US solar maker T1 Energy posts $177.6M Q1 revenue, nearly doubling estimates; G2 Austin cell plant on track for 2026 production; shares jump 13.6%.
T1 Energy isn’t just talking about its growth story anymore — it’s delivering the numbers to back it up. The US solar manufacturer posted first-quarter 2026 revenue of $177.6 million, nearly doubling the $95.5 million that analysts at FactSet had penciled in. Investors responded with a 13.59% surge in the stock to €5.85 on Tuesday, extending the week’s gain to 27.73%.
That quarterly beat comes on the heels of a transformative 2025, when annual sales exploded from a mere $3 million to $755 million — a more than 25,000% leap. Losses continued but narrowed by roughly 15% year-over-year. In the fourth quarter alone, T1 Energy cranked out a record 1.13 GW of solar modules and booked net revenue of around $358 million. To fund its breakneck expansion, the company sold Section 45X production tax credits worth $160 million to a US buyer at $0.91 on the dollar, injecting immediate liquidity without taking on conventional debt.
The production engine behind this momentum is the G1 Dallas factory in Wilmer, Texas, which churns out PV modules for utilities, commercial and industrial clients, and the residential market. T1 Energy already has contracted 3.0 GW of components from that facility, giving its manufacturing base solid near-term visibility. But the real prize lies 200 miles south: the G2 Austin solar cell plant in Milam County.
Should investors sell immediately? Or is it worth buying T1 Energy?
Management has confirmed that Phase 1 of G2 Austin, targeting 2.1 GW of annual TOPCon cell capacity, remains on schedule for a first production run before the end of the year. The total capital outlay for this phase is roughly $350 million, with the broader project pegged at between $400 million and $425 million. Once operational, these cells will feed directly into the existing 5 GW module line at G1 Dallas, completing the last missing link in T1 Energy’s ambition to build a fully domestic US solar supply chain — buttressed by polysilicon and wafer supply agreements with Hemlock Semiconductor and Corning.
For the full year 2026, the company has guided production of 3.1 GW to 4.2 GW, a range that underscores both the potential and the execution risk. The market is now watching closely how quickly Dallas ramps and how much capital Austin consumes before it generates revenue. Management has promised sequentially improving margins, EBITDA, and top-line results as the year unfolds. The earnings call, set for 8:00 AM EDT, will focus squarely on those two variables.
Beyond solar, T1 Energy holds a wildcard in Norway: an 86,000-square-meter industrial site in Mo i Rana. State grid operator Statnett has allocated 50 MW of connection capacity through 2033, enough to develop the site as a data center for AI infrastructure starting in the second quarter of 2027. An additional 396 MW is still under permitting review. Pareto Securities has been tasked with maximizing the value of the asset.
Wall Street remains bullish. The five analysts covering the stock assign a consensus “Strong Buy” rating with a price target of $7.70. The shares, trading around €5.15, still sit more than 35% below the 52-week high hit in January. The annualized 30-day volatility of nearly 120% reflects just how sensitive the stock is to news flow — in both directions. Whether Tuesday’s jump has staying power will hinge on T1 Energy’s ability to execute on Austin without cost overruns, and to prove that the revenue surprise was no one-off.
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