Liquidity remains under pressure as capital expenditures consumed 34.2% of revenue in 2026Q1, contributing to a volatile free cash flow profile that swung to a negative $133.6M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | 67.4M | 95.46M | -102.82M | -87.93M | -90.01M | -63.14M | -7.34M | -228.9K | 609.6M | 664.8M | 658.6M | 756.7M | 754.1M | 552.9M | 631M | 356M | 445M | 455M | 335M | 139M | 477M | 655M |
| Operating CF Margin % | - | 12.64% | -3494.8% | - | - | - | - | - | 22.22% | 25.9% | 23.1% | 25.25% | 22.55% | 20.68% | 19.06% | 10.55% | 12.58% | 13.2% | 11.13% | 5.21% | 11925% | 24.49% |
| Operating CF Growth % | 724.06% | 192.85% | -16.93% | 2.31% | -42.56% | -760.63% | -3104.92% | -100.04% | -8.3% | 0.94% | -12.96% | 0.34% | 36.39% | -12.38% | 77.25% | -20% | -2.2% | 35.82% | 141.01% | -70.86% | -27.18% | - |
| Net Income | -372.01M | -367.83M | -450.55M | -73.1M | -99.12M | -93.38M | -9.61M | 209.71K | 173.5M | 130.4M | 197.7M | 212.7M | 272.6M | 242.9M | 213M | 162M | 413M | 246M | 274M | -672M | -954M | 330M |
| Depreciation & Amortization | 103.72M | 93.3M | 10.46M | 3.34M | 478K | 120K | 15K | 0 | 699.2M | 657.2M | 329.5M | 330.6M | 324.6M | 261.9M | 244M | 227M | 218M | 222M | 222M | 289M | 243M | 303M |
| Stock-Based Compensation | 7.46M | 11.4M | 7.75M | 10.99M | 8.64M | 14.82M | 535K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -13.54M | -13.99M | -22.16M | -9.4M | 0 | 0 | 1.2M | 0 | -117.5M | -89.4M | -110.4M | -136.9M | -146M | -70.4M | 73M | 75M | -45M | -23M | 72M | -355M | -23M | -96M |
| Other Non-Cash Items | 144.35M | 152.66M | 352M | -40.28M | -12.14M | 21.79M | -454K | -330.78K | 127.4M | 388.5M | 390.6M | -138.1M | 483M | 23.7M | -183M | -399M | 489M | 722M | -2.37B | 2.62B | 1.16B | -104M |
| Working Capital Changes | 173.1M | 219.94M | -314K | 20.51M | 12.13M | -6.49M | 969K | -107.83K | -286.1M | -434.6M | -162.3M | 476.4M | -189.2M | 87.4M | 284M | 291M | -630M | -712M | 2.13B | -1.75B | 55M | 209M |
| Change in Receivables | -97.05M | -112.9M | 0 | 0 | 0 | 0 | 0 | 0 | 36M | -36M | -4M | 37M | 47M | -36M | 7M | 2M | -3M | -637M | -32M | 32M | -216M | -64M |
| Change in Inventory | 204.09M | 158.51M | -7.88M | 0 | 0 | 0 | 0 | 0 | -22.6M | 12.8M | 1.1M | -2.4M | 23.5M | -36.5M | -3M | -14M | -9M | -1M | -32M | 41M | 12M | -39M |
| Change in Payables | 78.31M | 135.14M | 10M | 20.04M | 0 | 0 | 0 | 0 | -61.6M | 23.4M | 35.9M | -1.3M | -42.6M | 36.6M | -41M | 7M | -20M | -9M | 67M | -69M | -10M | 98M |
| Cash from Investing | -115.38M | -32.6M | -137.73M | -186.98M | -175.03M | -33.79M | -71K | -287.5M | -740M | -1.46B | -521.8M | -299.2M | -435.2M | -391.7M | -572M | -536M | -418M | -419M | -240M | 90M | -300M | -1.66B |
| Capital Expenditures | -110.38M | -78.8M | -50.83M | -187.82M | -180.79M | -13.78M | -71K | 0 | -739.7M | -714.3M | -532.4M | -505.1M | -454.1M | -393.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 12.55% | 10.43% | 1727.74% | - | - | - | - | - | 26.96% | 27.83% | 18.67% | 16.86% | 13.58% | 14.72% | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | -109.64M | 0 | -3M | 0 | 0 | 0 | 0 | -751.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 51.2M | 22.73M | 2.5M | 8.76M | -20.01M | 0 | 0 | -300K | 2.8M | 10.6M | 205.9M | 18.9M | 1.9M | -572M | -536M | -418M | -419M | -240M | 90M | -300M | -1.66B |
| Cash from Financing | 120.12M | 129.92M | 45.87M | 0 | 250.07M | 649M | 20.46M | 290.01M | 128.8M | 638.4M | -152.1M | -301M | -342.4M | -163M | -57M | 171M | -20M | -49M | -78M | -241M | -150M | 1.31B |
| Debt Issued (Net) | -139.48M | -129.61M | 0 | 0 | 0 | 0 | 1.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 70K | 269.61M | 50M | 0 | 250.07M | 7.5M | 19.85M | 290.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -1.05M | 0 | 0 | 0 | -23.8M | -25.4M | -185.2M | -200.5M | -44M | -3.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 259.53M | -10.08M | -4.13M | 0 | 0 | 641.5M | -799K | 0 | 128.8M | 638.4M | -152.1M | -301M | -342.4M | -163M | -57M | 171M | -20M | -49M | -78M | -241M | -150M | 1.31B |
| Net Change in Cash | 72.57M | 194.13M | -199.1M | -287.3M | -2.58M | 550.68M | 14.69M | 2.28M | -1.6M | -159.8M | -15.3M | 156.5M | -23.5M | -1.8M | 2M | -8M | 6M | -12M | 16M | -12M | 27M | 303M |
| Free Cash Flow | -42.98M | 16.66M | -153.65M | -275.75M | -270.8M | -76.91M | -7.41M | -228.9K | -130.1M | -49.5M | 126.2M | 251.6M | 300M | 159.3M | 631M | 356M | 445M | 455M | 335M | 139M | 477M | 655M |
| FCF Margin % | -4.89% | 2.21% | -5222.54% | - | - | - | - | - | -4.74% | -1.93% | 4.43% | 8.4% | 8.97% | 5.96% | 19.06% | 10.55% | 12.58% | 13.2% | 11.13% | 5.21% | 11925% | 24.49% |
| FCF Growth % | 77.37% | 110.85% | 44.28% | -1.83% | -252.09% | -938.36% | -3135.91% | 99.82% | -162.83% | -139.22% | -49.84% | -16.13% | 88.32% | -74.75% | 77.25% | -20% | -2.2% | 35.82% | 141.01% | -70.86% | -27.18% | - |
| FCF per Share | -0.25 | 0.10 | -1.09 | -1.97 | -2.29 | -0.68 | -0.06 | -0.01 | -0.55 | -0.22 | 0.59 | 1.17 | 1.39 | 0.74 | 2.37 | 1.75 | 0.84 | 0.38 | 0.45 | 0.89 | 43.35 | 30.41 |
| FCF Conversion (FCF/Net Income) | 0.12x | -0.26x | 0.23x | 1.22x | 0.91x | 0.68x | 0.76x | -1.09x | 3.51x | 5.10x | 3.33x | 3.56x | 2.77x | 2.28x | 2.96x | 2.20x | 1.08x | 1.85x | 1.22x | -0.21x | -0.50x | 1.98x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 21K | 269K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Manufacturing yield rate volatility
According to recent financial disclosures, T1 Energy's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching 3.57 in 2026Q1, suggesting that reported losses are significantly mitigated by non-cash charges and working capital adjustments rather than core operational profitability.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are heavily influenced by non-cash items like depreciation and amortization. Investors should monitor whether this divergence reflects genuine operational efficiency or merely the capitalization of costs that may eventually pressure future cash flows.
As reported in quarterly statements, T1 Energy's free cash flow trajectory remains highly erratic, swinging from a positive $55.0M in 2025Q3 to a negative $133.6M in 2026Q1, which underscores the extreme capital intensity required to sustain the company's current commercial expansion phase.
The lack of a stable free cash flow trend suggests that the company is still in a high-burn phase where cash generation is secondary to facility build-out. This volatility implies that the company may remain dependent on external financing until manufacturing yields stabilize and production volumes reach a consistent scale.
Based on the provided cash flow data, working capital changes have been a primary driver of liquidity, with a significant $123.7M inflow in 2025Q4 followed by a $68.9M outflow in 2026Q1, indicating that inventory and receivables management is currently dictating the company's short-term cash position.
These large swings in working capital suggest that T1 Energy is managing significant lumpy payments or inventory build-ups associated with its project-based revenue model. Such fluctuations warrant further investigation into the durability of these cash inflows and whether they represent sustainable operational improvements or temporary timing benefits.
As indicated by the company's financial statements, capital expenditures reached 34.2% of revenue in 2026Q1, reflecting the ongoing, heavy investment required to build out specialized battery manufacturing facilities that are essential for the company's long-term competitive positioning in the marine and stationary storage markets.
The high ratio of CapEx to revenue suggests that T1 Energy is prioritizing capacity expansion over immediate cash preservation. This capital intensity appears to be a structural necessity for the company's business model, implying that investors should expect continued pressure on free cash flow until these facilities reach full utilization.
Quick answers to the most common questions about buying TE stock.
T1 Energy Inc (TE) generated $95.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
T1 Energy Inc (TE) generated $16.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
T1 Energy Inc (TE) spent $78.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.