potential to source third-party cells above the high-end of T1’s targeted range and customers’ safe harbouring activity as developers work within the new regulatory framework.
