T1 Energy Inc.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
TE$2.07-9.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets - December 31, 2025 and 2024
(In thousands, except per share data)
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $182,450 | $72,641 |
| Restricted cash | 81,203 | 4,004 |
| Accounts receivable trade, net - related parties | 84,481 | — |
| Government grants receivable, net | 36,376 | 687 |
| Inventory | 116,043 | 274,549 |
| Advances to suppliers | 137,532 | 164,811 |
| Other current assets | 5,989 | 4,370 |
| Current assets of discontinued operations | 19,418 | 50,959 |
| Total current assets | 663,492 | 572,021 |
| Restricted cash | 7,120 | — |
| Property and equipment, net | 302,302 | 293,633 |
| Goodwill | 57,449 | 74,527 |
| Intangible assets, net | 180,481 | 283,506 |
| Right-of-use asset under operating leases | 151,166 | 112,159 |
| Other assets | 10,098 | — |
| Total assets | $1,372,108 | $1,335,846 |
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $91,323 | $61,745 |
| Accrued liabilities and other | 47,224 | 93,318 |
| Deferred revenue | 56,731 | 48,698 |
| Derivative liabilities | 11,661 | 14,905 |
| Current portion of long-term debt | 46,357 | 42,867 |
| Current portion of long-term debt - related party | — | 51,500 |
| Accounts payable and accrued liabilities - related parties | 162,754 | 52,534 |
| Current liabilities of discontinued operations | 47,538 | 44,557 |
| Total current liabilities | 463,588 | 410,124 |
| Long-term deferred revenue | 48,189 | 32,000 |
| Convertible note | 152,960 | — |
| Convertible note - related party | — | 80,698 |
| Operating lease liability | 143,534 | 105,687 |
| Long-term debt | 137,303 | 188,316 |
| Long-term debt - related party | 53,538 | 238,896 |
| Deferred tax liability | 3,758 | 21,227 |
| Other long-term liabilities | 47,353 | 21,761 |
| Total liabilities | 1,050,223 | 1,098,709 |
| Commitments and contingencies | ||
| Redeemable preferred stock | ||
| Convertible series A preferred stock, $0.01 par value, 0 and 5,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively, (includes accrued dividends of $0 as of December 31, 2025, and accrued dividends and accretion of $87 as of December 31, 2024) | — | 48,375 |
| Convertible series B preferred stock, $0.01 par value, 1,600 and 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively (includes accrued dividends of $160 and $0 as of December 31, 2025 and 2024, respectively) | 17,805 | — |
| Convertible series B-1 preferred stock, $0.01 par value, 5,000 and 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively (includes accrued dividends of $500 and $0 as of December 31, 2025 and 2024, respectively) | 53,710 | — |
| Equity: | ||
| Common stock, $0.01 par value, 266,267 and 155,928 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 2,663 | 1,559 |
| Additional paid-in capital | 1,358,992 | 971,416 |
| Accumulated other comprehensive loss | (18,213) | (58,975) |
| Accumulated deficit | (1,093,072) | (725,238) |
| Total equity | 250,370 | 188,762 |
| Total liabilities, redeemable preferred stock and equity | $1,372,108 | $1,335,846 |
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