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NEW YORK -On Monday, T1 Energy Inc. (NYSE:TE) reported a wider-than-expected loss for the fourth quarter of 2024.
The company’s shares were down -3.95% in premarket trading following the release.
The solar and battery storage company posted an adjusted loss of $0.22 per share, missing analyst estimates of a $0.14 loss. Revenue came in at $2.94 million, slightly above the $2.5 million consensus forecast.
T1 Energy, which recently rebranded from FREYR Battery, completed its acquisition of Trina Solar’s U.S. manufacturing assets in December. The company said production ramp at its G1 Dallas facility is ahead of schedule, with total module production exceeding plan by 48% in January and February 2025.
"Our teams are making impressive progress with the ramp of U.S. solar module production at G1 Dallas," said Daniel Barcelo, T1’s Chairman and CEO. "We are excited about the growth prospects for the U.S. solar + battery storage market."
The company maintained its 2025 guidance, projecting full-year EBITDA of $75-$125 million based on module production of 3.4 GW at G1 Dallas. T1 also reiterated longer-term EBITDA targets of $175-$225 million annually from optimized G1 Dallas production and $650-$750 million including its planned G2 Austin facility.
T1 Energy ended the quarter with $76.6 million in cash and cash equivalents. The company said it is exploring potential sales of non-core assets in Europe as it focuses on its U.S. operations.
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