The Ledger

TET1 Energy Inc.

Industry Clean energy mfg Updated 28 Sep 2026 Price 23 Oct 2026

If management hits its targets, one share by the end of 2028

$2.29 → $2.35

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

$2 → $2

One guided year on: +1% a year. 2027 is the year management has guided, and it is still running 12 months from the price date, so the 12-month bar, $2.29, stays at or near today's price: the model counts no growth until a guided year is over and only the share count moves. Carried one year past it on management's own figures, the same ones the 24- and 36-month bars use, a share works out to $2.35 at the end of 2028, 26 months from the price date. Climbing there at an even pace from today's $2.29 is +1% a year, $2.32 in 12 months, and that is the figure the Companies page lists.

Show the math

hold today's enterprise value multiple — about 3× the 2027 run-rate Adjusted EBITDA management guides — and move that run rate from the Phase 1 tier to the both-phases tier over the three years, at 13.0% to 23.1% a year. Then take off net debt of $471M and divide by 330.3M shares growing at the pace of the last half. Each figure management gave as a range is taken at its middle. Up to the end of 2027, the year management has guided, the company's value is today's and only the share count moves, so the figure is held at today's price rather than shown falling with the dilution.

0$1$2$3Today (Oct 2026): $2, the market price$2TodayOct 202612 months (Oct 2027): $2 a share if management delivers; held at the earlier level, see the note$212 monthsOct 202724 months (Oct 2028): $2 a share if management delivers$224 monthsOct 202836 months (Oct 2029): $3 a share if management delivers$336 monthsOct 2029
SharesTodayIn 12 monthsOct 2027In 24 monthsOct 2028In 36 monthsOct 2029
Past pace: all sharescommon plus the 35.7M shares the preferred converts into, up 9.7% a year as in the half to Jun '26$2$2373M sh · held$2410M sh$3449M sh
Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

  1. The multiple. Today's enterprise value over the profit figure management guides for 2027: $375-450M of integrated run-rate Adjusted EBITDA with G1 at 5 GW and G2 Phase 1 at 2.1 GW. That is about 3×. There is no earlier multiple to use: 2025 Adjusted EBITDA was minus $65.0M against a $25-50M guide, and no 2026 figure has been given.
  2. Why the base year is 2027. It is the only year with a positive profit number attached, and the number rests on a cell fab whose first production slipped from the second half of 2026 to the first quarter of 2027 and whose Phase 1 financing has been bridged twice rather than closed — $120.0M of convertible notes on 31 July and another $50.0M agreed on 28 September. If the fab is late again, so is the base year.
  3. The unguided years. From the second tier in the same sentence: $650-700M with both G2 phases at 5 GW instead of 2.1 GW. Spread evenly over the three years that is 13.0% to 23.1% a year, so the arithmetic at the end of 2030 is simply the both-phases run rate at today's multiple, $3 a share. 2028 and 2029 are an interpolation between two stated levels, because Phase 2 has no date, and the 36-month bar in October 2029 is read along that line.
  4. Per share. Company value less net debt of $471M, divided by the share count. Economic shares are 330.3M at 30 Jun 2026: the common count plus the 35.7M shares the Encompass preferred converts into at $1.70 and $1.90. Left out as debt rather than stock: three convertible series with $499.0M of principal at $4.46, $6.80 and $6.93 conversion prices, and the $11.50 warrants from the 2021 listing. The count grows 9.7% a year here, the pace of the cleanest recent half; the authorised count was doubled to a billion shares in June, and $73.0M of Evervolt tranches may be paid in stock.
  5. Held. To the end of 2027, the year management has guided, the value is today's and only the share count moves, so the 12-month figure is held at today's price; the arithmetic alone gives $2. At 24 months nothing management has put a number on has yet grown the business faster than its share count, so the figure is held where the arithmetic last had it; the arithmetic alone gives $2. By 36 months the Phase 2 tier outruns the count and the bar is the arithmetic's own $3.
  6. What this is not. It is the arithmetic of the one forward profit number management states, on a company whose every annual Adjusted EBITDA guide has been missed.

Promises vs. what happened

16 claims · 8 decks

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

PromiseMade inWhat happened
G1 loan converts to a term loan by Apr '25Q4 '24convertedHeld
G1 at a 4.5 GW run rate in Q4 '25Q3 '25reachedHeld
First G2 offtake by end '25Q3 '25signedHeld
Second G2 offtake in Q2 '26Q4 '25signedHeld
Year-end '25 cash above $100MQ1 '25met, on $440M+ of Q4 raisesLate
Wilmer at 5.2 GW nameplate by Nov '25Q3 '24about 3.7 GW annualisedLate
45X credits monetised from Q3 '25Q1 '25$160M at $0.91, two quarters lateLate
50% non-FEOC and 70% US content by end '25Q2 '25percentages stopped being reportedDropped
2026 production 3.1-4.2 GWQ4 '25open — 1.62 GW in H1Open
2027 run-rate EBITDA $375-450M, $650-700M at 5 GWQ4 '25open — the base of this pageOpen
Wilmer earns $75-125M of EBITDA in '25Q3 '24-$65.0MMissed
2025 EBITDA cut to $25-50MQ1 '25-$65.0M, $90M below the floorMissed
5.0 GW cell plant, $850M, producing H2 '26Q3 '24became 2.1 GW for about $510MMissed
G2 cells from Q4 '26Q4 '24moved to Q1 '27Missed
G2 Phase 1 funded by Apr '26Q4 '25bridged twice; still targetedMissed
A 2026 EBITDA guide after Section 232Q1 '26never given; the column is goneMissed

What they’re pitching

the headline page, deck by deck

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q3
'24
Q4
'24
Q1
'25
Q2
'25
Q3
'25
Q4
'25
Q1
'26
Q2
'26

G1 rampOff page one Q2 '25

IntegrationPage one since Q2 '26

45XOff page one Q1 '26

AI demandOff page one Q2 '26

G2 fabOff page one Q2 '26

FinancingPage one since Q4 '25

TariffsNew Q1 '25 · Page one since Q1 '26

Cash flowFirst seen Q4 '24

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

G1_Dallas module ramp

Q4 '24 · headline page

“» G1 Dallas U.S. solar module production ramp is ahead of plan”

Deck Q4 2024 Earnings presentation · p. 4 (OCR) ·

G1_Dallas module ramp

Q1 '25 · headline page

“# G1 Dallas is fully installed, commissioned, and operational for design capacity of 5.0 GW”

Deck Q1 2025 Earnings presentation · p. 6 (OCR) ·

Integrated U.S. solar (+ storage) supply chain

Q3 '24 · headline page

“Establishes platform for FREYR’s integrated U.S. solar + battery storage strategy”

Deck Transformative Acquisition of Trina Solar's U.S. Photovoltaic Module Manufacturing Assets · p. 4 ·

Integrated U.S. solar (+ storage) supply chain

Q4 '24 · further in the deck

“"G2 Austin U.S. solar cell facility is the centerpiece of T1’s domestic content strategy 7 Advancing interim options to source additional module components from U.S.”

Deck Q4 2024 Earnings presentation · p. 14 (OCR) ·

Integrated U.S. solar (+ storage) supply chain

Q1 '25 · further in the deck

“T1 is committed to establishing a domestic content leadership position across an integrated U.S. solar value chain Growing T1’s domestic supply chain " T1is executing a plan to deliver >70% domestic content on solar PV modules by H1 2027 T1 U.S. Module Domestic Content Road Map”

Deck Q1 2025 Earnings presentation · p. 12 (OCR) ·

Integrated U.S. solar (+ storage) supply chain

Q2 '25 · headline page

“Time to Build: T1 is executing its strategy to build an integrated U.S. solar + storage leader”

Deck Q2 2025 Earnings presentation · p. 4 ·

Integrated U.S. solar (+ storage) supply chain

Q3 '25 · further in the deck

“Positioning T1 as the first vertically integrated American silicon-based advanced solar company”

Deck Q3 2025 Earnings presentation · p. 12 ·

Integrated U.S. solar (+ storage) supply chain

Q4 '25 · headline page

“T1 is building an integrated American polysilicon solar manufacturing supply chain T1 executes successful registered direct common equity offering of $72MM coupled with $50MM convertible preferred investment from certain funds and accounts managed by Encompass Capital”

Deck Q4 2025 Earnings presentation · p. 4 ·

Integrated U.S. solar (+ storage) supply chain

Q1 '26 · further in the deck

“T1 is building an integrated U.S.”

Deck Q1 2026 Earnings presentation · p. 9 ·

Integrated U.S. solar (+ storage) supply chain

Q2 '26 · headline page

“T1 continues to execute its strategy to build a U.S. domestic solar champion with an industry leading U.S. silicon-based technology”

Deck Q2 2026 Earnings presentation · p. 4 ·

FEOC compliance and Section 45X eligibility

Q3 '24 · further in the deck

“Both the module and cell plants are expected to be fully eligible for IRA production tax credits”

Deck Transformative Acquisition of Trina Solar's U.S. Photovoltaic Module Manufacturing Assets · p. 10 ·

FEOC compliance and Section 45X eligibility

Q2 '25 · headline page

“T1 cleared CFIUS review and is confident in ability to comply with FEOC requirements in the OBBB”

Deck Q2 2025 Earnings presentation · p. 4 ·

FEOC compliance and Section 45X eligibility

Q3 '25 · further in the deck

“T1 is executing key workstreams to ensure eligibility for Section 45X tax credits in 2026 and beyond”

Deck Q3 2025 Earnings presentation · p. 7 ·

FEOC compliance and Section 45X eligibility

Q4 '25 · headline page

“T1 announces strategic transactions with Trina Solar intended to allow”

Deck Q4 2025 Earnings presentation · p. 4 ·

FEOC compliance and Section 45X eligibility

Q1 '26 · further in the deck

“Entered into transactions intended to maintain eligibility for Section 45X credits”

Deck Q1 2026 Earnings presentation · p. 9 ·

AI-driven power demand

Q2 '25 · headline page

“T1’s vision is to power U.S. AI development and energy dominance”

Deck Q2 2025 Earnings presentation · p. 4 ·

AI-driven power demand

Q3 '25 · further in the deck

“AI and data center development underpin projections for soaring U.S. electricity demand growth”

Deck Q3 2025 Earnings presentation · p. 5 ·

AI-driven power demand

Q4 '25 · further in the deck

“Indications of higher H2 2026 customer demand tied to surging AI infrastructure development”

Deck Q4 2025 Earnings presentation · p. 6 ·

AI-driven power demand

Q1 '26 · headline page

“T1 is positioned downstream of hyperscaler demand for power and at the nexus of U.S. advanced manufacturing and policy”

Deck Q1 2026 Earnings presentation · p. 4 ·

AI-driven power demand

Q2 '26 · further in the deck

“Electricity demand growth tied to data center development continues to underpin utility-scale solar interest: 474 GW of interconnection requests in ERCOT , 90% of which are tied to data centers1 1: ERCOT Update to Senate Committee on Business & Commerce, July 2026.”

Deck Q2 2026 Earnings presentation · p. 8 ·

G2_Austin cell fab construction

Q3 '24 · further in the deck

“Targeting start of U.S. cell production in 2H 2026”

Deck Transformative Acquisition of Trina Solar's U.S. Photovoltaic Module Manufacturing Assets · p. 9 ·

G2_Austin cell fab construction

Q4 '24 · headline page

“= Selected Sandow Lake Ranch in Milam County, TX as site for G2 Austin 5.0 GW U.S. solar cell manufacturing facility”

Deck Q4 2024 Earnings presentation · p. 4 (OCR) ·

G2_Austin cell fab construction

Q1 '25 · further in the deck

“= Launched tender process RFP for production line equipment”

Deck Q1 2025 Earnings presentation · p. 8 (OCR) ·

G2_Austin cell fab construction

Q2 '25 · headline page

“Advancing G2_Austin development in two phases of 2.5 GW with start of phase one production planned for Q4 2026”

Deck Q2 2025 Earnings presentation · p. 4 ·

G2_Austin cell fab construction

Q3 '25 · further in the deck

“Detailed design and partner selection complete; T1 moving forward with the 2.1 GW first phase of its planned U.S. solar cell fab”

Deck Q3 2025 Earnings presentation · p. 8 ·

G2_Austin cell fab construction

Q4 '25 · headline page

“G2_Austin construction proceeding on schedule with production line equipment ordered and first steel expected to be erected on site in April 2026”

Deck Q4 2025 Earnings presentation · p. 5 ·

G2_Austin cell fab construction

Q1 '26 · headline page

“G2_Austin construction proceeding on schedule with foundational concrete works underway in April 2026 and erection of first steel expected in May 2026”

Deck Q1 2026 Earnings presentation · p. 4 ·

G2_Austin cell fab construction

Q2 '26 · further in the deck

“Construction of T1’s flagship U.S. solar cell fab proceeding with first cell production expected in Q1 2027”

Deck Q2 2026 Earnings presentation · p. 7 ·

Capital formation for G2 Phase 1

Q4 '24 · headline page

“» Advancing capital formation initiatives to fund next phase of T1’s U.S. growth strategy”

Deck Q4 2024 Earnings presentation · p. 4 (OCR) ·

Capital formation for G2 Phase 1

Q1 '25 · headline page

“» Advancing initial phases of G2 Austin project development and multiple related capital formation initiatives”

Deck Q1 2025 Earnings presentation · p. 6 (OCR) ·

Capital formation for G2 Phase 1

Q3 '25 · further in the deck

“Registered direct equity and convertible preferred proceeds to trigger Q4 2025 start of Phase 1 construction at G2”

Deck Q3 2025 Earnings presentation · p. 7 ·

Capital formation for G2 Phase 1

Q4 '25 · headline page

“T1 executes concurrent, oversubscribed public offerings of convertible senior notes due 2030 and common equity, generating gross proceeds of $322MM”

Deck Q4 2025 Earnings presentation · p. 4 ·

Capital formation for G2 Phase 1

Q1 '26 · headline page

“T1 has identified and is targeting a comprehensive financing solution, which includes a significant debt component, to fund the remaining balance of capital expenditures for Phase 1 of G2_Austin in Q2 2026”

Deck Q1 2026 Earnings presentation · p. 4 ·

Capital formation for G2 Phase 1

Q2 '26 · headline page

“T1 continues to target a comprehensive financing solution, which includes a significant debt component, to fund the remaining balance of capital expenditures for Phase 1 of G2_Austin ▪ Executed $120 million private convertible notes offering in July with intention to bridge to targeted”

Deck Q2 2026 Earnings presentation · p. 4 ·

Tariffs and Section 232

Q1 '25 · further in the deck

“= Uncertain tariff rates and opaque Bill of Materials costs make it difficult for solar manufacturers and developers to accurately bid projects”

Deck Q1 2025 Earnings presentation · p. 5 (OCR) ·

Tariffs and Section 232

Q2 '25 · headline page

“Launches of AD/CVD and Section 232 cases support T1’s U.S. advancedmanufacturing strategy”

Deck Q2 2025 Earnings presentation · p. 4 ·

Tariffs and Section 232

Q4 '25 · further in the deck

“Growing confidence in ability to achieve high-end of range based on procurement outlook for international cells from suppliers who have certified as non-FEOC 2026: waiting on Section 232 outcome and customer safe-harboring”

Deck Q4 2025 Earnings presentation · p. 10 ·

Tariffs and Section 232

Q1 '26 · headline page

“As a major buyer of American polysilicon and a growing American advanced manufacturer building critical domestic energy supply chains, we believe that T1 is well positioned for a potential Section 232 ruling”

Deck Q1 2026 Earnings presentation · p. 4 ·

Tariffs and Section 232

Q2 '26 · headline page

“U.S. Department of Commerce Section 232 proclamation is expected to aid U.S. manufacturers like”

Deck Q2 2026 Earnings presentation · p. 4 ·

Cash flow powerhouse

Q4 '24 · further in the deck

“Expand T1’s American made supply chain Build a cash flow powerhouse”

Deck Q4 2024 Earnings presentation · p. 15 ·

Cash flow powerhouse

Q1 '25 · further in the deck

“Expand T1’s American made supply chain Build a cash flow powerhouse”

Deck Q1 2025 Earnings presentation · p. 13 ·

Cash flow powerhouse

Q2 '25 · further in the deck

“Achieve integrated G1/G2 EBITDA run-rate of $600 - $700 million”

Deck Q2 2025 Earnings presentation · p. 15 ·

Cash flow powerhouse

Q3 '25 · further in the deck

“American supply chain Establish T1 as a cash flow powerhouse”

Deck Q3 2025 Earnings presentation · p. 12 ·

Cash flow powerhouse

Q4 '25 · further in the deck

“Establish T1 as a cash flow powerhouse”

Deck Q4 2025 Earnings presentation · p. 14 ·

Cash flow powerhouse

Q1 '26 · further in the deck

“Generate efficiencies and bolster throughput at G1_Dallas to achieve sustainable profitability”

Deck Q1 2026 Earnings presentation · p. 10 ·

What they keep talking about · 10

The themes that show up deck after deck, and the ones that disappear.

G1 ramp
The headline of the first two decks after the Trina purchase. From Q2 '25 the production figures move into the financial summary and something else leads.
Integration
"Integrated US solar" throughout; storage drops out of the pitch after Q2 '25 and comes back in Q2 '26 as the KORE Power acquisition.
45X
The stated top priority of 2025. After the December 2025 FEOC restructuring, eligibility is described as "intended" rather than confirmed, and the credit figures stop being printed.
AI demand
Arrives in 2026 as the reason utility-scale solar demand holds — the one lane with no number attached to it.
G2 fab
"On schedule" in Q4 '25 and Q1 '26. In Q2 '26 first production moves to Q1 '27 and the deck speaks of "updated timelines and budget". Project AMAZE's 8 GW is last named in Q4 '24.
Financing
A headline from March 2025 on. Equity and converts fund each step — $122M in Oct '25, $120M in Jul '26, $50M in Sep '26 — while the project debt stays "targeted".
Tariffs
Section 232 becomes the central argument in 2026: domestic polysilicon from Hemlock and wafers from Corning are what the case rests on.
Cash flow
A pillar called "cash flow powerhouse" until Q4 '25, renamed "Enhance T1's profitability" in Q1 '26, and absent in Q2 '26.
New
Q2 '26: the Section 232 proclamation, the KORE Power storage acquisition, and a margin roadmap on a new product-level metric.
Quiet
The current-year EBITDA guide, the commercial funnel (58.8 GW, then 41.0 GW, then nothing), the 45X credit figures, the domestic-content percentages and the standalone G2 EBITDA line all stopped.
Every quarterly report we’ve saved · 8

The press releases and shareholder letters behind this page.

Archived as text; the links open the copies filed on EDGAR or the investor-relations site.

What analysts asked them

6 calls · Q4 24 – Q2 26

The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.

Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.

Share of questions about…Q4 24Q1 25Q3 25Q4 25Q1 26Q2 26
Demand & customers40%50%27%29%42%36%
Growth & sales·50%9%14%25%·
Pricing & margins··9%29%33%55%
Guidance & outlook20%75%9%·17%·
Capacity & supply60%25%64%·42%27%
Capital & financing20%·9%29%8%36%
Products & technology20%25%9%·8%9%
Macro & regulation·····18%
Other40%25%18%14%25%9%
Questions541171211
How much the CEO talked48%62%62%54%54%73%

Who’s in charge, who’s selling

read from the filings · 1 Oct 2026

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

  1. Tier 1 · stable

    Its customer, sales agent, operator, licensor and 18% holder are the same group

    T1 bought G1_Dallas from Trina for $100.0M of cash, 15.4M shares, a $150.0M 1% note and an $80.0M convertible that became 30.4M more shares. Trina held 17.97% at the record date, just under the 25% foreign-entity limit, and at the same closing signed agreements to run the plant for 5% of its adjusted EBITDA, to sell every Trina-branded module for 2-3.5 cents a watt and then 2% of price plus half of anything above a target plus an EBITDA bonus — capped with the IP licence at $200M a year — and to license the technology. First-half related-party sales were $427.5M; third-party sales were $241 thousand.

  2. Tier 1 · live

    A restatement, a material weakness still open, and an auditor changed eighteen days later

    On 18 August 2025 the audit committee ruled Q1 2025 could not be relied upon: intangible amortisation belonged against revenue, not in operating expense. A material weakness was identified and disclosure controls were not effective. On 5 September 2025 PricewaterhouseCoopers AS was dismissed and KPMG appointed, with no disagreements reported and that weakness named as the one reportable event. At 30 June 2026 management again concluded disclosure controls were not effective because of the same weakness.

  3. Tier 1 · live

    Grand-jury subpoenas over 2023 share sales, and a patent case that could exclude its cells

    In November 2025 the company and "a Company executive and Board member" received Department of Justice grand-jury subpoenas for documents about sales of T1 stock in the second half of 2023 on that person's account; the SEC then made a document request. Open at 30 June 2026. The filings name nobody and allege nothing. Separately, First Solar is seeking a general exclusion order at the International Trade Commission on TOPCon cells, with a hearing on 16 February 2027, and RWE has sued over a long-term offtake.

  4. Tier 2 · worsening

    The share count is up about 89% in a year, and the authorised count was just doubled

    Shares went 155.9M in August 2025 to 294.5M in August 2026. The December 2025 quarter raised over $440M of equity, including 21.5M shares to Encompass, which triggered Trina's anti-dilution right and 4.3M more. On top sit the preferred's 35.7M shares (or a cash redemption at $10.00 in December 2027), $499.0M of convertible principal across three series, and $73.0M of Evervolt tranches payable in cash or stock. In June 2026 holders doubled the authorised common to a billion shares, with 2.1% against.

  5. Tier 2 · stable

    A director on a monthly retainer, and three relatives on the payroll

    Peter Matrai, a co-founder and sitting director, takes $30,000 a month as a consultant with equity eligibility and a $250,000 award promised if he advises on an acquisition, vesting whether or not he stays a director. Mingxing Lin, a director until the 2026 meeting, now takes $40,000 a month. The chief executive's son was hired at $165,000 and is on $225,000 ten months later; the operating chief's brother became an SVP at $350,000; a director's sister-in-law was an SVP at $275,000. The chief executive's bonus was 153% of salary in a $367.8M loss year.

Where shareholders voted no

At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.

20252026Share 2026
Barcelo (chief executive, chairman)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off.0.6M0.5M against0.3%
Kantor (Encompass, largest holder)A board seat.1.2M1.8M against1.1%
Strine (governance chair)A board seat.2.3M2.0M against1.2%
Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one.9.2M against29.2M against17.2%
Double the authorised sharesPermission to create more shares. The company may then sell new shares later, for deals or to raise cash. New shares dilute the existing ones, so each shareholder owns a smaller share of the company. A no says shareholders want that door kept narrower.—4.4M against2.1%

Insiders who sold the most stock

Reported sales by executives and directors, biggest first.

SEC insider data sets, Jul '25-Jun '26SoldNote
Two insiders, unnamed$192.1Mnine sales, no purchases, and none of it under a pre-set plan
Share of market valueabout 17.9%the largest insider-sale ratio on any name among the companies covered here
Encompassa buyersubscribed 21.5M new shares from the company in Oct '25
Trinaa buyersubscribed 4,274,704 shares under its anti-dilution right in Nov '25
Open-market buysnoneby any insider in the twelve months counted