Revenue growth has accelerated significantly, yet the company continues to struggle with structural inefficiencies, evidenced by a -23.80% operating margin in 2025Q4.
| 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 |
|---|
| Sales/Revenue | 879.49M | 755.29M | 2.94M | 0 | 0 | 0 | 0 | 0 | 2.74B | 2.57B | 2.85B | 3B | 3.34B | 2.67B | 3.31B | 3.38B | 3.54B | 3.45B | 3.01B | 2.67B | 4M | 2.67B |
| Revenue Growth % | 1459.55% | 25572.84% | - | - | - | - | - | -100% | 6.9% | -9.99% | -4.85% | -10.37% | 25.05% | -19.23% | -1.93% | -4.55% | 2.55% | 14.55% | 12.78% | 66625% | -99.85% | - |
| Cost of Goods Sold | 812.61M | 699.71M | 1.71M | 0 | 478K | 120K | 15K | 0 | 3.1M | 4.3M | 23.1M | 155M | 2.5M | 284M | 242M | 476M | 389M | 365M | 350M | 226M | 0 | 148M |
| COGS % of Revenue | - | 92.64% | 58.26% | - | - | - | - | - | 0.11% | 0.17% | 0.81% | 5.17% | 0.07% | 10.62% | 7.31% | 14.1% | 11% | 10.59% | 11.63% | 8.47% | - | 5.53% |
| Gross Profit | 66.88M | 55.58M | 1.23M | 0 | -478K | -120K | -15K | 0 | 2.74B | 2.56B | 2.83B | 2.84B | 3.34B | 2.39B | 3.07B | 2.9B | 3.15B | 3.08B | 2.66B | 2.44B | 4M | 2.53B |
| Gross Margin % | 7.6% | 7.36% | 41.74% | - | - | - | - | - | 99.89% | 99.83% | 99.19% | 94.83% | 99.93% | 89.38% | 92.69% | 85.9% | 89% | 89.41% | 88.37% | 91.53% | 100% | 94.47% |
| Gross Profit Growth % | - | 4426.14% | - | 100% | -298.33% | -700% | - | -100% | 6.96% | -9.41% | -0.47% | -14.95% | 39.81% | -22.11% | 5.83% | -7.88% | 2.08% | 15.9% | 8.88% | 60975% | -99.84% | - |
| Operating Expenses | 245.51M | 235.32M | 75.49M | 65.53M | 120.45M | 75.45M | 8.92M | 121.07K | 635.9M | 577.3M | 536.9M | 470.4M | 596.2M | 564.1M | 2.61B | 2.51B | 2.51B | 2.67B | 2.3B | 2.9B | 7M | 2.14B |
| OpEx % of Revenue | - | 31.16% | 2565.98% | - | - | - | - | - | 23.18% | 22.49% | 18.83% | 15.7% | 17.83% | 21.1% | 78.79% | 74.49% | 71.01% | 77.29% | 76.54% | 108.65% | 175% | 79.93% |
| Selling, General & Admin | 245.51M | 235.32M | 75.49M | 65.53M | 106.88M | 61.63M | 7.04M | 121.07K | 69.4M | 22.5M | 27.2M | 13.5M | 17.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7M | 0 |
| SG&A % of Revenue | - | 31.16% | 2565.98% | - | - | - | - | - | 2.53% | 0.88% | 0.95% | 0.45% | 0.52% | - | - | - | - | - | - | - | 175% | - |
| Research & Development | 0 | 0 | 0 | 28.46M | 13.57M | 13.82M | 1.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -28.46M | 0 | 0 | 15K | 0 | 566.5M | 554.8M | 509.7M | 456.9M | 578.7M | 564.1M | 2.61B | 2.51B | 2.51B | 2.67B | 2.3B | 2.9B | 0 | 2.14B |
| Operating Income | -178.63M | -179.74M | -74.26M | -65.53M | -120.93M | -75.57M | -8.92M | -121.07K | 562.1M | 505.4M | 463.7M | 556.5M | 621.7M | 379.3M | 460M | 385M | 636M | 418M | 356M | -457M | -5M | 389M |
| Operating Margin % | -20.31% | -23.8% | -2524.24% | - | - | - | - | - | 20.49% | 19.69% | 16.26% | 18.57% | 18.59% | 14.19% | 13.9% | 11.41% | 17.99% | 12.12% | 11.83% | -17.12% | -125% | 14.54% |
| Operating Income Growth % | - | -142.03% | -13.33% | 45.81% | -60.02% | -746.92% | -7269.93% | -100.02% | 11.22% | 8.99% | -16.68% | -10.49% | 63.91% | -17.54% | 19.48% | -39.47% | 52.15% | 17.42% | 177.9% | -9040% | -101.29% | - |
| EBITDA | -72.81M | -86.44M | -63.81M | -62.18M | -120.45M | -75.45M | -8.91M | 209.71K | 1.26B | 1.16B | 793.2M | 887.1M | 946.3M | 641.2M | 704M | 612M | 854M | 640M | 578M | -168M | 238M | 692M |
| EBITDA Margin % | -8.28% | -11.44% | -2168.86% | - | - | - | - | - | 45.97% | 45.3% | 27.82% | 29.6% | 28.3% | 23.98% | 21.27% | 18.13% | 24.15% | 18.56% | 19.2% | -6.29% | 5950% | 25.87% |
| EBITDA Growth % | -3.42% | -35.47% | -2.61% | 48.38% | -59.64% | -747% | -4347.81% | -99.98% | 8.49% | 46.57% | -10.59% | -6.26% | 47.58% | -8.92% | 15.03% | -28.34% | 33.44% | 10.73% | 444.05% | -170.59% | -65.61% | - |
| D&A (Non-Cash Add-back) | 105.82M | 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 |
| EBIT | -328.78M | -303.64M | -74.26M | -65.53M | -99.12M | -93.38M | -8.92M | 209.71K | 582.9M | 516.4M | 473.6M | 429.5M | 477.6M | 553.9M | 81M | 25M | 271M | 14M | -63M | -1.07B | -879M | 112M |
| Net Interest Income | -25.36M | -37.09M | 3.39M | 9.95M | 0 | 314K | -33K | 290.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 3.39M | 9.95M | 1.78M | 317K | 20K | 290.67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 25.36M | 37.09M | 0 | 0 | 1.78M | 3K | 53K | 0 | 186.4M | 171.1M | 166.9M | 183.5M | 205.1M | 141M | -231M | -231M | -259M | -279M | -288M | -321M | 75M | -147M |
| Other Income/Expense | -151.77M | -161M | -6.14M | 47.32M | 21.81M | -17.81M | -682K | 330.78K | -165.6M | -160.1M | -157M | -310.5M | -349.2M | 33.6M | -148M | -129M | -106M | -125M | -131M | -292M | -949M | -130M |
| Pretax Income | -330.4M | -340.73M | -80.4M | -18.2M | -99.12M | -93.38M | -9.61M | 209.71K | 396.5M | 345.3M | 306.7M | 246M | 272.5M | 412.9M | 312M | 256M | 530M | 293M | 225M | -749M | -954M | 259M |
| Pretax Margin % | -37.57% | -45.11% | -2732.83% | - | - | - | - | - | 14.45% | 13.45% | 10.76% | 8.21% | 8.15% | 15.44% | 9.43% | 7.59% | 14.99% | 8.5% | 7.48% | -28.06% | -23850% | 9.68% |
| Income Tax | -17.08M | -19.37M | -15.76M | 443K | 0 | 0 | 0 | 0 | 155.3M | 138.9M | 108.9M | 137.8M | 153.9M | 170M | 98M | 94M | 214M | 118M | 101M | -77M | 0 | -38M |
| Effective Tax Rate % | 5.17% | 5.69% | 19.6% | -2.43% | 0% | 0% | 0% | 0% | 39.17% | 40.23% | 35.51% | 56.02% | 56.48% | 41.17% | 31.41% | 36.72% | 40.38% | 40.27% | 44.89% | 10.28% | 0% | -14.67% |
| Net Income | -372.01M | -367.83M | -450.15M | -71.94M | -98.79M | -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 |
| Net Margin % | -42.3% | -48.7% | -15300.88% | - | - | - | - | - | 6.32% | 5.08% | 6.93% | 7.1% | 8.15% | 9.09% | 6.44% | 4.8% | 11.68% | 7.13% | 9.1% | -25.18% | -23850% | 12.34% |
| Net Income Growth % | 15.04% | 18.29% | -525.69% | 27.17% | -5.8% | -872.18% | -4680.18% | -99.88% | 33.05% | -34.04% | -7.05% | -21.97% | 12.23% | 14.04% | 31.48% | -60.77% | 67.89% | -10.22% | 140.77% | 29.56% | -389.09% | - |
| Net Income (Continuing) | -313.32M | -321.36M | -64.64M | -18.65M | -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 |
| Discontinued Operations | -3.06M | -46.48M | -385.91M | -54.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 1.52M | 2.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.14 | -2.19 | -3.20 | -0.51 | -0.83 | -1.24 | -0.08 | 0.01 | 0.74 | 0.58 | 0.92 | 0.99 | 1.27 | 1.13 | 0.80 | 0.80 | 0.78 | 0.21 | 0.37 | -4.31 | -86.70 | 15.32 |
| EPS Growth % | 28.8% | 31.56% | -527.45% | 38.55% | 33.06% | -1403.03% | - | -99.22% | 27.59% | -36.96% | -7.07% | -22.05% | 12.39% | 41.25% | 0% | 2.56% | 271.43% | -43.24% | 108.58% | 95.03% | -665.93% | - |
| EPS (Basic) | - | -2.19 | -3.20 | -0.51 | -0.83 | -0.85 | -0.08 | 0.01 | 0.74 | 0.58 | 0.92 | 0.99 | 1.28 | 1.14 | 0.80 | 0.80 | 0.78 | 0.21 | 0.37 | -4.31 | -86.70 | 15.32 |
| Diluted Shares Outstanding | 173.64M | 173.64M | 140.54M | 139.71M | 118.47M | 112.66M | 116.44M | 35.94M | 234.5M | 223.7M | 215.5M | 215M | 215.1M | 214.8M | 266.25M | 203.77M | 532.9M | 1.18B | 742.09M | 156.02M | 11M | 21.54M |
| Basic Shares Outstanding | 173.64M | 173.64M | 140.54M | 139.71M | 118.47M | 112.66M | 116.44M | 35.94M | 233.1M | 223.1M | 215M | 214.3M | 213.6M | 212.6M | 266.25M | 203.77M | 532.9M | 1.18B | 742.09M | 156.02M | 11M | 21.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Manufacturing yield rate volatility
As reported in recent financial filings, T1 Energy Inc has achieved a dramatic revenue surge, with the trailing twelve-month figures reflecting a 25,572% increase to $755.3M, signaling a definitive transition from early-stage research and development activities to the fulfillment of large-scale commercial off-take agreements.
The massive revenue expansion appears to be driven by the successful delivery of initial battery cell orders rather than organic growth from established operations. Investors should monitor whether this trajectory is sustainable or if it represents a one-time recognition of milestone-based contracts that may not repeat in subsequent periods.
Based on the company's quarterly income statements, gross margins have fluctuated significantly, reaching a low of -98.7% in 2024Q4 before recovering to 16.4% in 2026Q1, which suggests that T1 Energy is still navigating the initial, inefficient stages of its manufacturing learning curve.
The instability in gross margins indicates that the company has yet to achieve consistent production yields or effective cost control over raw material inputs. Until the company demonstrates a stable, positive gross margin profile, it remains vulnerable to commodity price spikes and operational disruptions inherent in battery cell manufacturing.
According to the provided income statement data, T1 Energy's operating margin remains deeply negative at -23.80%, indicating that the company's current scale of operations is insufficient to absorb the high fixed costs associated with its specialized battery manufacturing facilities and corporate overhead.
The lack of operating leverage suggests that every incremental dollar of revenue is currently accompanied by significant SG&A and production costs, preventing a clear path to profitability. Management must demonstrate an ability to scale revenue faster than operating expenses to avoid further dilution of shareholder equity.
Analysis of the income statement reveals that net income remains consistently negative, with a net margin of -48.70%, while stock-based compensation expenses, such as the $4.3M recorded in 2025Q4, continue to exert downward pressure on the company's overall earnings quality and per-share value.
The reliance on equity-based incentives during a period of heavy cash burn warrants further investigation into the company's long-term compensation strategy. Investors should be cautious of the potential for continued share count expansion, which may mask the true extent of the company's operational losses.
As highlighted by the company's recent financial performance, the primary risk to the investment thesis is the potential for persistent operating losses, as evidenced by the -23.80% operating margin, which may necessitate further capital raises if the company fails to reach breakeven in the near term.
Short-sellers would likely focus on the discrepancy between the company's rapid revenue growth and its inability to generate positive operating cash flow. The transition from a Luxembourg-based entity to US-centric operations may also introduce unforeseen regulatory or tax-related hurdles that could further compress margins.
Quick answers to the most common questions about buying TE stock.
For fiscal year 2025, T1 Energy Inc (TE) reported total revenue of $755.3M. This represents a 71.8% decline compared to $2.67B in 2002.
T1 Energy Inc (TE) reported a net loss of $367.8M for the fiscal year ending 2025.
T1 Energy Inc (TE) reported an operating income of $-179.7M, resulting in an operating profit margin of -23.8%. This margin reflects the operational efficiency of the business before interest and taxes.
T1 Energy Inc (TE) generated $55.6M in gross profit for the year, representing a gross profit margin of 7.4%. This demonstrates the company's core pricing power and production efficiency.