US solar manufacturer T1 Energy has registered a record quarterly net income and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) in the first quarter of 2026.
This was achieved through a higher-than-forecasted module production, which reached 683.3MW, and sales in the first three months of the year. In April, the manufacturer produced modules at an annualised rate of 3.4GW, which is in line with the 3GW of contracts executed in 2026.
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Unlike in 2025, when the company started the first quarter with a net loss of US$6.2 million, T1 Energy registered a net income from continuing operations of US$3.9 million. Similarly, the company registered an adjusted EBITDA of US$9.1 million in Q1 2026 compared with a US$4 million loss in the same period in 2025.
Moreover, the company reiterated its commitment to US domestic manufacturing—which will be a key topic at this year’s PV CellTech USA Conference in San Francisco—and its strategic alignment with key US policies. T1 Energy expects to be well-positioned for a potential ruling in the US Department of Commerce’s Section 232 investigation into polysilicon sourced from overseas manufacturers.
Construction at cell processing plant on schedule
The company’s G2_Austin plant, which will produce tunnel oxide passivated contact (TOPCon) solar cells and at which construction began in December 2025, is proceeding on schedule with production set to begin in Q4 2026. Once fully operational, G2_Austin will have a 2.1GW annual nameplate capacity for solar cells and a total investment of over US$400 million.
Last month, the company completed an upsized public offering of US$160 million, which was originally set at US$120 million, with convertible senior notes due in 2031 and generated net proceeds of US174.7 million, which positioned the company to continue construction of the solar cell processing plant. T1 Energy added that it pursues a comprehensive financing solution with a significant debt component.
“Our team made excellent progress during the first quarter to advance our top priorities: operate profitably at G1_Dallas, fund and build G2_Austin, and establish T1 as an integrated, homegrown US solar and storage powerhouse supporting domestic energy and hyperscaler development,” said Dan Barcelo, CEO and chairman of T1 Energy.
“As we look ahead, we are focused on hitting key construction milestones, targeting a comprehensive financing package for G2_Austin in the second quarter, building our offtake coverage through our developer customer base, and driving profitability as T1 grows,” added Barcelo.
A second phase would expand the annual nameplate capacity to 5.3GW, with a potential third phase extending manufacturing capacity up to 8GW on the existing leasehold.
“We believe we are positioned to flex capacity to develop up to three phases potentially totalling as many as 8GW on our existing leasehold,” wrote the company in its quarterly report.
