T1 Energy Inc. (formerly FREYR Battery, Inc.) is building an integrated U.S. solar supply chain, manufacturing PV solar modules in Texas and constructing a solar cell fab. The G1_Dallas module manufacturing facility in Wilmer, TX, achieved full production in Q4 2025 with a 5 GW annual capacity. Construction of the first 2.1 GW phase of the G2_Austin solar cell manufacturing fab began in December 2025, with production anticipated by late 2026 and an estimated capital expenditure of $400-$425 million. The company completed a series of transactions on December 29, 2025 (FEOC Restructuring), to ensure compliance with the One Big Beautiful Bill Act (OBBBA) restrictions on Foreign-Influenced Entities (PFEs) for accessing IRA tax credits. Compliance efforts included amending the certificate of incorporation to limit SFE equity ownership, substantial debt repayment to Trina Solar, removing Trina's right to appoint a covered officer, and licensing intellectual property from Evervolt (Singapore) instead of Trina. T1 Energy expects to qualify for the Advanced Manufacturing Production Credit under Section 45X of the IRC, generating approximately 7 cents per watt for each module produced and sold in the U.S. In December 2025, the company sold approximately $160.0 million of 45X Tax Credits generated in 2025 for an aggregate purchase price of $145.6 million. Total net sales increased significantly to $755.3 million in 2025 from $2.9 million in 2024, primarily due to the Trina Business Combination. The net loss for 2025 was $(367.8) million, an improvement from $(450.6) million in 2024, driven by a decrease in net loss from discontinued operations. Cash, cash equivalents, and restricted cash increased to $270.8 million as of December 31, 2025, from $76.6 million in 2024, supported by significant capital raises. The company raised capital through a $72.0 million Registered Direct Offering, a $161.0 million Public Offering of common stock, and a $161.0 million Public Offering of 5.25% Convertible Senior Notes due 2030. A material weakness in internal controls over financial reporting was identified at the G1 entity as of December 31, 2025, related to ineffective general IT controls and process-level controls for revenue and inventory.