T1 Energy Inc (TE) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the T1 Energy's First Quarter 2025 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 T1 Energy 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your host today, Jeff Spittel, Executive Vice President of Investor Relations and Corporate Development.

現在，我想將會議交給今天的主持人、投資者關係和企業發展執行副總裁 Jeff Spittel。

Good morning, and welcome to T1 Energy's first quarter 2025 earnings conference call. With me today on the call are Dan Barcelo, our Chief Executive Officer and Chairman of the Board; Evan Calio, our Chief Financial Officer; Jaime Gualy, our Executive Vice President of Corporate Development; Rob Gibbons, our EVP of Strategic Partnerships; Andy Monroe, our Chief Legal and Policy Officer; and Borge Selstad, our SVP of Operations.

早安，歡迎參加 T1 Energy 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有我們的執行長兼董事會主席 Dan Barcelo、我們的財務長 Evan Calio、我們的企業發展執行副總裁 Jaime Gualy、我們的策略合作夥伴關係執行副總裁 Rob Gibbons、我們的首席法律和政策官 Andy Monroe 以及我們的營運高級副總裁 Borge Selstad。

During today's call, management may make forward-looking statements about our business. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expectations. Most of these factors are outside T1's control and are difficult to predict. Additional information about risk factors that could materially affect our business are available in our annual report on Form 10-K filed with the Securities and Exchange Commission and our other filings made with the SEC, all of which are available on the Investor Relations section of our website.

在今天的電話會議中，管理階層可能會對我們的業務做出前瞻性的陳述。這些前瞻性陳述涉及重大風險和不確定性，可能導致實際結果與預期有重大差異。這些因素大多超出了T1的控制範圍，而且很難預測。有關可能對我們的業務產生重大影響的風險因素的其他信息，請參閱我們向美國證券交易委員會提交的 10-K 表年度報告以及我們向美國證券交易委員會提交的其他文件，所有這些文件均可在我們網站的“投資者關係”部分找到。

With that, I'll turn the call over to Dan.

說完這些，我就把電話轉給丹。

Thanks, Jeff, and welcome everyone to our earnings call to review our first full quarter at T1 Energy. The two recurring themes for today's call are progress and policy. The progress refers to T1's ongoing rapid corporate transformation to realize our mission of building a domestic solar and battery supply chain to invigorate America with scalable, reliable and low-cost energy while we establish pathways to maximize domestic content. But of course, that progress isn't taking place in a vacuum and the lingering uncertainties around trade policy and the future state of the Inflation Reduction Act are creating some near-term complexity.

謝謝傑夫，歡迎大家參加我們的收益電話會議，回顧 T1 Energy 的第一個完整季度。今天電話會議的兩個反覆出現的主題是進步和政策。這項進展指的是 T1 正在進行的快速企業轉型，以實現我們的使命，即建立國內太陽能和電池供應鏈，以可擴展、可靠和低成本的能源振興美國，同時建立最大化國內內容的途徑。但當然，這種進展並不是在真空中發生的，貿易政策和通膨削減法案未來狀態的揮之不去的不確定性正在造成一些短期複雜性。

So let's start on slide 4 with an overview of the policy environment and the key considerations for T1. As you are most likely aware, the House Ways and Means Committee has advanced changes to key IRA energy tax provisions. Our preliminary assessment of the bill is that there are provisions that validate T1's strategy of investing in advanced manufacturing in the United States, including retention of the 45X Advanced Manufacturing Production Tax Credit and the domestic content bonus. However, we believe there are proposed elements of the bill that will stifle competition, growth, technology onshoring and choices for T1's developer customers.

因此，讓我們從投影片 4 開始概述 T1 的政策環境和主要考慮因素。您很可能已經知道，眾議院籌款委員會已對 IRA 關鍵能源稅條款進行了修改。我們對該法案的初步評估是，其中有一些條款認可T1在美國投資先進製造業的策略，包括保留45倍先進製造業生產稅收抵免和國內內容獎勵。然而，我們認為該法案中提出的一些內容將抑制競爭、成長、技術在岸化以及 T1 開發者客戶的選擇。

Given our commercial partnership with Trina, the stringent foreign entity of concern language passed by the Ways and Means Committee has our attention. But we have been neither surprised nor unprepared to consider modifying elements of our business plan, if necessary, to ensure compliance and preserve access to IRA incentives that are enabling T1 to build an integrated US supply chain and to advance our domestic content strategy. We also have ongoing and productive dialogues with local, state and federal lawmakers to promote T1's interest and investments in the US solar production industry.

鑑於我們與天合光能的商業夥伴關係，籌款委員會通過的嚴格的有關外國實體的語言引起了我們的關注。但我們並不感到驚訝，也不會沒有準備在必要時考慮修改我們的商業計劃的某些部分，以確保合規性並保留獲得 IRA 激勵措施的機會，這些激勵措施使 T1 能夠建立集成的美國供應鏈並推進我們的國內內容戰略。我們也與地方、州和聯邦立法者進行持續富有成效的對話，以促進 T1 對美國太陽能生產行業的興趣和投資。

We believe that incentives under Section 45X, 48E and 45Y are fundamental to the US, building a vibrant, competitive and localized solar value chain and we will continue to tell that story on Capitol Hill and in Texas along with our domestic partners. In the interim, I'll remind our investors that this is the first step in a long legislative process that will very likely see the language changes as it advances through Congress. We are hopeful that practical modifications to minimize commercial disruption and to support domestic solar energy will be included in subsequent and final versions of the reconciliation bill.

我們相信，第 45X、48E 和 45Y 條的激勵措施對美國至關重要，可以建立充滿活力、競爭力和本地化的太陽能價值鏈，我們將繼續與國內合作夥伴一起在國會山和德克薩斯州講述這個故事。在此期間，我要提醒我們的投資者，這是漫長立法過程的第一步，隨著國會的推進，措辭很可能會改變。我們希望，在後續和最終版本的和解法案中能夠納入切實可行的修改，以盡量減少商業中斷並支持國內太陽能。

T1 expects to have a strong and influential voice in the discussion of US solar industrial policy given the meaningful investments we have made in domestic manufacturing, American jobs and the initial phases of establishing a US solar value chain. Spearheading this effort will be our new Chief Legal and Policy Officer, Mr. Andy Monroe. Andy brings more than 30 years of legal expertise and has spent the last decade in the US solar sector. While he was at Qcells North America, he was instrumental in shaping the framework of what eventually became Section 45X of the Inflation Reduction Act. Andy, we're delighted to have you on Board and welcome to the team.

鑑於我們在國內製造業、美國就業和建立美國太陽能價值鏈的初始階段所做的有意義的投資，T1 希望在美國太陽能產業政策討論中擁有強大而有影響力的聲音。領導這項工作的將是我們的新首席法律和政策官安迪·門羅先生。安迪擁有 30 多年的法律專業知識，過去十年一直致力於美國太陽能領域。在 Qcells North America 任職期間，他對最終成為《通貨膨脹削減法案》第 45X 條的框架的製定發揮了重要作用。安迪，我們很高興您加入我們並歡迎您加入團隊。

Turning to slide 5 and US trade policy. As we indicated publicly during Q1, T1 is supportive of tariffs that level the competitive playing field for the US solar industry, including anti-dumping and countervailing duties. These initiatives are intended to reward Tier 1 producers who invest in domestic supply chains like T1. As we have disclosed previously, we are already sourcing the majority of our polysilicon from here in the US and we are executing our plan to build an integrated domestic solar manufacturing footprint.

翻到幻燈片 5 和美國貿易政策。正如我們在第一季公開指出的那樣，T1 支持為美國太陽能產業創造公平競爭環境的關稅，包括反傾銷稅和反補貼稅。這些措施旨在獎勵投資於 T1 等國內供應鏈的一級生產商。正如我們之前所揭露的，我們已經從美國採購了大部分多晶矽，並且我們正在實施建立綜合國內太陽能製造基地的計劃。

Although we generally support tariffs for the solar industry, like many of our peers, we are contending with some near-term headwinds due to tariff uncertainty. T1 and our developer customers require visibility into bill of materials costs to accurately bid offtake and PPA contracts. In the absence of that visibility to accurately risk assess our pricing, we cannot justify bidding into the current merchant sales market.

儘管我們總體上支持對太陽能產業徵收關稅，但與許多同行一樣，我們正面臨關稅不確定性帶來的一些短期阻力。T1 和我們的開發商客戶需要了解物料清單成本，以便準確競標承購和 PPA 合約。由於缺乏這種可見性來準確評估我們的定價風險，我們無法證明在當前商家銷售市場中競標是合理的。

Accordingly, as Evan will detail shortly, we are revising our 2025 sales production and EBITDA guidance to assume limited merchant sales for 2025 as we wait for market clarity. With 1.7 gigawatts of committed offtake volumes already in our G1 portfolio for 2025, revenues and operating cash flow will continue to ramp into the second half under these new guidance assumptions and we anticipate exiting 2025 with a robust cash and liquidity position.

因此，正如 Evan 很快將詳細說明的那樣，我們正在修改 2025 年的銷售產量和 EBITDA 指導，以假設 2025 年的商家銷售額有限，同時等待市場明朗化。我們的 2025 年 G1 投資組合中已承諾承購量為 1.7 吉瓦，根據這些新的指導假設，收入和經營現金流將在下半年繼續增加，我們預計到 2025 年我們將擁有強勁的現金和流動性狀況。

Near-term uncertainties aside, the fundamentals of the US solar industry remain healthy and supportive of T1's strategy. Solar and battery storage have emerged as the fastest and most cost-effective technologies to add to US generating capacity. With the emergence of energy-intensive technologies such as AI, the electrification of society and the potential for a US advanced manufacturing renaissance, solar plus storage will remain critical to the all-of-the-above approach that is necessary to satisfy growing US energy demand.

拋開近期的不確定性，美國太陽能產業的基本面依然健康，並支持T1的策略。太陽能和電池儲存已成為增加美國發電最快、最具成本效益的技術。隨著人工智慧等能源密集型技術的出現、社會電氣化以及美國先進製造業復興的潛力，太陽能加儲能對於滿足美國日益增長的能源需求所必需的上述所有方法仍然至關重要。

I'll conclude our commentary on policy by underscoring that T1's strategy dovetails with several of President Trump's key priorities. We are focused on the strategic development of critical US energy supply chains, we are at the forefront of bringing advanced manufacturing back to American shores and we are building an American job creation engine. We are resolute in our mission and we are determined to promote our shareholders' interests and we are making rapid progress to build T1 into US energy powerhouse.

在結束我們的政策評論時，我想強調的是，T1 的策略與川普總統的幾個關鍵優先事項相吻合。我們專注於美國關鍵能源供應鏈的戰略發展，我們處於將先進製造業帶回美國的前沿，我們正在打造美國創造就業的引擎。我們堅定不移地履行我們的使命，決心維護股東的利益，並正在快速推進將T1打造成為美國能源強國的進程。

With that, let's turn to slide 6 for an overview of our key messages. Our rapid global corporate transformation gained momentum in the first quarter and in the weeks that have followed. We have continued to make progress on several fronts. This morning, we announced that we have signed our first new corporate customer sales agreement as T1 Energy with an emerging developer for 253 megawatts of 2025 module volumes out of G1 Dallas. We'll hear more about this contract and our commercial development from Rob later in the call.

接下來，讓我們翻到第 6 張投影片來概覽一下我們的關鍵資訊。我們的全球企業快速轉型在第一季及隨後的幾週內獲得了強勁動力。我們在多個方面不斷取得進展。今天上午，我們宣布，我們已以 T1 Energy 的名義與新興開發商簽署了第一份新的企業客戶銷售協議，該協議將為 G1 達拉斯提供 2025 年 253 兆瓦的模組產量。我們將在稍後的電話會議中從 Rob 那裡了解有關該合約和商業發展的更多資訊。

As I indicated previously, we have reduced our 2025 financial and operating guidance lower to account for some of the near-term uncertainties in the market and the elective conversion of three G1 production lines to TOPCon technology. Despite the revisions to guidance, T1 has a strong liquidity outlook and position. At the low end of the updated 2025 EBITDA guidance range, T1 is projected to have cash and liquidity of more than $100 million at year-end. Evan will walk you through the moving parts shortly.

正如我之前指出的，我們已下調了 2025 年的財務和營運預期，以應對市場上的一些近期不確定性以及三條 G1 生產線向 TOPCon 技術的選擇性轉換。儘管對指導進行了修訂，但 T1 仍具有強勁的流動性前景和地位。在更新後的 2025 年 EBITDA 指引範圍的低端，T1 預計在年底擁有超過 1 億美元的現金和流動資金。埃文 (Evan) 很快就會帶您了解各個活動部件。

From an operational perspective, the ramp-up at G1 Dallas continues to progress smoothly. On April 30, we indicated that T1 had successfully converted the G1 Dallas construction loan to a $235 million term loan following third-party verification that construction, installation and commissioning activities were completed. The plant is fully operational and module deliveries to offtake customers have begun to ramp up. G1 Dallas is a world-class asset and we look forward to showcasing it to investors, customers and other key partners. For those of you who can't visit G1 in person, be on the lookout for the launch of our expanded website to give you a feel for our operations virtually.

從營運角度來看，G1 達拉斯的擴張進程持續順利進行。4 月 30 日，我們表示，在第三方驗證施工、安裝和調試活動已完成後，T1 已成功將 G1 達拉斯建設貸款轉換為 2.35 億美元的定期貸款。該工廠已全面投入運營，向承購客戶交付的模組也已開始增加。G1 達拉斯是一項世界級的資產，我們期待向投資者、客戶和其他主要合作夥伴展示它。對於那些無法親自造訪 G1 的人，請留意我們擴展網站的推出，以便您虛擬地感受我們的營運。

Following site selection of Sandow Lakes Ranch in Milam County, Texas in March, we are progressing through the initial stages of project development for G2 Austin, our planned US solar cell facility. There is meaningful interest in this project and we are engaged in productive capital formation discussions with several potential partners.

繼三月選定位於德州米拉姆縣的桑多湖牧場 (Sandow Lakes Ranch) 的廠址後，我們計劃在美國建造的太陽能電池工廠 G2 Austin 的專案開發工作正在進行中。人們對這個項目很感興趣，我們正在與幾個潛在的合作夥伴進行富有成效的資本形成討論。

This morning, we announced the Heads of Agreement with a third-party partner aligned with the Kingdom of Saudi Arabia to explore a potential investment into the G2 project. To be clear, this is a non-binding agreement and we are still in the early stages of raising capital for G2. But so far, we are pleased with the receptivity to investing in T1's planned US solar cell production manufacturing facility.

今天上午，我們宣布與沙烏地阿拉伯王國結盟的第三方合作夥伴簽署《綱要協議》，探討對 G2 專案的潛在投資。需要明確的是，這是一項不具約束力的協議，我們仍處於為 G2 籌集資金的早期階段。但到目前為止，我們對投資T1計畫在美國建造的太陽能電池生產製造工廠的接受度感到滿意。

With sales and deliveries beginning to ramp under our 1.7 gigawatt of combined 2025 customer offtake contracts and sales agreements at G1 Dallas, T1's cash and liquidity outlook for 2025 remains healthy despite the near-term merchant sales uncertainties. G1 operating cash flows combined with the wind down of our legacy European organization and reduction of associated costs into 2026 should support our significant liquidity position. As we indicated in our previous call in March, T1 and Trina filed a joint voluntary notice with the Committee on Foreign Investment in the United States and the CFIUS process is ongoing.

隨著 G1 達拉斯公司 2025 年總計 1.7 千兆瓦的客戶承購合約和銷售協議的銷售和交付量開始增加，儘管近期商家銷售存在不確定性，但 T1 2025 年的現金和流動性前景依然健康。G1 營運現金流加上我們傳統歐洲組織的逐漸關閉以及到 2026 年相關成本的減少應該能夠支持我們顯著的流動性狀況。正如我們在 3 月的電話會議中所指出的，T1 和天合光能已向美國外國投資委員會提交了一份聯合自願通知，CFIUS 的審批流程仍在進行中。

And finally, we continue to make progress with our European wind-down and portfolio optimization initiatives. As European personnel-related costs roll off of our P&L, the cost savings from the wind-down should accelerate later this year. In conjunction with the wind-down, our Board of Directors is also overseeing the process of potentially harvesting value from our legacy portfolio, including Giga Arctic, the CQP and the Giga Vasa project. Securing access to additional power for these assets is a key value driver. And as the process develops, we will continue to provide updates to our investors.

最後，我們在歐洲逐步退出和投資組合優化計劃方面繼續取得進展。隨著與歐洲人員相關的成本從我們的損益表中減少，今年稍後因削減而產生的成本節省將會加速。在逐步關閉的同時，我們的董事會也正在監督從我們的舊版投資組合中獲取潛在價值的過程，包括 Giga Arctic、CQP 和 Giga Vasa 專案。確保這些資產能夠獲得額外的電力是關鍵的價值驅動因素。隨著進程的發展，我們將繼續向投資者提供最新資訊。

Moving to slide 7, we'll turn our attention to G1 Dallas, which has provided the launch pad for T1's operations and commercial development as a solar equipment manufacturer. Following the handovers to operations in late April, G1 is fully operational and sales are poised to continue ramping with deliveries under our 1.7 gigawatt of 2025 customer offtake contracts and sales agreements. Deliveries under the Trina US offtake started in Q1. And with Q2 underway, we have begun delivering modules to RWE under the 500 megawatt per year sales agreement.

轉到幻燈片 7，我們將注意力轉向 G1 達拉斯，它為 T1 作為太陽能設備製造商的營運和商業發展提供了啟動平台。繼 4 月底移交營運後，G1 已全面投入運營，並且根據我們 2025 年 1.7 千兆瓦的客戶承購合約和銷售協議，銷售量將繼續增長。天合光能美國承購業務於第一季開始交付。隨著第二季的進行，我們已經開始根據每年 500 兆瓦的銷售協議向 RWE 交付模組。

We expect to begin shipping modules under the 2025 developer sales agreement that we announced this morning in Q3. To match production with the temporary lull in bidding activities we are experiencing, we are modifying the 2025 production plan to 2.6 to 3 gigawatts. This change in plans also relates to our decision to convert three production lines from PERC to TOPCon technology, demonstrating T1's responsiveness to customers and operational flexibility.

我們預計將根據今天上午在第三季宣布的 2025 年開發商銷售協議開始運送模組。為了使產量與我們所經歷的投標活動的暫時低迷相匹配，我們將 2025 年的生產計劃修改為 2.6 至 3 千兆瓦。該計劃的改變也與我們決定將三條生產線從 PERC 轉換為 TOPCon 技術有關，這體現了 T1 對客戶的響應能力和營運靈活性。

Turning to slide 8. I'm pleased to report that we are moving forward with initial development of G2 Austin, our planned US solar cell manufacturing facility in Milam County, Texas. As we have documented previously, we believe that G2 Austin is a game changer for T1 competitively and financially. The plant addresses unmet customer demand for US solar cells and modules using TOPCon technology. It represents a major step forward in our domestic content and vertical integration strategies and is expected to be a cash flow engine for T1.

翻到幻燈片 8。我很高興地報告，我們正在推進 G2 Austin 的初步開發，這是我們計劃在德克薩斯州米拉姆縣建立的美國太陽能電池製造工廠。正如我們之前所記錄的，我們相信 G2 奧斯汀將在競爭和財務方面改變 T1 的格局。該工廠採用 TOPCon 技術滿足了美國客戶對太陽能電池和模組的未滿足需求。它代表著我們的國內內容和垂直整合策略向前邁出了重要一步，預計將成為 T1 的現金流引擎。

With initial project engineering underway, we have decided to pursue a two-phase development in equivalent capacity tranches of 2.4 gigawatts each. This development plan should provide T1 with commercial, financial and operational flexibility as we advance our growth strategy. Our project development team led by our Chief Development Officer, Einar Kilde, is executing against this plan and recently launched the tender process with production line equipment vendors. And in parallel, Evan Calio and the finance organization are advancing several capital formation initiatives on parallel tracks. There are no changes to our plan to achieve the start of production at G2 Austin in Q4 2026.

隨著初步專案工程的進行，我們決定分兩期進行開發，每期的等效容量為 2.4 千兆瓦。隨著我們推動成長策略，這項發展計畫將為 T1 提供商業、財務和營運靈活性。我們的專案開發團隊由首席開發長 Einar Kilde 領導，正在按照該計劃執行，並最近與生產線設備供應商啟動了招標流程。同時，Evan Calio 和金融機構正平行推動多項資本形成計畫。我們計劃於 2026 年第四季在 G2 Austin 開始生產，這項計畫沒有變化。

And with that, I'll turn the call over to Evan for a review of T1's financials.

說完這些，我將把電話轉給 Evan，讓他審查 T1 的財務狀況。

Great. Thanks, Dan. Moving to slide 9. I'll start with revisions to our financial and operating guidance. On production, we're lowering and introducing a production range for G1 Dallas of 2.6 gigawatts to 3 gigawatts versus our prior 3.4 guidance -- gigawatt guidance. The lower guidance is entirely based upon lower sales due to market uncertainty around tariffs and the integration of Trina's sales team. The facility is and has been technically capable of running at 5 gigawatts since our April 30 loan conversion.

偉大的。謝謝，丹。移至幻燈片 9。我將從修改我們的財務和營運指導開始。在生產方面，我們將降低並引入 G1 達拉斯的生產範圍，從先前的 3.4 千兆瓦指導值調整為 2.6 千兆瓦至 3 千兆瓦。較低的預期完全是基於關稅市場不確定性以及天合光能銷售團隊整合而導致的銷售下降。自從我們 4 月 30 日貸款轉換以來，該設施在技術上一直能夠以 5 千兆瓦的功率運作。

The 2.6 gigawatt production downside reflects our 1.7 gigawatts of contracted sales on a cost-plus basis plus an expected 800 megawatt inventory financing facility that we're finalizing with Trina for modules that will be produced in 2025 and likely sold in 2026. This provides potential sales upside for 2026. The 3 gigawatt production upside includes an additional 500 megawatts of merchant sales that could be driven by market clarity and conditions prior to year-end.

2.6 千兆瓦的產量下降反映了我們以成本加成方式簽訂的 1.7 千兆瓦合約銷售額，加上預計的 800 兆瓦庫存融資工具，我們正在與天合光能敲定該工具，用於將於 2025 年生產並可能於 2026 年銷售的模組。這為2026年的銷售帶來了潛在的成長空間。3 千兆瓦的生產成長包括額外的 500 兆瓦的商業銷售，這可能受到年底前市場清晰度和條件的推動。

On EBITDA. We're reducing our 2025 full year EBITDA guidance to $30 million to $50 million from a prior range of $75 million to $125 million as we match our lower sales outlook, this lower sales outlook of 1.7 gigawatts to 2.3 gigawatts. The range is largely driven by the production level, product mix and our sales initiatives.

關於 EBITDA。我們將 2025 年全年 EBITDA 預期從先前的 7,500 萬美元至 1.25 億美元下調至 3,000 萬美元至 5,000 萬美元，以符合我們較低的銷售預期，這一較低的銷售預期為 1.7 千兆瓦至 2.3 千瓦。此範圍主要由生產水準、產品組合和我們的銷售計劃決定。

Since this is a significant revision to EBITDA guidance, I want to provide four important points pertaining to our outlook. First, our cash and liquidity position is strong and we expect it will improve as 2025 progresses. For instance, under the low-end scenario of our EBITDA guidance range, we project cash, liquidity of more than $100 million at year-end 2025 and this includes a payment of $71 million related to our debt and debt services by year-end.

由於這是對 EBITDA 指引的重大修訂，我想就我們的展望提供四個要點。首先，我們的現金和流動性狀況強勁，我們預計隨著 2025 年的到來，這種狀況將會改善。例如，在我們的 EBITDA 指導範圍的低端情景下，我們預計 2025 年底的現金、流動性將超過 1 億美元，其中包括到年底支付與我們的債務和債務服務相關的 7,100 萬美元。

Second, we have significant operating leverage. Under the low end of our 2025 EBITDA range, G1 will be producing at only 30% of capacity, 51% lower than our initial guide. At this rate, we generate $25 million of EBITDA, covering our G&A, which includes costs associated with the wind down of Europe that roll off in 2026 and allow us to fully service our debt. As we ramp production and sales to full plant capacity, we expect meaningful expansion of T1's corporate profitability.

其次，我們擁有顯著的營運槓桿。在我們 2025 年 EBITDA 範圍的低端，G1 的產量僅為產能的 30%，比我們最初的指導低 51%。以這個速度，我們產生的 EBITDA 為 2,500 萬美元，涵蓋了我們的一般及行政費用，其中包括與 2026 年歐洲業務結束相關的成本，這使我們能夠完全償還債務。隨著我們的生產和銷售達到工廠的全部產能，我們預計 T1 的企業獲利能力將顯著提升。

Third, this is a prudent decision for T1 and our shareholders. We want to avoid lock-in merchant sales in uncertain material and sub-component cost environment. We won't bear uncertain tariff risks or lock-in low-price inventory clearing. Fourth, the prize for T1, our customers, our shareholders, our management team are beyond 2025 with the execution of our US vertical integration strategy and domestic content road map. Based upon recent policy proposals just this week and many conversations that we're having with utility scale developers, demand for domestic content is only increasing.

第三，這對T1和我們的股東來說是一個審慎的決定。我們希望避免在材料和子組件成本不確定的環境中鎖定商家銷售。我們不會承擔不確定的關稅風險，也不會鎖定低價清倉庫存。第四，透過實施我們的美國垂直整合策略和國內內容路線圖，T1、我們的客戶、股東和管理團隊將獲得 2025 年以後的獎勵。根據本週的最新政策建議以及我們與公用事業規模開發商的多次對話，對國內內容的需求只會增加。

Our ambitions are centered on integrating production from G1 Dallas and G2 Austin as well as other domestic content initiatives. We continue to move forward, as Dan mentioned, on initial developments for G2 Austin, supported by capital formation discussions that we're having with a variety of potential partners. Importantly, there are no changes to our target of bringing G2 online by 4Q '26 nor our annual EBITDA run rate guidance for integrated G1, G2 production of $650 million to $700 million.

我們的目標是整合 G1 達拉斯和 G2 奧斯汀的製作以及其他國內內容計劃。正如丹所提到的，我們將繼續推進 G2 Austin 的初步開發，並正在與各種潛在合作夥伴進行資本形成討論。重要的是，我們在 2026 年第四季之前讓 G2 上線的目標沒有變化，我們對 G1、G2 綜合產量 6.5 億至 7 億美元的年度 EBITDA 運行率指導也沒有變化。

Turning to slide 10. Let's review T1's financial position. In our first full quarter as T1 Energy, we generated revenue of $64.4 million related to initial deliveries under the Trina cost-plus offtake contract. As we have reported previously, we also successfully converted the G1 Dallas construction loan in late April, which was punctuated by handover of all production lines to the operations teams. With production ramping during the quarter, we also continued to build finished goods inventory of solar modules in advance of initial deliveries under the RWE contract, which has started in 2Q. T1 has 500 megawatts of module sales in 2025 associated with the cost-plus RWE contract remaining in 2025. They will take 250 megawatts in the current or second quarter.

翻到第 10 張投影片。讓我們回顧一下T1的財務狀況。在 T1 Energy 成立的第一個完整季度中，我們根據 Trina 成本加成承購合約的初始交付產生了 6,440 萬美元的收入。正如我們之前報導的那樣，我們還在 4 月底成功轉換了 G1 達拉斯建設貸款，並將所有生產線移交給營運團隊。隨著本季產量的增加，我們也繼續在 RWE 合約（已於第二季開始）的首次交付之前建立太陽能電池組件成品庫存。T1 在 2025 年的模組銷售額為 500 兆瓦，與 2025 年剩餘的成本加成 RWE 合約有關。他們將在本季或第二季消耗 250 兆瓦電力。

As you'll notice, the balance sheet summary table, T1 drew down cash in Q1 2025, which is a trend that we do not expect to persist for the remainder of 2025 as production and sales ramp from G1, so will T1's operating cash flow, which is supported by 1.5 gigawatt of high-margin offtake long-term contracts plus the Cardinal sale that Rob will discuss in a minute. We also expect to begin monetizing Section 45X PTCs in either 2Q or 3Q. And consequently, we have a positive liquidity outlook despite reductions of our EBITDA guidance, as I covered on the prior slide.

正如您所注意到的，資產負債表摘要表顯示，T1 在 2025 年第一季度減少了現金，我們預計這種趨勢不會在 2025 年剩餘時間內持續，因為 G1 的產量和銷售額將會增加，T1 的經營現金流也將如此，它由 1.5 千兆瓦的高利潤長期承購合約以及 Robinal 銷售後將提供的 Cardinal 銷售。我們也預計將在第二季或第三季開始將第 45X 條 PTC 貨幣化。因此，儘管我們的 EBITDA 指引有所下調，但我們的流動性前景仍然樂觀，正如我在上一張投影片中所述。

And now I'd like to introduce Rob Gibbons, our EVP of Strategic Partnerships, to deliver an update on our commercial progress. Rob?

現在，我想介紹我們的策略夥伴關係執行副總裁 Rob Gibbons，來介紹我們的商業進展。搶？

Thanks, Evan. Let's turn to slide 11. The foundation of building a powerful commercial enterprise is in place at T1. The RWE contract structure and client relationship represents the focus of our commercial strategy. We are in advanced discussions with other utilities, IPPs and leading utility scale developers regarding similar contracts. The priorities for these strategic partners include securing TOPCon modules manufactured in the US with US components from a reputable supplier with a traceable supply chain. These are key requirements for our clients to achieve domestic content bonus tax credits.

謝謝，埃文。讓我們翻到第 11 張投影片。打造強大商業企業的基礎已在T1奠定。RWE 合約結構和客戶關係代表了我們商業策略的重點。我們正在與其他公用事業公司、獨立電力公司和領先的公用事業規模開發商就類似合約進行深入討論。這些策略合作夥伴的優先事項包括確保從擁有可追溯供應鏈的信譽良好的供應商處獲得在美國製造並使用美國零件的 TOPCon 模組。這些是我們的客戶獲得國內內容獎勵稅收抵免的關鍵要求。

Our announcement of G2 has helped to accelerate existing negotiations and generate additional interest for similar contracts. As progress on G2 continues and clarity emerges on trade policy, supply chains and the future state of the IRA, we expect to execute additional multiyear take-or-pay module purchase commitments with key US customers.

我們宣布推出 G2 有助於加速現有談判並激發人們對類似合約的更多興趣。隨著 G2 的持續進展以及貿易政策、供應鏈和 IRA 未來狀態的明朗化，我們預計將與美國主要客戶簽訂額外的多年期照付不議模組採購承諾。

In terms of merchant sales, we announced that T1 has signed a 253 megawatt module sales agreement for 2025 with a utility scale developer for a project in Texas. Deliveries under this contract are expected to begin in Q3 2025 and this contract supports the conversion of three of our PERC manufacturing lines to TOPCon to better align with market demand. With 1.7 gigawatt of 2025 module sales in hand for G1 Dallas, T1 will continue to pursue merchant sales opportunities that deliver attractive margins.

在商家銷售方面，我們宣布T1已與一家公用事業規模開發商簽署了一份2025年253兆瓦的模組銷售協議，用於德克薩斯州的一個項目。該合約預計將於 2025 年第三季開始交付，該合約支持將我們的三條 PERC 生產線轉換為 TOPCon，以更好地滿足市場需求。憑藉 G1 達拉斯在 2025 年 1.7 千兆瓦模組銷量，T1 將繼續尋求能夠帶來可觀利潤的商家銷售機會。

Moving to slide 12. Let me provide you with some additional detail about our domestic content road map. T1's plan is to establish a vertically integrated US solar supply chain built on domestic content. We will continue to have access to current imported components to maintain flexibility in our supply chain given the evolving policy landscape. Our plan is to produce US modules with more than 70% domestic content by 2027. This strategy is book-ended by our US polysilicon supply contract and our module production facility at G1 Dallas, but we intend to establish a domestic supply chain that includes polysilicon, ingots, wafers and cells as well as other bill of material components.

移至投影片 12。讓我向您提供有關我們的國內內容路線圖的一些更多細節。T1 的計劃是建立以國內內容為基礎的垂直整合的美國太陽能供應鏈。鑑於不斷變化的政策環境，我們將繼續獲得目前的進口零件，以保持供應鏈的靈活性。我們的計劃是到 2027 年生產 70% 以上國產化的美國模組。這項策略以我們的美國多晶矽供應合約和位於 G1 達拉斯的模組生產設施為終點，但我們打算建立一條包括多晶矽、矽錠、矽片和電池以及其他物料清單組件的國內供應鏈。

There are several strategic and commercial benefits to pursuing this strategy. Not only does it align with the most stringent potential modifications to the IRA, but it also positions our developer clients to be eligible for the 48E domestic content stacking bonuses. Clients want localized traceable supply chains that reduce project risks associated with duties, tariffs and detentions. We continue to be focused on delivering modules with industry-leading LCOE and high domestic content in order to enhance our clients' project returns.

實施這一戰略有多種戰略和商業利益。它不僅符合 IRA 最嚴格的潛在修改，而且還使我們的開發商客戶有資格獲得 48E 國內內容堆疊獎金。客戶希望擁有本地化的可追溯供應鏈，以降低與關稅、關稅和扣留相關的專案風險。我們將繼續致力於提供具有行業領先LCOE和高國產化率的組件，以提高客戶的專案回報。

And with that, I'll turn the call back over to Dan for concluding remarks.

說完這些，我會把電話轉回給丹，請他做最後發言。

Thanks, Rob. Let's turn now to slide 13 before we take your questions. We are positioning T1 to thrive in this dynamic policy and industry environment. Our key priorities are clear. We want to advance commercially, expand our US supply chain and establish T1 as a cash flow powerhouse. The path to success begins with G1 Dallas, where we will continue to ramp production and deliveries to customers.

謝謝，羅布。在回答您的問題之前，讓我們先翻到第 13 張投影片。我們正在定位 T1，使其在這種動態的政策和產業環境中蓬勃發展。我們的首要任務很明確。我們希望在商業上取得進步，擴大我們的美國供應鏈，並將 T1 打造為現金流強國。成功之路始於 G1 達拉斯，我們將繼續提高產量並向客戶交付產品。

During this temporary period of market uncertainty, we will pursue merchant sales as warranted and only when we are comfortable that we generate the appropriate risk-adjusted margins. As we build our commercial enterprise, we'll continue to build on our leading position as a US manufacturer of TOPCon modules, which offer superior performance characteristics.

在此市場不確定的暫時時期，我們將在必要時進行商家銷售，並且只有當我們確信能夠產生適當的風險調整利潤率時才進行。在我們建立商業企業的過程中，我們將繼續鞏固我們作為美國 TOPCon 模組製造商的領先地位，該模組具有卓越的性能特徵。

As Rob just detailed, building T1's US solar supply chain and advancing our domestic content plan are foundational to our strategy. The next major step on this path is to advance our development of the G2 Austin US solar cell project. In the interim, we will also evaluate and pursue the best strategic options to efficiently augment our domestic content.

正如 Rob 剛才所詳述的那樣，建立 T1 的美國太陽能供應鏈和推進我們的國內內容計劃是我們策略的基礎。這條道路上的下一個重要步驟是推進我們 G2 奧斯汀美國太陽能電池計畫的開發。在此期間，我們還將評估並尋求最佳策略選擇，以有效增強我們的國內內容。

The third major priority for T1 is to build a cash flow powerhouse. Now that we are generating revenue from our world-class asset at G1, we are focused on maximizing our long-term cost-plus contract portfolio for our integrated G1, G2 production footprint. While we build this cash flow wedge from our commercial activities, our finance team will continue to progress the capital formation initiatives to fund G2 Austin, T1's future cash flow engine on parallel paths.

T1 的第三大優先事項是打造強大的現金流。現在，我們正在從 G1 的世界級資產中獲得收入，我們專注於最大化我們的綜合 G1、G2 生產足跡的長期成本加成合約組合。在我們透過商業活動建立現金流楔子的同時，我們的財務團隊將繼續推進資本形成計劃，為 G2 Austin（T1 未來平行路徑上的現金流引擎）提供資金。

Before we take your questions, I wish to commend the growing T1 employee family from our Austin headquarters to operations in Dallas for their collective dedication to our mission of building a domestic solar and battery supply chain to invigorate America with scalable, reliable and low-cost energy. On behalf of T1's Board of Directors and leadership team, thank you to our investors, customers, partners and employees for your support of this American advanced manufacturing mission.

在回答您的問題之前，我想讚揚從奧斯汀總部到達拉斯營運部門不斷壯大的 T1 員工大家庭，感謝他們共同致力於我們的使命，即建立國內太陽能和電池供應鏈，以可擴展、可靠和低成本的能源振興美國。我代表T1董事會和領導團隊感謝我們的投資者、客戶、合作夥伴和員工對美國先進製造業使命的支持。

And with that, I'll turn it back to Jeff to coordinate the Q&A.

說完這些，我會把時間交還給傑夫來協調問答環節。

Thanks, Dan. Operator, we're ready to open up the line for questions.

謝謝，丹。接線員，我們已準備好接受提問。

(Operator Instructions) Greg Lewis, BTIG.

（操作員指示）Greg Lewis，BTIG。

I wanted to talk, first, it was good to see that new 250 megawatt sales agreement. A couple of questions around that and I'm going to try to tie it in the guidance. I guess, the first question around the order was, was that a customer that was already -- had placed orders that are in the backlog or is that a new incremental customer?

我想說，首先，很高興看到新的 250 兆瓦銷售協議。圍繞這一點有幾個問題，我將嘗試將其與指導聯繫起來。我想，圍繞訂單的第一個問題是，這是一個已經下達積壓訂單的客戶嗎？還是一個新的增量客戶？

Yes. Rob, why don't you take that and go through a little bit of the customer outlook.

是的。羅布，為什麼不藉此機會稍微了解一下客戶前景呢？

Sure. Thanks for the question. Yes, that was a new client that was developed with the help of the Trina sales team. That was not in our previous backlog. As we continue to get the word out into the market in terms of what T1 is and we represent in terms of our G1 asset and the strength of the technology and the modules that we're building, we're getting a lot of inbound interest. So we're seeing continued development of merchant sales opportunities, which this 253 megawatt sale represents.

當然。謝謝你的提問。是的，那是在天合光能銷售團隊的幫助下開發的新客戶。這不在我們之前的積壓工作。隨著我們不斷向市場宣傳 T1 是什麼、我們在 G1 資產方面代表什麼、以及我們正在建立的技術和模組的優勢，我們得到了許多關注。因此，我們看到商家銷售機會的持續發展，這 253 兆瓦的銷售就代表了這一點。

Yes. And just thinking about that, I appreciate those comments. Just thinking about the uncertainty that's out there and the issues, I mean, the earth is definitely moving under everybody's feet. As we think about the revised down guidance, as we think about the production targets, I guess, at the high and the low end, any kind of sense for the timing of that ramp? I mean, like as we look at orders, incoming orders, as we look at that, are we thinking Q4 -- should we expect -- this clearly is going to be back-end weighted. Any kind of sense for the ramp in the production over the next couple of quarters?

是的。想到這一點，我很感謝這些評論。只是想想那裡存在的不確定性和問題，我的意思是，地球肯定在每個人的腳下移動。當我們考慮修訂後的下調指引時，當我們考慮生產目標時，我想，在高端和低端，對於產量上升的時機有什麼感覺嗎？我的意思是，當我們查看訂單、收到的訂單時，當我們查看這些時，我們是否在思考第四季度——我們應該期待——這顯然將是後端加權的。未來幾季產量是否會提升？

Yes. Thank you for that. The entire management team with the Trina sales force legacy support, we're active meeting with all the large developers. I'd say, a recurring theme is uncertainty, whether it was reciprocal tariff uncertainty, whether it was Texas legislative session uncertainty into Texas, all of those elements have led to uncertainty. What we are committed to doing is making sure we're doing margin sales that are attractive to us. You can imagine that given the uncertainty around tariffs, some customers are asking for T1 Energy to take full tariff risk. That is not something we would do.

是的。謝謝你。整個管理團隊在天合光能銷售團隊的遺留支持下，積極與所有大型開發商會面。我想說，一個反覆出現的主題是不確定性，無論是互惠關稅的不確定性，還是德州立法會議的不確定性，所有這些因素都導致了不確定性。我們致力於確保我們進行的保證金銷售對我們具有吸引力。你可以想像，鑑於關稅的不確定性，一些客戶要求 T1 Energy 承擔全部關稅風險。這不是我們會做的事情。

In terms of the ramp on the uptake, we are committed to announcing large and meaningful contracts as they occur in real time. We would expect to have those continue through the back half of the year, starting from as early as -- without giving guidance, just starting as soon as possible. But we're committed to giving those numbers.

在加快吸收方面，我們致力於即時宣布重大且有意義的合約。我們預計這些活動將持續到今年下半年，最早從…開始，不提供指導，只是盡快開始。但我們致力於提供這些數字。

I want to underscore one other thing, production. We -- these assets are producing by design. Term loan conversion happened to confirm that. We're able to produce at design at 5 gigawatts and this is really about a sales issue. We had the prior guidance of 3 gigawatts, 4 gigawatts. In order to not overproduce and hold that inventory into 2026, we made this tough decision to reduce down.

我想強調另一件事，那就是生產。我們——這些資產是按設計生產的。定期貸款轉換的發生證實了這一點。我們能夠按照設計生產 5 千兆瓦的電力，這實際上是一個銷售問題。我們之前的指導是3千兆瓦、4千兆瓦。為了避免生產過剩並將庫存保留到 2026 年，我們做出了減產的艱難決定。

So on the production side, we're good. On the sales side, we're committed to announcing those announcements as they come. And I think as we see clearer indications, particularly around tariff uncertainty seems to be the large one. I think there was a positive news in terms of 45X and 48E that looks like a muting at the tail end of it. But those domestic content adders related to 48E were very important. And obviously, for us, 45X is critical. So from that standpoint, positive on the outlook. Longer term, this near-term uncertainty is what drove the guidance down.

因此，在生產方面，我們做得很好。在銷售方面，我們致力於及時發布這些公告。我認為，正如我們所看到的更清晰的跡象，特別是圍繞關稅的不確定性似乎是最大的問題。我認為 45X 和 48E 方面有一個積極的消息，看起來像是其尾端的一個靜音。但那些與 48E 相關的國內內容添加器非常重要。顯然，對我們來說，45X 至關重要。因此從這個角度來看，前景是樂觀的。從長遠來看，這種短期不確定性是導致績效指引下調的原因。

Yes, no doubt. And then, Evan, I appreciate your comments around the low end of guidance and your liquidity outlook. As we think about that kind of $100 million you flagged, does that include any potential asset sales or sales from some of the legacy assets at, I guess, what was prior?

是的，毫無疑問。然後，埃文，我很欣賞你對指導低端和流動性前景的評論。當我們考慮您提到的 1 億美元時，這是否包括任何潛在的資產出售或一些遺留資產的出售，我想，之前的情況是怎樣的？

Yes, Greg, it's a great question. It does not, right? Any asset sale proceeds would be incremental, right? I mean, what you're getting is, you are getting some of the 2026 sales in 2025, right? The payment terms under the contracts provide for 50% of the contract payment in aggregate up to 30 days prior to the quarter. So you're getting some of '26 sale price in '25 and you're going to get 45X monetization on the modules you're producing and putting in inventory, right? So it will be above 100 and it's supported by a lot of factors. I mean, it's inversely correlated, unfortunately. The lower you produce, particularly on the base or on top of the 1.5 gig contracts, which you can see in the first quarter, show you north of 40% gross margin that you have a higher cash position at a lower production rates.

是的，格雷格，這是一個很好的問題。不是吧？任何資產出售收益都會是增量的，對嗎？我的意思是，您將在 2025 年獲得 2026 年的部分銷售額，對嗎？合約規定的付款條款規定，在季度開始前 30 天內累計支付合約金額的 50%。因此，您在 25 年獲得了 26 年的部分銷售價格，並且您將從所生產和放入庫存的模組中獲得 45 倍的貨幣化，對嗎？所以它會高於100，而且受到很多因素的支持。我的意思是，不幸的是，它們是反相關的。產量越低，特別是在基礎合約或 1.5 千兆合約之上（您可以在第一季度看到），毛利率就會超過 40%，這意味著您在較低的生產力下擁有較高的現金狀況。

Okay. And then just one for me, realizing it's recent and the Heads of Agreement has been signed. But any kind of thoughts or color around what that structure could look like? I mean, I'm assuming it's a joint venture, at least how you're thinking about it in terms of majority ownership and payment term. Any things you can share about that?

好的。然後對我來說只有一件事，那就是意識到這是最近的事，而《綱要協議》已經簽署。但是對於該結構的外觀，您有什麼想法或看法嗎？我的意思是，我假設這是一家合資企業，至少從多數股權和付款期限的角度來看是這樣。您能分享一些有關此事的事情嗎？

I think it's too early to have the final structure on it, but we're looking at a minority investment into G2/G1. That would be working with our Saudi line partner to close something or look for something with the Kingdom of Saudi Arabia with the Ministry of Finance there. That would be the core aspect of it, a minority investment into the G1, G2 assets.

我認為現在確定最終結構還為時過早，但我們正在考慮對 G2/G1 進行少數股權投資。那將與我們的沙烏地阿拉伯線路合作夥伴合作，與沙烏地阿拉伯王國財政部達成某些協議或尋求某些協議。這將是其核心內容，對 G1、G2 資產的少數股權投資。

I'd note that as we've previously mentioned, we're looking at other forms as well in terms of other types of private equity or private investments into that, which we think derisks the project, bringing in -- adding to the equity capital stack in particular. I think the strategic nature of the Kingdom of Saudi Arabia, wanting to invest in the United States, adds another element to it, which we're very excited to have been part of the trade representatives going over there as well.

我想指出的是，正如我們之前提到的，我們也在考慮其他形式的私募股權或私人投資，我們認為這可以降低專案風險，特別是增加股權資本。我認為沙烏地阿拉伯王國希望在美國投資的戰略性質為其增添了另一個因素，我們很高興成為前往美國的貿易代表之一。

Thank you. And I'm showing no further questions at this time. I'd like to turn the call back over to Jeff Spittel for closing remarks.

謝謝。我現在沒有其他問題了。我想將電話轉回給 Jeff Spittel 做最後發言。

Thank you, Shannon. Thank you, everybody, for dialing in and participating today. We look forward to engaging with you on the road next week and throughout the quarter. Feel free to follow-up with any questions via e-mail or phone and we'll talk to you all soon. This will conclude the call.

謝謝你，香農。感謝大家今天的撥入電話並參與。我們期待下週以及整個季度與您合作。如果您有任何問題，請隨時透過電子郵件或電話與我們聯繫，我們將盡快與您聯繫。通話將結束。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。