T1 Energy (TE)

The sleeper story is T1 just proved their module-only business model generates positive EBITDA even before their differentiated cell manufacturing begins, but the complete absence of cash flow and receivables disclosure suggests those earnings aren't converting to cash. While the Street focuses on the G2 financing delay, the real tell is management being choosy about financing terms while burning cash, implying either hidden balance sheet strength or dangerous overconfidence. The binding constraint isn't cell supply or customer demand, it's working capital to bridge the 6+ months until G2 produces cells. Most revealing quote: 'We intend to issue more detailed 2026 guidance once we have better clarity' which is code for 'we have no idea what H2 looks like.' My view changes if they disclose positive operating cash flow or demonstrate actual cash collection from their record Q1 sales.