T1 Energy Inc.TE

International and currency · Foreign exchange and currency exposure

Although our reporting currency is the U.S. dollar, we conduct certain business and incur costs in the local currency of most countries in which we operate. As a result, we are subject to currency translation and transaction risk. Changes in exchange rates between foreign currencies and the U.S. dollar could affect our results of operations and result in exchange gains or losses.

Market and investment · Market volatility and economic cycles

Even if demand for PV solar modules and cells continues to grow, the rapid manufacturing capacity expansion undertaken by many module manufacturers in China and certain parts of Southeast Asia has created and may continue to cause periods of structural imbalances between supply and demand. The solar industry may experience periods of structural imbalance between global PV solar modules supply and demand that result in periods of pricing volatility.

Credit and liquidity · Credit risk and customer defaults

The loss of key customers, their inability to perform under their contracts, or their default, has in the past and if repeated in the future, could significantly reduce our net sales and/or adversely impact our operating results. We may also require some form of payment security from our customers, such as cash deposits, parent guarantees, bank guarantees, surety bonds, or commercial letters of credit, however, in the event the providers of such payment security fail to perform their obligations, our operating results could be adversely impacted.

International and currency · International operations and emerging markets

Our business plan includes operations in various international markets, including the United States, Norway, and Europe. Conducting and launching operations on an international scale requires close coordination of activities across multiple jurisdictions, time zones, currencies, and legal systems, which consumes significant management resources. International sales and operations entail a variety of risks, including challenges in staffing and managing foreign operations, complying with local laws, regulatory requirements, and business practices.

Market and investment · Interest rate and yield curve risk

In some instances, the application of trade laws is currently beneficial to us, and changes in their application could have an adverse impact. As a result, there continues to be significant uncertainty with respect to these trade policies. In addition, many of our customers depend on debt and/or equity financing to fund the initial capital expenditure required to develop and/or build solar projects. As a result, an increase in interest rates, or a reduction in the supply of project debt financing or tax equity investments, could reduce the number of solar projects that receive financing.

Capital structure and performance · Debt management and refinancing

Our indebtedness could adversely affect our financial flexibility and our competitive position. Our level of indebtedness increases the risk that we may be unable to generate cash sufficient to pay amounts due in respect of our indebtedness. Our indebtedness could have other important consequences to you and significant effects on our business.

Credit and liquidity · Debt service and covenant compliance

In addition, our Senior Secured Credit Facility includes restrictive financial covenants and future debt contracts might incorporate additional restrictive covenants, which could hinder our capability to perform actions that support our long-term objectives. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of all of our indebtedness.

Tax and financial reporting · Tax compliance and changes in tax law

We expect certain financial benefits as a result of tax incentives provided by the IRA. If these expected financial benefits vary significantly from our assumptions, our business, financial condition, and results of operations could be adversely affected. Any changes to the statutes or regulatory guidance regarding Section 45X of the IRC arising, for example, through technical guidance and regulations from the IRS and U.S. Treasury Department, could materially adversely impact our tax expense, financial condition, results of operations, and cash flows.

Industry regulation · Regulatory compliance and changes

Sections 7701(a)(51), 7701(a)(52), 45X(d)(4), 45Y(b)(1)(E) and 48E(b)(6) of the IRC (the 'PFE Restrictions'), enacted into law on July 4, 2025 as part of the OBBBA, bar certain foreign, or foreign-influenced, taxpayers from claiming clean energy tax credits, including the advanced manufacturing production credit under Section 45X of the IRC. New information regarding, or changes in, the IRS' interpretation of the PFE Restrictions could adversely impact our ability to comply with the PFE Restrictions.

Legal and litigation · Product liability and warranty claims

Product liability claims could harm our business and liquidity if we are not able to successfully defend or insure against such claims. We may become subject to product liability claims, even those without merit. We face an inherent risk of exposure to claims in the event our products do not perform as expected, or in the event of a malfunction resulting in personal injury or death.

Legal and litigation · Litigation and legal proceedings

We are, and from time to time may be, involved in commercial or contractual disputes, warranty claims, and other legal proceedings, which could be significant. As described in Item 3. Legal Proceedings, we are responding to a subpoena from the Department of Justice ('DOJ'), a voluntary document request from the U.S. Securities and Exchange Commission ('SEC'), and we are involved in litigation with RWE Investco EPC MGMT, LLC relating to an offtake contract.

Data and privacy · Data protection and privacy laws

We are subject to federal, state or foreign laws and regulations as well as our contractual obligations relating to privacy and data protection, and changes in laws relating to privacy and data protection could disrupt our business. We collect and maintain data, including personal information related to our customers and employees, and we face risks inherent in processing and protecting the security of such data.

Industry regulation · Regulatory compliance and changes

We are subject to substantial regulation under international, U.S. federal and state, European, and applicable local laws, including anti-bribery, export control, and safety, environmental, and sustainability laws. We expect to incur significant costs in complying with these regulations. To the extent the laws change, our products may not comply with applicable international, U.S. federal or state, European, or applicable local laws and such changes could imply the need to materially alter our operations.

Industry regulation · Safety and environmental regulations

We and our partners, suppliers, and customers are subject to numerous environmental laws and regulations governing, among other things, solid and hazardous waste storage, treatment, and disposal; and remediation of releases of hazardous materials. There are significant capital, operating, and other costs associated with compliance with these environmental, permitting, and safety laws and regulations.

Geopolitical and trade · Trade policies tariffs and sanctions

Export and import controls could subject us to liability or impair our ability to compete in international markets. The U.S. and various foreign governments have imposed controls, export license requirements and restrictions on the import or export of certain products, technologies, and software. We must export and import our products in compliance with any applicable controls.

Geopolitical and trade · Trade policies tariffs and sanctions

International trade policies may impact demand for our products and our competitive position. Government policies on international trade and investment such as sanctions, import quotas, capital controls, or tariffs, whether adopted by non-governmental bodies, individual governments, or addressed by regional trade blocs, may affect the demand for our products, impact our competitive position, or prevent us from being able to sell products to certain customers or in certain countries.

Geopolitical and trade · Government funding and budget changes

The modification, reduction, elimination, or expiration of government subsidies, economic incentives, tax incentives, renewable energy targets, and other support for solar electricity applications, or the impact of other public policies, such as tariffs or other trade remedies imposed on solar cells and modules or related raw materials or equipment, or increased interest rates, could negatively impact demand and/or price levels for our solar modules and cells and limit our growth or lead to a reduction in our net sales.

Core operations · Safety incidents and operational accidents

Our manufacturing process has hazards including, but not limited to, hazardous materials, machines with moving parts, and high voltage and/or high current electrical systems. There may be safety incidents that damage machinery or products, slow or stop production, or harm employees. Consequences may include litigation, regulation, fines, increased insurance premiums, mandates to temporarily halt production, workers' compensation claims, or other actions that impact our brand, reputation, finances, or ability to operate.

Human capital and workforce · Labor relations and union negotiations

We may be subject to work stoppages or other labor disturbances. Work stoppages or other labor disturbances, such as industrial action, with our employees or those of our contractors, suppliers and customers may occur in the future. In addition, our employees, and those employed by our contractors, may become members of or represented by labor unions.

Market position and competition · Pricing pressure and margin compression

In the aggregate, we believe manufacturers of PV solar modules and solar cells have significant installed production capacity, relative to global demand, and the ability for additional capacity expansion. We believe the solar industry may from time-to-time experience periods of structural imbalance between supply and demand, and that excess capacity will continue to put pressure on pricing. Such conditions may cause substantial downward pressure on the prices of solar cells and modules, which could reduce our revenue and earnings.