T1 Energy Inc.

Good day, and thank you for standing by. Welcome to the T1 Energy's first quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your host today, Jeff Patel, Executive Vice President of Investor Relations and Corporate Development. Please go ahead.

Good morning and welcome to T1 Energy's first quarter 2025 earnings conference call. With me today on the call are Dan Barcello, our Chief Executive Officer and Chairman of the Board. Evan Calio, our Chief Financial Officer. Jaime Guale, our Executive Vice President of Corporate Development. Rob Gibbons, our EVP of Strategic Partnerships. Andy Monroe, our Chief Legal and Policy Officer, and Borges Elstead, our SVP of Operations. During today's call, management may make forward-looking statements about our business. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expectations. Most of these factors are outside T1's control and are difficult to predict. Additional information about risk factors that could materially affect our business are available in our annual report on Form 10-K, filed with the Securities and Exchange Commission, and our other filings made with the SEC, all of which are available on the investor relations section of our website. With that, I'll turn the call over to Dan.

Thanks, Jeff, and welcome everyone to our earnings call to review our first full quarter at T1 Energy. The two recurring themes for today's call are progress, and policy. The progress refers to T1's ongoing rapid corporate transformation to realize our mission of building a domestic solar and battery supply chain to invigorate America with scalable, reliable, and low-cost energy while we establish pathways to maximize domestic content. But of course, that progress isn't taking place in a vacuum, and the lingering uncertainties around trade policy and the future state of the Inflation Reduction Act are creating some near-term complexity. So let's start on slide four with an overview of the policy environment and the key considerations for T1. As you are most likely aware, the House Ways and Means Committee has advanced changes to key IRA energy tax provisions. Our preliminary assessment of the bill is that there are provisions that validate T1's strategy of investing in advanced manufacturing in the United States, including retention of the 45X advanced manufacturing production tax credit and the domestic content bonus. However, we believe there are proposed elements of the bill that will stifle competition, growth, technology onshoring, and choices for T1's developer customers. Given our commercial partnership with Trina, the stringent foreign entity of concern language passed by the Ways and Means Committee has our attention. But we have been neither surprised nor unprepared to consider modifying elements of our business plan, if necessary, to ensure compliance and preserve access to IRA incentives that are enabling T1 to build an integrated U.S. supply chain and to advance our domestic content strategy. We also have ongoing and productive dialogues with local, state, and federal lawmakers to promote T1's interests and investments in the U.S. solar production industry. We believe that incentives under Section 45X, 48E, and 45Y are fundamental to the U.S., building a vibrant, competitive, and localized solar value chain. And we will continue to tell that story on Capitol Hill and in Texas, along with our domestic partners. In the interim, I'll remind our investors that this is the first step in a long legislative process that will very likely see the language change as it advances through Congress. We are hopeful the practical modifications to minimize commercial disruptions and to support domestic solar energy will be included in subsequent and final versions of the reconciliation bills. T1 expects to have a strong and influential voice in the discussion of U.S. solar industrial policy, given the meaningful investments we have made in domestic manufacturing, American jobs, and the initial phases of establishing a U.S. solar value chain. Spearheading this effort will be our new Chief Legal and Policy Officer, Mr. Andy Monroe. Andy brings more than 30 years of legal expertise and has spent the last decade in the U.S. solar sector. While he was at QCELS North America, he was instrumental in shaping the framework of what eventually became Section 45X of the Inflation Reduction Act. Andy, we're delighted to have you on board and welcome to the team. Turning to slide five in U.S. trade policy, as we indicated publicly during Q1, T1 is supportive of tariffs that level the competitive playing field for the U.S. solar industry, including anti-dumping and countervailing duties. These initiatives are intended to reward Tier 1 producers who invest in domestic supply chains like T1. As we have disclosed previously, we are already sourcing the majority of our polysilicon from here in the U.S., and we are executing our plan to build an integrated domestic solar manufacturing footprint. Although we generally support tariffs for the solar industry, like many of our peers, we are contending with some near-term headwinds due to tariff uncertainty. T1 and our developer customers require visibility into bill of materials costs to accurately bid offtake in PPA contracts. In the absence of that visibility to accurately risk assess our pricing, we cannot justify bidding into the current merchant sales market. Accordingly, as Evan will detail shortly, we're revising our 2025 sales production and EBITDA guidance to assume limited merchant sales for 2025 as we wait for market clarity. With 1.7 gigawatts of committed offtake volumes already in our G1 portfolio for 2025, Revenues and operating cash flow will continue to ramp into the second half under these new guidance assumptions, and we anticipate exiting 2025 with a robust cash and liquidity position. Near-term uncertainties aside, the fundamentals of the U.S. solar industry remain healthy and supportive of T1's strategy. Solar and battery storage have emerged as the fastest and most cost-effective technologies to add to U.S. generating capacity. With the emergence of energy-intensive technologies such as AI, the electrification of society, and the potential for a U.S. advanced manufacturing renaissance, solar plus storage will remain critical to the all of the above approach that is necessary to satisfy growing U.S. energy demand. I'll conclude our commentary on policy by underscoring that T1's strategy dovetails with several of President Trump's key priorities. We are focused on the strategic development of critical U.S. energy supply chains, We are at the forefront of bringing advanced manufacturing back to American shores, and we are building an American job creation engine. We are resolute in our mission, and we are determined to promote our shareholders' interests, and we are making rapid progress to build T1 into U.S. energy powerhouse. With that, let's turn to slide six for an overview of our key messages. Our rapid global corporate transformation gained momentum in the first quarter and in the weeks that have followed. We have continued to make progress on several fronts. This morning, we announced that we have signed our first new corporate customer sales agreement as T1 Energy with an emerging developer for 253 megawatts of 2025 module volumes out of G1 Dallas. We'll hear more about this contract and our commercial development from Rob later in the call. As I indicated previously, we have reduced our 2025 financial and operating guidance lower to account for some of the near-term uncertainties in the market and the elective conversion of three G1 production lines to TopCon technologies. Despite the revisions to guidance, T1 has a strong liquidity outlook and position. At the low end of the updated 2025 EBITDA guidance range, T1 is projected to have cash and liquidity of more than $100 million at year end. Evan will walk you through the moving parts shortly. From an operational perspective, the ramp up at G1 Dallas continues to progress smoothly. On April 30th, we indicated that T1 had successfully converted the G1 Dallas construction loan to a $235 million term loan following third-party verification that construction, installation, and commissioning activities were completed. The plant is fully operational, and module deliveries to off-take customers have begun to ramp up. G1 Dallas is a world-class asset, and we look forward to showcasing it to investors, customers, and other key partners. For those of you who can't visit G1 in person, be on the lookout for the launch of our expanded website to give you a feel for our operations virtually. Following site selection of Sandow Lake Ranch in Milam County, Texas in March, we are progressing through the initial stages of project development for G2 Austin, our planned U.S. solar cell facility. There is meaningful interest in this project, and we are engaged in productive capital formation discussions with several potential partners. This morning, we announced the heads of agreement with a third-party partner aligned with the Kingdom of Saudi Arabia to explore a potential investment into the G2 project. To be clear, this is a non-binding agreement, and we're still in the early stages of raising capital for G2, but so far we are pleased with the receptivity to investing in T1's planned U.S. solar cell production manufacturing facility. With sales and deliveries beginning to ramp under our 1.7 gigawatt of combined 2025 customer offtake contracts and sales agreements at G1 Dallas, T1's cash and liquidity outlook for 2025 remains healthy despite the near-term merchant sales uncertainties. G1 operating cash flows combined with the wind-down of our legacy European organization and reduction of associated costs into 2026 should support our significant liquidity position. As we indicated in our previous call in March, T1 and Trina filed a joint voluntary notice with the Committee on Foreign Investment in the United States, and the CFIUS process is ongoing. And finally, we continue to make progress with our European wind-down and portfolio optimization initiatives. As European personnel-related costs roll off of our P&L, the cost savings from the wind-down should accelerate later this year. In conjunction with the wind-down, our Board of Directors is also overseeing the process of potentially harvesting value from our legacy portfolio, including GigaArctic, the CQP, and the GigaVasa project. Securing access to additional power for these assets is a key value driver for And as the process develops, we will continue to provide updates to our investors. Moving to Site 7, we'll turn our attention to G1 Dallas, which has provided a launchpad for T1's operations and commercial development as a solar equipment manufacturer. Following the handovers to operations in late April, G1 is fully operational and sales are poised to continue ramping with deliveries under our 1.7 gigawatt of 2025 customer offtake contracts and sales agreements. Deliveries under the Trina US offtake started in Q1, and with Q2 underway, we have begun delivering modules to RWE under the 500 megawatt per year sales agreement. We expect to begin shipping modules under the 2025 developer sales agreement that we announced this morning in Q3. To match production with the temporary lull in busy activities we are experiencing, we are modifying the 2020 production plan to 2.6 to 3 gigawatts. This change in plans also relates to our decision to convert three production lines from PERC to TopCon technology, demonstrating T1's responsiveness to customers and operational flexibility. Turning to slide eight, I'm pleased to report that we are moving forward with initial development of G2 Austin, our planned US solar cell manufacturing facility in Milam County, Texas. As we have documented previously, we believe that G2 Austin is a game changer for T1 competitively and financially. The plant addresses unmet customer demand for US solar cells and modules using TopCon technology. It represents a major step forward in our domestic content and vertical integration strategies, and it is expected to be a cash flow engine for T1. With initial project engineering underway, we have decided to pursue a two-phase development in equivalent capacity tranches of 2.4 gigawatts each. This development plan should provide T1 with commercial, financial, and operational flexibility as we advance our growth strategy. Our project development team, led by our Chief Development Officer, Einar Kilda, is executing against this plan and recently launched the tender process with production line equipment vendors. And in parallel, Evan Calio and the finance organization are advancing several capital formation initiatives on parallel tracks. There are no changes to our plan to achieve the start of production at G2 Austin in Q4 2026. And with that, I'll turn the call over to Evan for a review of T1's financials.