T1 Energy Inc (TE) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to T1 Energy's second quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加 T1 Energy 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would like now to turn the conference over to Jeff Spittel, Executive Vice President of Investor Relations and Corporate Development. Please go ahead.

現在，我想將會議交給投資者關係和企業發展執行副總裁 Jeff Spittel。請繼續。

Good morning, and welcome to T1 Energy's second 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; Andy Munro, our Chief Legal and Policy Officer; and Jaime Gualy, our Chief Operating Officer.

早安，歡迎參加 T1 Energy 2025 年第二季財報電話會議。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、我們的首席法律與政策長 Andy Munro 以及我們的營運長 Jaime Gualy。

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.

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。

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.

有關可能對我們的業務產生重大影響的風險因素的更多信息，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 second quarter earnings call. Our theme for today is time to build. With the passage of the One Big Beautiful Bill behind us, the policy road map coming into clearer focus, customers are gravitating to T1 and our plan to become a champion of US advanced manufacturing.

謝謝傑夫，歡迎大家參加我們的第二季財報電話會議。我們今天的主題是建設的時刻。隨著《一項偉大的美麗法案》的通過，政策路線圖變得更加清晰，客戶開始青睞 T1 和我們成為美國先進製造業領導者的計畫。

This is T1's time to build. We are expanding our US supply chain, growing our commercial presence, developing our asset portfolio and establishing a long-term foundation from which T1 intends to generate meaningful cash flow and earnings.

這是 T1 的建設時期。我們正在擴大我們的美國供應鏈，擴大我們的商業影響力，發展我們的資產組合，並建立長期基礎，T1 打算藉此產生有意義的現金流和收益。

We recently announced a major step forward in this process by forging its transformative strategic agreement with Corning, one of America's most iconic industrial companies. We'll expand on the benefits of this relationship with Corning for T1 and our customers shortly.

我們最近宣布與美國最具代表性的工業公司之一康寧公司達成變革性戰略協議，在此過程中邁出了重要一步。我們很快就會詳細說明與康寧的這種合作關係為 T1 和我們的客戶帶來的好處。

As Andy will detail momentarily, recent policy developments dovetail with T1's mission to build an integrated US solar manufacturing leader. Big Beautiful Bill preserves a stackable, transferable Section 45X tax credits through 2032, which provide T1 with the opportunity to compete and scale simultaneously.

正如安迪稍後將詳細介紹的那樣，最近的政策發展與 T1 打造美國太陽能製造業綜合領導者的使命相吻合。《大美麗法案》保留了可疊加、可轉讓的第 45X 條稅收抵免，有效期至 2032 年，這為 T1 提供了同時競爭和擴大規模的機會。

Maintaining access to these credits is one of T1's top priorities for the second half of this year. The Corning agreement is a meaningful step in that direction.

維持這些積分的使用權是T1今年下半年的首要任務之一。與康寧的協議是朝著這個方向邁出的重要一步。

And I'm also pleased to share that T1 cleared US government's CFIUS review of the Trina transaction during the second quarter. The completion of this process provides T1 with flexibility as we work with Trina to ensure compliance with FEOC requirements.

我也很高興地告訴大家，T1 在第二季通過了美國政府 CFIUS 對天合光能交易的審查。這項流程的完成為 T1 提供了靈活性，因為我們與 Trina 合作以確保遵守 FEOC 要求。

The US needs homegrown companies like T1 to deliver advanced manufacturing capacity that unlocks our most scalable energy resources. Accordingly, T1 supports the recent launches of the solar 4 antidumping and countervailing duties case and the Section 232 investigation into foreign-sourced polysilicon and its derivatives, both of which are intended to protect American manufacturers from anticompetitive practices.

美國需要像 T1 這樣的本土公司來提供先進的製造能力，以釋放我們最具可擴展性的能源資源。因此，T1 支持最近啟動的太陽能 4 反傾銷和反補貼稅案以及針對外國多晶矽及其衍生物的第 232 條調查，這兩項調查旨在保護美國製造商免受反競爭行為的侵害。

As we continue to develop our US supply chain, these policy initiatives should enhance T1's ability to deliver cost-competitive modules made with US polysilicon and subcomponents. With policy uncertainties lifting, T1 is gaining traction with major US project developers.

隨著我們繼續發展美國供應鏈，這些政策舉措應該會增強T1提供採用美國多晶矽和子組件製造的具有成本競爭力的模組的能力。隨著政策不確定性的消除，T1 正在受到美國主要專案開發商的青睞。

During the second quarter, we secured a 473 megawatt merchant sales agreement with one of the largest US utilities for second half 2025 deliveries. We are now sold out for 2025 based on the low end of our current 2.6 gigawatt production plan.

第二季度，我們與美國最大的公用事業公司之一達成了 473 兆瓦的商用銷售協議，將於 2025 年下半年交付。根據我們目前的 2.6 千兆瓦生產計劃的低端產量，2025 年的產量已經售罄。

We will continue to evaluate spot sale opportunities to sell more 2025 capacity as market conditions dictate while we pursue long-term offtake agreements for the combined G1_Dallas and G2_Austin facilities. Speaking of G2_Austin, we continue to advance development of our planned 5 gigawatt US solar cell manufacturing facility in Rockdale, Texas.

我們將繼續評估現貨銷售機會，根據市場狀況出售更多 2025 年的產能，同時尋求 G1_Dallas 和 G2_Austin 合併設施的長期承購協議。說到 G2_Austin，我們繼續推進位於德克薩斯州羅克代爾的 5 千兆瓦美國太陽能電池製造工廠的開發。

On the second quarter call, we introduced our plan to develop the project in two phases of 2.5 gigawatts with targeted first production in Q4 2026. While our finance team advances our capital formation initiatives, our project development team is preparing for the start of construction into the third or fourth quarter of this year.

在第二季電話會議上，我們介紹了分兩個階段開發 2.5 千兆瓦專案的計劃，目標是在 2026 年第四季首次投產。我們的財務團隊正在推進資本形成計劃，同時我們的專案開發團隊正在為今年第三季或第四季開始建設做準備。

All of this work is underpinned by a vision for T1 to grow into a leading enabler of AI infrastructure development and a champion of US energy security. The time to build is now and our people are hard at work to realize this vision.

所有這些工作都以 T1 的願景為基礎，即成長為人工智慧基礎設施發展的領先推動者和美國能源安全的捍衛者。現在是建設的時候了，我們的人民正在努力實現這一願景。

Now let's move to slide 5 to frame T1's opportunity. After more than 20 years of stagnation, US electricity demand is surging. Within the next 10 years, US power demand is poised to grow by more than 800 terawatt hours because of the AI infrastructure build-out, electrification of transportation and onshoring of advanced manufacturing.

現在讓我們轉到投影片 5 來介紹 T1 的機會。經過20多年的停滯之後，美國的電力需求正在激增。未來10年內，由於人工智慧基礎建設、交通電氣化和先進製造業的回流，美國的電力需求預計將增加800多太瓦時。

This is a big picture thesis, which underpins T1's strategy. AI needs power and T1 can provide it. We are positioning T1 as a domestic solar and storage leader in the early stages of what we believe is an electricity demand super cycle.

這是一個宏觀論點，支撐著 T1 的策略。AI 需要電力，而 T1 可以提供電力。我們將 T1 定位為國內太陽能和儲能領域的領導者，我們認為這正處於電力需求超級週期的早期階段。

Bringing more electrons to the grid in all forms is essential to preserve America's AI technology leadership. At T1, we don't view American energy dominance as a zero-sum game with other forms of energy.

以各種形式向電網輸送更多電力對於保持美國人工智慧技術的領先地位至關重要。在 T1，我們並不認為美國能源主導地位與其他形式的能源是零和遊戲。

Our leadership team has more than 100 years of experience in oil and gas, and we remain fervent supporters of our colleagues in that industry. But at the same time, we are firm believers that electrons are neither red nor blue.

我們的領導團隊在石油和天然氣領域擁有超過 100 年的經驗，我們仍然是該行業同事的熱情支持者。但同時，我們堅信電子既不是紅色也不是藍色。

Solar and storage are the fastest and most cost-effective means of bringing more electrons to the grid. If we wish to maintain our leadership in AI technology and infrastructure development, solar and storage are essential, strategic and nearly limitless resources that must be deployed independent of ideology.

太陽能和儲能是向電網輸送更多電力的最快、最具成本效益的方式。如果我們希望保持在人工智慧技術和基礎設施發展方面的領先地位，太陽能和儲能就是必不可少的、戰略性的、幾乎無限的資源，必須不受意識形態的限制地部署。

T1 has a significant role to play as an emerging solar leader that is leveraging high-performance technology, onshoring manufacturing and establishing secure domestic supply chains.

T1 作為新興太陽能領導者，在利用高性能技術、實現本土製造和建立安全的國內供應鏈方面發揮著重要作用。

As these secular trends drive accelerated demand growth, we intend to broaden our relationship outside of the typical utility scale customer base to include growing commercial end users of solar and storage.

由於這些長期趨勢推動需求加速成長，我們打算將我們的關係從典型的公用事業規模客戶群擴展到不斷增長的太陽能和儲能商業終端用戶。

Our vision for the future of T1 is to be a leading domestic solar manufacturer and a strategic enabler of AI development and US energy security. Now let's move to slide 6 for a closer look at how this vision is resonating with customers and enabling T1 to make meaningful commercial progress.

我們對 T1 未來的願景是成為國內領先的太陽能製造商以及人工智慧發展和美國能源安全的戰略推動者。現在讓我們翻到第 6 張投影片，仔細看看這個願景如何引起客戶的共鳴，並幫助 T1 取得有意義的商業進展。

Since the passage of the OBBB, we have received a flurry of inquiries and requests for quotations from existing and prospective customers. This morning, we announced our largest merchant sales agreement to date at G1_Dallas, a 473 megawatt agreement with a major US utility for delivery starting in the third quarter.

自 OBBB 通過以來，我們收到了來自現有客戶和潛在客戶的大量詢問和報價請求。今天上午，我們宣布了迄今為止與 G1_Dallas 達成的最大商家銷售協議，這是一項與美國一家大型公用事業公司達成的 473 兆瓦協議，將於第三季開始交付。

With this agreement, we are now sold out of capacity relative to the low end of our 2025 production plan of 2.6 gigawatts. Our commercial team is in continuous dialogue with existing and potential customers.

根據這項協議，相對於我們 2025 年 2.6 千兆瓦生產計畫的低端，我們現在的產能已經售罄。我們的商業團隊正在與現有和潛在客戶保持持續對話。

Given the compressed lead times in the merchant market, there may be a possibility to book additional H2 2025 sales, but securing long-term offtake contracts with strategic partners that advance T1 towards closing the G2_Austin financing is an even higher priority, particularly given the working capital intensity and competitive economics of spot sales.

鑑於商業市場交貨時間的壓縮，可能存在預訂 2025 年下半年額外銷售的可能性，但與戰略合作夥伴簽訂長期承購合同，推動 T1 完成 G2_Austin 融資是當務之急，尤其是考慮到營運資金強度和現貨銷售的競爭經濟性。

To give you a better sense of T1's growing commercial pipeline, we are introducing a snapshot of our opportunity funnel. This funnel includes three categories.

為了讓您更了解 T1 不斷成長的商業管道，我們推出了機會漏斗的快照。這個漏斗包括三個類別。

Relatively early-stage pursuits for G1_Dallas, which is the largest bucket of more than 38 gigawatts. Later-stage G1 pursuits with a higher probability of award, these opportunities account for more than 1.3 gigawatts.

G1_Dallas 的追求相對較早，它是最大的一個類別，容量超過 38 千兆瓦。後期 G1 追求具有更高的獲獎機率，這些機會佔超過 1.3 千兆瓦。

And ongoing customer discussions regarding multiyear offtake contract for integrated production from G1_Dallas and G2_Austin totaling 18.9 gigawatts. So the market is active, and we are confident that demand for both G1 and G2 will be multiples of our available capacity.

並且正在與客戶討論 G1_Dallas 和 G2_Austin 總計 18.9 千兆瓦的多年期綜合生產承購合約。因此市場很活躍，我們相信 G1 和 G2 的需求將是我們可用產能的數倍。

While we grow T1's commercial enterprise, we're expanding our US supply chain to enhance our competitive position. To discuss today's landmark supply agreement with Corning, I'll hand it over to Jaime Gualy, our Chief Operating Officer. Jaime?

在發展 T1 商業企業的同時，我們也在擴大美國供應鏈以增強我們的競爭地位。為了討論今天與康寧達成的具有里程碑意義的供應協議，我將把它交給我們的營運長 Jaime Gualy。詹姆？

Thanks, Dan. Let's turn to slide 7. We've announced that T1 converted its existing long-term US polysilicon contract with Hemlock Semiconductor to a US wafer sourcing agreement with Hemlock's majority owner, Corning Incorporated.

謝謝，丹。讓我們翻到第 7 張投影片。我們宣布，T1 將其與 Hemlock Semiconductor 簽訂的現有長期美國多晶矽合約轉換為與 Hemlock 大股東康寧公司簽訂的美國晶圓採購協議。

The Corning commercial agreement is a major step towards our mandate to establish a bill of materials that is at least 50% non-FEOC by year-end with higher percentages required in future years. In addition to US wafers, we are in the process of sourcing additional materials such as glass, frames, and junction boxes from domestic and non-FEOC suppliers to achieve this objective.

康寧商業協議是我們朝著制定物料清單目標邁出的重要一步，該清單要求到今年年底至少有 50% 的非 FEOC，並且未來幾年需要更高的百分比。除美國晶圓外，我們還在從國內和非 FEOC 供應商採購玻璃、框架和接線盒等其他材料，以實現這一目標。

Our US customers want surety of supply. With the Section 232 investigation underway, we believe that T1's plan to produce modules with traceable US made polysilicon wafers and cells will mitigate the detention risk and provide opportunities for our customers to qualify for investment tax credits that enhance their project returns.

我們的美國客戶希望獲得供應保證。隨著第 232 條調查的進行，我們相信 T1 計劃使用可追溯的美國製造多晶矽晶片和電池生產模組，將降低扣留風險，並為我們的客戶提供獲得投資稅收抵免的機會，從而提高他們的專案回報。

American solar leadership is about investing in US advanced manufacturing, building secure domestic supply chains and creating jobs. This agreement with Corning is expected to support roughly 6,000 full-time US jobs between current and planned, T1, Corning and Hemlock facilities.

美國太陽能領導地位在於投資美國先進製造業、建立安全的國內供應鏈和創造就業機會。與康寧達成的這項協議預計將為現有和計劃中的 T1、康寧和 Hemlock 工廠之間約 6,000 個美國全職工作崗位提供支援。

Investing in the US polysilicon value chain, which is also critical to the semiconductor industry with established and trusted American industrial blue-chip companies, also supports America's long-term strategic interests. And now I'll turn the call back to Dan to expand on our domestic content road map.

投資美國多晶矽價值鏈對半導體產業也至關重要，擁有成熟且值得信賴的美國工業藍籌股公司，也支持美國的長期戰略利益。現在我將把電話轉回給丹，讓他進一步闡述我們的國內內容路線圖。

Thanks, Jaime. Let's turn to slide 8. With the Corning US wafer agreement in place and G2_Austin development progressing, we now have a clear line of sight to produce PV solar modules in the US from primarily US components.

謝謝，傑米。讓我們翻到第 8 張投影片。隨著康寧美國晶圓協議的實施和 G2_Austin 開發的進展，我們現在可以明確地在美國使用主要美國零件生產光伏太陽能組件。

Upon anticipated start of production at G2_Austin, we should be positioned to deliver modules that are comprised of more than 70% US content. This strategy is not merely aligned with the OBBB policy framework.

當 G2_Austin 預計開始生產時，我們應該能夠交付包含 70% 以上美國內容的模組。該策略不僅與 OBBB 政策框架一致。

It's intended to give our utility scale customers what they want, surety of supply by eliminating detention risk, traceable secure bill of materials, access to investment tax credits and high-efficiency PV module technology.

其目的是為我們的公用事業規模客戶提供他們想要的東西，透過消除扣留風險來確保供應，可追溯的安全物料清單，獲得投資稅收抵免和高效光伏組件技術。

We believe these are the attributes that make T1 a very attractive safe harboring partner to our customers. Customers want US content and G2_Austin is the next major step to expand our US supply chain. So let's turn to slide 9 for an update on the G2_Austin project, which is one of the largest planned capital investments in the US PV solar market.

我們相信，這些特點使得 T1 成為我們客戶非常有吸引力的安全港合作夥伴。客戶想要美國的內容，而 G2_Austin 是我們擴大美國供應鏈的下一個重要步驟。讓我們翻到第 9 張幻燈片來了解 G2_Austin 專案的最新進展，該專案是美國光伏太陽能市場最大的計劃資本投資之一。

As we disclosed on the first quarter call, we are pursuing development of G2_Austin in two equal 2.5 gigawatt phases. This approach is intended to achieve start-up construction by Q3 or Q4 2025, pending the timing of advancing financial close, offtake contract coverage and site permitting.

正如我們在第一季電話會議上披露的那樣，我們正在分兩個 2.5 千兆瓦的階段開發 G2_Austin。這種方法旨在於 2025 年第三季或第四季實現開工建設，具體取決於提前完成融資結算、承購合約覆蓋範圍和場地許可的時間。

Our development team has been moving swiftly to select the contractors and vendors with whom we will build G2. As we announced in June, T1 has selected Yates Construction as a contractor for preconstruction services and site preparation, and we anticipate finalizing terms with Yates as a general contractor for the project.

我們的開發團隊一直在迅速選擇與我們一起建造 G2 的承包商和供應商。正如我們在 6 月宣布的那樣，T1 已選擇 Yates Construction 作為施工前服務和場地準備的承包商，我們預計將與 Yates 敲定最終條款，確定其作為該專案的總承包商。

SSOE is the lead engineer on the project and T1 has also selected [LePlank] as its exclusive production line equipment vendor for the facility. Our G2 development is supported by ongoing capital formation initiatives.

SSOE 是該專案的首席工程師，T1 也選擇 [LePlank] 作為該工廠的獨家生產線設備供應商。我們的 G2 開發得到了持續資本形成計劃的支持。

Given the robust customer interest in G2 offtake contracts, we are confident in our ability to source and optimize the G2 capital stack that will unlock the first phase of construction. The processes we have ongoing or plan to initiate include.

鑑於客戶對 G2 承購合約的濃厚興趣，我們有信心能夠獲得併優化 G2 資本堆棧，從而啟動第一階段的建設。我們正在進行或計劃啟動的流程包括：

Traditional project financing with our G1 commercial lenders, process to secure mezzanine financing or a similarly structured instrument, we have retained an investment bank to lead this process, we have a data room up and running, and we have several NDAs signed with potential counterparties.

我們與 G1 商業貸款機構進行傳統專案融資，以獲得夾層融資或類似結構工具的流程，我們已聘請一家投資銀行來領導這一流程，我們已建立並運行資料室，並且我們與潛在交易對手簽署了多份保密協議。

And as previously disclosed, Encompass Capital Advisors LLC has made a $50 million tranche of preferred stock available. Evan and his team are coordinating these processes, which are intended to coincide with securing long-term offtake contracts and the associated cash deposits.

正如先前披露的那樣，Encompass Capital Advisors LLC 已提供價值 5,000 萬美元的優先股。埃文和他的團隊正在協調這些流程，旨在與確保長期承購合約和相關現金存款一致。

As we continue to execute our plan to ensure 45X eligibility and demonstrate progress at G1 and G2, we are highly confident in our ability to start construction in either Q3 or Q4. While we continue to move G2 forward, we're also ramping operations at G1_Dallas, T1's world-class operating asset.

隨著我們繼續執行計劃以確保 45X 資格並展示 G1 和 G2 的進展，我們對在第三季或第四季開始建立的能力充滿信心。在我們繼續推動 G2 發展的同時，我們也在加強 T1 世界級營運資產 G1_Dallas 的營運。

Now let's turn to slide 10 for an update. With the plant fully operational, we have eclipsed the 1 gigawatt milestone of cumulative production at G1. As I indicated earlier, we have already sold the 2.6 gigawatts of modules at the low end of our 2025 production plan.

現在讓我們翻到第 10 張投影片來了解最新情況。隨著工廠全面投入運營，我們已突破 G1 累積產量 1 千兆瓦的里程碑。正如我之前所說，我們已經售出了 2025 年生產計畫低端的 2.6 千兆瓦模組。

During Q2, we completed the modification of one of three production lines from PERC to TOPCon technology. We continue to produce PERC modules at the request of the customer on the other two lines for the time being.

第二季度，我們完成了三條生產線中的一條從PERC到TOPCon技術的改造。其餘兩條產線我們暫時繼續依照客戶要求生產PERC組件。

Sales and EBITDA in Q2 didn't ramp as quickly as we anticipated, but we expect improved financial performance in the back half of the year as we work with our customers to safe harbor projects. As we look ahead in Q1, our objective heading into 2026 is to secure long-term offtake commitments from customers for the full 5 gigawatt of annual capacity at the facility.

第二季的銷售額和 EBITDA 成長速度沒有像我們預期的那麼快，但隨著我們與客戶合作完成安全港項目，我們預計下半年財務表現將會改善。展望第一季度，我們 2026 年的目標是確保客戶對該設施每年全部 5 千兆瓦產能做出長期承購承諾。

These conversations should gain momentum as we continue to execute our countdown to compliance playbook and demonstrate continued progress with the G2_Austin solar cell project. G1 is the foundation of T1's early-stage commercial progress and domestic supply chain strategy, both of which align with recent policy developments.

隨著我們繼續執行合規倒數計劃並展示 G2_Austin 太陽能電池專案的持續進展，這些對話應該會獲得動力。G1是T1早期商業化進程和國內供應鏈策略的基礎，這兩者都與近期的政策發展一致。

To take you through the evolving policy landscape, I'll turn the call over to Andy Munro, our Chief Legal and Policy Officer. Andy?

為了讓您了解不斷變化的政策形勢，我將把電話轉給我們的首席法律和政策官安迪·芒羅 (Andy Munro)。安迪？

Thanks, Dan. I joined T1 earlier this year because I believe we have an opportunity to establish ourselves as a homegrown leader in domestic solar manufacturing with leading technology and a traceable, secure supply chain.

謝謝，丹。我今年稍早加入 T1，因為我相信我們有機會憑藉領先的技術和可追溯的安全供應鏈，成為國內太陽能製造業的本土領導者。

The current administration is supportive of advanced American manufacturing, onshoring technology transfer and US energy dominance, all of which align with T1's mission. Turning to slide 11.

現任政府支持美國先進製造業、在岸技術轉移和美國能源主導地位，所有這些都與 T1 的使命一致。翻到第 11 張投影片。

Let's examine some of the recent developments on Capitol Hill and the implications for T1. First and foremost, the One Big Beautiful Bill maintains 45X advanced manufacturing production tax credit through 2032 and preserves key provisions relating to stacking and transferability of credit.

讓我們來看看國會山莊最近的一些發展及其對 T1 的影響。首先，《一項偉大的美麗法案》將在 2032 年之前維持 45 倍先進製造業生產稅收抵免，並保留與信貸累積和可轉讓性相關的關鍵條款。

As Dan mentioned earlier, however, the One Big Beautiful Bill has introduced certain FEOC-related requirements for US solar producers. The good news is that at T1, we have been de-FEOC-ing before it was cool.

然而，正如丹之前提到的，《一個美麗的大法案》為美國太陽能生產商引入了一些與 FEOC 相關的要求。好消息是，在 T1，我們在天氣變冷之前就已經解除了 FEOC。

So we believe we have a head start and are confident we will be able to make any necessary adjustments to ensure that we are compliant with FEOC requirements. The recent announcement of the expanded Corning agreement is proof that we are advancing our plan to develop an American and non-FEOC supply chain.

因此，我們相信我們已經領先一步，並且有信心我們能夠做出任何必要的調整，以確保我們符合 FEOC 的要求。最近宣布擴大康寧協議證明我們正在推動發展美國和非FEOC供應鏈的計畫。

The Commerce Department recently announced the launch of the Section 232 investigation into the industry's use of foreign sourced polysilicon and derivatives. This could result in tariffs or other revenues aimed at imports of polysilicon and derivative products such as wafers, cells and modules.

美國商務部近日宣布啟動232條款調查，針對該產業使用外國多晶矽及其衍生物的情況。這可能導致針對多晶矽及其衍生產品（如晶圓、電池和模組）的進口徵收關稅或其他收入。

T1 has submitted public comments to Commerce expressing support for Section 232 tariffs. As we have discussed previously, T1 was already sourcing polysilicon from the US by virtue of our existing supply contract with Hemlock Semiconductor.

T1 已向商務部提交公開意見，表達對第 232 條關稅的支持。正如我們之前所討論的，T1 已經根據與 Hemlock Semiconductor 簽訂的現有供應合約從美國採購多晶矽。

The expansion of this strategic relationship to include solar wafers produced by Corning in Michigan, aligns with the goals of that investigation and should further differentiate T1 from our competitors. T1 certainly supports trade policies that protect US solar manufacturers from anticompetitive behavior.

將這一戰略關係擴展到康寧在密西根州生產的太陽能晶圓，符合該調查的目標，並將進一步使 T1 與我們的競爭對手區分開來。T1 當然支持保護美國太陽能製造商免受反競爭行為侵害的貿易政策。

And we believe that the recently launched solar 4 AD/CVD case, targeting imports of solar modules and cells from Indonesia, Laos and India, dovetails nicely with our strategy to build a US solar value chain with domestically produced cells, wafers and polysilicon.

我們認為，最近啟動的太陽能4 AD/CVD案，針對從印尼、寮國和印度進口的太陽能電池組件和電池，與我們建立由國內生產的電池、晶片和多晶矽構成的美國太陽能價值鏈的戰略完美契合。

Moving to slide 12, we share the specifics of T1's countdown to compliance playbook. T1's top near-term priority is to secure eligibility for the Section 45X tax credits. It's no secret that the US solar industry has been largely dependent on component and material suppliers outside the United States, due to China's dominance of the sector.

轉到第 12 張投影片，我們分享了 T1 合規劇本倒數計時的具體內容。T1 的近期首要任務是確保符合第 45X 條稅收抵免的資格。眾所周知，由於中國在該領域佔據主導地位，美國太陽能產業很大程度上依賴美國以外的零件和材料供應商。

We were acutely aware of this dynamic when we acquired Trina's US solar assets, and we have been crafting our strategy with a focus on building a US solar leader by onshoring critical technology and developing a domestic supply chain.

當我們收購天合光能的美國太陽能資產時，我們敏銳地意識到了這種動態，並且我們一直在製定策略，重點是透過在國內引進關鍵技術和發展國內供應鏈，打造美國太陽能領導者。

The first step in this FEOC compliance process is to establish a bill of materials comprised of at least 50% non-FEOC content and components by year-end 2025. The US wafer agreement with Corning, we recently announced is a significant step in that direction, and we believe it provides T1 with an early mover advantage.

此 FEOC 合規流程的第一步是在 2025 年底之前建立包含至少 50% 非 FEOC 內容和組件的物料清單。我們最近宣布與康寧達成的美國晶圓協議是朝著這個方向邁出的重要一步，我們相信這為 T1 提供了先發優勢。

The Corning transaction, which is intended to complement our G2_Austin US solar cell project is an example of a capital-light synthetic means of augmenting T1's domestic supply chain. The OBBB also introduced FEOC-related ownership, governance, debt and IP requirements for US solar producers to secure 45X eligibility, none of which come as a surprise to T1.

康寧交易旨在補充我們的 G2_Austin 美國太陽能電池項目，這是增強 T1 國內供應鏈的輕資本合成手段的一個例子。OBBB 還為美國太陽能生產商引入了與 FEOC 相關的所有權、治理、債務和智慧財產權要求，以確保 45X 資格，這些對 T1 來說並不意外。

T1 is committed to making any necessary adjustments, including in the Trina relationship to ensure compliance. We understand that the recent developments in Washington, DC have introduced uncertainty for solar industry investors.

T1 致力於做出任何必要的調整，包括與 Trina 的關係，以確保合規。我們了解到華盛頓特區最近的發展給太陽能產業投資者帶來了不確定性。

But at T1, we have clarity of purpose and mission. Our leadership team has been proactively engaging with lawmakers and government officials to advocate for policies that support American advanced manufacturing and restoring of the full solar supply chain.

但在 T1，我們的目的和使命很明確。我們的領導團隊一直積極與立法者和政府官員接觸，倡導支持美國先進製造業和恢復整個太陽能供應鏈的政策。

And we are building T1 to develop a sustainable, competitive advantage as a leader in American solar technology and manufacturing. And with that, I'll turn the call over to Evan for a review of Q1's financials.

我們正在建立 T1，以發展可持續的競爭優勢，成為美國太陽能技術和製造業的領導者。說完這些，我將把電話轉給 Evan，讓他審查第一季的財務狀況。

Thank you, Andy. Moving to slide 13. I'll start with an overview of 2025 financial and operating guidance. On production, as Dan mentioned, we've now sold out the low end of our 2.6 to 3.0 gigawatt guidance range for 2025. The primary swing factor for the remainder of the year will be customer appetite for merchant sales.

謝謝你，安迪。移至幻燈片 13。我將首先概述 2025 年財務和營運指導。關於生產，正如丹所提到的，我們目前已售罄 2025 年 2.6 至 3.0 千兆瓦指導範圍的低端產品。今年剩餘時間的主要影響因素將是消費者對商家銷售的興趣。

As prudent stewards of shareholder capital, we'll evaluate these commercial opportunities based upon T1 economics, the strategic value of the potential customer agreements and working capital requirements. We're maintaining our 2025 EBITDA guidance of $25 million to $50 million.

作為股東資本的審慎管理者，我們將根據 T1 經濟、潛在客戶協議的策略價值和營運資金需求來評估這些商業機會。我們維持 2025 年 EBITDA 預測，即 2,500 萬至 5,000 萬美元。

The near-term risk to this forecast, however, are skewed to or below the downside based upon several factors. One, a higher mix of merchant agreements in the second half of 2025, which typically carry lower margins and longer-term offtakes.

然而，基於多種因素，此預測的短期風險偏向或低於下行風險。一是2025年下半年商家協議組合將更加多樣化，這些協議通常利潤率較低且承購期限較長。

Two, uncertain near-term impacts on cost and contract economics from AD/CVD, reciprocal tariff and contract interpretations; and three, timing uncertainties associated with safe harbor projects among T1's customer base.

二是反傾銷/反補貼稅、互惠關稅和合約解釋對成本和合約經濟的短期影響不確定；三是T1客戶群的安全港項目相關的時間不確定性。

Short-term uncertainties aside, there's meaningful customer interest in T1's domestic content strategy, our increasingly attractive competitive position, our alignment with US policy framework and our ability to produce PV solar modules with high-performance technology.

除了短期不確定性之外，客戶對 T1 的國內內容策略、我們日益具有吸引力的競爭地位、我們與美國政策框架的一致性以及我們利用高性能技術生產光伏太陽能模組的能力有著濃厚的興趣。

Accordingly, our integrated annual EBITDA run rate guidance for a 5-gigawatt G1_Dallas combined with a fully operational G2_Austin of $650 million to $700 million is unchanged. Turning to slide 14, let's review T1's financial position.

因此，我們對 5 千兆瓦 G1_Dallas 和全面運營的 G2_Austin 的綜合年度 EBITDA 運行率指導為 6.5 億美元至 7 億美元保持不變。翻到第 14 張投影片，讓我們回顧一下 T1 的財務狀況。

Despite the ramp in sales, EBITDA during 2Q fell short of our expectations, largely due to pricing on sales and timing of shipments. The second half of 2025 is setting up for improved financial performance as we maintain a supportive liquidity position despite the working capital intensity and timing lumpiness of our merchant business.

儘管銷售額有所成長，但第二季的 EBITDA 仍未達到我們的預期，這主要是由於銷售定價和出貨時間。儘管我們的商業業務營運資本密集且時間不均衡，但我們仍保持了支持性流動性狀況，因此 2025 年下半年的財務表現有望改善。

During the second quarter, these market dynamics were amplified prior to the passage of the OBBB in early July, which resulted in lower-than-anticipated unrestricted cash balance at the end of Q2.

在第二季度，這些市場動態在 7 月初 OBBB 通過之前放大，導致第二季末的非限制現金餘額低於預期。

However, we ended the quarter with significant finished goods inventory, over 330 megawatts of TOPCon modules built with US polysilicon, which we believe was an appropriate investment considering the impending change in law.

然而，本季末我們擁有大量成品庫存，超過 330 兆瓦的 TOPCon 模組採用美國多晶矽製造，考慮到即將發生的法律變化，我們認為這是一項合適的投資。

In July, we witnessed a significant uptick in demand and began selling down our inventory at attractive prices.

7 月份，我們見證了需求的大幅上升，並開始以有吸引力的價格出售庫存。

We also have a significant receivables balance that we expect to monetize during the second half of 2025, which includes a sizable receivable associated with Section 45X credits that T1 has earned through year-to-date production. These one half 2025 credits have been audited.

我們還有大量應收帳款餘額，預計將在 2025 年下半年實現貨幣化，其中包括 T1 透過年初至今的生產所獲得的與第 45X 條信貸相關的大量應收帳款。這 2025 年信用額的一半已經過審計。

We are currently marketing and expect them to be monetized in the third quarter. We are also grateful for the continued support of Encompass Capital Advisors.

我們目前正在進行行銷，預計它們將在第三季實現貨幣化。我們也感謝 Encompass Capital Advisors 的持續支持。

On August 14, we disclosed T1 has entered into an amendment that makes available an additional $50 million in exchange for the issuance of preferred stock with broader strategic purposes in exchange for lowering the conversion price and other considerations.

8 月 14 日，我們揭露 T1 已達成一項修正案，該修正案將額外提供 5,000 萬美元，以換取發行具有更廣泛戰略目的的優先股，以降低轉換價格和其他對價。

With multiple capital formation processes underway, we are currently engaged with several potential financial and strategic investors in T1. I'm happy to report that there's meaningful interest in securing offtake and financing, particularly now the US policy landscape is aligning with T1's mission and strategy.

隨著多項資本形成流程的進行，我們目前正在與 T1 的幾家潛在金融和策略投資者接洽。我很高興地報告，人們對獲得承購和融資有著濃厚的興趣，特別是現在美國的政策環境與 T1 的使命和策略一致。

Today's announcement with Hemlock bolsters this offering with higher domestic content. Further, our scoping of the project in two equal 2.5 gigawatt phases reduces the capital required in Phase I and supports our confidence in starting construction in the second half of 2025.

今天與 Hemlock 聯合發布的公告增強了該產品的國內含量。此外，我們將專案範圍分為兩個相同的 2.5 千兆瓦階段，減少了第一階段所需的資本，並增強了我們在 2025 年下半年開始建立的信心。

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

現在我將電話轉回給丹，請他做最後發言。

Thanks, Evan. Now let's conclude on slide 17 with our strategic road map. The remainder of 2025 for US solar manufacturers is all about establishing compliance to maintain eligibility for Section 45X production tax credits.

謝謝，埃文。現在讓我們在第 17 張投影片上總結一下我們的策略路線圖。對美國太陽能製造商來說，2025 年剩餘時間的全部任務就是建立合規性，以維持第 45X 條生產稅收抵免的資格。

At T1, we have been building a significant head start over our competitors prior to this countdown to compliance, and we continue to make tangible progress. We cleared CFIUS review during Q2.

在 T1，我們在合規倒數計時之前就已經領先於競爭對手，我們將繼續取得實際進展。我們在第二季度通過了 CFIUS 審查。

We have been executing our domestic content strategy and the Corning agreement we announced is a major step forward in the process of achieving a compliant, primarily domestic bill of materials.

我們一直在執行我們的國內內容策略，我們宣布的康寧協議是實現合規的、主要國內物料清單過程中邁出的重要一步。

We have established near-term time lines with Trina to adjust terms of our commercial relationship to achieve compliance and the Section 232 probe and reciprocal tariffs align with our US vertical integration strategy, and our expanding domestic supply chain.

我們與天合光能製定了近期時間表，以調整我們的商業關係條款，從而實現合規，並且第 232 條調查和互惠關稅與我們的美國垂直整合戰略以及我們不斷擴大的國內供應鏈保持一致。

As such, we are confident that Trina will satisfy the criteria to ensure 45X eligibility and in the process, differentiate ourselves as an emerging homegrown US solar leader.

因此，我們相信天合光能將滿足確保 45X 資格的標準，並在此過程中成為美國本土新興太陽能領導者。

We believe that 2026 will be the year to build a bridge to vertically integrated US supply chain and the associated potential to generate meaningful earnings and cash flow.

我們相信，2026 年將是建構垂直整合美國供應鏈橋​​樑的一年，並具有產生有意義的收益和現金流的潛力。

Capital is the foundation of the 2026 bridge, so we'll continue to evaluate opportunities to catalyze the next phase of T1's growth through thoughtful capital formation, long-term commercial and strategic partnerships and broadening our customer base.

資本是 2026 年橋樑的基礎，因此我們將繼續評估機會，透過深思熟慮的資本形成、長期的商業和策略合作夥伴關係以及擴大我們的客戶群來催化 T1 下一階段的成長。

With the Corning agreement in place, we now have line of sight to establish a supply chain of more than 70% domestic content before 2027. Our supply chain strategy should also yield commercial benefit.

隨著與康寧達成協議，我們現在預計在 2027 年之前建立一條國內含量超過 70% 的供應鏈。我們的供應鏈策略也應該產生商業利益。

As customers verify our 45X eligibility, we should be well positioned to ramp production sales at G1_Dallas while we secure long-term offtakes for G2_Austin, which we plan to have under construction.

隨著客戶驗證我們的 45X 資格，我們應該能夠很好地提高 G1_Dallas 的生產銷售，同時確保我們計劃正在建造的 G2_Austin 的長期承購。

And as we look ahead to 2027, this road map is intended to help T1 realize the goal we initially shared with our investors when we announced the Trina transaction last November. Ramp integrated US solar cell and module production in 2027 to achieve an annual EBITDA run rate of $650 million to $700 million.

展望 2027 年，該路線圖旨在幫助 T1 實現我們去年 11 月宣布天合光能交易時與投資者最初分享的目標。Ramp 將於 2027 年整合美國太陽能電池和模組生產，實現年 EBITDA 運行率達到 6.5 億至 7 億美元。

Despite all the upheaval within the policy and competitive landscapes in the recent months, this objective and T1's time line to get there are largely the same. So this is an exciting and dynamic time at T1 Energy.

儘管最近幾個月政策和競爭格局發生了許多變化，但這一目標與 T1 實現這一目標的時間表基本相同。因此，對於 T1 Energy 來說這是一個令人興奮且充滿活力的時刻。

We are grateful for the continued support of our investors, customers, employees and partners. The future of energy security in the US and advanced manufacturing is now, and this is T1's moment. It's time to build.

我們感謝投資者、客戶、員工和合作夥伴的持續支持。美國能源安全和先進製造業的未來就在眼前，這是T1的時刻。是時候開始建造了。

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

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 the line for questions.

謝謝，丹。接線員，我們已準備好接受提問。

(Operator Instructions) At this time, I am showing no questions in the queue. I would now like to turn the call back over to Jeff for closing remarks.

（操作員指示）目前，佇列中沒有顯示任何問題。現在我想將電話轉回給傑夫，請他做最後發言。

Thank you, Michel. Appreciate everybody taking the time to listen in on the call today. Please don't hesitate to follow up with questions.

謝謝你，米歇爾。感謝大家今天抽空收聽電話會議。如有任何問題，請隨時與我們聯絡。

And we look forward to seeing everybody on the road this quarter, including at the RE+ conference, we'll have a team out there September 8 through 11. So we look forward to seeing everybody during the quarter. This will conclude the call.

我們期待本季在路上見到大家，包括在 RE+ 會議上，我們將於 9 月 8 日至 11 日派出一個團隊。因此，我們期待在本季與大家見面。通話將結束。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。