New York, May 22, 2026, 08:01 EDT
- T1 Energy finished Thursday at $8.72, little changed. The stock had jumped earlier in the week after a short-seller report and a response from Roth Capital.
- FEOC compliance is at the center — the foreign-entity rules that decide who can claim U.S. solar manufacturing tax credits.
- The NYSE was set for normal Friday hours, with markets shut Monday, May 25, for Memorial Day.
T1 Energy Inc. looks headed for fresh swings on Friday, following a turbulent week for the small U.S. solar company. A short-seller’s attack, pushback from an analyst, and a surge in trading have pushed the shares into focus among clean-energy names.
The stock finished Thursday at $8.72, gaining 0.23%. That comes after a jump of over 25% on Wednesday. Trading volume touched 79.1 million shares on Thursday, which is about 282% above its three-month average. The S&P 500 was up 0.18% and the Nasdaq Composite ticked higher by 0.09%.
This matters now because the focus is shifting from a single day of trading to whether T1 can hold onto the U.S. tax credits that drive its solar manufacturing case. FEOC, or foreign entity of concern, rules aim to keep China-linked ownership, supply, debt or IP connections out of U.S. clean-energy incentives.
Roth Capital’s Philip Shen offered support for the long side. Shen told Sherwood News that T1 is “a model” for a U.S. company bringing advanced tech and capacity onshore, adding that the selloff looked like a buying opportunity. Sherwood News
Fuzzy Panda Research, which is betting against the stock, said on May 19 that it was short T1 and accused the company of lacking FEOC compliance. The short seller flagged T1’s IP deal with Evervolt in Singapore and China’s Trina Solar, saying this could jeopardize key U.S. tax credits. Fuzzy Panda also raised questions about $41.4 million in first-quarter tax-credit accounting.
T1 said in its most recent quarterly filing, filed before the short seller report, that it thought it stayed in line with the new rules and still expected to qualify for Section 45X tax credits. Those credits are handed out for U.S.-made solar modules and parts. The company also said in the filing that Trina had sold some intellectual property to Evervolt, and T1 now licenses that IP from Evervolt after its own review.
The latest results have backed buyers. T1 turned in first-quarter net sales of $177.6 million, net income from continuing operations of $3.9 million, and record adjusted EBITDA of $9.1 million. The adjusted EBITDA number cuts out interest, taxes, depreciation, amortization, and some non-cash or one-off costs, making it a non-GAAP profit metric.
G2_Austin, T1’s planned 2.1 GW solar cell plant in Texas, is still on track, CEO Dan Barcelo told analysts on the May 12 call. Barcelo said first cell output is expected in the fourth quarter of 2026. CFO Evan Calio said the funding T1 expects to secure will be “more than sufficient” to cover the $225 million in remaining phase one capex. The Motley Fool
T1 kept its 2026 output target at 3.1 to 4.2 gigawatts from the G1_Dallas plant. Cash, cash equivalents, and restricted cash stood at $123.7 million as of March 31. The company also wrapped up a convertible-note sale in April, raising about $174.7 million in net proceeds.
First Solar, the biggest U.S. solar maker, has started patent cases tied to TOPCon solar cells, based on T1’s latest 10-Q. T1 said it disagrees with the claims and plans to fight them.
T1 is facing a number of issues. The company says U.S. Customs and Border Protection bills linked to 2024 imports come to about $31.7 million, and it has $33.5 million in tariff refund claims pending, but timing isn’t clear. It also got requests from the DOJ and SEC in late 2025 about stock sales involving an executive and a board member. T1 said its disclosure controls weren’t effective as of March 31 because of a material weakness tied to revenue, inventory and IT controls.
Bulls see a simple trade here, backing Roth and sticking with T1’s Dallas supply, Austin funding, and tax credit story. Bears are on the other side, saying the FEOC fight could go from background chatter to something real on the books. The Memorial Day break on Monday shortens U.S. trading, so Friday’s action may have more to do with who’s willing to hold risk through the long weekend than with any strong conviction.
