T1 Energy's Mixed Q2 Results
T1 Energy Projects Q2 Net Loss But Expands Solar IP and Monetizes Tax Credits
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Key Points
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T1 monetized the balance of its 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.
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T1 has begun early-stage negotiations with several potential counterparties regarding sales of 45X tax credits accrued in 2026.
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The Evervolt IP acquisition includes foundational solar patents and other intellectual property rights, expanding T1's solar IP portfolio.
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The terms and conditions of the Evervolt IP transaction are disclosed in a separate press release issued this morning, with details available in that release.
T1 Energy Inc. posted a preliminary net loss of $34 million to $37 million for the second quarter of 2026, according to PressReach. The company expects total net sales of roughly $245 million to $255 million, with module sales near 835 MW.
The results come as T1 made two major moves: buying a foundational solar patent portfolio for $135 million and cashing in its 2025 tax credits for $39.1 million, according to Benzinga. Both deals signal a company building aggressively even as it bleeds red ink.
$135 Million Bet on TOPCon Solar Patents
T1 acquired a core solar patent portfolio from Evervolt Green Energy Holding for $135 million, according to pv magazine USA. The deal covers foundational intellectual property for TOPCon solar cells and modules. TOPCon is a high-efficiency cell technology widely used in modern solar panels.
Solar Power World reported that the patents originally trace back to Trina Solar. T1 paid an initial $2 million upfront, with the rest due over time, according to PV Tech. The company says the acquisition expands its solar IP portfolio and supports its goal of becoming a vertically integrated US manufacturer.
Tax Credit Sale Brings In $39 Million Cash
T1 sold the remaining balance of its 2025 Section 45X manufacturing tax credits for $39.1 million. The sale price was $0.93 on the dollar — higher than earlier 2025 credit sales. Section 45X credits reward US-based solar manufacturers for each watt of modules they produce.
The company has also started early talks with buyers for its 2026 tax credits, according to PressReach. No deal has been announced yet. These credit sales help T1 turn a tax benefit into immediate cash, which matters given its ongoing net losses.
Factory Construction 80% Done, Cash Running Lean
T1's G2_Austin solar factory — known as the Austin solar fab — is 80% complete. The company is updating its Phase 1 capital spending guidance, though it has not yet released final numbers. The fab is central to T1's plan to manufacture solar panels at scale inside the United States.
As of June 30, 2026, T1 held $156.4 million in total cash, cash equivalents, and restricted cash, according to PressReach. Only $79.1 million of that was unrestricted — meaning freely available to spend. That leaves a tight cushion as the company finishes construction and absorbs ongoing losses.
Tariff Refunds Excluded From Core Loss Figures
T1's adjusted EBITDA came in at a loss of $11.5 million to $14.5 million for Q2, according to Benzinga. EBITDA is a common measure of operating performance. Notably, the company excluded about $24.4 million in tariff refunds from those figures. The refunds came under the International Emergency Economic Powers Act, or IEEPA.
Including the tariff refunds would improve the headline numbers. But T1 chose to strip them out to show underlying performance. The company has not yet released full audited Q2 results, and all figures remain preliminary.
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