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T1 Energy Inc. (TE-5.91%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the acquisition of Trina Solar (U.S.) Holding Inc., completed on December 23, 2024, for a total purchase price of $406.8 million. This acquisition included cash, common stock, convertible notes, debt, and other liabilities.
The company reported net sales of $2.9 million for 2024, attributed to the sales of solar modules following the Trina Business Combination. Cost of sales for the year was $1.7 million.
General and administrative expenses increased by 15% to $75.5 million in 2024, primarily due to legal and operating costs associated with the acquisition.
T1 Energy recorded a net loss of $450.6 million for the year, significantly impacted by a $312.9 million loss from the classification of its European businesses and Coweta County, Georgia business as held for sale.
Cash flows used in operating activities were $102.8 million, with a decrease in cash used in investing activities to $137.7 million, primarily due to lower purchases of property and equipment.
The company ended the year with $76.6 million in cash, cash equivalents, and restricted cash, and anticipates that these resources will meet its operating and capital needs for at least the next 12 months.
T1 Energy's future plans include the development of a 5 GW solar cell manufacturing facility in Milam County, Texas, with an estimated cost of $850 million.
The company is subject to various risks, including integration challenges from the Trina acquisition, potential supply chain disruptions, and the need for significant capital to fund its growth strategy.
T1 Energy's stock is listed on the New York Stock Exchange under the symbol 'TE', and the company does not anticipate paying dividends to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the T1 Energy Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.