T1 Energy has reported its third-quarter 2026 financial results, posting $196.6 million in net sales and a net loss from continuing operations of $34.7 million. The module manufacturer reported negative $16.4 million in Adjusted EBITDA during the quarter.
The company says full-year module production volume from its G1_Dallas facility is now expected to be between 4 GW and 4.2 GW, approaching the high end of its prior guidance range of between 3.1 GW and 4.2 GW. Looking ahead to 2027, T1 plans to produce 5.3 GW of modules.
During the quarter, T1 received a Section 232 waiver from the Commerce Department to import up to 1.725 GW of solar cells. On the company’s earnings call, executives said the company plans to pursue “a robust onshoring plan” with the U.S. Commerce Department, which could allow it to import cells and other polysilicon products without having to pay Section 232 duties.
Other key topics introduced during the call included the delay of cell manufacturing at its G2_Austin facility until April, the differences in the company’s expected pricing for modules produced using imported and domestic cells, a decision to retain 326 megawatts of module inventory during the quarter and a letter of intent to potentially monetize a Nordic data center asset.
Cell manufacturing pushed out to April
When it first announced its G2_Austin cell manufacturing facility, T1 said it planned to begin producing cells by 2026, but that timeline has slid into 2027 as the company works to close financing for the completion of construction at the facility.
On the company’s Q3 earnings call, T1 CEO Daniel Barcelo said the company was “attempting to keep the schedule on track” at the facility despite the delays in finalizing the funding. The CEO noted that process equipment for the facility is currently stored in warehouses in the United States and is fully owned by T1, while permitting and access to power and water are on track.
“Assuming we’re doing financial close by year-end, we would expect to finish construction, installation, commissioning and ramping by about midyear,” Barcelo said.
In a statement announcing its Q3 financial results the company said “Closing a comprehensive financing solution for G2_Austin remains T1’s top priority; however, there can be no assurance that definitive documents will be agreed, or that any such financing will be completed, on a timely basis on terms acceptable to T1, or at all.”
Pricing in the age of Section 232
During the earnings call, Barcelo reported that the company’s module pricing is currently “in the mid-30s” (cents per watt) for modules made using imported cells, and “going towards 40 and mid-40s” for modules made using its forthcoming domestic cells that are scheduled to be delivered in 2027.
Barcelo and T1 CFO Evan Calio noted that contracts it has locked in for 2027 at those pricing levels are for modules using the 1.725 GW of cells imported under its Section 232 waiver, and Calio noted that pricing could go higher in the future.
The Trump administration’s Section 232 proclamation put into place a price floor of $0.38/W for imported solar modules, along with 15% of ad valorem tariffs on all incoming polysilicon products, meaning the theoretical price of imported solar modules will be $0.437/W when the Section 232 duties take full effect on Dec. 4, 2026.
The demand for modules made using imported cells remains high, the executives said during the call. Calio noted that the company’s module production at its G1_Dallas facility is sold out through 2027 and said contracts between T1 and its customers are “significantly weighted towards an imported cell.”
Barcelo pointed out that the company’s customers were pursuing a mix of modules made using imported and domestic cells.
“A lot of customers are looking for blending to maximize the benefits of different tax incentives that may exist to minimize cost structure and also to ensure that they have a stronger and growing domestic content, which a lot of customers are seeking,” the CEO said.
Despite the setbacks announced in the earnings report, Barcelo closed the call with an upbeat assessment of the company’s future.
“It’s really been night and day in terms of demand post 232,” he said. “The waiver has been very powerful. The new contracts we announced are a strong indicator. Our pipeline is robust. Pricing is good, and we’re really excited about advancing G2_Austin and getting these domestic cells online and helping to build the American solar industry.”
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