T1 Energy Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data T1 Energy Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue			0	2.94	755
Cost of revenue			0	1.71	700
Gross profit			0	1.23	55.6
Research and development	13.8	13.6	28.5
Selling, general and administrative				79.2	235
General and administrative	61.8	107	65.5	75.5
Operating expenses	75.6	122	143	80.2	290
Operating income	-75.6	-122	-65.5	-79	-235
Other non-operating income	-17.7	23.4	47.3	-3.56	-106
Pre-tax income	-93.4	-99.1	-18.2	-82.6	-341
Income tax	0	0	0.44	-15.8	-19.4
Net income to minority interests	0	-0.33	-1.15	-0.4	0
Net income	-93.4	-98.8	-71.9	-451	-368
EBITDA	-75.5	-122	-62.2	-68.6	-141
EPS, basic	-1.24	-0.83	-0.51	-3.20	-2.19
EPS, diluted	-1.24	-0.83	-0.51	-3.20	-2.19
Shares, basic (weighted)	75.4	118	140	141	174
Shares, diluted (weighted)	75.4	118	140	141	174
Dividend per share			0.00	0.00	0.00

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	564	443	253	72.6	182
Receivables				0	84.5
Inventory			0	275	116
Other current assets		8.12	0	4.37	5.99
Total current assets		579	312	572	663
Property, plant and equipment		211	1.75	294	302
Lease right-of-use assets		14.5	0	112	151
Goodwill			0	74.5	57.4
Intangible assets		2.96	2.81	284	180
Other non-current assets		0.01	4.28	0	10.1
Total assets		828	732	1,336	1,372
Accounts payable		6.77	18.1
Accrued liabilities		51.4	9.78	93.3	47.2
Deferred revenue			0	48.7	56.7
Short-term debt			0	94.4	46.4
Total current liabilities		62.6	49.2	410	464
Long-term debt				508	344
Lease liabilities		11.1	0	106	144
Other non-current liabilities		0	2.03	21.8	47.4
Total liabilities		108	97.5	1,099	1,050
Total debt			0	602	390
Paid-in capital		773	926	971	1,359
Retained earnings		-203	-275	-725	-1,093
Treasury stock		-1.04
Other comprehensive income		9.09	-18.8	-59	-18.2
Shareholders' equity		717	633	189
Minority interests		2.67	1.52	0
Total equity	545	720	635	189	250
Total liabilities and equity		828	732	1,336	1,372
Shares outstanding		140	140	156	266

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	-93.4	-99.1	-73.1	-451	-368
Depreciation and amortization	0.12	0.48	3.34	10.5	93.3
Stock-based compensation	14.8	8.64	11.6	7.75	11.4
Deferred income tax	0	0	0.44	-15.8	-20
Change in receivables				0	-77.2
Change in inventory				0	159
Change in payables	10.2	17.4	20	7.57	135
Cash from operations	-63.1	-90	-87.9	-103	95.5
Capital expenditures	-13.8	-181	-188	-50.8	-78.8
Acquisitions			0	-110	0
Cash from investing	-33.8	-175	-187	-138	-32.6
Debt repaid				0	-241
Stock issued	0	251	0
Share buybacks	0	-1.05
Cash from financing	649	250	0	45.9	130
Exchange rate effect	-1.4	12.4	-12.4	-4.42	1.34
Net change in cash	551	-2.58	-287	-199	194
Free cash flow	-76.9	-271	-276	-154	16.7
Interest paid	0	0	0	0	17.9
Income taxes paid	0	0	0.27	0.02	0.01

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.07 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	8.3%	Gross profit / revenue.
Operating margin	-22.4%	Operating income / revenue.
EBITDA margin	-14.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-33.0%	Pre-tax income / revenue.
Net margin	-38.5%	Net income / revenue.
FCF margin	-18.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.4%	Cash from operations / revenue.
Return on assets (ROA)	-23.4%	Net income / average total assets.
SG&A / revenue	25.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	18.9%	Capital expenditures / revenue.
D&A / revenue	7.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	25,573.0%	Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y	4,426.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	2.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	23.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	13.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.30x	Current assets / current liabilities.
Quick ratio	0.31x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / assets	33.5%	Total debt / total assets.
Liabilities / assets	83.2%	Total liabilities / total assets.
Net debt	$470.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$173.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	13.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Fixed asset turnover	2.32x	Revenue / average property, plant and equipment.
Inventory turnover	3.99x	Cost of revenue / average inventory.
Days inventory	91 days	365 x average inventory / cost of revenue.
Receivables turnover	10.1x	Revenue / average receivables.
Days sales outstanding	36 days	365 x average receivables / revenue.
Capex / operating cash flow	4,879.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$3.56	Revenue / diluted weighted shares.
FCF per share	-$0.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.01	Cash from operations / diluted weighted shares.
Cash per share	$0.28	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$609.7M	Share price x shares outstanding.
Enterprise value	$1.08B	Market cap + total debt - cash - short-term investments.
P/S	0.61x	Market cap / revenue.
P/OCF	158x	Market cap / cash from operations, when positive.
EV/Sales	1.08x	Enterprise value / revenue.
FCF yield	-30.3%	Free cash flow / market cap.
Earnings yield	-62.9%	Net income / market cap (the inverse of P/E).

What was T1 Energy Inc.'s revenue in fiscal 2025?

T1 Energy Inc. reported revenue of $755.3M for fiscal 2025, 25,572.8% higher than the year before.

Was T1 Energy Inc. profitable in fiscal 2025?

No. It reported a net loss of $367.8M.

How much free cash flow did T1 Energy Inc. generate in fiscal 2025?

Cash from operations of $95.5M minus capital expenditures of $78.8M left free cash flow of $16.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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