Slides
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Q2 2025 Earnings Call August 20, 2025 T1 Energy _ Q2 2025 Earnings Call G1_Dallas Pictured: Production lines at G1_Dallas
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T1 Energy _ Q2 2025 Earnings Call
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Participants and Agenda T1 Energy _ Q2 2025 Earnings Call Daniel Barcelo Chairman of the Board and Chief Executive Officer Evan Calio Chief Financial Officer Jaime Gualy Chief Operating Officer ▪ Key messages ▪ Business updates ▪ Concluding remarks ▪ 2025 operating and financial guidance unchanged ▪ Financial summary ▪ Policy overview ▪ T1’s OBBB compliance road map Prepared Remarks Q&A Jeff Spittel EVP , Investor Relations and Corporate Development Andy Munro Chief Legal & Policy Officer ▪ Corning supply agreement
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T1 Energy _ Q2 2025 Earnings Call Key Messages Time to Build: T1 is executing its strategy to build an integrated U.S. solar + storage leader Expanding T1’s U.S. supply chain ▪ Announced transformative strategic agreement with an affiliate of Corning Incorporated to source U.S.-made solar wafers Policy developments align with T1’s position and strategy ▪ One Big Beautiful Bill (“OBBB”) preserves Section 45X tax credits through 2032 and maintains stacking and transferability ▪ T1 cleared CFIUS review and is confident in ability to comply with FEOC requirements in the OBBB ▪ Launches of AD/CVD and Section 232 cases support T1’s U.S. advancedmanufacturing strategy Building commercial traction with major U.S. customers ▪ Executed 473 MW module sales agreement for H2 2025 deliveries with major utility ▪ T1 is now sold out of 2025 inventory at G1_Dallas under the 2.6 GW low-end of 2025 production guidance Positioning T1 to generate meaningful long-term shareholder value ▪ Advancing G2_Austin development in two phases of 2.5 GW with start of phase one production planned for Q4 2026 ▪ Maintaining 2025 EBITDA guidance of $25 - $50 million; H2 2025 risks skewed to or below the downside of range ▪ T1’s vision is to power U.S. AI development and energy dominance
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T1 Energy _ Q2 2025 Earnings Call Time To Build: AI Needs Power Now T1 is positioned to power the AI-driven U.S. electricity demand growth super-cycle AI is transforming the trajectory of U.S. electricity demand growth ▪ After 20 years of negligible growth, the emergence of AI and other structural trends are expected to catalyze a U.S. electricity super-cycle Solar + storage is required to power U.S. AI development ▪ Rapid demand growth requires timely deployment of new generation capacity ▪ Solar + storage installations remain the fastest and most cost-effective solution to deploy to the grid T1 has a significant role to play as a leading U.S. solar manufacturer ▪ T1 is building a significant sales channel with U.S. utilities, developers, and IPPs based on interest in T1’s products and expanding U.S. supply chain ▪ T1 is implementing its plan to establish domestic solar supply chain ▪ Establishing domestic solar manufacturing supply chains is fundamental to safeguarding U.S. energy security U.S. Electricity Demand is Growing Meaningfully Source: Rystad Energy, June 2025.
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T1 Energy _ Q2 2025 Earnings Call Commercial Update Signed 473 MW sales agreement with major U.S. utility ▪ Deliveries commence in Q3 2025 ▪ Customer has interest in significant G2_Austin volumes T1 is sold out under 2025 G1_Dallas low-end of 2025 production plan ▪ Expanding customer universe and recent spot sales underscore T1’s commercial traction ▪ Fielding elevated level of inbound safe-harboring inquiries post OBBB Pursuing strategic partnerships supported by long-term offtakes ▪ T1 is in active dialogues with large U.S. utilities, IPPs, and project developers ▪ Demonstrated compliance with FEOC regulations is expected catalyst for long- term G1/G2 offtake agreements T1 is maturing its commercial presence and growing its U.S. customer base T1 Commercial Pursuit Funnel for G1/G2 Opportunity set of 58.8 GW
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T1 Energy _ Q2 2025 Earnings Call T1’s Expanded Supply Agreement with Corning Major step forward in T1’s plan to establish a domestic solar value chain Summary of transaction: ▪ T1 will source hyper-pure polysilicon and solar wafers produced by Corning at its Michigan campus, which includes Hemlock Semiconductor ▪ Wafer supply is expected to commence with the anticipated H2 2026 start of production at G2 Expected benefits to T1 and customers: ▪ Significant step towards achieving FEOC Bill of Materials compliance before year-end 2025 ▪ Aligns with T1’s strategy to competitively differentiate as a domestic manufacturer of high-efficiency solar modules ▪ Provides customers with surety of supply via traceable, American-made components Investing in advanced American manufacturing: ▪ Expect to support a total of nearly 6,000 American jobs between the companies’ U.S. facilities ▪ Building a secure U.S. solar value chain to benefit from OBBB policy framework ▪ Maturing the U.S. polysilicon supply chain is equally critical for the domestic semiconductor industry T1’s Expanding U.S. Solar Supply Chain
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T1’s Commitment to Domestic Content T1 is positioned to address growing customer demand for high-performance solar modules built with U.S. components Domestic supply chain build out underway ▪ Announcement of U.S. wafer supply agreement with Corning is first major step towards FEOC Bill of Materials compliance for 2026 ▪ Advancing initial 2.5 GW phase for G2_Austin, T1’s U.S. solar cell facility ▪ Evaluating additional capital light opportunities to expand T1’s U.S. supply chain footprint through strategic partnerships Strategy aligns with customer demand ▪ Customer inbound inquiries for G1 modules and G2 cells have increased noticeably since passage of OBBB ▪ T1’s customers have pipeline of safe harbored projects through 2029/2030 ▪ Developers want surety of supply and domestic content ▪ Simplifies project execution and enhances project returns T1’s Projected 2027 U.S. Bill of Materials T1 believes it is the ideal safe harboring partner for U.S. developers T1 Energy _ Q2 2025 Earnings Call
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T1 Energy _ Q2 2025 Earnings Call G2_Austin Update T1 is moving forward with the first development phase of its planned U.S. solar cell manufacturing facility G2 Austin Rendering G2_Austin development plan ▪ As disclosed previously, T1 is pursuing two phase development of G2_Austin of 2.5 GW each ▪ T otal projected capex of $850 million, making it largest planned capital investment in polysilicon solar manufacturing in U.S., according to Rystad Energy ▪ Finalizing selection of exclusive Production Line Equipment vendor ▪ Targeting start of construction in Q3/Q4 2025 Advancing G2_Austin capital formation initiatives in parallel ▪ Progressing traditional project financing with consortium of G1_Dallas lenders ▪ Launched mezzanine financing process ▪ Second $50 million tranche of preferred stock with certain funds and accounts managed by Encompass Capital Advisors LLC available ▪ Customer offtake discussions with prospective strategic partners ongoing
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T1 Energy _ Q2 2025 Earnings Call G1_Dallas Operations Update Revenues expected to ramp in H2 2025 with customer deliveries Production status ▪ Produced 1,222 MW of solar modules in 2025 through August 11th, 2025 ▪ Maintaining 2025 production plan of 2.6 – 3.0 GW ▪ One of three production line conversions to TOPCon complete – producing PERC modules at the request of a customer from remaining two lines Sales update ▪ T1 generated Q2 2025 sales of $132.8 million ▪ T1 is in discussions with several large utilities/developers to explore strategic partnerships tied to multi-year offtake contracts * Q3 TD 2025 production/sales through August 11, 2025 G1_Dallas 2025 Production and Sales Summary
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T1 Energy _ Q2 2025 Earnings Call Policy Overview ▪ The Section 45X tax credits are available through 2032, providing a key incentive for T1 to accelerate U.S. supply chain development strategy ▪ Key stackability and transferability provisions of Section 45X preserved, in alignment with T1’s vertical integration plan T1 is strengthening its competitive position in alignment with recent policy changes OBBB Continuity ▪ Align operations and supply chain to achieve compliance with all FEOC eligibility requirements ▪ Develop G2_Austin to augment domestic content leadership in tandem with Corning U.S. wafer agreement ▪ Work with developers to facilitate qualification for 10% domestic content ITC bonus T1’s Action Plan ▪ U.S. Secretary of Commerce has initiated an investigation into the use of foreign-sourced polysilicon and derivatives, includingsolar wafers, cells and modules ▪ Commerce officials have indicated a preference to expedite the investigation and potential remedies Section 232 Investigation ▪ Solar 4 AD/CVD case has been initiated covering certain imports from Indonesia, Laos and India ▪ Reciprocal tariffs apply to several countries that are entrenched in the global solar and polysilicon supply chains AD/CVD and Reciprocal Tariffs ▪ T1’s expanded supply contract with Corning intended to provide a competitive advantage over U.S. producers using foreign-sourced polysilicon and components ▪ T1 has submitted public comments to the Commerce Department expressing support for Section 232 tariffs ▪ T1 believes it will be the leading U.S. solar manufacturer sourcing U.S. polysilicon T1’s Action Plan/Position ▪ T1 has declared its support for AD/CVD duties on the record in the Solar 4 case ▪ Express broad support for tariffs that are intended to benefit U.S. solar manufacturing, investment in technology transfer and onshoring T1’s Action Plan/Position
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T1 Energy _ Q2 2025 Earnings Call T1’s Countdown to Compliance Playbook Maintaining 45x eligibility is T1’s top strategic priority for 2025 ▪ Establish a Bill of Materials of 50+% Non FEOC content/components before year-end 2025 ▪ Build on early mover advantage from the Corning/Hemlock U.S. wafer agreement ▪ Position T1 to integrate U.S. supply chain from polysilicon to modules ▪ Pursue ‘synthetic’ capital light partnership opportunities to accelerate domestic supply chain development ▪ Competitively differentiate T1 as a TOPCon module manufacturer who can provide U.S. developers with surety of FEOC compliant supply at scale Build Out T1’s Non-FEOC Supply Chain ▪ Comply with ownership,governance, debt and IP requirements ▪ Make any necessary adjustments, including in Trina relationship,to ensure compliance Additional FEOC-Related Requirements
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T1 Energy _ Q2 2025 Earnings Call Risks to H2 2025 financial performance skewing towards or below low-end of range Maintaining 2025 Operating and Financial Guidance Production: Maintaining 2025 production guidance of 2.6 – 3.0 GW ▪ T1 is sold out for 2025 based on 2.6 GW production plan EBITDA: Maintaining 2025 full-year guidance of $25 - $50 million ▪ Risks in H2 2025 skewed to or below low-end of forecast range ▪ Higher mix of merchant sales agreements in H2 2025 ▪ Uncertainties posed by AD/CVD impacts on costs and contract economics ▪ Potential reciprocal tariff impacts on supply chain ▪ Working with customers to match deliveries under existing contracts/agreements with project safe harboring G1/G2 integrated: no changes to guidance of $650 - $700 million ▪ Heightened customer interest in T1’s U.S. cells and domestic content post OBBB ▪ Achieving FEOC compliance is prerequisite to unlock long-term offtake contracts T1 2025E Guidance Summary Operting and Financial Guidance Summary 2025E Integrated G1_Dallas + G2_Austin (both phases) Run Rate Annual Module Production (GW) 2.6 - 3.0 5.0 Estimated EBITDA ($MM) $25 - $50 $650 - $700
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T1 Energy _ Q2 2025 Earnings Call Summary of T1 financial position T1 Financial Summary T1 revenues ramped in Q2 2025 with G1 fully operational ▪ Generated Q2 revenues of $132.8 million from G1_Dallas ▪ Timing of Q2 customer shipments later than initially anticipated T1’s liquidity profile supports growth ambitions ▪ Unrestricted cash balance at end of Q2 reflects timing of payments/receipts ▪ T1 made significant investments in inventory during Q2 to satisfy growing customer demand ▪ Expect to begin monetizing Section 45X PTCs in Q3 2025 ▪ Amendment to make second tranche of $50 million preferred stock with certain funds and accounts managed by Encompass Capital Advisors LLC available T1 Balance Sheet Summary $ in millions As of 30-Jun-25 As of 30-Jun-24 Cash, cash equivalents, and restricted cash $47 $222 Other current Assets $598 $13 Net, property, plant & equipment $297 $327 Other Assets $472 $47 Total Assets $1,414 $644 Current Liabilities $512 $35 Other liabilities $668 $46 Preferred Stock $50 $0 Shareholders’ equity $184 $562 Total Liabilities & Equity $1,414 $644
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T1 Energy _ Q2 2025 Earnings Call T1’s Strategic Road Map Positioning T1 as an Advanced American Manufacturing leader in the U.S. solar + storage market ▪ OBBB introduced FEOC criteria that solar manufacturers must meet by year-end 2025 to maintain eligibility for 45X tax credits ▪ T1 cleared CFIUS review and work on domestication of supply chain has been underway for 18+ months. Based on this head start, T1 is confident in ability to comply with the OBBB requirements. ▪ Expanded Corning/Hemlock agreement is a major step forward to reach the FEOC supply chain threshold by year-end 2025 ▪ The OBBB, Section 232 probe, and reciprocal tariffs align with T1’s strategy to establish a domestic solar supply chain ▪ Capital formation initiatives fund G2_Austin construction ▪ Expand domesticvalue chain with target of 70%+ U.S. Bill of Materials by year-end ▪ Ramp sales and production at G1_Dallas ▪ Build long-term customer offtake portfolio for G1/G2 through strategic partnerships ▪ Engage with strategic partners to explore opportunities to invest in T1’s assets ▪ Construct and start production of first 2.5 GW phase of G2_Austin ▪ Initiate construction of second 2.5 GW phase of G2_Austin ▪ Bring second 2.5 GW phase of G2_Austin online ▪ Achieve integrated G1/G2 EBITDA run-rate of $600 - $700 million ▪ Commercialize solar + storage development strategy to support AI infrastructure 2025: Countdown to Compliance 2027: Establish Cash Flow Powerhouse 2026: Bridge to Vertical Integration