New York, June 10, 2026, 13:02 (EDT)
- T1 Energy shares dropped around 8% by midday. Fuzzy Panda Research said a whistleblower gave it 26 solar-cell invoices for the first quarter linked to Trina Solar.
- The fight is important for T1, which leans on U.S. manufacturing tax credits. But those tax credits face limits under the Foreign Entity of Concern rules.
- The stock’s slide cuts into its recent run on battery-storage and AI infrastructure hopes tied to T1’s deal to buy KORE Power.
T1 Energy Inc. shares tumbled Wednesday, off 7.98% to around $7.79, after Fuzzy Panda Research posted a short report that said the company purchased over $65 million in Q1 solar cells from Trina Solar. The question for investors has centered on whether T1’s Texas solar plant can really pull in U.S. tax credits and help build out a bigger U.S. supply chain. This time, Fuzzy Panda said it had invoices—actual documents—rather than just giving an opinion.
The stock started the session at $8.36 after finishing Tuesday at $8.46. Shares traded in a wide range from $7.64 to $8.76 on volume above 20 million in Webull’s midday snapshot. The move comes just a week after the company was out selling investors on expanding into battery energy storage systems and data-center infrastructure.
Fuzzy Panda said its new post kicks off a five-part “whistleblower series.” The firm said it is short T1 Energy and plans to keep its position while the series runs. Short-seller research sometimes finds real trouble, but it isn’t unbiased. Fuzzy Panda Research
Tax-credit eligibility is the sticking point. In U.S. clean-energy law, a Foreign Entity of Concern, or FEOC, means some foreign players can’t be too involved if a project wants to claim benefits. The Treasury Department and IRS said that this year’s rules cover whether facilities, storage tech or parts get “material assistance” from these banned entities. If so, they may lose out on credits such as Section 45X, which covers advanced manufacturing production for clean-energy components. IRS
Fuzzy Panda said it looked at 26 T1 Energy purchase invoices dated from January through March 31 and found all were for Trina Solar cells. According to the firm, this means T1’s first-quarter tax-credit treatment should be reversed, and adjusted EBITDA would fall from $9.1 million positive to negative $32.3 million under its own math. T1 reported $9.1 million adjusted EBITDA for the quarter in its May results. The allegation targets the headline profit number for the quarter.
T1 faces tough timing after Reuters said Tuesday the U.S. Defense Department put Trinasolar and other Chinese solar and battery businesses on a list it claims are tied to China’s military. According to Reuters, Trinasolar denied links to the military and said it would seek a correction or file an appeal. Being on the list does not mean broad sanctions by default, but it does make sourcing from these Chinese suppliers more politically sensitive and complicated for compliance.
T1 painted a different picture in its latest quarter. In May, the company said G2_Austin construction was moving forward as planned, with the first solar-cell output slated for the last quarter of 2026. The company kept its 2026 guidance for G1_Dallas at 3.1 to 4.2 gigawatts. CEO Dan Barcelo said they were sticking to “hitting key construction milestones.” T1 posted $3.9 million in net income from continuing operations and ended the quarter with $123.7 million in cash and restricted cash. GlobeNewswire
T1 has been looking to expand its focus. On June 3, the company said it would buy KORE Power at an enterprise value of around $32 million, including equity, cash, and assumed debt. T1 said the move aims to get it into the battery storage and AI data-center infrastructure spaces. Barcelo said KORE’s NRI division adds “extraordinary capability, knowledge, and customer relationships” for storage and power infrastructure. GlobeNewswire
T1’s June 8 SEC filing points to a stock market angle in the KORE deal. The transaction features about $9.6 million of closing consideration in T1 common stock, plus a potential $9.6 million stock earn-out. There’s also a possible $5.5 million stock payment linked to a receivable. Share amounts depend on a 10-session volume-weighted average price, so volatility in TE shares matters for the deal’s dilution math.
There’s a counterweight for investors. After Fuzzy Panda put out its short report in May, Roth Capital analyst Philip Shen fired back, calling it “Another Misleading Short Report; Buy the Dip,” PV Magazine USA reported. The stock bounced hard the next day. But Wednesday’s report is different, centering on alleged invoice evidence and tax-credit accounting, not just claims about corporate structure and ownership. pv magazine USA
The risk goes both ways now. If the invoice claims check out, T1 could have to answer for tax-credit status, profit figures, G2_Austin financing and how it discloses its sourcing. T1’s own filings already warn about Section 45X credit hurdles, a thin supplier base, overseas material flows, tariffs, trade shifts, cash needs and closing the KORE buy. But if nothing is proven, the stock might swing back to the story of U.S. manufacturing, storage and data-center plays.
New pressure is building for T1. Fuzzy Panda says it will release more installments in its whistleblower series, and T1 has to close the KORE deal in the second quarter, line up a larger G2_Austin financing package, and keep first cell production set for Q4 2026. The company has to answer where it’s sourcing parts before financing becomes the bigger issue, observers say.
