BTIG analyst Gregory Lewis reiterated a Buy rating and $7.00 price target on T1 Energy Inc. (NYSE: TE)

The analyst commented, "TE reported Q4 earnings (BMO) with an EBITDA loss of ~$51M, coming in below the Street's +$40M estimate due to one-time costs related to achieving Foreign Entity of Concern (FEOC) compliance; a requirement the One Big Beautiful Bill Act tied to increasingly stringent domestic content rules taking effect this year for IRA tax credit eligibility for TE and its customers. Digging deeper into TE's FEOC efforts, the company took steps to shore up compliance during the quarter including 1) the transfer of Trina Solar (688599.CN, Not Rated) IP to a Singaporean distributor, 2) purchasing certified non-FEOC cells (covers a portion of 2026 production), and 3) paying down Trina-linked debt through new capital raises. However, some regulatory uncertainty remains as a Section 232 (polyscilicon-linked import tariffs) ruling is expected later this spring. An update to the tariff could impact US module pricing and will likely weigh on non-FEOC imported module margins, leading management to withhold financial guidance for now. Module production guidance of 3.1-4.2GW remains unchanged. Bottom line: TE's sales are anchored by ~3GW of "cost plus" or fixed margin offtakes, but tariff uncertainty may weigh on interim merchant sales while G2 Austin is built. We maintain our Buy rating and note the shifting regulatory landscape validates TE's long-term strategy of onshoring its supply chain."

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Shares of T1 Energy Inc. closed at $5.62 yesterday.