NEW YORK, May 26, 2026, 13:05 (EDT)
T1 Energy jumped in afternoon trade Tuesday, up $2.61 at $10.69. The stock drew buyers back to a choppy solar manufacturing sector, caught between upbeat earnings, a recent short-seller hit and analysts still backing the name. More than 47 million shares changed hands. T1 Energy’s market cap stood near $1.5 billion.
T1 is now at the center of a wider U.S. solar debate. The issue is whether firms with current or past China-linked supply chains will get federal clean-energy subsidies. The Foreign Entity of Concern, or FEOC, rules set limits on tax credits for companies with some links to China or other flagged countries.
Investors are buying into a funding pitch. T1 said it still needs around $225 million to finish phase one of G2_Austin, its planned 2.1 GW solar cell factory, after raising $174.7 million from a convertible-note sale in April. The company stuck with its 2026 production outlook for G1_Dallas at 3.1 GW to 4.2 GW.
T1 added to its recent surge after a 42.5% weekly jump was reported Monday. A May 18 regulatory filing showed Situational Awareness LP owned 10 million T1 shares, worth $43.9 million at Q1’s close. That filing put T1 in focus for traders tracking power, U.S. manufacturing and AI-related infrastructure.
T1 said first-quarter net sales reached $177.6 million, compared to $53.5 million a year ago, with almost all of that as related-party net sales. Net income from continuing operations was $3.9 million. Adjusted EBITDA, which leaves out interest, taxes, depreciation and some other costs, came in at $9.1 million.
T1 CEO Dan Barcelo said the main goals for the first quarter were to “operate profitably at G1_Dallas” and finish funding and building G2_Austin. Barcelo said the focus was on hitting construction milestones, closing a financing deal, and getting more offtake signed—customer contracts for future output. GlobeNewswire
T1 shares tumbled after short seller Fuzzy Panda Research said on May 19 it was betting against the stock and called the company more “China Hustle” than AI infrastructure. Fuzzy Panda said T1’s IP setup with Evervolt in Singapore didn’t fix FEOC risk, and that T1 had inflated its Q1 profits by counting $41.4 million in tax credits it might not get. Fuzzy Panda Research
Roth Capital Partners analyst Philip Shen disagreed and said the report was misleading. He took the drop as a chance to buy. Sherwood News reported Shen sees T1 as “a model for what the Trump administration may want” from a U.S. manufacturer that brings advanced tech and capacity to the country. Sherwood News
T1 said earlier that deals with Trina Solar and others were meant to keep it in line for Section 45X, the federal advanced-manufacturing production tax credit, in 2026. According to T1, Trina sold some intellectual property to Evervolt, and T1 said it decided Evervolt was not a FEOC after diligence.
Fast changes are hitting the competitive scene. Reuters said this month that Sunrun cut its approved suppliers down to non-Chinese makers like Qcells. Renewable Properties moved most sourcing to First Solar, looking to sidestep questions about Chinese links. The same issue hangs over the T1 rally.
The rally has narrowed T1’s margin for error. The company’s risk warnings point to challenges qualifying for Section 45X credits, hitting plant construction targets, managing supply chains, and getting funding. Trouble with tax credits or financing could knock the stock down just as fast as it went up.
