T1 Energy Inc. (TE) 2026 Q2 法說會逐字稿

Good day, everyone, and thank you for standing by. Welcome to the T1 Energy second quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. Now it's my pleasure to hand the conference to Jeff Spittel, Executive Vice President of Investor Relations and Corporate Development. Please proceed.

各位大家好，感謝各位撥冗等候。歡迎參加 T1 Energy 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我很榮幸將會議交給投資人關係與企業發展執行副總裁 Jeff Spittel。請開始。

Good morning, and welcome to T1 Energy's second quarter 2026 earnings conference call. Before we get started, please turn to slide 2 for our forward-looking statements disclaimer. 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.

各位早安，歡迎參加 T1 Energy 2026 年第二季財報電話會議。在開始之前，請翻到投影片第 2 頁，查看我們關於前瞻性陳述的免責聲明。在今天的電話會議中，管理團隊可能會就我們的業務發表前瞻性陳述。這些前瞻性陳述涉及重大風險與不確定性，可能導致實際結果與預期存在重大差異。其中多數因素不在 T1 的控制範圍內，且難以預測。

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. Turning to slide 3. With me today on the call are Dan Barcelo, our Chairman and CEO; Evan Calio, our Chief Financial Officer; Jaime Gualy, our Chief Operating Officer; and Andy Munro, our Chief Legal and Policy Officer.

有關可能對我們業務造成重大影響之風險因素的更多資訊，請參閱我們向美國證券交易委員會（SEC）提交的 Form 10-K 年度報告及其他向 SEC 提交的文件；上述文件皆可於我們網站的投資人關係專區取得。接著看投影片第 3 頁。今天與我一同參與電話會議的有：董事長兼執行長 Dan Barcelo；財務長 Evan Calio；營運長 Jaime Gualy；以及法務與政策長 Andy Munro。

I'll now turn the call over to Dan to get us started.

接下來我將把電話會議交給 Dan，請他為我們開場。

Thanks, Jeff, and welcome everyone to our second quarter 2026 earnings call. We'll begin on slide 4. Our theme for today's call is ambition and execution. When we set out on this journey as T1, our ambition was clear to build the first vertically integrated American silicon-based solar company. Every milestone we have reached and every initiative we have pursued has been a step towards that North Star.

謝謝你，Jeff，也歡迎各位參加我們 2026 年第二季財報電話會議。我們將從投影片第 4 頁開始。今天電話會議的主題是「雄心與執行」。當我們以 T1 的身分踏上這段旅程時，我們的雄心很明確：打造第一家垂直整合、以矽為基礎的美國太陽能公司。我們達成的每一個里程碑、推動的每一項倡議，都是朝向那顆北極星邁進的一步。

Today, I'm pleased to report that we are executing that mission across every dimension of our business while remaining focused on the most important open items on our to-do list. As a growth company building out our American supply chain, capital is the lifeblood of our strategy, and through a series of capital market transactions, we have been advancing construction of the 2.1 gigawatt Phase 1 of our G2_Austin, T1's solar cell fab in Rockdale, Texas. As we have noted previously, we have been funding construction of G2_Austin opportunistically with junior capital because the capital markets have signaled an appetite to underwrite our growth with equity and equity-linked instruments at the most favorable terms and conditions.

今天我很高興向各位報告：我們正於業務的各個面向落實這項使命，同時仍聚焦於待辦清單上最重要的未完成事項。作為一家正在成長、致力於建立美國供應鏈的公司，資本是我們策略的命脈；透過一系列資本市場交易，我們已持續推進位於德州 Rockdale 的 G2_Austin（T1 的太陽能電池廠）2.1 吉瓦第一期工程的建設。如同我們先前所提到的，我們一直以較次順位資本（junior capital）機會性地為 G2_Austin 的建設提供資金，因為資本市場已展現意願，以最有利的條款與條件，透過股權及股權連結工具來承作我們的成長。

In July, we executed a $120 million private placement of convertible notes, which is intended to bridge us to the comprehensive financing solution that we have been pursuing for several months. We view these financings as a means to an end, and we remain focused on this comprehensive financing based on a significant debt component, which we believe represents the most attractive combination of structure, quantum, cost, duration, and counterparty.

7 月，我們完成了 1.2 億美元可轉換公司債的私募，目的在於為我們過去數月持續推進的整體性融資方案提供過渡資金。我們將這些融資視為達成目標的手段，而非目的；我們仍專注於以顯著債務成分為基礎的整體性融資，我們相信這在結構、規模、成本、期限與交易對手等面向，代表最具吸引力的組合。

In the interim, the continued support we have received from our convertible and equity investors has enabled us to keep G2 moving while we advance our other key strategic initiatives. On the policy front, the Trump administration issued a Section 232 proclamation last week. We believe this new framework aligns with T1's commitment to establish the first end-to-end domestic polysilicon solar supply chain built on leading US technology. While we and other industry participants are still working through the details, we believe we are witnessing the beginnings of a major American solar manufacturing industry. Andy will share more about 232 momentarily.

在此期間，我們持續獲得可轉債與股權投資人的支持，使我們得以在推進其他關鍵策略倡議的同時，讓 G2 持續向前。在政策面，川普政府於上週發布了《232 條款》（Section 232）公告。我們認為，這項新框架與 T1 的承諾一致：以領先的美國技術為基礎，建立第一條端到端的國內多晶矽太陽能供應鏈。儘管我們與其他產業參與者仍在釐清細節，我們相信我們正見證美國太陽能製造產業重大崛起的開端。Andy 稍後將進一步分享 232 的相關內容。

Commercially, we announced a significant achievement just last week. T1 has executed a strategic off-take deal with Clearway Energy Group to supply 641 megawatts of G1_Dallas modules built with domestic solar cells from G2_Austin. This agreement augments our existing 900-megawatt Treaty Oak contract and further validates the demand for what T1 intends to uniquely offer once G2_Austin is online. High domestic content, silicon-based TOPCon modules that are not available at a comparable scale from any other American company. We also recently announced a landmark move to strengthen T1's competitive differentiation by acquiring the foundational TOPCon intellectual property we had previously licensed.

在商務面，我們就在上週宣布了一項重大成果。T1 已與 Clearway Energy Group 簽署策略性承購（off-take）協議，將供應 641 兆瓦的 G1_Dallas 模組，並採用來自 G2_Austin 的國產太陽能電池。此協議在我們既有的 900 兆瓦 Treaty Oak 合約基礎上再添動能，並進一步驗證一旦 G2_Austin 上線後，市場對 T1 將能獨特提供之產品的需求。高國產含量、以矽為基礎的 TOPCon 模組，且在可比規模上，沒有任何其他美國公司能提供。我們近期也宣布一項里程碑式舉措，透過收購先前以授權方式取得的 TOPCon 基礎智慧財產權，以強化 T1 的競爭差異化。

This is an example of how our growing involvement in the solar industry presents us with opportunities unavailable to our competitors. This acquisition enhances our competitive position, eliminates future licensing costs, is value accretive, and opens the door to potential partnerships and licensing revenue from third parties. Technology transfer is a multi-stage process, and we believe that owning the industry's leading intellectual property is a necessary element of T1's plan to build an American solar champion. T1's domestic solar manufacturing platform and emergence as a significant player in the sector has unearthed several opportunities to expand our partnership network and revenue share with IPPs, developers, and hyperscalers.

這正是我們在太陽能產業中日益深入參與，為我們帶來競爭對手所無法取得之機會的例證。此項收購強化了我們的競爭地位、消除未來授權成本、具備增值效果，並為與第三方的潛在合作與授權收入打開大門。技術移轉是一個多階段流程；我們相信，擁有產業領先的智慧財產權，是 T1 打造美國太陽能領導者計畫中的必要要素。T1 的國內太陽能製造平台，以及我們在該領域崛起為重要參與者，已發掘出多項機會，可擴大我們與獨立電力生產商（IPP）、開發商與超大規模業者（hyperscalers）的合作網絡與收益分成。

Earlier this summer, we closed on one such opportunity with the acquisition of KORE Power, which we have rebranded as T1 NRI. NRI has a 50-year history of providing power system solutions to blue-chip customers in the industrial data center and government sectors. We believe this acquisition of a capital light, high-margin business that provides T1 with a presence in the BESS and data center support markets is an ideal complement to our solar business. NRI also brings world-class engineering talent to our organization. I'd like to welcome Jay Bellows and the entire T1 NRI team to the T1 family.

今年夏初，我們完成其中一項機會：收購 KORE Power，並將其重新品牌為 T1 NRI。NRI 擁有 50 年歷史，為工業、資料中心與政府部門的藍籌客戶提供電力系統解決方案。我們相信，收購這項資本輕、毛利率高的業務，讓 T1 得以進入電池儲能系統（BESS）與資料中心支援市場，與我們的太陽能業務形成理想互補。NRI 也為我們的組織帶來世界級的工程人才。我也要歡迎 Jay Bellows 與整個 T1 NRI 團隊加入 T1 大家庭。

We are excited to have you on board, and we look forward to growing the business together. Turning to Europe. We continue to advance our value optimization initiative for our legacy assets. Data center development in the Nordic region has been ramping up, and we believe that our data center asset in Mo i Rana, Norway, which has been granted a 50-megawatt power allowance from the Norwegian grid operator, is an attractive strategic target.

我們很高興你們加入，也期待與各位一同成長這項業務。接著談歐洲。我們持續推進針對既有資產的價值最佳化計畫。北歐地區的資料中心開發正在加速，我們相信位於挪威 Mo i Rana 的資料中心資產已獲挪威電網營運商核准 50 兆瓦用電配額，是一個具吸引力的策略標的。

We are currently engaged in multiple conversations to explore monetization pathways through a variety of structures, and we are excited to share more details about the path forward as it's appropriate. At G2_Austin, our flagship US solar cell fab in Rockdale, Texas, construction is progressing steadily. The building is now ready for mechanical, electrical, and plumbing installation, and all key shipments from our production line equipment vendor are either on the water or already in the US. As we indicated in our recent Q2 preliminary results announcement, first cell production is expected in Q1 2027.

目前我們正與多方進行洽談，透過多種架構探索變現途徑；在適當時機，我們也期待分享更多關於後續路徑的細節。在位於德州 Rockdale 的 G2_Austin（我們在美國的旗艦太陽能電池廠），工程建設正穩步推進。廠房目前已具備進行機械、電氣與管線（MEP）安裝的條件，而我們生產線設備供應商的所有關鍵出貨，非正在海運途中，就是已抵達美國。如同我們在近期第二季初步業績公告中所指出，預計將於 2027 年第一季開始首次電池量產。

At G1_Dallas, production volumes moved higher sequentially throughout the second quarter, during which we produced 935 megawatts of solar modules. Based on our continued success in sourcing cells from the non-FEOC international suppliers and firming customer demand, we now expect full year 2026 production and sales to fall near the high end of our guidance range of 3.1 to 4.2 gigawatts. Taken together, these achievements represent a company that is moving forward with purpose. Let's now go through each of these in more detail, starting with an overview of the Section 232 ruling and the implications for T1.

在 G1_Dallas，第二季期間產量逐月環比提升，我們共生產了 935 兆瓦的太陽能模組。基於我們持續成功地自非 FEOC 的國際供應商採購電池片，以及客戶需求趨於穩固，我們目前預期 2026 全年產量與銷售將落在指引區間 3.1 至 4.2 吉瓦的高端附近。綜合而言，這些成果展現出公司正以明確目標持續向前推進。接下來我們將更詳細地逐一說明，先從第 232 條裁定的概述以及其對 T1 的影響談起。

I'll now hand the call over to our Chief Legal and Policy Officer, Andy Munro, to walk you through it. Andy?

我現在把電話交給我們的法務與政策長 Andy Munro，請他帶大家了解相關內容。Andy？

Thanks, Dan. Please turn to slide 5. As Dan mentioned, following a lengthy investigation, President Trump signed the Section 232 proclamation last week. We believe this framework represents a major step forward in the development of the domestic solar and polysilicon industries, which T1 adamantly supports. The key tenets of the proclamation are the imposition of minimum import prices and Ad valorem tariffs on solar modules and subcomponents.

謝謝你，Dan。請翻到第 5 頁投影片。如 Dan 所提到的，在經過一段漫長的調查後，川普總統於上週簽署了第 232 條公告。我們相信，這套框架是推動國內太陽能與多晶矽產業發展的一大步，而 T1 對此堅定支持。該公告的核心要點包括：對太陽能模組及其子組件課徵最低進口價格與從價關稅。

These measures are designed to provide tangible economic and strategic incentives to invest in domestic solar capacity and the emerging US polysilicon solar supply chain to support the semiconductor and solar industry, which is precisely what T1 is doing. The framework also provides an opportunity to access tariff offsets for companies who have committed investments to establish domestic manufacturing capacity such as T1's G2_Austin US solar cell fab.

這些措施旨在提供具體的經濟與戰略誘因，以投資國內太陽能產能，以及正在成形的美國多晶矽太陽能供應鏈，從而支援半導體與太陽能產業——而這正是 T1 正在做的事。該框架也為已承諾投資建立國內製造產能的公司提供取得關稅抵減的機會，例如 T1 位於美國的 G2_Austin 太陽能電池片工廠。

These benefits are tied to a facility's construction period and are contingent upon making significant progress to the satisfaction of commerce. With G2_Austin's 2.1 gigawatt Phase 1 currently under construction and with plans to expand G2 to 5 gigawatts or more in the subsequent Phase 2, we believe that T1's strategy is aligned with this framework. We maintain a healthy dialogue with the Commerce Department, and we will continue to work with them during and following the 120-day period prior to implementation. In the interim, we applaud the Section 232 confirmation and T1 will continue to champion the virtues of building a robust end-to-end polysilicon-based solar supply chain here in America.

這些優惠與設施的建設期間相連結，並以在商務部認可的情況下取得重大進展為前提。目前 G2_Austin 的 2.1 吉瓦第一期正在施工，且規劃在後續第二期將 G2 擴充至 5 吉瓦或以上，我們相信 T1 的策略與此框架一致。我們與商務部保持良好溝通，並將在實施前的 120 天期間以及其後持續與其合作。在此期間，我們對第 232 條的確認表示肯定，T1 也將持續倡議在美國建立強健、端到端、以多晶矽為基礎的太陽能供應鏈之優勢。

And now I'll turn the call back over to Dan.

現在我把電話交回給 Dan。

Thanks, Andy. Please turn to slide 6. The acquisition of TOPCon intellectual property from Evervolt Green Energy is one of the most consequential steps we have taken to differentiate T1 in the US solar market. TOPCon is the world's leading commercialized solar cell technology, and T1 had been licensing this IP since our founding.

謝謝你，Andy。請翻到第 6 頁投影片。自 Evervolt Green Energy 收購 TOPCon 智慧財產權，是我們為在美國太陽能市場中差異化 T1 所採取的最具關鍵性的舉措之一。TOPCon 是全球領先且已商業化的太陽能電池技術，而自公司創立以來，T1 一直以授權方式使用該 IP。

With this transaction, we have converted an ongoing licensing obligation into owned strategic intellectual property. We estimate the acquisition is NPV positive versus the prior licensing arrangement, and it eliminates projected licensing fees over the life of the previous IP agreement. The financial logic, while compelling is only part of the story.

透過這筆交易，我們已將持續性的授權義務轉換為自有的策略性智慧財產權。我們估計，相較於先前的授權安排，此次收購的淨現值（NPV）為正，並可消除在先前 IP 協議期限內預計需支付的授權費。這套財務邏輯雖然很有說服力，但只是故事的一部分。

As an American-owned listed and led company with US ownership of TOPCon IP, a distinction that matters to our customers and to policymakers. And with the potential to license this technology to third parties, we have optionality to generate a new revenue stream as the US domestic solar market grows.

作為一家由美國持有、上市並由美國團隊領導的公司，且 TOPCon IP 由美國持有——這項差異對我們的客戶與政策制定者都很重要。此外，若未來可將此技術授權給第三方，隨著美國國內太陽能市場成長，我們也具備創造新收入來源的選擇權。

When you look at the full picture of T1's value proposition to customers, which is based on 5 gigawatts of US module capacity at G1_Dallas, 2.1 gigawatts of US solar cell fab capacity under construction at G2_Austin, American ownership, access to US polysilicon and wafers through Hemlock and Corning, US ownership of TOPCon IP and expectations to have available 2027 and 2028 module and cell volumes, we believe that no other American solar manufacturer can bring customers what T1 offers. We are building something genuinely unique in this market, and this IP acquisition adds another layer to that differentiation.

若從完整角度看 T1 對客戶的價值主張——其基礎包括：G1_Dallas 具備 5 吉瓦的美國模組產能、G2_Austin 正在建設中的 2.1 吉瓦美國太陽能電池片工廠產能、美國持有權、透過 Hemlock 與 Corning 取得美國多晶矽與晶圓的管道、TOPCon IP 的美國持有權，以及預期可提供 2027 與 2028 年的模組與電池片供應量——我們相信沒有其他美國太陽能製造商能為客戶帶來 T1 所提供的組合。我們正在這個市場打造真正獨特的事物，而此次 IP 收購為這種差異化再增添一層。

Now let's turn to slide 7 for an update on construction progress at G2_Austin. As you can see from the photos in this presentation and from our social media channels, G2_Austin is taking shape. The building is ready for mechanical, electrical and plumbing equipment installation and steel topping out is scheduled for August, a meaningful milestone that marks the structural completion of the building.

現在請翻到第 7 頁投影片，了解 G2_Austin 的施工進度更新。如你在本簡報照片及我們的社群媒體渠道所見，G2_Austin 正逐步成形。建築已準備好進行機械、電氣與管線（MEP）設備安裝，鋼構封頂預計於 8 月完成，這是一項重要里程碑，代表建築結構完工。

We have already ordered the long lead time clean room equipment, and we expect to commence clean room installation later in Q3. Even more importantly, all key Phase 1 production line equipment is either already in US ports or on the water, and we expect production line equipment installation to begin in Q4 of this year. On the civil side, we finalized the contract for the central utility plant and wastewater management plant during the quarter.

我們已下單採購交期較長的無塵室設備，並預期在第三季稍晚開始無塵室安裝。更重要的是，第一期所有關鍵產線設備不是已抵達美國港口，就是正在海運途中，我們預期今年第四季開始進行產線設備安裝。在土建方面，我們於本季完成中央公用設施廠與廢水管理廠的合約定案。

The main production building is expected to be complete in Q4, setting the stage for equipment installation and final commissioning. To allow our team to proceed with an optimized installation and commissioning process of all three production lines, we are targeting a start of cell production in Q1 2027. This time line positions T1 to begin ramping up cell production in G2 during the first half of 2027, which is the key to unlocking the step change in T1's earnings power and cash flow that has been the foundation of our investment thesis.

主要生產大樓預計於第四季完工，為設備安裝與最終試車（commissioning）奠定基礎。為使團隊能以最佳化方式完成三條產線的安裝與試車流程，我們目標在 2027 年第一季啟動電池片生產。此時間表使 T1 能在 2027 年上半年開始於 G2 提升電池片產量，這是解鎖 T1 獲利能力與現金流躍升的關鍵，而這也一直是我們投資論點的基礎。

Now let's turn to slide 8 for an update on operations at G1_Dallas. G1_Dallas had a solid second quarter. We produced 935 megawatts of solar modules, which was the second highest quarterly production of the facility. Production volumes moved higher each month during Q2. Our operations team at the factory continues to demonstrate world-class capability and G1 is expected to achieve production and sales near the high end of our 2026 targets.

現在請翻到第 8 頁投影片，了解 G1_Dallas 的營運更新。G1_Dallas 第二季表現穩健。我們生產了 935 兆瓦的太陽能模組，為該廠歷來第二高的單季產量。第二季期間產量每月皆持續上升。我們工廠的營運團隊持續展現世界級能力，預期 G1 在 2026 年的生產與銷售將接近我們目標區間的高端。

On the commercial front, we recently announced a 641-megawatt strategic offtake with Clearway Energy. This marks the second significant offtake contract for G1 modules with G2 cells that T1 has negotiated and secured directly with an established US utility scale developer. We view these commercial successes as validation of T1's integrated domestic content strategy from the US marketplace.

在商務方面，我們近期宣布與 Clearway Energy 達成 641 兆瓦的策略性包銷（offtake）協議。這是 T1 直接與成熟的美國公用事業級開發商協商並成功取得的第二份重要包銷合約，內容為採用 G2 電池片的 G1 模組。我們將這些商務成果視為美國市場對 T1 整合式國內含量策略的驗證。

For 2027 and beyond, our strategy and competitive offering are resonating with customers at a time when US electricity demand is growing meaningfully and AI infrastructure development requires power at speed and scale. Domestically produced TOPCon cells simply aren't available in the US today at scale, and our available capacity of G1 modules made with domestically produced G2 cells is attracting widespread interest at prices above the levels at which we have previously secured contracts. While we continue to derisk our business case through our financing and advancing constructions at G2, our 3 gigawatts of contract coverage for 2026 and our growing offtake portfolio for 2027 and beyond provide T1 with solid top line and gross margin visibility.

展望 2027 年及之後，在美國用電需求顯著成長、且 AI 基礎設施開發需要快速且大規模供電之際，我們的策略與競爭性方案正獲得客戶共鳴。目前美國市場上尚無法以規模供應國內生產的 TOPCon 電池片，而我們可提供以國內生產的 G2 電池片製作之 G1 模組產能，正以高於我們先前簽約價格的水準吸引廣泛關注。在我們持續透過融資安排與推進 G2 建設來降低商業模式風險的同時，2026 年已覆蓋的 3 吉瓦合約量，以及 2027 年及以後持續成長的包銷組合，為 T1 提供了穩健的營收與毛利能見度。

And with that, I'll turn the call over to Evan Calio, our CFO, for a review of our financials and an update on our capital formation activities. Evan?

接下來，我將把電話交給我們的財務長 Evan Calio，請他回顧我們的財務表現並更新我們的資本形成活動。Evan？

Thanks, Dan. Please turn to slide 9. T1 delivered strong second quarter financial results and is well positioned to generate improving performance in the second half of '26. On production, as Dan just mentioned, we produced 935 megawatts of solar modules in 2Q. Gross margins were 19.5%, an improvement of roughly 300 basis points versus 1Q, reflecting higher throughput and a favorable mix of deliveries under our fixed margin and cost-plus offtake contracts. 2Q adjusted EBITDA was $10.7 million, inclusive of a nonrecurring IEEPA tariff refund of $24 million that we received subsequent to the end of the second quarter.

謝謝，Dan。請翻到第 9 頁投影片。T1 在第二季交出強勁的財務成果，並已就位，可望在 2026 年下半年帶來更佳表現。在產量方面，如 Dan 剛才提到的，我們在第二季生產了 935 兆瓦的太陽能模組。毛利率為 19.5%，較第一季提升約 300 個基點，反映更高的產出量，以及在固定毛利與成本加成（cost-plus）承購合約下交付組合更為有利。第二季調整後 EBITDA 為 1,070 萬美元，其中包含一筆一次性的 IEEPA 關稅退稅 2,400 萬美元（於第二季結束後收到）。

On our quarterly adjusted EBITDA, SG&A to third parties was significantly higher in 2Q versus 1Q. Higher SG&A in 2Q was largely event-driven. We executed a convertible offering in April. We've been incurring advisory and legal fees associated with our comprehensive financing, and we have two ongoing litigation cases as well as other matters that require legal support. Further, we are building an organization for significant growth at G2 and relative to our module facility at G1. Looking at the balance sheet. Cash, cash equivalents and restricted cash was $149 million at the end of the second quarter.

就我們的季度調整後 EBITDA 而言，第二季支付給第三方的 SG&A 較第一季顯著增加。第二季 SG&A 的增加主要由事件驅動。我們在 4 月完成了一筆可轉換證券發行。我們也持續產生與全面融資相關的顧問與法律費用，並且有兩起進行中的訴訟案件以及其他需要法律支援的事項。此外，相較於 G1 的模組廠，我們正在為 G2 的顯著成長建立組織。再看資產負債表。截至第二季末，現金、約當現金及受限制現金為 1.49 億美元。

Given the current and projected cadence of capital expenditures on G2 and our continued pursuit of a comprehensive G2 financing solution, we elected to raise an additional $120 million of gross proceeds last week through a private placement of convertible notes. On the production and EBITDA outlook, we expect Q3 and Q4 run rates to exceed 2Q as deliveries ramp in the second half. We continue to believe full year 2026 production will fall within the high end of our 3.1 to 4.2 gigawatt guidance range, and we expect adjusted EBITDA to improve for the balance of the year. There are no changes to our run rate guidance for integrated production.

鑑於 G2 的資本支出目前與預期的投入節奏，以及我們持續推進全面性的 G2 融資方案，我們上週選擇透過私募可轉換公司債募集額外 1.2 億美元的總募集金額。就產量與 EBITDA 展望而言，隨著下半年交付量爬坡，我們預期第三季與第四季的運行率將高於第二季。我們仍然認為 2026 全年產量將落在 31 至 42 億瓦指引區間的高端，並預期今年剩餘期間的調整後 EBITDA 將改善。整合式生產的運行率指引沒有變動。

We're targeting a run rate of $375 million to $450 million for Phase 1, and we're targeting a run rate of $650 million to $700 million for the matched 5 gigawatts of G1 and G2 volumes. Turning to capital formation. In August, we closed a $120 million private offering of convertible notes due 2031. The transaction is intended to serve as a bridge to the comprehensive financing solution we're targeting to fund for the remaining balance of capital expenditures for Phase 1 of G2_Austin, which includes a significant debt component. We believe this bridge puts us in a strong position to finalize the comprehensive solution while keeping G2 construction on schedule.

我們的目標是第一期（Phase 1）運行率達 3.75 億至 4.5 億美元；而在 G1 與 G2 配對的 50 億瓦產量下，我們的目標運行率為 6.5 億至 7 億美元。接著談資本形成。8 月，我們完成了 1.2 億美元、2031 年到期的可轉換公司債私募發行。此交易旨在作為我們所鎖定之全面融資方案的過渡橋樑，用以支應 G2_Austin 第一期剩餘資本支出的資金需求；該全面方案包含相當比重的債務組成。我們相信這項過渡融資使我們在維持 G2 施工進度的同時，能以更有利的條件完成全面方案的定案。

We have a management team with deep capital markets experience, and we've applied that experience throughout this process. sequencing our funding sources carefully to balance the cost, structure, quantum and duration. Our confidence in our ability to close this financing is grounded in the ongoing dialogue and an appreciation of value of what T1 is building. These conversations have yielded a preferred financing solution, which remains our target because we believe it continues to offer the most attractive combination of cost, structure and quantum. In our estimation, bridging to this targeted financing, while not in our initial plans, is clearly in the best long-term interest of T1, our shareholders, customers and partners.

我們的管理團隊具備深厚的資本市場經驗，並在整個過程中運用這些經驗，審慎安排資金來源的順序，以平衡成本、結構、規模（quantum）與期限。我們對完成此融資的信心，來自持續的對話，以及市場對 T1 正在打造之價值的認同。這些對話促成了一個偏好的融資方案；該方案仍是我們的目標，因為我們相信它仍提供成本、結構與規模的最佳組合。依我們的評估，雖然以過渡方式銜接至此一目標融資並非原先計畫，但顯然符合 T1、股東、客戶與合作夥伴的長期最佳利益。

And now I'll turn it back to Dan for closing remarks.

現在我把時間交還給 Dan，請他做結語。

Thanks, Evan. Let's turn to slide 10. As we look at the path ahead, our strategic priorities remain clear and consistent: build, fund, operate and engage. On building, building energy and Building America are at the heart of T1's corporate ethos, but there is also a practical commitment to build this company into an industry leader founded on world-class assets and technology. As we have chronicled on social media and through this quarterly update, the G2 team is advancing construction, hitting significant milestones and working through the necessary steps to complete the G2 facility while we ship production line equipment to the US.

謝謝，Evan。我們來看第 10 頁投影片。展望未來，我們的策略優先事項依然清晰且一致：建置、籌資、營運與互動。在建置方面，「建構能源」與「建設美國」是 T1 企業精神的核心，同時我們也務實承諾要把公司打造為以世界級資產與技術為基礎的產業領導者。正如我們在社群媒體與本次季度更新中所記錄的，G2 團隊正推進施工、達成重要里程碑，並在我們將產線設備運往美國的同時，完成 G2 廠房所需的各項步驟。

We also continue to build T1's commercial presence with major utility scale customers. The Clearway offtake deal this quarter is another proof point that T1's unique value proposition is resonating in the market. And with our ownership of TOPCon IP, we have a new tool to leverage our position and enhance our US solar partnership network. On funding, Evan detailed the $120 million convertible notes offering that is intended to serve as our bridge to the comprehensive financing solution for G2 Phase 1 we are targeting.

我們也持續與大型公用事業級客戶建立 T1 的商業版圖。本季與 Clearway 的承購（offtake）交易，是另一個證明：T1 獨特的價值主張正在市場上引起共鳴。此外，憑藉我們對 TOPCon 智財（IP）的所有權，我們有了新的工具可用來強化自身地位並擴大我們在美國的太陽能合作夥伴網絡。在籌資方面，Evan 已詳細說明 1.2 億美元可轉換公司債發行，該發行旨在作為我們通往所鎖定之 G2 第一期全面融資方案的過渡橋樑。

Securing that solution, which is based on a significant debt component remains our number one priority. And in Europe, our team is advancing discussions with multiple potential counterparties to optimize the value of our asset portfolio, consisting of our data center asset, grid allowance and NOL carryforwards.

取得該方案（其以相當比重的債務組成為基礎）仍是我們的首要任務。而在歐洲，我們的團隊正與多個潛在交易對手推進討論，以最佳化我們資產組合的價值；該組合包括我們的資料中心資產、電網配額，以及可結轉的淨營運虧損（NOL）扣抵。

On operations, T1 is a hypergrowth company with big ambitions. We are on a path to building a much larger business. We are committed to continuously improving our operational capabilities and performance. After a solid first half of 2026 at G1_Dallas, we anticipate higher production, sales and profitability in the second half of the year. As the Section 232 proclamation is implemented, we will operate within its framework, which we believe is intended to support advanced American manufacturers committed to building America like T1 is with the NRI acquisition and our G2 US solar cell fab, our operating footprint is expanding across a growing commercial opportunity set.

在營運方面，T1 是一家高速成長公司，抱負遠大。我們正走在打造更大型事業版圖的道路上。我們致力於持續提升營運能力與績效。在 G1_Dallas 於 2026 年上半年表現穩健之後，我們預期下半年產量、銷售與獲利能力將更高。隨著《第 232 條》公告的落實，我們將在其框架內營運；我們相信其用意在於支持像 T1 這樣致力於「建設美國」的先進美國製造商。隨著 NRI 收購案以及我們位於美國的 G2 太陽能電池廠，我們的營運版圖正隨著不斷擴大的商業機會集合而擴張。

We intend to capture these opportunities to create value for shareholders by identifying and executing cross-selling opportunities with T1 NRI and by continuing to hire world-class technical and operational talent. On engagement, we continue to position T1 as the US silicon-based solar leader. We have built T1 to win in this environment, and we intend to do exactly that. Our focus is executing at a high level with our existing assets and pursuing new opportunities that fit our mission while we communicate clearly and consistently with our capital providers.

我們計畫透過辨識並執行 T1 NRI 的交叉銷售機會，以及持續延攬世界級的技術與營運人才，來把握這些機會並為股東創造價值。在互動方面，我們持續將 T1 定位為美國矽基太陽能領導者。我們打造 T1 就是為了在這樣的環境中勝出，而我們也打算確實做到。我們的重點是在既有資產上高水準執行、追求符合使命的新機會，同時與我們的資本提供者保持清楚且一致的溝通。

We are proud of the progress we have made in the second quarter and excited for what lies ahead in the second half of '26 and into 2027. The foundation is in place. We are advancing G2 construction, while we expect to ramp production and sales at G1. Our commercial momentum is building, and we have the team, the technology and the capital plan to execute. Thank you all for your continued support and interest in T1 Energy.

我們為第二季所取得的進展感到自豪，也對 2026 年下半年以及邁向 2027 年的發展充滿期待。基礎已經到位。我們正推進 G2 施工，同時預期 G1 的產量與銷售將加速爬坡。我們的商業動能正在增強，而我們具備團隊、技術與資本計畫來落實執行。感謝各位持續支持並關注 T1 Energy。

With that, I'll turn it back to Jeff to coordinate our Q&A session.

那麼，我把時間交回給 Jeff 來協調我們的問答環節。

Thank you, Dan. Carmen, we can open up the line for questions.

謝謝你，Dan。Carmen，我們可以開放電話線讓大家提問。

(Operator Instructions)

(接線員指示)

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

Great. Okay. So with the polysilicon 232 out now, I wanted to check in with you guys to see if you're already seeing a change in pricing dynamics with your customers. I know it's only been a couple of days, but can you share any color on how those conversations are going? I think the MIP is $0.38 a watt plus this 15% Ad valorem tariff. Are you pricing -- do you think you can price north of $0.42, $0.43? Just provide a little bit of color.

很好。好的。那麼，既然多晶矽 232 現在已經出來了，我想跟你們確認一下，看看你們是否已經在客戶端看到定價動態的變化。我知道才過了幾天，但你們能否分享一些你們與客戶溝通的進展與觀察？我認為 MIP 是每瓦 0.38 美元，再加上這個 15% 的從價關稅。你們的定價——你們覺得能否把價格定在 0.42、0.43 美元以上？請提供一點背景說明。

Sure. Thanks, Phil. Look, since 232 dropped, there's been a flurry of calls from both customers, developers, potential developers. And we are aware that there's a lot of scrambling going on in the industry to try to source within this 120-day window. And then also, there's a lot of scrambling for people to see how they can comply with the onshoring plans.

當然。謝謝，Phil。你看，自從 232 公布後，客戶、開發商以及潛在開發商都打來了大量電話。我們也注意到，整個產業都在忙著想在這 120 天的窗口期內完成採購來源的安排。同時，也有很多人在忙著研究如何符合在地化（onshoring）計畫的要求。

We feel really, really comfortable with T1 because it's very simple for us. We buy all of our polysilicon and we buy all of our wafers from Corning or Hemlock Semiconductor. So from our standpoint, those are bases by which we feel that this 232 action really, really plays to what we've designed.

我們對 T1 的狀況感到非常、非常安心，因為對我們來說很簡單。我們所有的多晶矽，以及所有的晶圓，都是向 Corning 或 Hemlock Semiconductor 採購。因此就我們的角度而言，這些就是我們認為這次 232 措施非常、非常符合我們原先設計方向的基礎。

Secondly, we're actually building, and we're building a plant right now. So if you look at what's happening there, we feel that we do fit a lot of the definitions that Commerce has here on those parts. For now, we don't really have or want to provide real guidance on pricing. But I'd say in a broad way, there is a lot more confidence now in terms of the types of domestic products we're selling rather than dependency on things that would be imported that may or may not be, we'll say, accepted by commerce both during the 120-day window or accepted as part of an onshoring plan. So I think overall, I see much more confidence in our cost structure, which is, again, set upon Hemlock Poly or Corning wafer. Andy, do you want to touch a little bit more on the mechanics of those two pieces?

第二，我們確實正在建設，而且我們現在正在興建一座工廠。所以如果你看目前的進展，我們認為我們符合商務部對這些環節所提出的許多定義。就目前而言，我們並沒有、也不想提供明確的價格指引。但我想概括地說，現在對於我們所銷售的國產產品類型更有信心，而不是依賴可能需要進口、且在 120 天窗口期內或作為在地化計畫的一部分，可能會或可能不會被商務部接受的項目。因此整體而言，我看到我們的成本結構更有信心——同樣地，是建立在 Hemlock 的多晶矽或 Corning 的晶圓之上。Andy，你要不要再多談一點這兩個部分的運作機制？

Well, really, I think you put it perfectly, Dan. I think we're basically the poster child for this 232, right? We've got a fully domestic supply chain in the polysilicon area with the modules, G2, the crucial cell component, and we're anchor customers for Hemlock Poly and Corning wafers. So this 232, we were doing what this 232 incentivizes before it even came into play. So we feel really confident in our position to take advantage of it and also to benefit from the onshoring program and get tariff offsets. And we've been engaged with commerce in very productive discussions before the 232 dropped, and we plan to be doing that in order to maximize the benefits for T1.

嗯，我覺得你說得非常到位，Dan。我想我們基本上就是這次 232 的「典型代表」，對吧？在多晶矽領域到模組、G2，以及關鍵的電池片組件，我們都有完全的國內供應鏈，而且我們是 Hemlock 多晶矽與 Corning 晶圓的核心客戶。所以在 232 生效之前，我們就已經在做 232 所要激勵的事情了。因此我們對自身立場非常有信心，能夠把握這個機會，同時也能從在地化計畫中受益並取得關稅抵減。而且在 232 公布之前，我們就已經與商務部進行了非常有成效的討論；我們也計畫持續這麼做，以便讓 T1 的效益最大化。

Okay. Great. Dan and Andy. Continuing on, as it relates to the tariff offset program based on US CapEx, I was wondering if you could share a little bit about how you guys expect to take advantage of that. And for example, with the -- if you use Corning wafer, then you don't need to take advantage of the tariff offset program. But if you import a wafer, I'm guessing you do.

好的。很好。Dan 和 Andy。接著，關於以美國資本支出（US CapEx）為基礎的關稅抵減計畫，我想請你們分享一下你們預期會如何加以運用。例如，如果你們使用 Corning 的晶圓，那就不需要利用關稅抵減計畫。但如果你們進口晶圓，我猜就需要。

And so how much of that tariff offset program would you expect to tap into in '27? And then mechanically, how would it work? Would you actually have to pay the difference between the MIP and the import wafer cost that you pay and then the 15% ad val tariff? Or would there be kind of a -- like no change of cash, if that makes sense, so that you can actually happens -- I mean you don't have to actually deploy any money at all. So thank you for the long question, and I'll pass.

那麼在 2027 年，你們預期會動用多少關稅抵減計畫？另外在操作上，它會怎麼運作？你們是否需要先支付 MIP 與你們所支付的進口晶圓成本之間的差額，再加上 15% 的從價關稅？或者會不會有某種——如果這樣說得通——不需要現金流出變動的方式，也就是實際上不必真的先拿出任何資金。謝謝我這個很長的問題，我就先交回去。

Andy, why don't you do the mechanics. But first, let me do it at a higher level. We have 5 gigawatts of modules. We're building about 2 gigawatts of solar cell. Those solar cells that we build at G2_Austin, we use Corning wafers, and then we have a delta of 3 gigawatts.

Andy，你來說明一下機制好了。但我先從較高層次說明。我們有 5 吉瓦的模組產能。我們正在建設大約 2 吉瓦的太陽能電池產能。我們在 G2_Austin 生產的那些太陽能電池使用 Corning 的晶圓，然後我們還有 3 吉瓦的差額。

We expect that a portion of that will be -- and we're already covered with Hemlock Poly, and we're interested in either expanding our Hemlock Poly relationship or US poly or, as you said, fall under the guise of the system where we're importing to cover that coverage. So we feel very, very comfortable that we'll be able to look at -- to take maximum benefit for the onshoring program, again, because we're planning to build. Andy, do you want to touch on some of the mechanics there?

我們預期其中一部分將會——而且我們在 Hemlock 多晶矽方面已經有覆蓋；我們也有興趣擴大與 Hemlock 多晶矽的合作，或採用美國多晶矽，或者如你所說，納入我們透過進口來補足覆蓋的那套機制之下。因此我們非常、非常有信心，能夠在在地化計畫中爭取——取得最大的效益，因為我們本來就計畫要建設。Andy，你要不要談談其中一些操作機制？

Yes, sure. So first, you think about the necessary imports of cells until we have G2 up and running. So that is one area where you could have the offset. And as you've indicated, we have different potential strategies for acquiring the additional wafers that we would need. And also, you have the potential for Phase 2. So we have -- we're certainly discussing with domestic producers. And if we're not able to obtain, we have flexibility to import.

好的，當然。首先，你會想到在 G2 完全建成並投產之前，電池片仍需要一定程度的進口。所以那是一個可以適用抵減的領域。而如你所指出的，我們在取得所需額外晶圓方面，有不同的潛在策略。另外，你也有第二階段（Phase 2）的可能性。因此我們——我們確實正在與國內生產商洽談。如果無法取得，我們也有彈性可以進口。

And I think we would be well positioned because of all of our extensive investments in the US supply chain to benefit from the onshoring program and the offset. Your specific question, I'm not sure I'm following exactly, but an offset could potentially reduce your tariff burden that delta materially, if not completely, right? I think the proclamation allows for that, but I think it's going to be on a company-by-company basis, what you're able to negotiate with commerce. But we feel that we're in a very good position because like I said, we've been investing in the US supply chain, and we're going to continue to do that, and we have a strong case to make.

而我認為，憑藉我們在美國供應鏈上的大量投資，我們會處於非常有利的位置，能從在地化計畫與抵減中受益。你問的具體問題，我不確定我是否完全理解，但抵減有可能大幅降低你的關稅負擔，也就是那個差額，甚至可能完全抵消，對吧？我認為該公告允許這樣做，但我想這會因公司而異，取決於你能與商務部協商到什麼程度。不過我們覺得我們的條件非常好，因為如我所說，我們一直在投資美國供應鏈，未來也會持續投入，而且我們有很強的理由可以提出。

And we have our team, which will be working with commerce to get clarity on some of these mechanics as will the rest of the industry. I think the most important thing post 232 is that the conversation has changed. Before, it was literally how do I get domestic light, -- how do I get this? How do I -- I'm talking about competition or others in the industry. How do we bring in imported modules, imported cells, where are they from?

我們也有自己的團隊，將與商務部合作，就其中一些機制釐清細節，產業其他公司也會如此。我認為 232 之後最重要的是，對話已經改變了。以前，對話幾乎就是：我怎麼取得國產的輕量化產品——我怎麼拿到這個？我指的是競爭對手或產業內其他公司。我們要怎麼引進進口模組、進口電池片，它們來自哪裡？

What's the QA/QC, -- where do they come from? Where was the poly? Was it Uyghur? That was always the conversation and the pressures were about the lowest cost. In a post-232 world, the conversation is, okay, there's a minimum price. And it's almost like all of those other conversations are now moot points. It's all about, are you building in America? Are you investing in America? Are you doing jobs in America? If so, here's the onshoring plan for you.

QA/QC（品質保證/品質管制）是什麼——它們從哪裡來？多晶矽來自哪裡？是維吾爾的嗎？那一直都是對話內容，而壓力都在追求最低成本。在 232 之後的世界，對話變成：好，現在有一個最低價格。幾乎就像其他那些對話現在都變得無關緊要。重點變成：你是否在美國建廠？你是否在美國投資？你是否在美國創造就業？如果是，這就是你的回流（onshoring）計畫。

We believe confidently that we fit that model. And we think that, that will give us, as we're building and expanding capacity, a lot of room to comply. So we're excited about the conversation moving towards an assumption now that these are the new pricings rather than trying to figure out every which way from Sunday on how to get things into the country that may not fully comply.

我們非常有信心，我們符合那個模式。而且我們認為，當我們建置並擴充產能時，這將給我們很大的空間來符合規範。因此，我們很期待對話轉向：現在假設這些就是新的定價，而不是每個週日都在想盡辦法研究如何把可能無法完全合規的東西弄進國內。

Okay. Great. One last one. As it relates to the financing, you guys had talked about end of May and then it was end of June and then end of July. So we're sitting here still kind of mid-August. Just curious if you can give us a little more color on timing and when that financing package that you've envisioned can actually close?

好的。很好。最後一個問題。關於融資，你們之前談到 5 月底，後來變成 6 月底，再後來是 7 月底。所以我們現在坐在這裡，仍然算是 8 月中旬。想請問你們能否再多提供一些時間點的細節，以及你們所設想的那個融資方案究竟何時能真正完成交割（close）？

Yes. Look, I'd say, first, things take longer than expected. We didn't want that. We didn't expect that. But at this point today, we're extremely confident in this comprehensive financing, which is a significant debt component, and that's where we are today.

是的。你看，我會先說，事情往往比預期花更久時間。我們不希望如此。我們也沒預期會這樣。但就目前而言，我們對這個全面性的融資非常有信心，其中包含相當大比例的債務組成，而這就是我們今天所處的位置。

Evan, would you like to give some more color around the financing? And I would just add, we're fairly -- we have the right advisers. We have the right teams. We're working with the right counterparties to achieve this, and it took longer than expected. But right now, we're extremely confident. Evan?

Evan，你要不要就融資再補充一些細節？我也補充一下，我們相當——我們有合適的顧問。我們有合適的團隊。我們正與合適的交易對手合作以達成這件事，確實比預期久了一些。但此刻，我們非常有信心。Evan？

Yes. No, look, I mean, we're obviously balancing progressing the optimal financing solution with keeping G2 project on pace and on budget. And as Dan mentioned, we're -- we've done what we need to do. It's taking a little bit longer. We chose to go into the capital markets for a bridge amount of financing on a convert that extends the time period in which we're expecting to complete our financing.

是的。不，你看，我的意思是，我們顯然在平衡：一方面推進最優的融資方案，另一方面也要讓 G2 專案按進度、按預算推進。如 Dan 所提到的，我們——我們已經完成了我們需要做的事。只是花的時間稍微久了一點。我們選擇進入資本市場，透過一筆可轉換（convert）的過橋融資金額，來延長我們預期完成整體融資的時間區間。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

Sticking with the conversation on 232, you guys talked about your ability to source that incremental 3 gigawatts in sort of the medium term, call it. But at what point does domestic demand pull G2 Phase 2 forward? And thinking about upstream, how do you feel about Corning or any suppliers' ability to deliver an incremental two to three gigawatts of domestic wafers?

延續 232 的話題，你們談到在中期（姑且這麼說）有能力取得額外 3 吉瓦的供應來源。但在什麼時間點，國內需求會把 G2 第二期（Phase 2）拉得更早？再往上游看，你們如何看待 Corning 或任何供應商交付額外 2 到 3 吉瓦國產晶圓的能力？

Thanks for the question. I can't speak for Corning or Hemlock, as you're aware, but we've had interest in conversations about what capacity is there and indications that it could be there. So we believe that there'll be enough or enough incentives in the right amount of time to get that capacity. That's the first point. The second point in terms of our sourcing strategies, we have not announced the Phase 2 as Phase 1 is 2 gigs. We've talked about a 5-gigawatt optimum solution.

謝謝你的問題。如你所知，我無法代表 Corning 或 Hemlock 發言，但我們在交流中確實對可用產能有過探詢，也收到一些訊號顯示那樣的產能可能會到位。因此我們相信，會有足夠的產能，或在適當時間內有足夠的激勵來促成那個產能。這是第一點。第二點，關於我們的採購策略，我們尚未宣布第二期，因為第一期是 2 吉瓦。我們談過一個 5 吉瓦的最優解方案。

When and if the market is right, the customer is right, the Board approves it and we sanction it, we'll announce that to the market. But we haven't yet sanctioned that. We also feel a real duty to -- as the prior question touched on, we want to complete the comprehensive financing based on a significant debt component, and we want to do that ASAP. We want to deliver what we said we would deliver, and that remains a core focus before we look to expansion there.

當且僅當市場條件合適、客戶條件合適、董事會批准且我們正式核准（sanction）之後，我們才會對市場宣布。但我們目前尚未核准。我們也確實覺得有一項責任——如前一個問題提到的，我們希望盡快完成以大量債務組成為基礎的全面性融資。我們希望 ASAP 完成。

Okay. That's very helpful. And on NRI, how soon do you think we might start seeing an integrated offtake agreement there?

好的。這非常有幫助。那關於 NRI，你認為我們多快可能開始看到一份整合式的承購（offtake）協議？

Sure. Well, NRI has its own business offerings, both on controllers, both on customer services, both on their historical O&M and their network operating center type businesses. So those ongoing businesses continue to operate as is with NRI. What we've done with NRI is we've integrated that into our sales functions to just offer large utility-scale developers and others the opportunity to have a stronger engineering sales force approach to it.

當然。嗯，NRI 有其自身的業務提供項目，包括控制器、客戶服務、其歷史上的 O&M（營運與維護），以及類似網路營運中心（network operating center）的業務。因此，這些既有的持續性業務仍照常由 NRI 營運。我們對 NRI 所做的是，把它整合進我們的銷售職能中，讓大型公用事業級開發商及其他客戶，有機會以更強的工程型銷售團隊方式來推進。

So while the products necessarily don't have to be attached to existing solar customers, there is now a whole -- there's a whole wrap around the customer. We're trying to make things easier for the customer. We're trying to illustrate to the customer that we have a sophisticated long-term partnership with them strategically.

因此，產品不一定必須綁定既有的太陽能客戶，但現在對客戶而言有一整套——有一個全方位的配套。我們試圖讓客戶更容易。我們也試圖向客戶說明，我們在策略上與他們建立的是一種成熟的長期合作夥伴關係。

And if we can address some of the other issues that they're facing, one topic du jour becomes the inverters, how do people source inverters now with the new rules. Those are things that NRI has literally been dealing with for decades. So we think this is as much about an enhanced sales offering and integrated approach with engineering rather than new bespoke products offered to the market.

而如果我們能協助解決他們面臨的一些其他問題，其中一個當下熱門議題就是逆變器：在新規則下，人們現在要如何採購逆變器。這些事情 NRI 真的已經處理了數十年。所以我們認為，這更多是強化銷售方案，以及與工程整合的做法，而不是向市場推出新的客製化（bespoke）產品。

We're not trying to get into the older market that NRI was in with battery cell manufacturing with NRI's old technology there. This is extremely focused around the services, the controllers and the integration potential for NRI. We like the business. It's capital light. It has a good customer base. That integration is fairly straightforward, and we've added a real breadth of development team, including with some of their leadership.

我們並不打算進入 NRI 過去所在的、以 NRI 舊技術進行電池電芯製造的舊市場。這非常聚焦在服務、控制器，以及 NRI 的整合潛力。我們喜歡這門生意。它資本需求低。它有良好的客戶基礎。那個整合相當直接，我們也加入了一支非常有廣度的開發團隊，包括他們的一些領導層。

Martin Malloy, Johnson Rice.

Martin Malloy，Johnson Rice。

With respect to the G2_Austin plant and now getting a second offtake contract, is there kind of a tipping point at some point where the scarcity of the available remaining capacity you think could drive additional offtake agreements being signed relatively quickly?

關於 G2_Austin 工廠以及現在拿到第二份承購（offtake）合約，是否在某個時間點會出現一個臨界點：你們認為可用的剩餘產能越來越稀缺，可能會促使額外的承購協議在相對短時間內更快簽署？

Thanks for the question. Look, that's a great problem when we have it. I think as we get closer to that demand, which we are seeing a lot of and discussions around demand are different than us announcing. We were very excited to announce the Clearway partnership with that order. As you know, historically, we've also announced the Treaty Oak contract.

謝謝你的問題。你看，當我們遇到這種情況時，這會是個很好的問題。我認為當我們更接近那個需求時——我們確實看到很多需求，而且圍繞需求的討論，和我們對外宣布是不同的概念。我們非常興奮能宣布與 Clearway 的合作以及那筆訂單。如你所知，過去我們也宣布過 Treaty Oak 合約。

We have multiple live active discussions with some of the best utility scale developers, and those conversations are really, really, really anchored around that domestic cell. As I gave some color on a prior question, I do think post-232 world, it does shift the conversation towards domestic module domestic cell drop, stop, finished.

我們正與一些最優秀的公用事業級（utility-scale）開發商進行多個正在進行且活躍的討論，而這些對話真的、真的、真的都圍繞著國產電池（domestic cell）。正如我在前一個問題中補充的背景，我確實認為在 232 之後的世界，對話會轉向國產模組、國產電池——到此為止，成品就是成品。

It's not about this whole DC light, how do we get around pieces. So at this point, we do anticipate that we're going to have a lot of demand and a lot of expectations for exactly the question you just posed. When do we expand Phase 2. We've been thinking about it from an engineering side. Markets are building everything and you can imagine under the sun in Texas, but we do have great relationships with our ecosystem of partners and construction and suppliers and vendors and PLE equipment.

這不再是關於所謂的 DC light、我們如何繞過某些環節。所以在這個時間點，我們預期會有大量需求，也會有很多人期待你剛剛提出的那個問題的答案：我們何時擴建第二期（Phase 2）。我們一直從工程角度在思考這件事。市場上在德州幾乎什麼都在蓋，你可以想像得到的都在建，但我們與合作生態系中的夥伴、施工方、供應商與設備廠商（含 PLE 設備）都有很好的關係。

But as I replied previously, we are focused on mission number one, comprehensive financing solution. We know we've said that before. Things take longer than we expected. We're just still confident in that, and we want to clear that before we start thinking about expansion.

但如我先前回覆的，我們聚焦在第一要務：完整的融資解決方案。我們知道我們以前也這麼說過。事情花的時間比我們預期更久。我們仍然對此有信心，也希望在開始思考擴張之前先把這件事釐清。

Okay. And then for my follow-up question, I wanted to ask about the ability to license the TOPCon technology now. How do you envision benefiting from that or being able to take advantage of that?

好的。那我的追問是，我想問現在授權 TOPCon 技術的能力。你們如何設想能從中受益，或如何利用這件事？

We now own it. We can license it for US TOPCon technology to whomever we want. We're starting to explore and have conversations with people that would use TOPCon technology in the US, and we're very excited about those conversations. Where they go and what form they may take, it could be from a very simple straight licensing agreement for X amount of time or Y amount of quantum to broader things.

我們現在擁有它了。我們可以把美國的 TOPCon 技術授權給任何我們想授權的對象。我們已開始探索，並與一些會在美國使用 TOPCon 技術的人進行對話，我們對這些對話感到非常興奮。它們會走向哪裡、以什麼形式呈現，可能從非常簡單、在 X 段時間或 Y 的數量（quantum）下的直接授權協議，到更廣泛的合作形式。

We would like to think about how we actually develop this technology now that we own it. Can we or will we partner with universities? Can we or will we partner with national labs? Can we or will we partner with other large companies? Those options now are all on the table now that we're the owner of the IP.

我們也希望思考，既然我們擁有這項技術，我們要如何真正把它發展下去。我們能否或是否會與大學合作？我們能否或是否會與國家實驗室合作？我們能否或是否會與其他大型公司合作？現在我們是這項 IP 的擁有者，這些選項都已經擺在桌面上。

I believe that this IP gives us current state, one of the best commercialized silicon-based technologies. That's what the customers want. They want the higher efficiencies of silicon, and they want the commercialized benefits of TOPCon. That's what we get.

我相信這項 IP 讓我們在現階段擁有最好的商業化矽基技術之一。這正是客戶想要的。他們想要矽的更高效率，也想要 TOPCon 的商業化優勢。這就是我們所得到的。

When we start thinking of very, very medium term or longer term, we now have a great problem of how do we enhance and build that. And from that perspective, we'd really look at partnering with people a lot smarter than us in terms of national labs or universities or other companies to really think about developing that IP longer term, because we're not naive. This technology is great as of today. It's great for this year and for next year, but this industry's been moving ahead grinding out percentages of efficiencies for a very long time.

當我們開始思考中期甚至更長期時，我們現在面臨一個很好的問題：要如何強化並打造它。從這個角度，我們會非常希望與在國家實驗室、大學或其他公司中比我們更聰明的人合作，真正去思考如何長期發展這項 IP，因為我們並不天真。這項技術在今天很棒。它對今年和明年都很棒，但這個產業長期以來一直在往前推進，不斷把效率百分點一點一滴磨出來。

So we would also look to protect that IP and enhance it longer term. But we're open to models. We're open to different formats. For us, this was a very good transaction just from removing the licensing fees that we would have paid. We view this as NPV positive.

因此，我們也會著眼於保護這項 IP，並在更長期去強化它。但我們對各種模式都持開放態度。我們對不同形式也持開放態度。對我們而言，這筆交易非常好，單就移除我們原本需要支付的授權費而言就是如此。我們認為這是 NPV 為正。

We see this as accretive in terms of a cash flow impact from a go-forward basis. So on its own merits, just from a financial standpoint, was great. But I do think it's really different now to have an American-owned foundational IP that we are very excited to partner and work or license with other people with.

我們認為從未來角度看，這在現金流影響上是具增益（accretive）的。所以就其本身、單從財務角度來看，這很棒。但我確實認為，現在擁有一個由美國持有的基礎性 IP 是很不一樣的，我們非常期待能與其他人合作、共同開發或進行授權。

When Dan mentioned that it was NPV positive, that's on our existing plan. So to your first question, any ultimate expansion of G2 would drive additional upside, royalties covered upside, as well as any duration of the value of the license post its initial end, which was the end of 2029, is all upside. So it was a strong economic transaction for T1.

Dan 提到 NPV 為正，是基於我們現有的計畫。所以回到你的第一個問題，G2 的任何最終擴張都會帶來額外上行，包括由權利金所涵蓋的上行，以及授權在初始到期後（原本到期是 2029 年底）其價值延續的任何期間，這些全部都是上行。因此，這對 T1 來說是一筆經濟性很強的交易。

Sunaina Ocalan, Bernstein SG.

Sunaina Ocalan，Bernstein SG。

I just had a quick question on the Clearway agreement and the deal on the 641 megawatts. Can you guys provide any terms of any color on sort of the timing or the structure? Is it a cost plus? Any color on that would be great.

我有個關於 Clearway 協議以及 641 兆瓦那筆交易的簡短問題。你們能否提供一些條款上的資訊，例如時程或結構？是成本加成（cost plus）嗎？如果能提供一些說明就太好了。

Yes. Apologies, though. We respect their customers' privacy. So I would defer that to when Clearway would like to disclose some of those aspects. We're very excited to have Clearway.

可以。不過先致歉。我們尊重他們客戶的隱私。因此我會把這部分留待 Clearway 希望披露這些面向時再由他們說明。我們非常高興能與 Clearway 合作。

They're a Tier 1 developer. They've been in this industry for a very long time. We've worked with them for a long time to get to this point where they're comfortable with our products and comfortable with operations, and we're really excited about that. So at this point, we've only disclosed the quantum and we've disclosed Clearway. And as I'm sure you can appreciate, there's some sensitivity there on commercial terms, both from our standpoint for new customers or for Clearway.

他們是 Tier 1 開發商。他們在這個產業深耕很久了。我們也與他們合作了很長一段時間，才走到今天這一步：他們對我們的產品感到放心、對營運也感到放心，我們對此非常興奮。所以目前我們只披露了數量（quantum），也披露了 Clearway 這個客戶。而如你所理解的，商業條款在我們這邊（面對新客戶）或在 Clearway 那邊都具有一定敏感性。

Sean Milligan, Needham.

Sean Milligan，Needham。

Dan, you kind of talked about the comprehensive financing of G2. Just curious like how much remaining CapEx is there with G2? And when we think about the comprehensive financing, should we think about it only covering remaining CapEx or other components, maybe like the IP costs to bring that in, costs that have already been spent? Anything around context there would be helpful.

Dan，你提到 G2 的完整融資。我只是好奇，G2 還剩下多少資本支出（CapEx）？以及當我們談完整融資時，我們應該只把它視為涵蓋剩餘 CapEx，還是也包含其他組成，例如把 IP 納入的成本、或已經花出去的成本？任何相關背景說明都會很有幫助。

Great. Thanks, Sean. Evan, do you want to take it?

很好。謝謝你，Sean。Evan，你要接著回答嗎？

Yes, sure. I mean it remains a private conversation, but our comprehensive financing solution, it would be reasonable to expect can cover more than just the remaining CapEx of G2, which could include other elements that you referenced, right? And it may also seek to, as others have, as we have mentioned, prime existing debt structures.

是的，當然。我的意思是這仍然是私下的對話，但我們的綜合融資方案，合理預期不僅能涵蓋G2剩餘的資本支出（CapEx），也可能包含你剛才提到的其他要素，對吧？而且它也可能會像其他人一樣、如我們先前提到的，著手優化既有的債務結構。

So I think that would be a reasonable assumption without putting a number on it. In terms of the remaining capital spend, which is kind of projected based upon allocation of the proceeds that we just raised is up to $250 million. So there's a range also based upon the contingency, but that would be $200 million to $250 million would be remaining for just the Phase 1 project.

所以我認為在不給出具體數字的情況下，這是合理的假設。就剩餘資本支出而言，這是根據我們剛募得資金的用途分配所做的預估，上限為2.5億美元。因此也會因應急預備金而有一個區間，但就第一期（Phase 1）專案而言，剩餘金額約為2億至2.5億美元。

Okay. Great. And then a couple more. On the COGS side, it looks like you've done a really good job on like going back to early last year, there was some inflation on your COGS line on a per watt basis, and then you've kind of been able to maintain that pretty stable here. As we look forward to like Section 232, just trying to understand what type of agreements you have on the poly, like how much is covered maybe by fixed price to protect yourself from inflation there? And also on the offtake agreements, I know you have the Trina agreement was cost plus, but are there any offsets on the offtake to protect from cost increases?

好的。很好。再問幾個。在COGS（銷貨成本）方面，看起來你們做得很好；回頭看去年年初，你們的COGS按每瓦計曾有一些通膨上升，之後你們基本上把它維持得相當穩定。展望像是232條款（Section 232），我想了解你們在多晶矽（poly）方面有哪些協議，例如有多少是由固定價格涵蓋，以保護你們免受通膨影響？另外在承購（offtake）協議方面，我知道你們與Trina的協議是成本加成（cost plus），但承購端是否有任何抵銷機制，以防成本上升？

Evan, do you want to cover that?

Evan，你要回答這題嗎？

Sure. I mean our -- for 2026, our 3 gigawatts is under a cost, either plus a fixed margin or kind of a cost-plus basis. And so your cost is protected. Our five-year contract that underpins the financing of G1 is also a cost-plus contract. As far as the balance, we'll be importing cells until we replace them with domestic production. And that's part of the offset plan that Andy and Dan mentioned, of which we believe we're well positioned, but we haven't gone in and offered our onshoring plan.

當然。我的意思是，我們——就2026年而言，我們的3吉瓦是在成本加固定毛利，或是某種成本加成（cost-plus）的基礎下。因此你的成本是受到保護的。支撐G1融資的五年合約也是成本加成合約。至於其餘部分，在我們以國內產能取代之前，我們會進口電池片（cells）。這也是Andy和Dan提到的抵銷計畫的一部分；我們認為自身處於有利位置，但我們尚未正式提出我們的在地化（onshoring）計畫。

But given that we're constructing 2.1 and at least a stated ambition up to five, that would provide us coverage for the cell purchases depending upon the conversations with commerce. In terms of wafer, which is the other -- that's the only two things you'd be importing, right, wafer and cell. As Dan mentioned, we're covered on the Corning contract for wafer that relates to Phase 1. Corning is a domestic sourced contract at a price.

但鑑於我們正在建置2.1，且至少有明確表述的目標要做到5（吉瓦），這將可為我們的電池片採購提供保障，取決於與商務部（Commerce）的對話進展。至於晶圓（wafer），也就是另一項——你們會進口的其實就只有兩樣，對吧，晶圓和電池片。如Dan所提，我們在與Corning的晶圓合約上已獲得第一期（Phase 1）相關的保障。Corning是以國內來源供應、且有價格條件的合約。

Awesome. On the G&A side, kind of up $20 million quarter-over-quarter. I'm just curious how much embedded with G&A is maybe still like higher legal costs, costs related to the financing underwriting cost. And then maybe like any Nordic carryover, are there any costs there that we could think about unwinding as some of these issues resolve themselves?

太棒了。在G&A（一般及行政費用）方面，季度環比增加約2,000萬美元。我只是好奇，G&A裡面有多少仍包含例如較高的法律費用、以及與融資承銷費用相關的成本。另外像是Nordic的延續項目，是否有任何成本可以在這些問題逐步解決後考慮回轉或解除？

Yes. Look, on the -- taking your questions backward on the Nordic side, we are in multiple discussions with multiple parties for either divestment or partnership or sell-down of those Nordic assets. There's obviously some costs around that. Those are on the smaller side. I'd say the key part is we're building an SG&A for a multiple asset company, including G2, including G1.

是的。你提到Nordic的部分，我們目前正與多方就這些Nordic資產進行多項討論，可能是剝離、合作夥伴關係，或是部分出售（sell-down）。這當然會有一些相關成本。這些成本相對較小。我想關鍵在於，我們正在為一家多資產公司建立SG&A，包括G2，也包括G1。

And with that includes a heavy amount of both legal lobbying, work around, as you've seen and heard from Andy, extensive work around commerce. On the legal side, as you touched on, a lot of capital markets and fundraising activities. When we get to a steady state, we'd expect those run rates to be lower.

而這其中包含大量的法律與遊說工作；如你從Andy那裡看到並聽到的，我們在與商務部（Commerce）相關事務上投入了大量工作。在法律面，如你提到的，還有許多資本市場與募資活動。當我們進入穩態（steady state）時，我們預期這些費用率（run rate）會更低。

And then also part of the SG&A has been building out the broader team. As we get ready for G2_Austin, that's a significant buildup now, which did require a lot of people to start phasing in at the corporate level rather than the asset level. So there's quite a bit of work there, which then those costs will be carried more fully with the operation of G2_Austin. So recognize your question. In terms of quarter-over-quarter or year-over-year, primarily legal, it's not necessarily lobbying per se, but it's work around government, work around policy, a lot of that work and then also for financing.

此外，SG&A的一部分也用於擴建更廣泛的團隊。隨著我們為G2_Austin做準備，目前正在進行顯著的人力擴編，這確實需要許多人先在公司層級而非資產層級分批到位。因此這裡有相當多的工作，而這些成本之後會在G2_Austin營運時更完整地由其承擔。所以我理解你的問題。就季度環比或年度同比而言，主要是法律相關；不一定是遊說本身，而是與政府、政策相關的工作，很多這類工作，另外也包括融資相關工作。

And as I see no further questions in the queue. I will conclude the Q&A session and pass it back to Jeff Spittel for final comments.

我看到隊列中沒有其他問題。我將結束問答環節，並把時間交回Jeff Spittel做最後評論。

Thank you, Carmen. Well, thank you all for your participation and interest in T1. We have a busy rest of the week. Please feel free to follow up with calls and e-mails, and we'll get back to you as soon as we can. Thanks again. This will conclude today's call.

謝謝你，Carmen。也謝謝各位參與並關注T1。我們本週剩下的時間會非常忙碌。歡迎隨時透過電話或電子郵件跟進，我們會在能力所及的最快時間回覆。再次感謝。今天的電話會議到此結束。

Thank you all for participating, and you may now disconnect.

感謝各位參與，現在您可以掛線。