T1 Energy Inc. TE
In February 2025, we changed our corporate name from FREYR Battery, Inc. to T1 Energy Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report on Form 10-K. As such, unless expressly indicated or the context requires otherwise, the terms "T1," "Company," "we," "us," and "our" in this document refer to T1 Energy Inc., a Delaware corporation, and, where appropriate, its subsidiaries.
T1 Energy Inc. is an energy solutions provider building an integrated U.S. solar supply chain for solar modules to invigorate the United States with scalable, reliable, and low-cost energy. We currently manufacture and sell photovoltaic ("PV") solar modules in Texas and are constructing our PV solar cell fab in Texas. We are an advanced manufacturer, and our strategy is to manufacture high-domestic content, high-efficiency, technologically advanced solar energy products.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $755.3M | $2.9M | $0 | — | — | — |
| Cost of revenue | $699.7M | $1.7M | $0 | — | — | — |
| Gross profit | $55.6M | $1.2M | $0 | — | — | — |
| R&D | — | — | $28.5M | $13.6M | $13.8M | — |
| SG&A | $235.3M | $79.2M | $65.5M | $107.4M | $61.8M | — |
| Total operating expenses | $290.1M | $80.2M | $143.0M | $122.5M | $75.6M | — |
| Operating income | -$234.6M | -$79.0M | -$65.5M | -$122.5M | -$75.6M | — |
| Pre-tax income | -$340.7M | -$82.6M | -$18.2M | -$99.1M | -$93.4M | — |
| Income tax | $19.4M | $15.8M | $443.0K | $0 | $0 | — |
| Net income | -$380.8K | -$450.6K | -$73.1K | -$98.8M | -$93.4M | — |
| EPS, basic | -2.19 | -3.20 | -0.51 | -0.83 | -1.24 | — |
| EPS, diluted | -2.19 | -3.20 | -0.51 | -0.83 | -1.24 | — |
| Shares, diluted (wtd. avg.) | 173.6M | 140.5M | 139.7M | 118.5M | 75.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $182.4M | $72.6M | $275.7M | $563.0M | $564.0M | $14.9M |
| Receivables | $84.5M | $0 | — | — | — | — |
| Inventory | $116.0M | $274.5M | $0 | — | — | — |
| Total current assets | $663.5M | $572.0M | $312.0M | $579.5M | — | — |
| Property, plant and equipment | $302.3M | $293.6M | $1.7M | $210.8M | — | — |
| Goodwill | $57.4M | $74.5M | $0 | — | — | — |
| Other intangibles | $180.5M | $283.5M | $2.8M | $3.0M | — | — |
| Total assets | $1.37B | $1.34B | $732.2M | $827.7M | — | — |
| Accounts payable | — | — | $18.1M | $6.8M | — | — |
| Short-term debt | $46.4M | $94.4M | $0 | — | — | — |
| Total current liabilities | $463.6M | $410.1M | $49.2M | $62.6M | — | — |
| Long-term debt | $343.8M | $507.9M | $0 | — | — | — |
| Total liabilities | $1.05B | $1.10B | $97.5M | $107.6M | — | — |
| Retained earnings | -$1.09B | -$725.2M | -$275.0M | -$203.1M | — | — |
| Total equity | $250.4M | $188.8M | $634.7M | $720.1M | $545.5M | $5.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $95.5M | -$102.8M | -$87.9M | -$90.0M | -$63.1M | — |
| Depreciation and amortisation | $93.3M | $10.5M | $3.3M | $478.0K | $120.0K | — |
| Stock-based compensation | $11.4M | $7.8M | $11.6M | $8.6M | $14.8M | — |
| Capital expenditure | $78.8M | $50.8M | $187.8M | $180.8M | $13.8M | — |
| Investing cash flow | -$32.6M | -$137.7M | -$187.0M | -$175.0M | -$33.8M | — |
| Financing cash flow | $129.9M | $45.9M | $0 | $250.1M | $649.0M | — |
| Buybacks | — | — | — | $1.1M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-058457.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | $0 | $2.9M | $755.3M |
| Gross profit | — | — | — | $0 | $1.2M | $55.6M |
| Net income | — | -$93.4M | -$98.8M | -$73.1K | -$450.6K | -$380.8K |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Unregistered share sale Item 3.02
- Other event Item 8.01
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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