Note – The T1 Energy whistleblowers have provided this information to the SEC in advance of publication.
Additional Disclosure – Members of the Fuzzy Panda Research Team are short securities of T1 Energy (TE). The short positions we hold in T1 Energy are the same ones we held after verifying the whistleblowers statements and documents to be real at which time Fuzzy Panda Research placed T1 Energy on our internal restricted trading list. We did not share the information outside our core team and ceased communication about T1 Energy with those parties that are normally described as the Fuzzy Panda “Affiliates” – some of which we have a financial interest in their profits. As a result, we currently have no idea if the Fuzzy Panda “Affiliates” are currently short, long, or neutral securities of T1 Energy. We apologize to them for ducking their calls, texts, and emails about T1 Energy in recent weeks. We hope you didn’t make the mistake of betting against Panda. Additionally, we have no intention of providing updates about any future positions we may have in securities of T1 Energy (TE), nor disclosing when a company has been removed from our restricted list. Please see additional disclosures at the end of report and in our terms of service.
The T1 Energy Whistleblower:
The day after our report, a T1 Energy whistleblower contacted us through ProtonMail and wrote: “You guys are right about T1, and I have the documents to prove it.” Attached were 11 grainy screenshots.
We replied immediately asking for their phone number and called them. That first phone call lasted 2.5 hours. It sounded great, but we were skeptical. Then the emails started coming. Email after email with screenshots of what appeared to be emails, documents, spreadsheets that showed T1 Energy has been misleading investors. At first, we were very skeptical. Who sends a trove of documents to a stranger called Fuzzy Panda.
In the days that followed we were able to verify the whistleblower’s background and we used our own proprietary methods which include running full background checks, legal searches, speaking with other sources, and having whistleblower lawyers speak with them to verify their identity and legitimacy of the information we were provided. As a result, our internal compliance officer made the decision to place T1 Energy on our internal restricted trading list until we could either verify or disprove the documents. We even flew out to Texas and met with the whistleblower in person to confirm everything “on the record.”
In the era of deep fakes and AI generated material we can never be 100% certain of authenticity, but we even saw the information in person and we believe we have verified the legitimacy of the documents and their sourcing, so we’ll be releasing them to the public.
The whistleblower has never asked us for compensation, credit, or anything. Their only ask of us was to keep them anonymous and to make sure that the truth came out.
We asked them multiple times “why are you willing to take this large risk?” Their answer was always the same.
T1 is lying to everyone, they are “cooking the books,” and they shouldn’t be sending US tax dollars to China.
Note to other Whistleblowers, former T1 Energy employees, or people with more knowledge about T1 Energy’s suspicious import-export records. You can reach out to us by emailing at [email protected]. We will protect your anonymity.
T1 Energy (TE) – The Whistleblower Series:
Today we are releasing Part 1 – The Solar Cell Invoices. The Solar Cells actually coming from Trina in Q1 is just the tip. T1’s is FEOC’ed hard.
We have received >150 files from the whistleblower and will continue to expose what we believe are T1’s management’s false and misleading statements + accounting shenanigans over the coming days in this 5-Part Whistleblower Series.
Part 1 – The Solar Cell Invoices
Part 2 – Trina’s Control Over T1 Energy
Part 3 – “Cooking the Books” – The Accounting Shenanigans
Part 4 – Why is Evervolt Missing?
Part 5 – Proof of US Tax Credits Going to China
Fuzzy Panda Research is Short T1 Energy (TE)
Additional Disclosure: For once and only this once we are going to provide additional disclosure into our actual current short positioning for our T1 Energy (TE) Short. Our positions have not changed since we placed T1 Energy on a restricted list (although their size has increased due to a short squeeze…thanks Leopold.)
Note – We intend to hold the below positions through the publication of all 5 Parts of the Whistleblower Series.
Please see our Terms of Service and disclaimers at the end of the report for additional disclosure.
T1’s Solar Cell Invoices Expose Management’s False Statements
- Whistleblower Exposed That All T1’s Solar Cells Purchased in Q1-2026 Came From Chinese Co, Trina Solar
- T1’s Invoices Provided by the Whistleblower Prove Management has been Misleading Investors
- Executives Told Investors T1 Stopped Buying from China’s Trina Solar Last Year
- 26 Invoices Reveal the Truth – T1 Energy is FEOC’ed
- Trina Solar Cells = No US Tax Credits = No Profits for T1
T1 executives have been telling investors that it had stopped buying solar cells from Trina Solar, the Chinese solar giant. Management have told investors multiple times they are sourcing cells through four international suppliers who have certified their non-FEOC status.
“You can’t buy cells from Trina anymore after the first of the year. And so we’re not. We’re buying them from four different vendors.” ~Jeff Spittel, T1’s EVP of IR (5-19-26 Twitter Spaces; part 1; part 2)
“Our supply chain team is sourcing cells through international suppliers who have certified their [non-FEOC] status to feed G1 during the bridge period ahead of the anticipated start of production at G2 in Q4 2026” ~CEO Dan Barcelo – Q4 2025 Earnings Call
T1 Energy needs to buy solar cells from non-FEOC suppliers in order to comply with U.S. FEOC rules. This allows T1 to earn the US tax credits it needs to be profitable. This is not a matter of debate or interpretation – the executives are on the record saying it multiple times, again, and again.
Management lied – T1’s Solar Cells Come from Trina Solar.
The whistleblower provided us images of the actual invoices for T1’s Q1-2026 Solar Cell purchases. The invoices we have reviewed show T1 bought >$65 million of solar cells between January 2026 and March 31, 2026. ALL of those solar cell invoices came from Trina Solar.
Trina Solar is Chinese Military Company Operating in the United States
On June 8th, the US Department of War released a new list of “Chinese Military Companies Operating in the US.” 2 days ago, Trina Solar was added to the list!
Why Solar Cell Purchases from Trina Solar Matter
Trina Solar is a Chinese Solar giant who is the spitting example of a Prohibited Foreign Entity. Sourcing solar cells from Trina = FEOC for T1 Energy. Management knew it and we think that is why they have been misleading investors about where they have been sourcing their solar cells from.
Solar cells are the most expensive component in a solar module, making T1 Energy’s cell sourcing critical to its eligibility for U.S. tax credits. To qualify, T1 must comply with all FEOC rules, including the requirement that no more than 50% of its material costs come from a Prohibited Foreign Entity, such as Trina.
Because solar cells represent the bulk of T1’s material costs, T1 must source them from suppliers that are not deemed FEOCs by the U.S. government. If T1 relies on FEOC-linked cells, it is not eligible for 45X tax credits. Without those credits, T1 does not generate profits.
Without the tax credits, T1’s EBITDA margins flip from +~5.1% to -18.2%.
No Tax Credits = No Profits for T1 Energy.
Invoices Expose T1 is Buying Solar Cells From Trina Solar
We reviewed the images of Trina invoices sent to T1 provided by the whistleblower and found that T1 Energy made at least 26 purchases of solar cells from Trina between January 2026 and March 31, 2026, spending at least $65 million. Every single solar cell invoice we reviewed came from Trina Solar.
The T1 Energy whistleblower also confirmed that all solar cell purchases came from Trina Solar.
Q: Are all the solar cells coming from Trina? Or are any of them getting invoiced from [others]
“No. They’re all Trina.” ~T1 Energy Whistleblower
The invoices reveal the truth that T1 management is trying to hide from investors, and they even reveal it in both Mandarin & English. T1 Energy’s TOPCon solar cells are still being purchased from Trina Solar, a non-FEOC compliant Chinese solar company that was placed on the US Department of War’s list of Chinese Military company’s operating in the US only 2 days ago!
26 Invoices Show T1 Energy Paid >$65 million to Trina Solar for Solar Cells in Q1-2026
Below are some of the invoices. We highlighted and broke down the key items for you to show that T1 clearly appears to be buying their TOPCon solar cells from Trina Solar.
Invoice from Feb 11, 2026 – T1 paid Trina $1.37 million for TOPCon solar cells.
Invoice to T1 from Jan 22, 2026 for $1.377 million of solar cells from Trina Solar.
Another Invoice to T1 – Jan 22, 2026 for $1.38 million of solar cells from Trina.
A purchase order from T1 – Feb 6, 2026 for $1.16 million of Solar Cells from Trina.
And another invoice to T1 – March 31, 2026 for $5.3 million of solar cells from Trina.
And another invoice to T1 – March 31, 2026 for $4.4 million of solar cells from Trina.
And another invoice to T1 – March 31, 2026 for $2.3 million of solar cells from Trina.
Total Invoices to T1 Energy From Trina Solar for Solar Cells Delivered in Q1-2026 >$65 Million
All of the invoices for solar cells that the whistleblower provided us showed that T1 had purchased their solar cells from Trina Solar. The Q1-2026 invoices that we reviewed totaled >$65 million.
We will post all of the 26 Trina Solar Invoices provided by the whistleblower to our scribd account so investors can review what he provided us for themselves.
Solar Cells from Trina Solar = T1’s BOM for MACR Ratio = Huge Fail
Our analysis shows that T1’s solar cell purchases from Trina would result in T1 failing another crucial test it needs for the tax credits, what the IRS calls the Material Assistance Cost Ratio (MACR).
Based on T1 Energy’s own internal records and invoices for Hemlock polysilicon, solar cells, aluminum frames, ribbon wire, junction boxes, frame sealant, and pouring sealant, we calculated their MACR to be only 19%. That means that our estimates show that only ~19% of direct material costs come from FEOC compliant providers. The rule for FY 2026 is that T1 needs to have >50%. Therefore T1 Energy is NOT FEOC compliant.
Meaning the $41.4 million in tax credits T1 recognized in their Q1 2026 financial statements need to be reversed and the financials need to be restated. Adj. EBITDA would flip from +$9.1 million to -$32.3 million.
T1 Management’s False Statements About non-FEOC Solar Cell Suppliers – Meanwhile They Were Buying Trina Solar Cells
The rules for the tax credits T1 needs were established by Trump’s One Big Beautiful Bill and made it OK for T1 to buy Trina solar cells through the end of last year. So that’s what T1 did throughout 2025.
But to keep getting earning the US 45X tax credits in 2026, the rules said T1 had to stop buying solar cells from any company that the U.S. government considers a Foreign Entity of Concern (FEOC), namely Trina.
T1’s executives have spent the past two quarters boasting that they have found at least four other non-FEOC solar cell suppliers and have been using them since the start of 2026. They said it over and over again:
“You can’t buy cells from Trina anymore after the first of the year. And so we’re not. We’re buying them from four different vendors.” ~Jeff Spittel, EVP IR – May 19 X/Twitter space
“We are not looking to produce with FEOC cells at all. So we’d have to use non-FEOC cells in order to make our U.S.-made modules… It is a competitive place where we’re trying to get hands on these non-FEOC cells.” ~CEO Dan Barcelo – Q1 2026 Earnings Call
“Our international cell procurement program has been progressing well, and we now have 4 vendors for which we’ve completed non-FEOC diligence to supply G1 and expect that number to rise.” ~Joseph Evan Calio, CFO – Q1 2026 Earnings Call
“Our main focus is making sure that we’re procuring non-FEOC cells and working very closely with legal on the right diligence for that… We have enough suppliers. We’ve seen enough capacity in the market.” ~Jaime E. Gualy, COO Q1 2026 Earnings Call
What Will Management Do Now – More False Statements?
We are unsure if management will pretend they didn’t know where the solar cells were coming from, or maybe they will try to spin some false stories about how they thought they were sourcing solar cells from countries other than China. We expect them to probably do the latter and for T1 management’s to claim that since the solar cells were shipped from Vietnam, the Philippines, or maybe even one of the former Soviet Bloc countries (one of the “stans”) and then to claim that T1 “could be” FEOC compliant.
But now you know the reality, T1’s Solar Cells are coming from Trina Solar.
The whistleblower explained that even when T1 pretends the solar cells are coming from somewhere else that in reality it’s all Trina Solar. The whistleblower explained how the Hemlock polysilicon it is being sent to Trina Vietnam where it’s turned into a wafer. Then the wafer is then sent to another Trina company to make the solar cell before it’s shipped to Trina US. Then Trina US sells the solar cell to T1 Energy.
“So Trina Vietnam sends it [wafer] to another Trina company. And then that Trina company sends it [cell] to Trina US. And then they sell it to us [T1 Energy]” ~T1 Energy Whistleblower
The FEOC rules are clear, it doesn’t matter which country a Chinese controlled solar company routes materials to the US through. If the solar cells are being produced from a company or a subsidiary controlled by Trina Solar or another Chinese Solar Co then those are FEOC solar cells.
We’ve seen the invoices and now so have you – T1 bought Trina solar cells over and over again in Q1-2026 while claiming they didn’t. The invoices don’t lie, T1 Energy is FEOC’ed in FY 2026.
Questions For T1’s Management on the Solar Cells Invoices:
- Did you really expect no one to find out?
- What’s your excuse for misleading investors?
We plan to release Part 2 of “T1 Energy – The Whistleblower Series” as soon as possible…probably tomorrow. Stay tuned.
Fuzzy Panda Research is Short T1 Energy (TE)
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