Preliminary Second Quarter 2026 Results Overview

Total Net Sales/Modules Sale Volumes: In Q2 2026, T1 expects to generate total sales of approximately $245 million to $255 million on module sales volumes of approximately 835 MW.

Net Loss from Continuing Operations and Adjusted EBITDA Range: T1 expects a Net Loss from Continuing Operations of approximately $34.0 million to $37.0 million in Q2 2026. T1 expects Adjusted EBITDA of approximately ($14.5) million to ($11.5) million in Q2 2026, which excludes approximately $24.4 million of refunds for tariffs incurred under the International Emergency Economic Powers Act ("IEEPA").

Cash and Restricted Cash. As of June 30, 2026, T1 had cash, cash equivalents, and restricted cash of $156.4 million, of which $79.1 million was unrestricted cash.

Business Update

T1 acquires advanced solar intellectual property rights from Evervolt. This morning the Company announced that it has acquired foundational solar patents and other intellectual property rights from Evervolt Green Energy Holding Pte Ltd. for total consideration of $135 million. Terms and conditions of the transaction are available in a separate press release issued this morning.

Section 45X tax credits. During Q2 2026, T1 monetized the balance of the Company's remaining 2025 Section 45X tax credits (as defined below) for $39.1 million, at a gross price of $0.93 on the dollar, which was higher than previously announced 2025 sales. T1 has also commenced early-stage negotiations with several potential counterparties regarding sales of 45X tax credits accrued in 2026.

G2_Austin project update. Construction work at the first phase of G2_Austin, our solar cell fab, continues with steel work having recently achieved 80% of completion. In addition, T1 is updating G2_Austin Phase 1 capital expenditure guidance from a prior projection of $425 million to an estimated $510 million, which represents a 20% contingency. The increased estimated capital expenditures are due to labor and materials costs associated with tightness in the Texas data center construction market. T1 now expects to produce the first solar cells at G2_Austin in Q1 2027 from a prior timeline of before year-end 2026.

Enhanced full-year 2026 G1_Dallas production target. T1 expects the run rate of production in Q3 and Q4 2026 will exceed Q2 2026 production and believes 2026 production will fall within the higher end of its previously disclosed 2026 production range of 3.1 - 4.2 GW. The enhanced production target reflects T1's progress qualifying international cell vendors to supply G1_Dallas.

Financing update. T1 continues to target a comprehensive financing solution, which includes a significant debt component, in an amount sufficient to fund the remaining estimated capital expenditure required for G2_Austin Phase 1.

T1 closes acquisition of KORE Power, Inc., creating T1 NRI brand to service BESS and data center infrastructure markets. In July 2026, T1 closed the previously announced acquisition of KORE Power, Inc. The transaction is expected to provide T1 with an entry point into the energy storage and AI data center infrastructure markets through an expanded potential customer base for solar and storage solutions.