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Construction of the 2.1 GW Phase 1 G2_Austin solar cell facility remains on schedule for first production in Q4 2026, with concrete works underway and steel erection beginning in May.

Record quarterly adjusted EBITDA of $9.1 million at G1_Dallas was driven by a favorable shift toward cost-plus and fixed-margin contracts, insulating the company from merchant price volatility.

Management attributes improved financial performance to operational efficiency and a strategic pivot away from merchant sales during a challenging Q4 pricing environment.

The company is leveraging its long-term supply contract with Hemlock Semiconductor to position itself as a leader in the domestic polysilicon-based solar supply chain.

Operational focus at G1_Dallas has shifted from 2025's capacity ramp-up to 2026's priority of driving bottom-line profitability and EBITDA growth.

Strategic positioning is centered on providing high domestic content TOPCon modules, which management notes are currently unavailable at scale in the U.S. market.

Management targets the announcement of a comprehensive, primarily debt-based financing package for the remaining $225 million G2 Phase 1 CapEx in Q2 2026.

Full-year 2026 production guidance for G1 remains at 3.1 to 4.2 GW, with management expressing confidence in reaching the high end due to successful non-FEOC cell procurement.

The second half of 2026 is expected to be meaningfully busier as customers deplete inventories ahead of the July safe harbor deadline for the OBBBA.

Future financial results remain dependent on three variables: merchant demand post-July, the outcome of the Section 232 investigation, and the net impact of IEEPA tax refunds.

Management views the potential Section 232 ruling as a 'favorable one-way option' that could provide pricing uplift for modules utilizing domestic polysilicon.

April rainfall in Central Texas was more than 3x the normal level (10.3 inches), though management confirms construction timelines remain unaffected thus far.

The company successfully raised $176 million in net proceeds from a convertible senior notes offering in April to bridge G2 construction costs.

Management flagged utility interconnection delays as a persistent industry-wide bottleneck that gates the ultimate deployment of solar projects.

A potential Phase 2 expansion of G2_Austin to over 5 GW is being considered, contingent on demand signals and economic feasibility.

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Management stated that 17% is a reasonable assumption for the low end of production guidance (3.1 GW) given existing fixed-margin contracts.

Incremental merchant volumes above that level could fluctuate based on the spread between module prices and cell costs in the second half of the year.

Management clarified that while they are pursuing a second foundational offtake contract, its announcement is not a prerequisite for closing the debt financing package.

Offtake discussions are currently focused on utility-scale developers driven by hyperscaler and AI power demand.

T1 expects to monetize the remaining 2025 credits in the near term, while 2026 credits are slated for the back half of the year.

The timeline for 2026 is slightly slower as the market awaits additional Treasury guidance and tax equity partners complete due diligence.

The company has qualified four vendors for non-FEOC cells and feels '100%' comfortable with supply needs for 2026.

Procurement efforts have already shifted toward securing the 'filler' supply needed for 2027 to bridge the gap until G2 is fully ramped.