T1 Energy Inc.

Good day, and thank you for standing by. Welcome to the T1 Energy Fourth Quarter 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 the question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please revise that today's conference is pre-recorded. I'll now hand the conference over to your first speaker today, Jeffries Patel, Executive Vice President, Investment Relations and Corporate Development. Please go ahead.

Good morning, and welcome to T1 Energy's fourth quarter and full year 2025 earnings conference call. Before we get started, please turn to page two for our forward-looking statements disclaimer. During today's call, a manager 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. Turning to slide three, with me today on the call are Dan Barcello, our Chief Executive Officer and Chairman of the Board, Otto Ersker Bergeson, our SVP of Project Engineering, Evan Calio, our Chief Financial Officer, and Jaime Guali, our Chief Operating Officer. With that, I'll turn the call over to Dan.

Thanks, Jeff, and welcome everyone to our fourth quarter and full year 2025 earnings call. Our theme for today's call is Finishing What We Started. 25 was the year we built T1 Foundation. In 2026, we are building our G2 Austin Solar Cell Fab to complete our vertically integrated domestic solar chain in the U.S. market that completely changed on January 1st with the implementation of new federal rules on foreign content and ownership. Next year, 2027, is the year we intend to deliver a step change in our ability to generate earnings and cash flow as a U.S. solar leader delivering high domestic content. While we execute these core objectives of our strategy, we also plan to stack additional EBITDA streams through organic and inorganic opportunities. During the fourth quarter and so far in 2026, we have made significant strides to realize this vision. Let's turn to slide four for a review of T1's remarkable progress in the fourth quarter, during which we announced several important milestones and transactions. Building on the extended supply agreement with Hemlock Corning, we announced the supply partnership with NexPower. Together, these relationships service, critical building blocks to advance our vision of developing a fully integrated American poly silicon based solar supply chain. We also executed 2 transactions to fund T1 growth and expansion plans, including a 72Million. Registered direct common equity offering and a 50Million convertible preferred from certain funds and accounts managed by encompassed capital advisors. 1 of our founding investors. In November, I met with Vice President J.D. Vance in Washington, D.C., to discuss the resurgence of American energy and advanced manufacturing and our commitment to establishing domestic solar supply chains. As our momentum continued to build, we returned to the capital markets in December with our concurrent common equity and convertible notes offerings, raising combined gross proceeds of $322 million and adding several new institutional investors to T1's capital structure. Capital is and will remain the lifeblood of T1's growth ambitions over the near term. The funding from the December transaction strengthened T1's balance sheet and positioned us to begin a phase one construction of our G2 Austin solar cell fab. Following the completion of phase one, we expect to begin producing high efficiency, high domestic content solar cells by the end of this year with an annual capacity of 2.1 gigawatts. Our successful capital formation initiatives and the start of construction at G2 triggered an important commercial milestone when T1 announced the strategic partnership with Treaty Oak Clean Energy, highlighted by a three-year agreement for T1 to supply 900 megawatts of G1 modules with G2 domestic cells starting in 2027. Also, in December, we completed a series of transactions intended to preserve our eligibility for the section 45 X tax credits under the 1, big, beautiful bill act. Importantly, we also validated our ability to monetize the credits by completing our 1st sale of 45 X credits to a U. S. financial institution. As we'll discuss shortly, our team at G1 Dallas continue to demonstrate their world class capabilities during Q4. With a factory fully operational demand for merchant volumes bolstered by customers clearing out 45X eligible inventory before year end, quarterly production and sales surpassed one gigawatt for the first time at our state-of-the-art facility. Our busy fourth quarter capped off an impressive year at T1, and we were excited to carry that momentum into 2026. So with that, let's turn to slide five for an update on the business. G2 Austin, our U.S. solar cell fab that is under construction, has been the centerpiece of our business plans from the start of our journey as a U.S. solar company. We believe that demand for domestically manufactured U.S. polysilicon-based solar cells is meaningfully underserved, and while G1 has been our entry point into the U.S. utility-scale market, G2 is expected to be the driver of margins, earnings, and cash flow. This morning, I am pleased to report that the first phase of construction of G2 Austin is progressing on schedule. April should be a busy month on site as first steel is scheduled to be erected within the next few weeks. While we have deployed meaningful capital to advance construction of G2 Austin, our sales and finance teams have been busy working to secure an additional offtake contract and to line up capital formation options required to achieve full financial close on phase one of G2 Austin. We remain in advanced discussions on both fronts and expect to close funding in April. As Evan will discuss later, we have multiple potential options to fund the first phase of G2, and we plan to select the financing pathway that provides the best balance of cost, speed, structure, and quantum for T1 and our investors. Following a successful ramp up at G1 Dallas, our fully operational 5 gigawatt solar module facility, we achieved records in production and sales in Q4 when we expanded our customer base through merchant sales. As we move through 2026 with a 3 gigawatt on either cost plus or fixed margin offtake contracts, we are seeing higher indicative pricing in the merchant market and we expect that T1's module production costs will decline. We are maintaining our production and sales targets of 3.1 to 4.2 gigawatts for G1 in 2026, and we are growing increasingly comfortable with our ability to achieve the high end of that target range. As near-term variables, including a potential Section 232 ruling and second-half customer demand post-safe harboring deadlines come into clearer focus, we will update investors with more detailed 2026 guidance. T1's profile within the industry continues to rise, yielding attractive opportunities to stack EBITDA and expand our commercial presence within the utility scale and AI development ecosystems. The deal flow we are seeing is a result of companies wanting to partner with T1, and we will continue to evaluate opportunities that fit strategically, culturally, and financially with T1's priorities. T1 is an American company focused on building a critical domestic solar supply chain. but we also intend to unlock value from the legacy assets in our European portfolio, which are attracting growing interest from potential partners to support AI infrastructure. Earlier this month, we reported an important step to monetize our Nordic data center asset, the restoration of a 50 megawatt grid allowance in Moerana, Norway. This initial power allowance better positions T1 to accelerate discussions to monetize this asset and we have an application in the queue for up to 396 megawatts to unlock additional value. All these steps are intended to position T1 to generate meaningfully higher EBITDA in 2027 and beyond as we navigate this bridge year to G2. Let's turn to slide six, please. The ramp up at G1 Dallas kicked into high gear in the fourth quarter, which was punctuated by record production and sales and the delivery of merchant volumes to major new customers. In roughly one year, the T1 operations team has taken G1 from initial production to maximum daily run rates over our five gigawatt nameplate capacity. With a strong finish to the year, we produced a total of 2.79 gigawatts of solar modules in 2025, meeting our annual production targets. This progress reflects the talent and dedication of our people and gives us strong confidence in our ability to build on this momentum in 2026 and beyond. We believe that G1 is poised to generate improved margin performance in 2026. We expect production and sales to ramp sequentially throughout the year, and we anticipate that sales and EBITDA will improve each quarter through year-end based on our contracted delivery schedules and our expectation for reduced overall cost. With project development timelines adjusting to the new supply chain regulations, we are working with customers and anticipate moving some Q1 deliveries into Q2. T1 has 3 gigawatts of G1 modules under contract for 2026. Our supply chain team is sourcing cells through international suppliers who have certified their non-FEOC status to feed G1 during the bridge period ahead of the anticipated start of production at G2 in Q4 2026. In total, we plan to procure between 3.1 and 4.2 gigawatts of cells through our global vendor network. As we continue to engage with and qualify new cell suppliers to G1, we are growing increasingly confident in our ability to procure high-quality cells closer to the high end of this range. And with that, I'll turn it over to Otto, our SCP of Project Engineering, for an update on the construction of G2 Austin.