Key Highlights

  • TE shares are trading 3.46% higher at $2.55 on Wednesday, October 28, 2026, from an implied prior close near $2.46 (calculated).
  • Second-quarter 2026 net sales were $250.128 million, with 935 MW of modules produced at G1_Dallas.
  • Net loss from continuing operations was $36.9 million, against adjusted EBITDA of $10.7 million.
  • The first phase of the G2_Austin cell factory now carries a budget of about $510 million, up from $425 million.
  • A $50.0 million add-on of 4.75% convertible notes closed on September 30, lifting the series to $170.0 million.

T1 Energy Shares: What Is Behind a 3.46% Gain Among the Most Active Penny Stocks?

T1 Energy (NYSE:TE) shares are trading 3.46% higher at $2.55 on Wednesday, October 28, 2026, placing the stock among the most heavily traded penny stocks of the session. No company release dated October 28 accompanied the move. The most recent significant news is a Commerce Department waiver announced on October 22 that allows imports of up to 1.725 GW of solar cells to supply the Dallas module plant while the Texas cell factory is built.

T1 Energy makes solar modules at its G1_Dallas plant and is building G2_Austin, a solar cell factory in Texas. At about 294.5 million shares (the August 10 10-Q cover count), the screen price implies a market value near $751 million (calculated).

Quarterly Loss Versus Higher Sales: Did Tariff Refunds Flatter the Second Quarter?

Second-quarter net sales were $250.128 million against $132.767 million a year earlier, a rise of about 88% (calculated). All second-quarter sales went to a related party. Net loss attributable to common shareholders was $44.526 million, or $0.16 per share, and the loss from continuing operations was $36.9 million.

Adjusted EBITDA was $10.7 million, up from $0.7 million, but it included a $24.4 million tariff-refund benefit to cost of sales. First-half adjusted EBITDA was $19.8 million. For 2026 the company expects G1_Dallas output of 3.1 GW to 4.2 GW, now at the higher end, and contracts covered 5.4 GW of modules at June 30.

Funding the Cell Factory: How Much Dilution Risk Do the Convertible Notes Add?

G2_Austin Phase 1 has 2.1 GW of planned capacity, a budget raised from $425 million to $510 million, and first cells now expected in the first quarter of 2027. Management has said remaining financing is not yet secured.

An 8-K dated September 28 reported a private sale of $50.0 million of additional 4.75% convertible senior notes due 2031, closing on September 30, which brought the series to $170.0 million. The conversion price is about $4.46 per share, well above the current quote. The company also holds 5.25% converts due 2030 of $161 million and 4.00% converts due 2031 of $184 million.

Total debt principal was $583.369 million at June 30, against unrestricted cash of $79.1 million ($156.4 million including restricted cash). A $135 million acquisition of solar intellectual property carries installments of $25 million on September 30, $30 million on October 15 and $18 million on October 30, payable in cash or discounted shares.

What to Watch Next: The October 30 Payment, Third-Quarter Results and the Cell Timeline

The final $18 million intellectual property installment falls due on Friday, October 30, 2026, and the choice of cash or shares will show how the company manages dilution. The third-quarter results have no announced date. Investors will also track whether first cells from G2_Austin stay on schedule for the first quarter of 2027.