T1 Energy posts much smaller-than-feared quarterly loss
T1 Energy shares are whipsawing in early trading after the solar equipment maker reported its Q1 financial results today, posting a quarterly loss far smaller than feared.
Key numbers:
Loss per share: $0.08 (estimate: $0.18).
Revenue: $177.65 million.
Operating expenses: $51.6 million.
Cash, cash equivalents, and restricted cash: $123.7 million.
Shares were up nearly double digits in premarket trading, but have since proceeded to dip into the red.
Management highlighted the operational ramp-up at its G1_Dallas facility and continued progress on its flagship G2_Austin solar cell plant. The company is targeting a larger financing solution, which includes a significant debt component, to fund its capex needs for Phase 1 of G2_Austin.
Following a successful $160 million convertible note offering in April, the company said it has reduced its remaining Phase 1 funding requirement to approximately $225 million.
“Our team made excellent progress during the first quarter to advance our top priorities,” said Dan Barcelo, CEO and chairman of T1 Energy. “As we look ahead, we are focused on hitting key construction milestones, targeting a comprehensive financing package for G2_Austin in the second quarter, building our offtake coverage through our developer customer base, and driving profitability as T1 grows.”
