T1 Energy Reports Fourth Quarter and Full-Year 2024 Results
AUSTIN, Texas & NEW YORK--(BUSINESS WIRE)--March 17, 2025--
T1 Energy Inc. (NYSE: TE) ("T1" or the "Company") reported financial and operating results for the fourth quarter and full-year 2024 today.
Headlines
-- Production ramp at G1 Dallas ahead of plan. The ongoing ramp of
production at T1's state-of-the-art U.S. solar module manufacturing
facility, G1 Dallas, is proceeding ahead of schedule. During January and
February 2025, total module production of more than 220 MW exceeded plan
by 48%. T1's teams have now installed and commissioned four utility-scale
production lines that are producing a mix of PERC and TOPCon modules. G1
Dallas is currently on track to achieve the Company's 2025 production
target of 3.4 Gigawatt ("GW").
-- T1 selects Milam County, Texas for planned 5 GW U.S. solar cell
manufacturing facility ("G2 Austin"). T1 has executed a lease and
purchase option for 100 acres in Milam County, Texas, in the Advanced
Manufacturing and Logistix Campus at Sandow Lakes. G2 Austin is expected
to be one of the largest solar manufacturing facilities in the U.S., with
a capital investment of up to $850 million, and is projected to create up
to 1,800 new direct American advanced manufacturing jobs, contingent upon
successful completion of agreements for both state and local incentives.
"The fourth quarter and subsequent start of 2025 have been punctuated by our strategic repositioning as T1 Energy," commented Daniel Barcelo, T1's Chairman of the Board and Chief Executive Officer. "Having completed a transformative acquisition on an accelerated timeline, we are now focusing on the next phases of our plan to become an American, vertically integrated solar + battery storage leader. Our teams are making impressive progress with the ramp of U.S. solar module production at G1 Dallas, we are moving forward swiftly with project development of our planned G2 Austin U.S. solar cell facility, and we are executing our global corporate transformation to build a cash flow powerhouse. As we look forward to 2025 and beyond, we are excited about the growth prospects for the U.S. solar + battery storage market, and we are focused on establishing T1 as an engine of American energy, jobs, and advanced manufacturing."
Highlights of the Fourth Quarter 2024 and Subsequent Events
-- Announced transformative acquisition of Trina Solar's U.S. solar
manufacturing assets. On November 6, 2024, the Company announced that it
had entered into an agreement to acquire the U.S. manufacturing assets of
Trina Solar Co Ltd. (SHA: 688599) ("Trina") for total consideration of
$621 million. The transaction included the acquisition of a 5 GW, 1.35
million square foot solar module manufacturing facility in Wilmer, TX,
which T1 subsequently named "G1 Dallas," that started production on
November 1, 2024.
-- Achieved accelerated close of Trina acquisition. On December 24, 2024, T1
announced that the Company closed the transformative acquisition of
Trina's U.S. solar manufacturing assets in accordance with previously
communicated timelines.
-- T1 achieves first commercial sales volumes from G1 Dallas. T1 reached a
corporate milestone by generating its first commercial sales in Q4 2024
from G1 Dallas. For the short stub period in Q4 2024 after the close of
the transaction, the Company recorded revenues of $2.9 million and a
gross profit of $1.2 million.
-- Unveiled global corporate rebranding as T1 Energy and selected Austin,
Texas as global headquarters. In February of this year, T1 launched a
comprehensive global rebrand that included a new company name (formerly
FREYR Battery, Inc.), corporate logo, a fresh visual identity, and a
ticker symbol change. The T1 brand and the selection of Austin, Texas as
the Company's corporate headquarters align with T1's rebirth as a company
focused on delivering American energy, jobs, and advanced manufacturing.
-- Announced and completed sale of Coweta County Site in Georgia. In
conjunction with T1's relocation to Texas and strategic mandate to
harvest value from non-core assets, the Company entered into a definitive
agreement to sell its 268-acre site in Coweta County, Georgia to an
undisclosed party for gross sales proceeds of $50 million. The
transaction closed on February 14, 2025, and generated net proceeds to T1
of $22.5 million following repayment of previously received state and
local grants.
-- T1 and Trina have filed a joint voluntary notice with the Committee on
Foreign Investment in the United States ("CFIUS") and the CFIUS process
is ongoing. CFIUS approval of the transaction is a pre-cursor to
achieving the first share conversion detailed in T1's November 2024
transaction announcement.
-- Investing in American advanced manufacturing at G2 Austin. G2 Austin is
T1's third major investment in Texas, America's #1 energy producer and a
national leader in the solar space. With the addition of G2 Austin to G1
Dallas and T1's new global corporate headquarters in Austin, the
Company's three facilities, all of which are located in the Texas
Triangle, represent a combined investment of more than $1.1 billion.
Texas' commitment to business growth and its strong and robust workforce
makes it an ideal location for T1 to create more than 3,000+ direct jobs
in less than three years.
"Adding solar cell manufacturing is foundational to building out T1's American supply chain. We are excited to take that next step right here in Texas, where the state's leadership and business community has continued to develop the infrastructure, talent, and business climate necessary to support this project," said Daniel Barcelo, T1's CEO and Chairman of the Board. "We are grateful for the support we have received from the Wilmer, Austin, and Milam County communities and look forward to continuing to partner together moving forward."
Business Outlook and Guidance
-- No changes to 2025 financial and operating guidance. There are no changes
to 2025 financial and operating guidance of $75 - $125 million estimated
full-year 2025 EBITDA based on projected 2025 module production of 3.4 GW
at G1 Dallas. In addition, there are no changes to projected EBITDA
ranges of $175 - $225 million of annual run rate EBITDA based on
optimized G1 Dallas production, and the $650 - $750 million annual
run-rate EBITDA estimate based on optimized production at G1 Dallas and
G2 Austin.
-- Update on European Portfolio Optimization. T1 is committed to generating
value from non-core assets and rationalizing costs from discontinued
operations. Accordingly, the Company has reclassified its European
operations as Discontinued Operations and has retained a financial
advisor to support potential non-core asset sales. In addition, T1 has
classified non-core assets including Giga Arctic and the Customer
Qualification Plant ("CQP") as Held for Sale and recorded a $312.9
million non-cash valuation charge. As of December 31, 2024, the Company
determined the fair values less the cost of potential sales of Giga
Arctic and the CQP to be $37.5 million and $5.6 million, respectively,
offset by historical currency adjustments.
Q4 and Full-Year 2024 Results Overview
-- T1 Energy reported a net loss attributable to stockholders for the fourth
quarter 2024 of $(367.2) million, or $(2.59) per diluted share compared
to a net loss of $(24.2) million, or $(0.17) per diluted share for the
fourth quarter of 2023. Net loss from continuing operations was $(30.8)
million, or $(0.22) per diluted share for the fourth quarter of 2024
compared to $(0.5) million or zero per diluted share for the fourth
quarter of 2023. Net loss from discontinued operations was $(336.4)
million or $(2.37) per diluted share for the fourth quarter of 2024
compared to $(24.3) million or $(0.17) per diluted share for the fourth
quarter of 2023.
-- For the full-year 2024 T1 reported a net loss attributable to
stockholders of $(450.2) million, or $(3.20) per diluted share, of which
$(2.75) per share was from discontinued operations, compared to a net
loss for the full-year 2023 of $(71.9) million, or $(0.51) per diluted
share, $(0.39) per share of which was from discontinued operations.
-- As of December 31, 2024, T1 had cash, cash equivalents, and restricted
cash of $76.6 million.
Presentation of Fourth Quarter and Full-Year 2024 Results
A presentation will be held today, March 17, 2025, at 8:00 am Eastern Daylight Time to discuss financial and operating results for the fourth quarter and full-year 2024. The results and presentation material will be available for download at https://ir.t1energy.com/overview/default.aspx
To access the conference call, listeners should contact the conference call operator at the appropriate number listed below approximately 10 minutes prior to the start of the call.
Participant conference call dial-in numbers:
USA / International Toll +1 (646) 307-1963
USA - Toll-Free (800) 715-9871
Canada - Toronto (647) 932-3411
Canada - Toll-Free (800) 715-9871
Conference call ID: 4407519
A webcast of the conference call will be broadcast simultaneously at https://events.q4inc.com/attendee/520886257 on a listen-only basis. Please log in at least 10 minutes in advance to register and download any necessary software.
A replay of the webcast will be available at: https://ir.t1energy.com/events-and-presentations/presentations/default.aspx
About T1 Energy
T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in Austin, Texas, with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.
To learn more about T1, please visit www.T1energy.com and follow on social media.
Cautionary Statement Concerning Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to the Company's operational performance and profitability (including its strategic objective to become a vertically integrated U.S. solar and storage leader and an engine of American energy, jobs, and advanced manufacturing), creation of jobs in the U.S. and investments in project sites, the timing of production ramp of solar modules, progress on the anticipated timing, development and construction for G2, any production targets at the Company's facilities, any financial and operating guidance, growth prospects for the U.S. solar and storage market and our ability to generate value from non-core assets and rationalizing costs from discontinued operations. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company's expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption "Risk Factors" in (i) T1's post-effective amendment no. 1 to the Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC") on January 4, 2024, (ii) T1's Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023, and (iii) T1's annual report on Form 10-K filed with the SEC on February 29, 2024, and T1's quarterly reports on Form 10-Q filed with the SEC on May 8, August 9 and November 12, 2024, and available on the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.
T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1's website in the 'Investor Relations' sections. T1 also intends to use certain social media channels, including, but not limited to, X and LinkedIn, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 posts to its digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it posts and to monitor such portions of T1's website and social media channels on a regular basis, in addition to following T1's press releases, SEC filings, and public conference calls and webcasts. The contents of T1's website and other social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
T1 ENERGY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Thousands)
As of December 31,
2024 2023
--------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 72,641 $ 253,339
Restricted cash 4,004 969
Inventory 274,549 --
Advances to suppliers 164,811 --
Other current assets 2,256 --
Current assets of discontinued
operations 64,909 57,646
--------- --------
Total current assets 583,170 311,954
--------- --------
Property and equipment, net 285,187 1,747
Goodwill 74,527 --
Intangible assets, net 281,881 --
Right-of-use asset under operating
leases 111,081 --
Non-current assets of discontinued
operations -- 418,484
--------- --------
Total assets $1,335,846 $ 732,185
========= ========
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 61,708 $ 7,923
Accrued liabilities and other 91,346 9,781
Deferred revenue 48,155 --
Derivative liabilities 14,905 --
Current portion of long-term debt 42,867 --
Current portion of long-term debt -
related party 51,500 --
Payables to related parties 52,534 --
Current liabilities of discontinued
operations 51,009 31,480
--------- --------
Total current liabilities 414,024 49,184
--------- --------
Long-term deferred revenue 32,000 --
Convertible note - related party 80,698 --
Operating lease liability 101,787 --
Long-term debt 188,316 --
Long-term debt - related party 238,896 --
Deferred tax liability 21,227 443
Other long-term liabilities 21,761 2,026
Non-current liabilities of discontinued
operations -- 45,816
--------- --------
Total liabilities 1,098,709 97,469
--------- --------
Commitments and contingencies
Redeemable preferred stock
Convertible series A preferred stock,
$0.01 par value, 5,000 issued and
outstanding as of December 31, 2024
(includes accrued dividends and
accretion of $87) and none issued and
outstanding as of December 31, 2023 48,375 --
Stockholders' equity
Common stock, $0.01 par value, 155,928
issued and outstanding as of December
31, 2024 and 139,705 issued and
outstanding as of December 31, 2023 1,559 1,397
Additional paid-in capital 971,416 925,623
Accumulated other comprehensive loss (58,975) (18,826)
Accumulated deficit (725,238) (274,999)
--------- --------
Total stockholders' equity 188,762 633,195
--------- --------
Non-controlling interests -- 1,521
--------- --------
Total equity 188,762 634,716
--------- --------
Total liabilities, redeemable
preferred stock, and equity $1,335,846 $ 732,185
========= ========
T1 ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS
(In Thousands, Except per Share Amounts)
Three months ended Years ended
--------------------- ------------------------
2024 2023 2024 2023
Net sales $ 2,942 $ -- $ 2,942 $ --
Cost of sales 1,714 -- 1,714 --
-------- ------- -------- --------
Gross profit 1,228 -- 1,228 --
-------- ------- -------- --------
General and
administrative
expenses 31,383 14,507 75,491 65,527
-------- ------- -------- --------
Total operating
expenses 31,383 14,507 75,491 65,527
Loss from continuing
operations (30,155) (14,507) (74,263) (65,527)
Other income
(expense):
Warrant liability
fair value
adjustment (2,585) 8,515 (1,291) 31,763
Loss from
derivative
liabilities (14,905) -- (14,905) --
Interest income
(expense), net (234) 3,907 3,393 9,949
Foreign currency
transaction gain
(loss) 7 94 563 (306)
Other income, net 1,315 1,561 6,103 5,916
-------- ------- -------- --------
Total other income
(expense) (16,402) 14,077 (6,137) 47,322
-------- ------- -------- --------
Loss from continuing
operations before
income taxes (46,557) (431) (80,400) (18,205)
Income tax
benefit
(expense) 15,771 (102) 15,760 (443)
-------- ------- -------- --------
Net loss from
continuing
operations (30,786) $(533.SI)$ (64,640) (18,648)
Net loss from
discontinued
operations, net of
tax (336,361) (24,253) (385,914) (54,448)
-------- ------- -------- --------
Net loss (367,147) (24,786) (450,554) (73,096)
Net loss
attributable to
non-controlling
interests -- 634 402 1,151
Preferred
dividends and
accretion (87) -- (87) --
-------- ------- -------- --------
Net loss
attributable to
common
stockholders $(367,234) $(24,152) $(450,239) $ (71,945)
======== ======= ======== ========
Weighted average
shares of common
stock outstanding -
basic and diluted 141,848 139,705 140,538 139,705
Net loss per share
from continuing
operations - basic
and diluted $ (0.22) $ -- $ (0.46) $ (0.13)
Net loss per share
from discontinued
operations - basic
and diluted $ (2.37) $ (0.17) $ (2.75) $ (0.39)
Net loss per share
attributable to
common stockholders
per share - basic
and diluted $ (2.59) $ (0.17) $ (3.20) $ (0.51)
Other comprehensive
loss:
Net loss $(367,147) $(24,786) $(450,554) $ (73,096)
Foreign currency
translation
adjustments, net
of tax (24,940) 20,089 (40,149) (27,920)
-------- ------- -------- --------
Total comprehensive
loss (392,087) (4,697) (490,703) (101,016)
Comprehensive
loss
attributable to
non-controlling
interests -- 634 402 1,151
Preferred
dividends and
accretion (87) -- (87) --
-------- ------- -------- --------
Comprehensive loss
attributable to
common
stockholders $(392,087) $ (4,063) $(490,388) $ (99,865)
======== ======= ======== ========
T1 ENERGY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
For the years ended
December 31,
------------------------
2024 2023
-------- --------
Cash flows from operating activities:
Net loss $(450,554) $ (73,096)
Adjustments to reconcile net loss to
cash used in operating activities:
Share-based compensation expense 7,751 11,595
Depreciation and amortization 10,455 3,344
Loss from classification to held
for sale 312,896 --
Reduction in the carrying amount of
long-term investments due to
license termination 21,028 --
Change in fair value of derivative
liabilities 14,905 --
Deferred income taxes (22,159) --
Reduction in the carrying amount of
right-of-use assets 1,988 1,351
Warrant liability fair value
adjustment 1,291 (31,763)
Convertible note fair value
adjustment -- (1,074)
Share of net loss of equity method
investee 596 379
Foreign currency transaction net
unrealized gain (1,538) (19,648)
Other 838 469
Changes in assets and liabilities:
Prepaid assets and other current
assets (7,885) 4,487
Accounts payable, accrued
liabilities and other 10,004 20,039
Operating lease liability (2,433) (4,012)
-------- --------
Net cash used in operating activities (102,817) (87,929)
-------- --------
Cash flows from investing activities:
Proceeds from the return of
property and equipment deposits 22,735 --
Proceeds from property related
grants -- 3,500
Purchases of property and equipment (50,830) (187,823)
Business acquisition, net of cash
acquired (109,636) --
Investments in equity method
investee -- (1,655)
Purchases of other long-term assets -- (1,000)
-------- --------
Net cash used in investing activities (137,731) (186,978)
-------- --------
Cash flows from financing activities:
Proceeds from issuance of
redeemable preferred stock 50,000 --
Payment for non-controlling interest (4,130) --
-------- --------
Net cash provided by financing
activities 45,870 --
Effect of changes in foreign exchange
rates on cash, cash equivalents, and
restricted cash (4,419) (12,396)
-------- --------
Net decrease in cash, cash equivalents,
and restricted cash (199,097) (287,303)
Cash, cash equivalents, and restricted
cash at beginning of period 275,742 563,045
-------- --------
Cash, cash equivalents, and restricted
cash at end of period $ 76,645 $ 275,742
======== ========
Reconciliation to consolidated balance
sheets:
Cash and cash equivalents $ 72,641 $ 253,339
Restricted cash 4,004 969
Restricted cash presented within current
assets of discontinued operations -- 21,434
-------- --------
Cash, cash equivalents, and restricted
cash $ 76,645 $ 275,742
======== ========
View source version on businesswire.com: https://www.businesswire.com/news/home/20250317542646/en/
CONTACT: Investor contact:
Jeffrey Spittel
EVP, Investor Relations and Corporate Development
jeffrey.spittel@T1energy.com
Tel: +1 409 599-5706
Media contact:
Amy Jaick
SVP, Communications
amy.jaick@T1energy.com
Tel: +1 973 713-5585
(END) Dow Jones Newswires
March 17, 2025 06:00 ET (10:00 GMT)
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