Revenue growth is accelerating with an 88.4% sequential jump to $250.1M in Q2 2026, but profitability remains strained as SG&A expenses of $71.9M (28.8% of revenue) dwarf gross profit and drive a net loss of $43.5M.
T1 Energy Inc (TE) annual income statement — 21-year revenue, gross profit & net income history
| 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 | 996.85M | 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 % | 426.99% | 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% | -0.22% | -99.85% | - |
| Cost of Goods Sold | 913.63M | 699.71M | 1.71M | 0 | 478K | 120K | 15K | 0 | 989.1M | 973.4M | 23.1M | 155M | 2.5M | 284M | 242M | 476M | 389M | 365M | 350M | 226M | 0 | 148M |
| COGS % of Revenue | - | 92.64% | 58.26% | - | - | - | - | - | 36.05% | 37.93% | 0.81% | 5.17% | 0.07% | 10.62% | 7.31% | 14.1% | 11% | 10.59% | 11.63% | 8.47% | - | 5.53% |
| Gross Profit | 83.22M | 55.58M | 1.23M | 0 | -478K | -120K | -15K | 0 | 1.75B | 1.59B | 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 % | 8.35% | 7.36% | 41.74% | - | - | - | - | - | 63.95% | 62.07% | 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% | 10.13% | -43.67% | -0.47% | -14.95% | 39.81% | -22.11% | 5.83% | -7.88% | 2.08% | 15.9% | 8.88% | -3.32% | -99.84% | - |
| Operating Expenses | 255.42M | 235.32M | 75.49M | 65.53M | 120.45M | 75.45M | 8.92M | 121.07K | 1.19B | 1.09B | 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% | - | - | - | - | - | 43.46% | 42.38% | 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 | 255.42M | 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 | 1.12B | 1.07B | 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 | -172.2M | -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 % | -17.27% | -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% | -217.48% | -101.29% | - |
| EBITDA | -70.28M | -86.44M | -63.81M | -62.18M | -120.45M | -75.45M | -8.91M | 209.71K | 912.3M | 847.3M | 793.2M | 887.1M | 946.3M | 641.2M | 704M | 612M | 854M | 640M | 578M | -168M | 238M | 692M |
| EBITDA Margin % | -7.05% | -11.44% | -2168.86% | - | - | - | - | - | 33.25% | 33.02% | 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 % | -15.92% | -35.47% | -2.61% | 48.38% | -59.64% | -747% | -4347.81% | -99.98% | 7.67% | 6.82% | -10.59% | -6.26% | 47.58% | -8.92% | 15.03% | -28.34% | 33.44% | 10.73% | 444.05% | -124.28% | -65.61% | - |
| D&A (Non-Cash Add-back) | 101.91M | 93.3M | 10.46M | 3.34M | 478K | 120K | 15K | 0 | 350.2M | 341.9M | 329.5M | 330.6M | 324.6M | 261.9M | 244M | 227M | 218M | 222M | 222M | 289M | 243M | 303M |
| EBIT | -296.64M | -303.64M | -80.4M | -18.2M | -99.12M | -93.38M | -8.92M | 209.71K | 562.1M | 505.4M | 473.6M | 429.5M | 477.6M | 553.9M | 81M | 25M | 271M | 14M | -63M | -1.07B | -879M | 112M |
| Net Interest Income | -32.09M | -37.09M | 3.39M | 9.95M | 0 | 314K | -33K | 290.67K | -186.4M | -171.1M | -166.9M | 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 | 32.09M | 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 | -156.52M | -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 | -328.72M | -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 % | -32.98% | -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 | -10.32M | -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 % | 3.14% | 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 | -383.64M | -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 % | -38.49% | -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 % | 13.35% | 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% | -303.64% | -389.09% | - |
| Net Income (Continuing) | -318.4M | -321.36M | -64.64M | -18.65M | -99.12M | -93.38M | -9.61M | 209.71K | 241.2M | 206.4M | 197.7M | 212.7M | 272.6M | 242.9M | 213M | 162M | 413M | 246M | 274M | -672M | -954M | 330M |
| Discontinued Operations | -4M | -46.48M | -385.91M | -54.45M | 0 | 0 | 0 | 0 | -67.7M | -76M | 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) | -1.37 | -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 % | 30.87% | 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% | -128.13% | -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 | 280.13M | 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 | 280.13M | 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 | - | - | - | - | - | - | - | - | 122.02% | 152.76% | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Unsustainable cash burn rate
Metrics are mathematically derived from official filings.
Explosive Revenue Ramp from Commercialization
TE's revenue surged 88.4% sequentially to $250.1M in Q2 2026, following a massive 120.9% jump in Q4 2025, indicating a rapid transition from development to commercial-scale delivery of its specialized battery facilities.
The sequential acceleration from $177.6M in Q1 to $250.1M in Q2 suggests the company is successfully ramping production and fulfilling its off-take agreements. However, the extreme volatility in quarterly revenue, including a dip in Q1, implies the business is still lumpy and project-based, making the durability of this growth trajectory a key concern for investors.
Gross Margin Recovery from Negative Territory
After a negative -4.5% gross margin in Q4 2025, TE's margin recovered to 19.6% in Q2 2026, suggesting initial manufacturing inefficiencies are being addressed, though it remains well below the 35.0% of peer Shoals Technologies.
The swing from a negative gross margin to nearly 20% indicates the company is moving past the initial, high-cost phase of its production ramp. However, the margin is still structurally low for the sector, pointing to limited pricing power or high raw material pass-through costs. The Q4 2025 negative margin, where COGS exceeded revenue, highlights the significant execution risk inherent in scaling a new manufacturing process.
Operating Leverage Not Yet Evident
Despite revenue growing 88.4% sequentially, operating losses remained nearly flat at -$22.8M, indicating that SG&A and overhead costs are scaling proportionally with sales rather than demonstrating operating leverage.
The lack of improvement in operating margin, which moved from -12.7% to -9.1%, suggests that management is investing heavily in sales, general, and administrative functions to support the growth. This is typical for a scaling industrial company, but it means profitability is not yet benefiting from the revenue expansion, and the path to breakeven remains dependent on achieving significant further scale.
SG&A Dominates Cost Structure
SG&A expenses of $71.9M in Q2 2026 consumed 28.8% of revenue, dwarfing the $49.1M gross profit and representing the primary structural drag on profitability as the company scales its commercial operations.
The high SG&A burden, which has grown from $41.4M in Q1 2025, indicates significant investment in corporate infrastructure, sales teams, and potentially integration costs for its US operations. With R&D at zero for several quarters, management appears to have prioritized commercial execution over further product development, but the expense discipline required to convert revenue growth into operating income is not yet apparent.
Net Losses Driven by Operational Scale-Up
TE reported a net loss of $43.5M in Q2 2026, with a net margin of -17.4%, which, while an improvement from the -52.7% in Q4 2025, still reflects substantial cash burn from its pre-profitability growth phase.
The net loss is primarily driven by the operating loss, but the magnitude suggests non-operating items like interest or taxes are also contributing. The negative EPS of -$0.25, which missed consensus, underscores that the company is not yet generating value for shareholders on a reported basis. Investors should monitor whether the net loss narrows in proportion to revenue growth, as the current trajectory implies continued significant cash consumption.
Margin Compression Risk from Project Lumps
The Q4 2025 quarter, where revenue was $358.6M but gross profit was negative -$16.1M, serves as a stark reminder that TE's project-based model can lead to severe margin compression if cost overruns or delivery timing issues occur during large-scale fulfillment.
This historical data point challenges the narrative of a smooth margin expansion. It suggests that the company's cost structure is highly sensitive to the specific mix and execution of individual projects. If future large contracts encounter similar issues, the recently achieved positive gross margins could quickly reverse, threatening the company's cash position and ability to fund its integration strategy without further dilutive financing.