T1 Energy reported a net loss of $140.8 million, or $0.87 per share, for the third quarter ended September 30, 2025, a miss of $0.72 per share versus the consensus estimate of –$0.15. The loss is more than four times the $0.20 per share loss recorded in the same quarter a year earlier, reflecting the company’s ongoing investment cycle.
Revenue for the quarter rose to $210.5 million, beating the consensus estimate of $200.8 million by $9.7 million (4.8%). The increase was driven by stronger demand for the company’s solar modules, which grew 12% YoY, and a 5% lift in sales of its cell‑manufacturing equipment, offsetting a 3% decline in its legacy solar panel business.
The company’s operating margin contracted to 3.2% from 4.5% in Q3 2024, largely because of higher raw‑material costs and the capital‑intensive ramp‑up of the G1 Dallas module facility. Management said the higher costs are temporary and that the facility’s full production capacity will be reached in Q4, which should lift margins.
Despite the quarterly loss, T1 Energy reaffirmed its 2025 EBITDA guidance of $25–$50 million, unchanged from the prior guidance. The company cited a “meaningful ramp” in G1 Dallas production and the expected start of construction at the G2 Austin cell plant as key drivers of future profitability.
Management highlighted the company’s Section 45X production tax credits, which total $93.1 million as of September 30, 2025, and its recent $122 million equity financing that will support the G2 Austin project. CEO Dan Barcelo said the equity capital is “foundational to constructing G2 Austin, the centerpiece of T1’s mission to build an integrated American solar supply chain.”
Analysts noted that the sharp EPS miss was driven by the loss of a large offtake contract that reduced expected Q3 volumes, while the revenue beat reflected a rebound in domestic demand for solar components amid growing policy support for U.S. manufacturing.
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