T1 Energy Inc.

Ladies and gentlemen, thank you for standing by. Welcome to T1 Energy's second quarter 2025 earnings conference call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you would 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 like now to turn the conference over to Jeff Spittel, Executive Vice President of Investor Relations and Corporate Development. Please go ahead.

Good morning, and welcome to T1 Energy's second quarter 2025 earnings conference call. With me today on the call are Dan Barcelo, our Chief Executive Officer and Chairman of the Board, Evan Calio, our Chief Financial Officer, Andy Monroe, our Chief Legal and Policy Officer, and Jaime Guale, our Chief Operating Officer. 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 second quarter earnings call. Our theme for today is time to build. With the passage of the one big, beautiful bill behind us, and the policy roadmap coming into clearer focus, customers are gravitating to T1 and our plan to become a champion of U.S. advanced manufacturing. This is T1's time to build. We are expanding our U.S. supply chain, growing our commercial presence, developing our asset portfolio, and establishing a long-term foundation from which T1 intends to generate meaningful cash flow and earnings. We recently announced a major step forward in this process by forging its transformative strategic agreement with Corning one of America's most iconic industrial companies. We'll expand on the benefits of this relationship with Corning for T1 and our customers shortly. As Andy will detail momentarily, recent policy developments dovetail with T1's mission to build an integrated U.S. solar manufacturing leader. Big Beautiful Build preserves the stackable, transferable Section 45X tax credits through 2032, which provide T1 with the opportunity to compete and scale simultaneously. Maintaining access to these credits is one of T1's top priorities for the second half of this year. The Corning Agreement is a meaningful step in that direction, and I'm also pleased to share that T1 cleared U.S. government's CFIUS review of the TRINA transaction during the second quarter. The completion of this process provides T1 with flexibility as we work with TRINA to ensure compliance with FEOC requirements. The U.S. needs homegrown companies like T1 to deliver advanced manufacturing capacity that unlocks our most scalable energy resources. Accordingly, T1 supports the recent launches of the Solar 4 anti-dumping and countervailing duties case and the Section 232 investigation into foreign sourced polysilicon and its derivatives, both of which are intended to protect American manufacturers from anti-competitive practices. As we continue to develop our U.S. supply chain, These policy initiatives should enhance T1's ability to deliver cost-competitive modules made with U.S. polysilicon and subcomponents. With policy uncertainties lifting, T1 is gaining traction with major U.S. project developers. During the second quarter, we secured a 473-megawatt merchant sales agreement with one of the largest U.S. utilities for second half 2025 deliveries. We are now sold out for 2025 based on the low end of our current 2.6 gigawatt production plan. We will continue to evaluate spot sale opportunities to sell more 2025 capacity as market conditions dictate while we pursue long-term offtake agreements for the combined G1 Dallas and G2 Austin facilities. Speaking of G2 Austin, we continue to advance development of our planned 5 gigawatt U.S. solar cell manufacturing facility in Rockdale, Texas. On the second quarter call, we introduced our plan to develop the project in two phases of 2.5 gigawatts with targeted first production in Q4 2026. While our finance team advances our capital formation initiatives, our project development team is preparing for the start of construction in either the third or fourth quarter of this year. All of this work is underpinned by a vision for T1 to grow into a leading enabler of AI infrastructure development and a champion of U.S. energy security. The time to build is now, and our people are hard at work to realize this vision. Now let's move to slide five to frame T1's opportunity. After more than 20 years of stagnation, US electricity demand is surging. Within the next 10 years, US power demand is poised to grow by more than 800 terawatt hours because of the AI infrastructure build-out, electrification of transportation, and onshoring of advanced manufacturing. This is the big picture thesis which underpins T1's strategy. AI needs power. and T1 can provide it. We are positioning T1 as a domestic solar and storage leader in the early stages of what we believe is an electricity demand super cycle. Bringing more electrons to the grid in all forms is essential to preserve America's AI technology leadership. At T1, we don't view American energy dominance as a zero-sum game with other forms of energy. Our leadership team has more than 100 years of experience in oil and gas, and we remain fervent supporters of our colleagues in that industry. But at the same time, we are firm believers that electrons are neither red nor blue. Solar and storage are the fastest and most cost-effective means of bringing more electrons to the grid. If we wish to maintain our leadership in AI technology and infrastructure development, solar and storage are essential, strategic, and nearly limitless resources that must be deployed independent of ideology. T1 has a significant role to play as an emerging solar leader that is leveraging high-performance technology, onshoring manufacturing, and establishing secure domestic supply chains. As these secular trends drive accelerated demand growth, we intend to broaden our relationship outside of the typical utility scale customer base to include growing commercial end users of solar and storage. Our vision for the future of T1 is to be a leading domestic solar manufacturer and a strategic enabler of AI development and US energy security. Now let's move to slide six for a closer look at how this vision is resonating with customers and enabling T1 to make meaningful commercial progress. Since the passage of the OBB, we have received a flurry of inquiries and requests for quotations from existing and prospective customers. This morning, we announced our largest merchant sales agreement to date at G1 Dallas, a 473 megawatt agreement with a major U.S. utility for delivery starting in the third quarter. With this agreement, we are now sold out of capacity relative to the low end of our 2025 production plan of 2.6 gigawatts. Our commercial team is in continuous dialogue with existing and potential customers. Given the compressed lead times in the merchant market, there may be a possibility to book additional H2 2025 sales. But securing long-term offtake contracts with strategic partners that advance T1 towards closing the G2 Austin financing is an even higher priority, particularly given the work and capital intensity and competitive economics of spot sales. To give you a better sense of T1's growing commercial pipeline, we are introducing a snapshot of our opportunity funnel. This funnel includes three categories. Relatively early stage pursuits for G1 Dallas, which is the largest bucket at more than 38 gigawatts. Later stage G1 pursuits with a higher probability of award. These opportunities account for more than 1.3 gigawatts. And ongoing customer discussions regarding multi-year offtake contracts for integrated production from G1 Dallas and G2 Austin, totaling 18.9 gigawatts. So the market is active, and we are confident that demand for both G1 and G2 will be multiples of our available capacity. While we grow T1's commercial enterprise, we're expanding our U.S. supply chain to enhance our competitive position. To discuss today's landmark supply agreement with Corning, I'll hand it over to Jaime Guale, our Chief Operating Officer. Jaime?