T1 Energy forecasts Q2 revenue of $245M-$255M and acquires solar patents for $135M, triggering a pre-market selloff.
T1 Energy (TE) shares fell 12.8% in early trading Tuesday after releasing preliminary Q2 results, projecting revenue between $245M and $255M. The company cited module sales volumes of approximately 835 MW for the quarter.
The guidance follows a prior quarter where T1 Energy reported revenue of $220M. Analysts had expected revenue closer to $260M for Q2. The company also anticipates a net loss from continuing operations for the period.
In a separate announcement, T1 Energy disclosed a $135M deal to acquire solar patents from Evervolt, expanding its intellectual property portfolio.