Financial Data and Key Metrics Changes - The company has sold out the low end of its 2.6 to 3.0 gigawatt production guidance for 2025, indicating strong demand [34] - EBITDA guidance for 2025 is maintained at $25 million to $50 million, but near-term risks are skewed to the downside due to various factors [36] - The company ended Q2 with significant finished goods inventory, over 330 megawatts of TOPCON modules built with U.S. polysilicon, which is seen as an appropriate investment [38] Business Line Data and Key Metrics Changes - The company has secured a 473 megawatt merchant sales agreement with a major U.S. utility for delivery starting in Q3 2025, marking its largest merchant sales agreement to date [14] - The G1 Dallas facility has eclipsed the one gigawatt milestone of cumulative production, and the company is ramping operations there [26] Market Data and Key Metrics Changes - The U.S. electricity demand is expected to grow by more than 800 terawatt hours within the next ten years due to AI infrastructure build-out and electrification of transportation [11] - The company is gaining traction with major U.S. project developers, indicating a positive market response to its offerings [8] Company Strategy and Development Direction - The company aims to become a leader in U.S. advanced manufacturing and is focused on expanding its U.S. supply chain and commercial presence [5] - A strategic agreement with Corning is expected to support approximately 6,000 full-time U.S. jobs and enhance the company's domestic supply chain [19] - The company plans to produce PV solar modules with over 70% U.S. content upon the anticipated start of production at the G2 Austin facility [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to secure long-term offtake commitments and ramp production sales at G1 Dallas while securing long-term offtakes for G2 Austin [44] - The leadership team is proactively engaging with lawmakers to advocate for policies that support American advanced manufacturing and reshoring of the solar supply chain [33] Other Important Information - The company cleared the U.S. government's CFIUS review of the Trina transaction during Q2, providing flexibility in compliance efforts [7] - The company is committed to establishing a bill of materials comprised of at least 50% non-FIAC content by year-end 2025 [32] Q&A Session Summary Question: No questions were raised during the Q&A session - The operator indicated that there were no questions in the queue, and the call concluded without any inquiries [47]

Q2 2025 Earnings Call August 20, 2025 G1_Dallas T1 Energy _ Q2 2025 Earnings Call Pictured: Production lines at G1_Dallas T1 Energy _ Q2 2025 Earnings Call Participants and Agenda Prepared Remarks Daniel Barcelo Chairman of the Board and Chief Executive Officer Jaime Gualy Chief Operating Officer Andy Munro Chief Legal & Policy Officer ▪ Corning supply agreement ▪ Policy overview ▪ T1's OBBB compliance road map Evan Calio Chief Financial Officer Q&A Jeff Spittel EVP, Investor Relations and Corporate Develop ...

Financial Data and Key Metrics Changes - T1 Energy generated revenue of $64.4 million in Q1 2025, primarily from initial deliveries under the Trina cost-plus offtake contract [30] - The company revised its 2025 EBITDA guidance down to a range of $30 million to $50 million from a previous range of $75 million to $125 million due to lower sales outlook [26][27] - T1 expects to have cash and liquidity of more than $100 million at year-end 2025, which includes a payment of $71 million related to debt services [27][31] Business Line Data and Key Metrics Changes - The production guidance for G1 Dallas was lowered to a range of 2.6 to 3 gigawatts from a prior guidance of 3.4 gigawatts, reflecting lower sales due to market uncertainty [24][25] - The company has 1.7 gigawatts of contracted sales at a cost-plus basis for 2025, with an expected 800 megawatt inventory financing facility being finalized [25][31] Market Data and Key Metrics Changes - T1 is experiencing near-term headwinds due to tariff uncertainty, which has affected visibility into bill of materials costs for pricing [10][11] - The company is actively engaging with local, state, and federal lawmakers to promote interests in the U.S. solar production industry [7] Company Strategy and Development Direction - T1 Energy is focused on building a domestic solar and battery supply chain to provide scalable, reliable, and low-cost energy [5][12] - The company is pursuing a vertically integrated U.S. solar supply chain with a target of producing modules with over 70% domestic content by 2027 [36] - T1 is advancing the development of G2 Austin, a planned U.S. solar cell manufacturing facility, which is expected to be a cash flow engine for the company [22][40] Management's Comments on Operating Environment and Future Outlook - Management highlighted that the fundamentals of the U.S. solar industry remain healthy despite near-term uncertainties [11] - The company is committed to pursuing margin sales that are attractive and will only engage in merchant sales when conditions are favorable [48][50] - Management expressed optimism about the long-term demand for domestic content and the execution of the U.S. vertical integration strategy [29][40] Other Important Information - T1 has signed a new 253 megawatt module sales agreement for 2025 with a utility-scale developer, marking a new customer acquisition [34] - The company is in advanced discussions with other utilities and developers regarding similar contracts [33] Q&A Session Summary Question: Was the new 253 megawatt sales agreement with an existing customer or a new one? - The new agreement was with a new client developed with the help of the Trina sales team, not previously in the backlog [44][45] Question: What is the expected timing for the ramp in production? - Management indicated that production is designed to run at five gigawatts, and the focus is on securing attractive sales rather than overproducing [46][49] Question: Does the $100 million liquidity outlook include potential asset sales? - The liquidity outlook does not include asset sale proceeds, which would be incremental to the projected cash position [52] Question: What is the structure of the heads of agreement with the Saudi partner? - The agreement is still in early stages, but it is expected to involve a minority investment into G1 and G2 assets [54]

Financial Data and Key Metrics Changes - T1 Energy generated revenue of $64.4 million in Q1 2025, primarily from initial deliveries under the Trina cost-plus offtake contract [28] - The company revised its 2025 EBITDA guidance down to a range of $30 million to $50 million from a previous range of $75 million to $125 million due to lower sales outlook [24][30] - T1 expects to have cash and liquidity of more than $100 million at year-end 2025, which includes a payment of $71 million related to debt services [25][30] Business Line Data and Key Metrics Changes - The production guidance for G1 Dallas was lowered to a range of 2.6 to 3 gigawatts from a prior guidance of 3.4 gigawatts, reflecting lower sales due to market uncertainty [23] - T1 has 1.7 gigawatts of committed offtake volumes for 2025, with revenues and operating cash flow expected to ramp up in the second half of the year [11][17] Market Data and Key Metrics Changes - The company is facing near-term headwinds due to tariff uncertainty, which has affected visibility into bill of materials costs for pricing [10][11] - T1 is supportive of tariffs that level the competitive playing field for the US solar industry, including antidumping and countervailing duties [10] Company Strategy and Development Direction - T1 Energy is focused on building a domestic solar and battery supply chain to provide scalable, reliable, and low-cost energy [5][12] - The company aims to produce US modules with more than 70% domestic content by 2027, aligning with potential modifications to the IRA [34] - T1 is advancing the development of G2 Austin, a planned US solar cell manufacturing facility, which is expected to be a cash flow engine for the company [21][22] Management's Comments on Operating Environment and Future Outlook - Management highlighted ongoing uncertainties around trade policy and the Inflation Reduction Act, which are creating near-term complexities [5][6] - Despite these uncertainties, the fundamentals of the US solar industry remain healthy and supportive of T1's strategy [11][12] - The company is committed to pursuing merchant sales only when it can generate appropriate risk-adjusted margins [37] Other Important Information - T1 has signed its first new corporate customer sales agreement for 253 megawatts of 2025 module volumes [14] - The company is engaged in productive capital formation discussions for G2 Austin with several potential partners, including a nonbinding agreement with a third-party partner aligned with the Kingdom of Saudi Arabia [16][17] Q&A Session Summary Question: Was the new 253 megawatt sales agreement with an existing customer or a new one? - The new agreement was with a new client developed with the help of the Trina sales team, not part of the previous backlog [42][43] Question: What is the expected timing for the ramp in production over the next couple of quarters? - Management indicated that the ramp in production is expected to continue through the back half of the year, with a focus on margin sales [44][46] Question: Does the $100 million liquidity outlook include potential asset sales? - The liquidity outlook does not include any potential asset sale proceeds, which would be incremental [50][51] Question: What is the structure of the heads of agreement with the Saudi partner? - The structure is still being finalized, but it is expected to involve a minority investment into G1 and G2 assets [52]

Forward Looking Statements Q1 2025 Earnings Call May 15, 2025 G1 Dallas T1 Energy _ Q1 2025 Earnings Call Pictured: Robotic module assembly station at G1 Dallas _01 Important Notices This presentation contains forviant-looking statements within the neaning of the Private Securities Litigation Reform Act of 1995. Al statements, other than statements of facts included in this presentation, including, with respect to T i Energy Inc.'s ("T1") stratesy of developing an integrated U.S. solar value chain; the like ...

Financial Data and Key Metrics Changes - T1 Energy is no longer a pre-revenue company, generating its first revenues during the eight days of Q4 2024 following the acquisition of G1 Dallas [29] - The company reported a $48 million deferred revenue associated with customer offtakes, reflecting advanced payments for contracts [30] - Long-term debt assumed from Trina amounts to $427 million, alongside an $81 million convertible note [31] Business Line Data and Key Metrics Changes - G1 Dallas facility is significantly ahead of production targets, with actual production exceeding forecasts by nearly 50% for January and February [21] - The company is on track to achieve a full-year 2025 production target of 3.4 gigawatts [21] - G2 Austin, the planned solar cell manufacturing facility, is expected to be a key earnings and cash flow engine post-2026 [20] Market Data and Key Metrics Changes - T1 Energy is now one of the largest solar module manufacturers in the U.S., with G1 Dallas representing approximately 10% of installed domestic capacity [10] - The demand for solar and battery storage solutions in the U.S. is expected to continue growing, driven by declining costs and the electrification of various sectors [13][14] Company Strategy and Development Direction - The company aims to vertically integrate up the domestic solar value chain, establishing a U.S. domestic content leader in the solar and battery storage market [11] - T1 Energy is focused on building an American solar supply chain to create jobs and deliver low-cost energy [11][12] - The strategic focus includes leveraging Trina's technology portfolio to enhance product offerings and meet domestic content requirements [12][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation and growth of T1 Energy, highlighting the successful integration of Trina's U.S. manufacturing assets [4][16] - The company anticipates significant earnings potential starting in 2027 as it integrates U.S. solar operations [19] - Management emphasized the importance of domestic content to maximize bonuses under the Inflation Reduction Act and reduce tariff exposure [12] Other Important Information - The company has completed the sale of its Cahuida County, Georgia land for net proceeds of $22.5 million [17] - T1 Energy is actively pursuing non-core asset sales of its legacy European portfolio [32] Q&A Session Summary Question: Outlook for 2025 and offtake contracts - Management confirmed that production is ahead of schedule and they are actively working with Trina to build out offtake contracts, expecting 60% of volumes to be contracted by 2027 [52][56] Question: Liquidity from term loan conversion - The term loan conversion is expected to occur by April 30, and additional liquidity may be available through project financing for G2 Austin [60] Question: Financing for G2 Austin - Management clarified that they are not seeking further investments from Trina for G2, focusing instead on project financing and customer cash deposits [63] Question: Customer due diligence on the facility - Institutional utility-scale customers have visited the site and expressed satisfaction with the facility's sophistication and automation [71]

Company Overview - FREYR Battery, Inc. is a US-based company focused on battery production for energy storage systems and commercial mobility markets, including marine applications and commercial vehicles [2] - The company is developing a large battery manufacturing plant called Giga America in Georgia, USA, and has a customer qualification plant in Norway utilizing SemiSolid technology from 24M Technologies [2] - FREYR has suspended work on the Giga Arctic plant in Norway to minimize capital expenditures and preserve cash reserves, focusing instead on policy solutions to compete with US incentives [2] - The company has entered into agreements with partners, including a conditional offtake agreement with Powin and a joint venture with Nidec Corporation for lithium-iron phosphate battery cells from 2025 to 2030 [2][3] Recent Performance - FREYR is currently facing cost pressures from Chinese manufacturers in the energy storage systems segment, which may affect their strategy to differentiate their products in the US market [6] - The company ended Q2 2024 with $221.5 million in cash and no debt, providing a healthy cash position for at least 2.5 more years at the current spending rate [7] - Management aims to extend cash liquidity to 36 months by implementing cost management measures for capital expenditures related to their facilities [8] - In Q2 2024, FREYR reported a net loss of $27.0 million, compared to a net loss of $25.5 million in Q2 2023, while total operating expenses decreased by $3.2 million due to cost-cutting measures [10][11] Outlook - The company aims to achieve first revenues and positive EBITDA by 2025, contingent on the completion of the Giga America plant, which is expected to have a capacity of 34 GWh [14] - The current share price is below cash value, indicating that skepticism regarding revenue and commercialization milestones is already priced in, suggesting potential for significant upside with positive announcements [14][18] - A clear timeline for the full operation of the Giga America plant could shift market sentiment positively [14]

Financial Performance and Liquidity - FREYR held a strong balance sheet with $222 million in cash as of June 30, 2024[4] - The company is focused on extending its cash liquidity runway to 36 months or longer through spending rationalization[4, 8] - Year-to-date total cash uses in 2024 amounted to $54 million[7] - Total assets were $644 million as of June 30, 2024, compared to $732 million as of December 31, 2023[7] Strategic Initiatives and Growth Opportunities - FREYR is targeting first revenue and EBITDA in 2025[4, 8] - The company is pursuing downstream business opportunities focused on modules and packs at Giga America and/or Giga Arctic[5] - FREYR is evaluating potential inorganic growth opportunities[5, 8] - The company aims to preserve the option value of its SemiSolidTM position and develop new funding pathways for the CQP[5, 8] Market and Technology - Batteries are viewed as a core enabler of the energy transition, particularly for storage applications that enhance power grid reliability[6] - The company is working with partners to design safe, improved, and competitive battery solutions tied to next-generation IP[5]

Core Viewpoint - The renewable energy sector, particularly in the U.S., faces potential instability due to political changes and macroeconomic factors, including high interest rates and the possibility of a Trump presidency, which could negatively impact companies like Tesla, First Solar, and Freyr Battery [2][4][10][13]. Group 1: Tesla (TSLA) - Tesla is significantly impacted by political dynamics, particularly with the potential return of Trump, who has criticized electric vehicles and proposed ending EV mandates [4][15]. - Elon Musk's endorsement of Trump and the selection of J.D. Vance as VP could lead to unfavorable policies for Tesla, especially regarding gas-powered car subsidies [5][15]. - Tesla operates not only in electric vehicles but also in renewable energy through products like Powerwall and its supercharging network [14]. Group 2: First Solar (FSLR) - First Solar has shifted its focus solely to solar panel manufacturing after exiting other operations, which increases its vulnerability to political changes [7][8]. - The company has performed well in a challenging market, with its stock rallying while the Invesco Solar ETF has declined over 20% year-to-date [17]. - First Solar's focus on high-efficiency panels has positioned it favorably under the current administration, but a Trump presidency could jeopardize solar subsidies, impacting its operations [18][8]. Group 3: Freyr Battery (FREY) - Freyr Battery is in a development stage, focusing on battery storage projects but has not achieved significant commercial success, generating no revenues in the latest quarter [20][21]. - The company reported a quarterly loss of 20 cents per share, raising concerns about its financial sustainability as it may deplete its market capitalization over the next year or two [21]. - Freyr's strategy to concentrate on U.S.-based manufacturing could yield positive results if the Democrats retain control, but risks exist if Trump returns to power and cuts renewable energy subsidies [10].

Company Overview - FREYR Battery, a battery cell manufacturing startup from Norway/Luxembourg, aimed to leverage innovative semi-solid cell technology to produce clean batteries competitively in Norway and the U.S. [2] - The company initially planned to build a Customer Qualification Plant (CQP) in Norway to demonstrate automated production and secure financing for larger facilities in Norway and the U.S. [2] Recent Developments - On November 9, 2023, FREYR announced difficulties in securing funding from Norway and the EU, leading to a halt in investments for the Giga Arctic project and a shift in focus to the Giga America project to utilize IRA tax incentives [3] - The company faced challenges in establishing automated production at its CQP and adapted its strategy to include conventional battery cell production lines [3] Financial Management - FREYR has implemented cost-saving measures, including reducing full-time employees by 20% and cutting contractor support by 50%, aiming to reduce cash usage significantly in 2024 [7] - For Q1 2024, cash usage was reduced to $23 million compared to $287 million for the full year 2023, representing a 78% reduction on a quarterly basis [7] Production Goals - Management expects to achieve automated cell production at the CQP in Q2 2024, which is crucial for customer qualification and securing government support [8] - The company is focusing on providing near-term cash flows and has eliminated two European BEV opportunities while adding three new projects [8] Market Position and Outlook - FREYR's management emphasizes the strong growth rates in energy storage systems and battery electric vehicles, believing that regionalized production will allow western players to capture market share [5] - The company is evaluating further use-cases for its Giga Arctic site, with a book value of $225 million, and plans to focus spending on achieving battery cell production at the CQP and developing Giga America [9] Valuation Considerations - Assigning a meaningful valuation to FREYR is challenging due to the lack of near-term revenue and ongoing losses, but the price-to-book ratio is at a historic low, suggesting potential upside if the company can revert to average valuation levels [10] - The stock has traded in a range of about $7.50 to $15 before recent issues, indicating potential for recovery as production milestones are achieved [11]