Episode Details

T1 Energy’s Q4 2025 results look like a massive miss on paper, but beneath the negative gross margins is a deliberate inventory fire sale engineered to harvest government tax credits.

In ~10 minutes:

• Selling modules at a loss to beat new OBBBA regulations.

• Restructuring intellectual property to a non-FEOC Singapore entity.

• Why a $34M cash saving is banned from the income statement.

• Pivoting defunct Norwegian real estate into high-value AI datacenters.

The stock surged nearly 200% throughout the quarter on domestic manufacturing hype before gapping down 21% on earnings day. We unpack the bizarre regulatory panic that caused a 70% QoQ revenue jump alongside a $16M gross profit hit, and look at the aggressive accounting gymnastics required to keep US subsidies flowing.

T1 Energy Inc. (TE) | Q4 FY2025

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