Tearsheet

T1 Energy (TE)

Market Price (4/11/2026): $4.74 | Market Cap: $1.1 Bil
Sector: Industrials | Industry: Electrical Components & Equipment

T1 Energy (TE)

Market Price (4/11/2026): $4.74
Market Cap: $1.1 Bil
Sector: Industrials
Industry: Electrical Components & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 25573%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -49%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Battery Storage & Grid Modernization, Smart Metering, Show more.

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -180 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -24%

Stock price has recently run up significantly
12M Rtn12 month market price return is 326%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -40%

High stock price volatility
Vol 12M is 120%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 25573%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -49%
3	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Battery Storage & Grid Modernization, Smart Metering, Show more.
4	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18%
5	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -180 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -24%
6	Stock price has recently run up significantly 12M Rtn12 month market price return is 326%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -40%
8	High stock price volatility Vol 12M is 120%

Valuation, Metrics & Events

	4/11/26	2025	2024	2023	2022
Share Price CYE	$4.74	$1.23	�	�	�
Market Cap CYE ($ Bil)	1.1	0.2	-	-	-
Total Debt ($ Bil)	0.5	0.8	0.0	0.0	0.0
Total Cash ($ Bil)	0.2	0.0	0.2	0.4	0.5
Enterprise Value ($ Bil)	1.4	1.0
Valuation Ratios
P/S TTM	1.4	3.4	-	-	-
P/EBIT TTM	-3.2	-2.2	-	-	-
P/E TTM	-2.9	-0.4	-	-	-
P/FCF TTM	63.1	-1.0	-	-	-
Sector Ratios
P/S TTM (Sector)	1.7	1.4	1.6	1.3	1.6
P/EBIT TTM (Sector)	11.5	9.6	11.8	9.3	10.5
P/E TTM (Sector)	15.4	14.0	16.3	13.1	14.0
P/FCF TTM (Sector)	12.2	11.3	13.6	7.9	10.5

	4/11/26	2025	2024
Share Price CYE	$4.74	$1.23	�
Market Cap CYE ($ Bil)	1.1	0.2	-
Total Debt ($ Bil)	0.5	0.8	0.0
Total Cash ($ Bil)	0.2	0.0	0.2
Enterprise Value ($ Bil)	1.4	1.0
Valuation Ratios
P/S TTM	1.4	3.4	-
P/EBIT TTM	-3.2	-2.2	-
P/E TTM	-2.9	-0.4	-
P/FCF TTM	63.1	-1.0	-
Sector Ratios
P/S TTM (Sector)	1.7	1.4	1.6
P/EBIT TTM (Sector)	11.5	9.6	11.8
P/E TTM (Sector)	15.4	14.0	16.3
P/FCF TTM (Sector)	12.2	11.3	13.6

	TE	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.8
Rev Chg Q	12,087.4%	7.5%
Rev Chg LTM	25,572.8%	6.8%
Rev Chg 3Y Avg	25,572.8%	5.7%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.2
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	-0.4
Op Mgn LTM	-23.8%	18.6%
CFO/Rev LTM	12.6%	20.6%
Net Inc Mgn	-48.7%	12.8%
VALUATION	HIGH
P/S	1.4	3.2
P/CFO	11.0	15.4
P/FCF	63.1	19.8
P/E	-2.9	24.1
STABILITY	GOOD
Debt/Equity	0.52	0.21
Cash/Assets	0.13	0.07

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Metric	Value	Date	Source
Module Shipments	~725 MW	9302025	Link
Accrued Section 45X Tax Credits	$92M	9302025	Link
Customer Module Sales and Offtake Commitments (2025)	1.75 GW	5152025	Link
G1_Dallas Facility 2025 Production Plan	2.6 GW	8202025	Link
G2_Austin Planned Solar Cell Manufacturing Facility Capacity	5 GW	3172025	Link
Total Module Production (G1 Dallas, Jan-Feb 2025)	>220 MW	3172025	Link

Recent
3/31/2026	Earnings Release	Rev: $358 Mil (A) vs. $368 Mil (E) EPS: -0.61 (A) vs. $-0.01 (E)
Upcoming
5/21/2026	Earnings Release	Rev: $110 Mil (E) EPS: $-0.10 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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T1 Energy (TE) stock has lost about 30% since 12/31/2025 because of the following key factors:

1. Significant Q4 2025 Earnings Miss: T1 Energy reported a substantial Q4 2025 earnings per share (EPS) miss on March 6, 2026, posting -$0.70 against an estimated $0.05, representing a 1,500.00% deviation from expectations and signaling a significant financial setback.

2. Persistent Net Losses and Weak Profitability: The company demonstrated ongoing financial weakness, recording a full-year 2025 net loss of $367.83 million despite revenues of $755.3 million. This was further highlighted by problematic negative profit margins and a negative EBIT margin of -40.2%, indicating operational inefficiencies.

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Stock Movement Drivers

Fundamental Drivers

The -29.8% change in TE stock from 12/31/2025 to 4/10/2026 was primarily driven by a -48.8% change in the company's P/S Multiple.

(LTM values as of)	12312025	4102026	Change
Stock Price ($)	6.68	4.69	-29.8%
Change Contribution By:
Total Revenues ($ Mil)	400	755	89.0%
P/S Multiple	2.7	1.4	-48.8%
Shares Outstanding (Mil)	161	222	-27.4%
Cumulative Contribution			-29.8%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/10/2026

	Return	Correlation
TE	-29.8%
Market (SPY)	-5.4%	43.7%
Sector (XLI)	10.6%	22.7%

Fundamental Drivers

The 115.1% change in TE stock from 9/30/2025 to 4/10/2026 was primarily driven by a 299.3% change in the company's Total Revenues ($ Mil).

(LTM values as of)	9302025	4102026	Change
Stock Price ($)	2.18	4.69	115.1%
Change Contribution By:
Total Revenues ($ Mil)	189	755	299.3%
P/S Multiple	1.8	1.4	-23.4%
Shares Outstanding (Mil)	156	222	-29.7%
Cumulative Contribution			115.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/10/2026

	Return	Correlation
TE	115.1%
Market (SPY)	-2.9%	37.3%
Sector (XLI)	11.6%	14.3%

Fundamental Drivers

The 272.2% change in TE stock from 3/31/2025 to 4/10/2026 was primarily driven by a 25572.8% change in the company's Total Revenues ($ Mil).

(LTM values as of)	3312025	4102026	Change
Stock Price ($)	1.26	4.69	272.2%
Change Contribution By:
Total Revenues ($ Mil)	3	755	25572.8%
P/S Multiple	60.7	1.4	-97.7%
Shares Outstanding (Mil)	142	222	-36.0%
Cumulative Contribution			272.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/10/2026

	Return	Correlation
TE	272.2%
Market (SPY)	16.3%	32.7%
Sector (XLI)	32.3%	20.7%

Fundamental Drivers

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Market Drivers

3/31/2023 to 4/10/2026

	Return	Correlation
TE
Market (SPY)	63.3%	34.5%
Sector (XLI)	76.8%	22.8%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
TE Return	-	-	-	-	391%	-37%	207%
Peers Return	-13%	13%	-35%	-55%	49%	-13%	-62%
S&P 500 Return	27%	-19%	24%	23%	16%	-0%	82%
Monthly Win Rates [3]
TE Win Rate	-	-	-	-	60%	25%
Peers Win Rate	38%	52%	37%	35%	50%	40%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
TE Max Drawdown	-	-	-	-	-29%	-41%
Peers Max Drawdown	-32%	-38%	-54%	-63%	-49%	-25%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: FSLR, ENPH, SEDG, CSIQ, STEM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/10/2026 (YTD)

How Low Can It Go

TE has limited trading history. Below is the Industrials sector ETF (XLI) in its place.

Unique Key	Event	XLI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-22.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	29.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	273 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-42.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	74.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	232 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-24.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	32.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	312 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-63.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	172.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,463 days	1,480 days

Compare to FSLR, ENPH, SEDG, CSIQ, STEM

In The Past

SPDR Select Sector Fund's stock fell -22.6% during the 2022 Inflation Shock from a high on 1/4/2022. A -22.6% loss requires a 29.2% gain to breakeven.

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Asset Allocation

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About T1 Energy (TE)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

TECO Energy, Inc., an electric and gas utility holding company, engages in the regulated electric and gas utility operations. It generates, purchases, transmits, distributes, and sells electric energy to retail customers, as well as to utilities and other resellers of electricity in West Central Florida; and has electric generating plants with a winter peak generating capacity of 4,730 megawatts. The company purchases, distributes, and sells gas to residential, commercial, industrial, and electric power generating customers in Florida; and has a distribution system that includes approximately 12,100 miles of mains and 6,900 miles of service lines. It also distributes natural gas primarily to residential customers in 23 counties of New Mexico; and operates approximately 1,600 miles of transmission pipeline and 10,200 miles of distribution lines. The company serves approximately 719,000 electric customers in West Central Florida; 361,000 gas customers in Florida; and 516,000 gas customers in New Mexico. The company was founded in 1899 and is headquartered in Tampa, Florida.

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Here are 1-3 brief analogies for T1 Energy (symbol: TE):

TE is like a regional Duke Energy or Southern Company, providing electricity and natural gas.
Think of TE as the Con Edison for West Central Florida and parts of New Mexico, supplying essential power and gas.

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Electric Utility Service: Generates, transmits, distributes, and sells electric energy to retail and wholesale customers in West Central Florida.
Natural Gas Utility Service: Purchases, distributes, and sells natural gas to residential, commercial, industrial, and power generation customers in Florida and New Mexico.

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T1 Energy (TE) primarily serves individual customers. Its major customer categories are: *

Residential and Retail Customers

This includes individual households and small consumers of electricity in West Central Florida, and natural gas customers in Florida and New Mexico. *

Commercial and Industrial Customers

This category encompasses businesses and industries that purchase natural gas services in Florida. *

Utility and Power Generation Customers

This includes other utility companies and entities that resell electricity or utilize natural gas for electric power generation in Florida.

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Archie Collins, President & Chief Executive Officer

Archie Collins has over 30 years of experience in the energy industry. He began his career at Nova Scotia Power in 1990. Prior to joining Tampa Electric, he held leadership roles at Nova Scotia Power and Emera Energy, and served as President and Chief Executive Officer of Grand Bahama Power Co., and President and Chief Operating Officer of Emera Caribbean. He joined Tampa Electric as Chief Operating Officer in January 2018 and became President and CEO in May 2021. In 2025, his duties expanded to include oversight and responsibility for Corporate Safety for Emera Inc. Mr. Collins is a professional chemical engineer, holding a Bachelor of Engineering from St. Francis Xavier University and a Bachelor of Chemical Engineering from Dalhousie University. He serves on the boards of the Florida State Fair Authority, Florida Chamber of Commerce, Tampa Bay Economic Development Council, Florida Council of 100, Enterprise Florida, Southeastern Electric Exchange, The Association of Edison Illuminating Companies, Florida Reliability Coordinating Council, and Tampa Theatre.

Greg Blunden, Senior Vice President of Finance and Accounting and Chief Financial Officer

Greg Blunden is the Senior Vice President of Finance and Accounting and Chief Financial Officer of TECO Energy and CFO of Emera Inc. He joined Emera in 2000 and has held financial leadership roles at Emera Inc., Emera Maine, and Nova Scotia Power. Mr. Blunden has gained valuable experience and industry insight into various aspects of Emera's business, including corporate finance, business development, utility operations, customer service, renewable energy, and regulatory policy. He previously served as Emera's Vice President of Corporate Strategy & Planning and Executive Vice President of Customer, Business & Financial Services at Nova Scotia Power. He is a Chartered Professional Accountant and a graduate of Mount Allison University.

Stephanie Smith, Vice President, State & Regional Affairs

Stephanie Smith is Vice President of State and Regional Affairs for Tampa Electric and Peoples Gas. She is a seasoned professional with over 20 years of experience in public affairs and governmental relations, including developing strategies to advance legislation and navigate regulatory issues on behalf of Fortune 500 companies. Ms. Smith joined TECO in 2022. Prior to that, she worked for two Florida gubernatorial administrations, among other notable positions. She holds a Bachelor of Science in Political Science from Florida State University and serves as the chair of CareerSource Florida's board of directors.

Carlos Aldazabal, Vice President Energy Supply

Carlos Aldazabal is Vice President of Energy Supply for Tampa Electric. Since joining Tampa Electric in 1999, he has held multiple leadership positions in areas such as Accounting, Regulatory Affairs for Tampa Electric and Peoples Gas, Investor Relations, and Transmission Engineering and Operations. Most recently, he served as Director of Transmission Engineering and Operations, as well as Support Services. Mr. Aldazabal received both his Bachelor of Science in Accounting and Master of Accountancy from the University of South Florida and is a Certified Public Accountant. He serves on the board of The Florida Aquarium, and on the board of trustees of the National Hispanic Energy Council and The Tampa Museum of Art.

David Nicholson, Vice President, Legal, General Counsel and Chief Ethics & Compliance Officer

David M. Nicholson is Vice President of Legal, General Counsel, and Chief Ethics and Compliance Officer. He is responsible for legal affairs, federal governmental affairs, real estate, and ethics and compliance. Prior to joining TECO in 1999, Mr. Nicholson was a shareholder at the Tampa law firm of Macfarlane Ferguson & McMullen, where he represented Peoples Gas before its acquisition by TECO in 1997. He represented TECO in its $10 billion sale to Emera in 2016. He also worked on the development of solar sites and two of the first renewable natural gas facilities in Florida. Mr. Nicholson received his Bachelor of Science and graduated with honors from the University of Florida College of Law. While in law school, he attended the University of Glasgow, Scotland, for a year on a Rotary Ambassadorial Scholarship. He serves on the boards of the Straz Center for Performing Arts and Florida Tax Watch. He is a former president of the Hillsborough County Bar Foundation and the University Club of Tampa.

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Distributed Energy Resources: The widespread adoption and increasing affordability of rooftop solar panels combined with battery storage systems allow residential and commercial customers to generate and store their own electricity, reducing their reliance on TE's grid and central generation. This emerging trend directly threatens TE's revenue from electricity sales and could lead to decreased utilization of its transmission and distribution infrastructure.
Electrification of Buildings and Transportation: Government mandates and technological advancements promoting the switch from natural gas to electricity for heating, cooking, and vehicle propulsion pose a direct threat to TE's significant natural gas distribution business. As customers adopt electric heat pumps, induction cooktops, and electric vehicles, demand for natural gas declines, potentially stranding TE's extensive gas pipeline infrastructure and eroding a substantial portion of its customer base and revenue.

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Addressable Markets for T1 Energy (TE)

T1 Energy (TECO Energy, Inc.) operates in the regulated electric utility sector in West Central Florida, and the regulated gas utility and natural gas distribution sectors in Florida and New Mexico.

Electric Utility Market in West Central Florida

The total retail sales of electricity in Florida were 255,095,458 megawatthours in 2024. Tampa Electric Co. holds approximately 7% of the electricity market share in Florida. However, a specific market size in U.S. dollars for the electric utility market in West Central Florida is not readily available.

Gas Utility Market in Florida

The value of natural gas delivered to consumers in Florida was $6.15 billion in 2015. More recently, Peoples Gas System, a subsidiary of TECO Energy, had annual therm sales of approximately $1.98 billion in Florida in 2023.

Natural Gas Distribution Market in New Mexico

The addressable market size for natural gas distribution in New Mexico is estimated to be $519.4 million in 2026. This market includes approximately 31 businesses and serves about 505 employees in the industry in 2026. The value of natural gas delivered to consumers in New Mexico was $753 million in 2015.

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Interactive Breakdown

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Better Bets vs. T1 Energy (TE)

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Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	T1 Energy Stock (+9%): Carbon Capture Deal Ignites Re-Rate	01/14/2026
2	T1 Energy Earnings Notes	12/16/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to TE.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
NSP_3312026_Insider_Buying_45D_2Buy_200K	03312026	NSP	Insperity	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
TNC_3312026_Insider_Buying_45D_2Buy_200K	03312026	TNC	Tennant	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
ADP_3272026_Dip_Buyer_FCFYield	03272026	ADP	Automatic Data Processing	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.0%	1.0%	0.0%
HURN_3272026_Dip_Buyer_FCFYield	03272026	HURN	Huron Consulting	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.0%	4.0%	0.0%
TRU_3272026_Dip_Buyer_FCFYield	03272026	TRU	TransUnion	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.2%	5.2%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OGN	Organon	2.3	27.8%	23.5%
LWLG	Lightwave Logic	1.4	25.6%	227.2%
POET	POET Technologies	0.6	15.8%	11.2%
ALAB	Astera Labs	25.3	15.1%	-10.4%
MANE	Veradermics	1.4	14.7%	82.3%
TTMI	TTM Technologies	12.6	13.0%	76.1%
AAOI	Applied Optoelectronics	10.6	13.0%	332.0%
FBYD	Falcons Beyond Global	0.5	12.6%	-18.9%
TE	T1 Energy	0.8	12.2%	-29.8%
CRWV	CoreWeave	51.7	10.9%	42.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FSLY	Fastly	3.5	-21.7%	126.6%
REPL	Replimune	0.4	-19.5%	-51.0%
AKAM	Akamai Technologies	13.2	-16.7%	4.7%
FICO	Fair Isaac	21.9	-14.0%	-45.4%
SEZL	Sezzle	2.0	-13.6%	-5.9%
NET	Cloudflare	58.6	-13.5%	-15.3%
DOCN	DigitalOcean	6.9	-13.3%	57.1%
SMPL	Simply Good Foods	1.0	-11.5%	-48.0%
EVMN	Evommune	0.8	-11.0%	49.0%
GH	Guardant Health	10.1	-9.8%	-23.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AEHR	Aehr Test Systems	2.1	58.9%	248.8%
CAR	Avis Budget	10.6	57.5%	133.7%
AAOI	Applied Optoelectronics	10.6	44.9%	332.0%
OGN	Organon	2.3	38.8%	23.5%
LWLG	Lightwave Logic	1.4	38.4%	227.2%
HUT	Hut 8	7.2	37.4%	43.9%
SLNO	Soleno Therapeutics	2.8	33.3%	13.7%
STAA	Staar Surgical	1.3	30.8%	14.5%
RIOT	Riot Platforms	5.8	29.1%	31.0%
CIFR	Cipher Digital	6.6	28.9%	12.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
REPL	Replimune	0.4	-43.4%	-51.0%
FSLY	Fastly	3.5	-31.1%	126.6%
SMPL	Simply Good Foods	1.0	-26.3%	-48.0%
AKAM	Akamai Technologies	13.2	-22.6%	4.7%
GWRE	Guidewire Software	10.0	-21.8%	-41.3%
OKTA	Okta	11.2	-21.5%	-27.2%
HUBS	HubSpot	10.1	-21.4%	-52.1%
NET	Cloudflare	58.6	-21.1%	-15.3%
VRDN	Viridian Therapeutics	1.4	-20.6%	-52.0%
SNOW	Snowflake	41.5	-20.2%	-44.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
XLO	Xilio Therapeutics	0.6	1475.9%	-5.1%
CAR	Avis Budget	10.6	196.4%	133.7%
SATL	Satellogic	1.0	135.7%	292.0%
LWLG	Lightwave Logic	1.4	111.2%	227.2%
APLS	Apellis Pharmaceuticals	5.2	110.5%	62.4%
FBYD	Falcons Beyond Global	0.5	92.1%	-18.9%
FLY	Firefly Aerospace	6.0	82.2%	67.8%
KOD	Kodiak Sciences	2.3	75.7%	54.2%
KODK	Eastman Kodak	1.2	74.0%	42.9%
ORKA	Oruka Therapeutics	3.2	73.1%	96.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	1.3	-49.0%	-57.8%
VRDN	Viridian Therapeutics	1.4	-47.8%	-52.0%
MAZE	Maze Therapeutics	1.2	-47.1%	-35.6%
BUR	Burford Capital	1.0	-47.0%	-51.1%
FRMI	Fermi	2.9	-43.9%	-39.1%
TE	T1 Energy	0.8	-42.4%	-29.8%
REPL	Replimune	0.4	-39.7%	-51.0%
ADMA	ADMA Biologics	2.3	-38.1%	-46.8%
FIG	Figma	9.3	-34.8%	-51.4%
BOBS	Bobs Discount Furniture	1.4	-34.7%	-34.8%

Peer Comparisons

Peers to compare with:

Financials

	TE	FSLR	ENPH	SEDG	CSIQ	STEM	Median
Name	T1 Energy	First So.	Enphase .	SolarEdg.	Canadian.	Stem
Mkt Price	4.69	203.47	31.18	41.76	12.63	9.42	21.91
Mkt Cap	1.0	21.8	4.1	2.5	0.9	0.1	1.8
Rev LTM	755	5,219	1,473	1,184	5,899	156	1,329
Op Inc LTM	-180	1,597	165	-230	-20	-56	-38
FCF LTM	17	1,187	96	81	-1,734	0	49
FCF 3Y Avg	-138	32	387	-237	-1,575	-91	-114
CFO LTM	95	2,057	137	104	-121	7	100
CFO 3Y Avg	-32	1,292	449	-130	2	-79	-15

Growth & Margins

	TE	FSLR	ENPH	SEDG	CSIQ	STEM	Median
Name	T1 Energy	First So.	Enphase .	SolarEdg.	Canadian.	Stem
Rev Chg LTM	25,572.8%	24.1%	10.7%	31.4%	-4.5%	8.1%	17.4%
Rev Chg 3Y Avg	-	25.8%	-11.0%	-14.2%	-4.6%	-11.1%	-11.0%
Rev Chg Q	12,087.4%	11.1%	-10.3%	70.9%	-1.3%	-15.6%	4.9%
QoQ Delta Rev Chg LTM	89.0%	3.3%	-2.6%	13.3%	-0.3%	-5.3%	1.5%
Op Mgn LTM	-23.8%	30.6%	11.2%	-19.4%	-0.3%	-35.6%	-9.9%
Op Mgn 3Y Avg	-	30.1%	12.7%	-60.3%	2.9%	-68.2%	2.9%
QoQ Delta Op Mgn LTM	7.8%	0.8%	-2.5%	25.5%	0.6%	21.6%	4.3%
CFO/Rev LTM	12.6%	39.4%	9.3%	8.8%	-2.1%	4.4%	9.0%
CFO/Rev 3Y Avg	-	28.8%	26.1%	-10.7%	-1.0%	-22.0%	-1.0%
FCF/Rev LTM	2.2%	22.7%	6.5%	6.8%	-29.4%	0.2%	4.4%
FCF/Rev 3Y Avg	-	-2.7%	22.7%	-17.7%	-25.5%	-27.4%	-17.7%

Valuation

	TE	FSLR	ENPH	SEDG	CSIQ	STEM	Median
Name	T1 Energy	First So.	Enphase .	SolarEdg.	Canadian.	Stem
Mkt Cap	1.0	21.8	4.1	2.5	0.9	0.1	1.8
P/S	1.4	4.2	2.8	2.1	0.1	0.5	1.7
P/EBIT	-3.2	13.4	19.5	-6.6	-196.7	0.5	-1.3
P/E	-2.8	14.3	23.7	-6.2	53.0	0.6	7.4
P/CFO	10.9	10.6	29.9	24.0	-7.0	11.6	11.2
Total Yield	-35.4%	7.0%	4.2%	-16.2%	1.9%	173.1%	3.1%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-	-0.6%	3.6%	-19.1%	-159.2%	-577.4%	-19.1%
D/E	0.5	0.0	0.3	0.2	8.7	4.1	0.4
Net D/E	0.4	-0.1	-0.1	-0.0	6.6	3.5	0.2

Returns

	TE	FSLR	ENPH	SEDG	CSIQ	STEM	Median
Name	T1 Energy	First So.	Enphase .	SolarEdg.	Canadian.	Stem
1M Rtn	-42.4%	1.6%	-28.0%	15.7%	-28.6%	-11.5%	-19.8%
3M Rtn	-32.4%	-14.7%	-11.5%	27.0%	-34.8%	-46.7%	-23.6%
6M Rtn	28.8%	-9.9%	-9.0%	19.1%	-5.6%	-54.8%	-7.3%
12M Rtn	326.4%	66.5%	-37.1%	260.6%	75.2%	40.4%	70.8%
3Y Rtn	244.9%	-3.1%	-84.2%	-85.5%	-67.5%	-91.0%	-75.8%
1M Excs Rtn	-43.0%	1.0%	-28.7%	15.1%	-29.2%	-12.1%	-20.4%
3M Excs Rtn	-29.6%	-15.9%	-10.5%	39.5%	-33.4%	-43.2%	-22.7%
6M Excs Rtn	59.1%	-13.0%	-14.4%	16.2%	-12.6%	-60.7%	-12.8%
12M Excs Rtn	314.2%	32.2%	-73.8%	200.4%	50.0%	1.0%	41.1%
3Y Excs Rtn	178.6%	-68.5%	-150.8%	-152.0%	-134.2%	-157.6%	-142.5%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	3/31/2026	3/31/2026	3/31/2025	2/29/2024	2/27/2023	3/9/2022	3/9/2022
Key Financials
Total Revenue	755	755	3	0	0	0	0
EBITDA	-237	-210	-68	-62	-120	-75	-10
Operating Income	-180	-180	-78	-66	-121	-76	-9
Net Income	-368	-368	-450	-72	-99	-93	-10
EPS	-2.06	-2.19	-3.20	-0.51	-0.83	-1.24	-0.08
Growth Rates
Total Revenue Growth	25572.8%	25572.8%	∞%	-	-	-	-
EBITDA Growth	-250.4%	-211.6%	-8.6%	48.4%	-59.6%	-691.1%	-
Operating Income Growth	-130.5%	-130.5%	-19.0%	45.8%	-60.0%	-746.9%	-
Net Income Growth	18.3%	18.3%	-525.7%	27.2%	-5.8%	-872.2%	-
Margins
EBITDA Margin	-31.3%	-27.8%	-2294.8%	-	-	-	-
Operating Income Margin	-23.8%	-23.8%	-2650.2%	-	-	-	-
Net Income Margin	-48.7%	-48.7%	-15300.9%	-	-	-	-
Cash & Debt
Total Cash	182	182	73	253	443	564	15
Total Debt	549	549	719	0	14	0	0
Net Debt / (Cash)	366	366	647	-253	-429	-564	-15
Cash Flows
Net Cash from Operations	95	95	-103	-88	-90	-63	-7
Free Cash from Operations	17	17	-154	-276	-271	-77	-7
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	1	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	3/31/2026	11/14/2025	8/19/2025	5/15/2025	3/31/2025	11/12/2024	8/9/2024	5/8/2024	2/29/2024	11/9/2023	8/10/2023	5/15/2023
Key Financials Quarterly
Total Revenue	359	211	133	53	3	0	0	0	0	0	0	0
Ebitda	-122	-105	-0	-9	-28	-15	-11	-13	40	-34	-33	-35
Operating Income	-85	-42	-29	-24	-32	-17	-14	-15	38	-35	-34	-35
Net Income	-189	-131	-32	-16	-367	-27	-27	-29	-24	-10	-25	-13
EPS	-0.87	-0.87	-0.21	-0.11	-2.59	-0.20	-0.19	-0.20	-0.17	-0.07	-0.18	-0.09
Key Financials TTM
Total Revenue TTM	755	400	189	56	3	0	0	0	0	0	0	0
Ebitda TTM	-237	-143	-53	-64	-68	1	-18	-40	-62	-135	-130	-128
Operating Income TTM	-180	-126	-102	-87	-78	-8	-25	-46	-66	-138	-131	-128
Net Income TTM	-368	-546	-443	-438	-450	-107	-89	-88	-72	-22	-107	-77
Growth Rates Quarterly
Total Revenue Growth	12087.4%	-	-	-	-	-	-	-	-	-	-	-
EBITDA Growth	-329.1%	-604.1%	97.4%	30.2%	-171.9%	55.6%	66.2%	63.1%	217.6%	-19.1%	-7.5%	-26.5%
Operating Income Growth	-167.8%	-138.6%	-113.5%	-57.4%	-183.5%	50.1%	59.7%	56.9%	212.8%	-22.8%	-8.8%	-26.8%
Net Income Growth	48.5%	-375.2%	-18.2%	43.1%	-1420.2%	-180.8%	-6.7%	-124.3%	-195.5%	89.6%	-641.3%	63.5%
Margins Quarterly
EBITDA Margin	-34.1%	-50.0%	-0.2%	-16.7%	-967.2%	-	-	-	-	-	-	-
Operating Income Margin	-23.8%	-19.7%	-22.0%	-44.2%	-1083.7%	-	-	-	-	-	-	-
Net Income Margin	-52.7%	-62.0%	-24.0%	-30.4%	-12479.5%	-	-	-	-	-	-	-
Cash & Debt
Total Cash	182	34	8	49	73	182	220	250	253	299	334	393
Total Debt	549	702	742	754	719	20	20	20	0	22	22	22
Net Debt / (Cash)	366	668	734	705	647	-162	-199	-229	-253	-278	-312	-371
Cash Flows Quarterly
FCF from Operations	43	64	33	-45	-30	-28	-28	-16	-34	-19	-22	-13
Cash Flows TTM
FCF from Operations TTM	95	22	-70	-131	-103	-107	-97	-92	-88	-71	-74	-72
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-19.2%	-8.8%	-5.7%	-3.5%	-5.3%	-9.5%	-7.9%	-9.1%	23.1%	-23.1%	-24.4%	-27.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-9.5%	-6.2%	-4.5%	-3.9%	-3.9%	-1.1%	-3.7%	-7.0%	-10.0%	-22.8%	-23.5%	-24.8%

Segment Financials

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Single Segment	1,336	732	627	627	16
Total	1,336	732	627	627	16

Price Behavior

Price Behavior

Market Price	$4.69
Market Cap ($ Bil)	0.8
First Trading Date	12/29/2006
Distance from 52W High	-50.6%
	50 Days	200 Days
DMA Price	$4.63	$1.37
DMA Trend	up	down
Distance from DMA	1.4%	242.0%
	3M	1YR
Volatility	117.1%	119.6%
Downside Capture	2.63	1.04
Upside Capture	488.21	321.27
Correlation (SPY)	40.7%	32.1%

TE Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	4.38	4.65	3.69	3.91	2.03	0.17
Up Beta	-3.45	4.52	1.44	4.30	1.85	-1.06
Down Beta	7.68	3.79	3.39	4.24	2.20	-0.42
Up Capture	828%	706%	733%	1283%	853%	132%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	10	19	32	62	121	131
Down Capture	259%	370%	285%	184%	122%	84%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	12	23	30	62	124	133

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with TE
TE	356.9%	120.3%	1.82	-
Sector ETF (XLI)	49.1%	17.9%	2.08	19.2%
Equity (SPY)	31.2%	17.3%	1.47	32.2%
Gold (GLD)	60.1%	27.8%	1.69	7.8%
Commodities (DBC)	29.8%	16.6%	1.58	10.4%
Real Estate (VNQ)	21.3%	15.2%	1.07	13.7%
Bitcoin (BTCUSD)	-5.7%	43.7%	-0.01	30.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with TE
TE	28.3%	117.6%	1.50	-
Sector ETF (XLI)	13.1%	17.3%	0.59	22.8%
Equity (SPY)	11.1%	17.0%	0.50	34.5%
Gold (GLD)	22.1%	17.8%	1.02	8.2%
Commodities (DBC)	11.8%	18.8%	0.52	13.4%
Real Estate (VNQ)	3.7%	18.8%	0.10	18.1%
Bitcoin (BTCUSD)	4.0%	56.5%	0.29	31.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with TE
TE	13.3%	117.6%	1.50	-
Sector ETF (XLI)	13.8%	19.9%	0.61	22.8%
Equity (SPY)	13.8%	17.9%	0.66	34.5%
Gold (GLD)	14.2%	15.9%	0.74	8.2%
Commodities (DBC)	8.6%	17.6%	0.41	13.4%
Real Estate (VNQ)	5.1%	20.7%	0.22	18.1%
Bitcoin (BTCUSD)	67.4%	66.9%	1.07	31.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	38.8 Mil
Short Interest: % Change Since 3152026	13.3%
Average Daily Volume	13.5 Mil
Days-to-Cover Short Interest	2.9 days
Basic Shares Quantity	221.7 Mil
Short % of Basic Shares	17.5%

Returns Analyses

null

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
3/31/2026	-21.9%	-30.1%
11/14/2025	-3.7%	-22.1%	55.9%
8/20/2025	-8.9%	10.3%	27.4%
3/17/2025	5.9%	-2.0%	-27.0%
SUMMARY STATS
# Positive	1	1	2
# Negative	3	3	1
Median Positive	5.9%	10.3%	41.6%
Median Negative	-8.9%	-22.1%	-27.0%
Max Positive	5.9%	10.3%	55.9%
Max Negative	-21.9%	-30.1%	-27.0%

	Forward Returns
3/31/2026	-21.9%	-30.1%
11/14/2025	-3.7%	-22.1%	55.9%
8/20/2025	-8.9%	10.3%	27.4%
3/17/2025	5.9%	-2.0%	-27.0%
SUMMARY STATS
# Positive	1	1	2
# Negative	3	3	1
Median Positive	5.9%	10.3%	41.6%
Median Negative	-8.9%	-22.1%	-27.0%
Max Positive	5.9%	10.3%	55.9%
Max Negative	-21.9%	-30.1%	-27.0%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	03/31/2026	10-K
09/30/2025	11/14/2025	10-Q
06/30/2025	08/19/2025	10-Q
03/31/2025	05/15/2025	10-Q
12/31/2024	03/31/2025	10-K
09/30/2024	11/12/2024	10-Q
06/30/2024	08/09/2024	10-Q
03/31/2024	05/08/2024	10-Q
12/31/2023	02/29/2024	10-K
09/30/2023	11/09/2023	10-Q
06/30/2023	08/10/2023	10-Q
03/31/2023	05/15/2023	10-Q
12/31/2022	02/27/2023	10-K
09/30/2022	11/14/2022	10-Q
06/30/2022	08/08/2022	10-Q
03/31/2022	05/11/2022	10-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 3/31/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Production and Sales	3.10 Bil	3.65 Bil	4.20 Bil
2026 Contracted Production		3.00 Bil
2027 Adjusted EBITDA	650.00 Mil	675.00 Mil	700.00 Mil

Prior: Q3 2025 Earnings Reported 11/14/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 EBITDA	25.00 Mil	37.50 Mil	50.00 Mil	0		Affirmed	Guidance: 37.50 Mil for 2025
2026 Capital Expenditure	400.00 Mil	412.50 Mil	425.00 Mil
2026 Annual Run-rate EBITDA	375.00 Mil	412.50 Mil	450.00 Mil	-38.9%		Lowered	Guidance: 675.00 Mil for 2025

Insider Activity

Expand for More

#	Owner	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Slettemoen, Tore Ivar	See footnote	Sell	9242025	1.97	384,349	757,168	8,828,679	Form
2	Slettemoen, Tore Ivar	See footnote	Sell	9242025	1.92	376,106	722,124	7,882,477	Form
3	Slettemoen, Tore Ivar	See footnote	Sell	9152025	1.97	26,114	51,445	9,957,034	Form
4	Slettemoen, Tore Ivar	See footnote	Sell	9152025	1.81	188,420	341,040	8,807,301	Form

TE Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing TE?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What TE Makes & Who Pays

TTM figures based on

TE Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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T1 Energy (TE)

Market Price (4/11/2026): $4.74 | Market Cap: $1.1 BilSector: Industrials | Industry: Electrical Components & Equipment

T1 Energy (TE)

Market Price (4/11/2026): $4.74Market Cap: $1.1 BilSector: IndustrialsIndustry: Electrical Components & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

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How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About T1 Energy (TE)

Residential and Retail Customers

Commercial and Industrial Customers

Utility and Power Generation Customers

Addressable Markets for T1 Energy (TE)

Electric Utility Market in West Central Florida

Gas Utility Market in Florida

Natural Gas Distribution Market in New Mexico

Interactive Breakdown

Better Bets vs. T1 Energy (TE)

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FDA Approved Drugs Data

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Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Recent Forward Guidance [BETA]

Insider Activity

TE Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

Market Price (4/11/2026): $4.74 | Market Cap: $1.1 Bil
Sector: Industrials | Industry: Electrical Components & Equipment

Market Price (4/11/2026): $4.74
Market Cap: $1.1 Bil
Sector: Industrials
Industry: Electrical Components & Equipment