• T1’s Internal Docs Show >$60 Million of US Tax Credits Were Sent to Chinese Co, Trina Solar in FY2025
  • Financial Accruals Show T1 is still Planning to Pay Out US Tax Credits to Trina in FY 2026 (if T1 actually receives them)
• T1 Executives “Freaking Out” – Tax Credits Expected to Arrive in Apr-2026 Still Haven’t Shown Up
• T1’s Licensed Patents List Exposed – The IP is Owned by Trina Solar
  • Zero of the Patents are Owned by Evervolt
  • 2 Patents on the List Were Granted in FY2026 – Both to Trina Solar…NOT Evervolt
• Evervolt is Nowhere to Be Found in T1’s Financials
• Q1-26 IP Royalty Payment Accrued to Trina, NOT Evervolt

Note – The T1 Energy whistleblowers have provided this information to the SEC in advance of publication.

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.

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.

“[T1 Energy] is like a shell company for Trina. And [Trina is] getting tax credits from our government, and they shouldn’t be” ~T1 Energy Whistleblower

Whether you are long or short T1 Energy (TE), we can all agree that US taxpayer money should NOT be going to China.

The T1 Energy whistleblower sent us internal documents and spreadsheets which reveal that T1 Energy funneled US 45X Tax Credits directly to Trina Solar. Trina was recently labeled by the US Dept of War a “Chinese Military Company Operating in the US.”

In FY 2025 T1 Energy sent ~$60.5 million of US tax credits to China. But 2025 was not the end, it was just the beginning.

Internal docs reveal that if T1 Energy receives 45X tax credits again in FY 2026 that T1 is already planning to send a large % of them straight to China. Internal T1 spreadsheets we have received reveal that in Q1-2026 alone, T1 has already accrued $12.3 million of 45X tax credits to Trina Solar.

T1 Energy has been caught red-handed secretly sending tens of millions of US Tax Credits to Trina Solar, a Chinese company!

Fuzzy Panda Research is Short T1 Energy (TE)

Additional Disclosure: For once and only this once we provided additional disclosure into our actual original short positioning for our T1 Energy (TE) Short. Our positions have not changed since we placed T1 Energy on our internal restricted list. Note – a negligible amount of puts expired worthless, but other than those nothing has changed. You can find additional details of our short position available in Part 1 – The Solar Cell Invoices.

Please see our Terms of Service and disclaimers at the end of the report for additional disclosure.

T1’s Internal Spreadsheets Reveal That T1 Paid US Tax Credits Directly to Trina Solar

The T1 whistleblower provided images of an internal T1 spreadsheets and journal entries that show that T1 Energy paid 45X Tax Credits directly to Trina Solar.

Trina’s China Hustle to misappropriate US Tax dollars couldn’t be clearer. It is spelled out in plain English.

See for yourself, in the below excel spreadsheet.

This spreadsheet is from T1 Energy’s internal SharePoint system regarding “T1 Energy & Trina’s Intercompany Trading Reconciliation” – it shows exactly the $ amount of US Tax credits that T1 Energy kicked back to Trina Solar in each quarter.

“45X Tax Credits” “Due to Trina Solar”

• Q1-2025 – $14.59 Million
• Q2-2025 – $14.08 Million
• Q3-2025 – $25.00 Million* (Note – the $5.83m true up in this spreadsheet also was in Q3-25. So the Q3-25 total amount of US Tax $$$ that T1 paid to Trina Solar could actually be $19.2 million)
• Q4-2025 – $12.68 Million
• Accrual for Q1-2026 – $12.31 Million

In FY 2025, Trina received ~$60.5 million of US Tax Credits. It also showed that even in Q1-2026, T1 Energy accrued $12.3 Million of tax credits to Trina Solar!

(Note – Accruing Tax Credits in Q1-2026 does NOT mean that T1 Energy actually earned and received US 45X Tax Credits. Please see our original T1 Energy Short Report for why we believe T1 Energy will NOT be paid 45X Tax Credits for any solar modules produced & sold after Jan 1, 2026.)

T1 Energy Internal Spreadsheets Expose That in Q4-2025 T1 Paid $12.7 Million of US Tax Credits to T1 Energy:

Just in case you still don’t believe us here are more of the receipts. Below are more internal T1 Energy documents from Q4-2025 which show that a large % of the US 45X Tax Credit that T1 Energy was paid went directly to Trina Solar.

T1 Energy’s internal spreadsheets explicitly show that in Q4 2025, $12.68 million of US 45X tax credits went directly to Trina Solar.

The journal entry that T1 Energy uses is a veiled attempt at hiding the truth. T1 lazily titled it “45X Tax Credits – Trade Discount due to Trina US.” The records for internal journal entries clearly show T1 reduces revenue on modules sold to Trina by the exact amount of 45X tax credits they pay out to Trina.

Apparently T1 thinks the US government is dumb and that slightly mislabeling the funneling of US Tax Dollars to China as a “Trade Discount” for “45X Tax Credits” will prevent everyone from figuring out the truth

Honestly, we were kind of disappointed in T1’s simplicity in how they try to internally hid the US Tax Credits getting sent to China. They didn’t hide it at all!

More Internal T1 Docs Reveal the Truth – Spreadsheet “45X JE_Q4 2025” shows $60.5 million Paid to Trina Solar in FY 2025

The whistleblower also provided images of T1 Energy internal spreadsheets that show T1 Energy paid $60.5 million of 45X Tax Credits to Trina Solar in FY 2025. $47.84 million was paid to Trina Solar through Q3-2025 and this sheet re-confirms that another $12.7 million was going to be paid to Trina Solar in Q4-2025.

The Math Behind the T1-Trina US Tax Credit China Hustle:

We learned that Trina Solar gets paid out T1 Energy’s US 45X Tax Credits when Trina Solar is specifically the customer. In that situation, T1 appears to pay out 90% of the total US Tax Credits directly to Trina, but they relabel it as a “Revenue Discount” to pretend US Taxpayer money isn’t directly sent to China.

Anyways, the math from T1’s internal “45X JEQ4 2025” spreadsheet is simple:

• T1 sold 970,286,040 watts worth of modules to Trina Solar US Inc in FY 2025
• 970,286,040 watts * $0.0624/watt = $60.5 million revenue discount

This shows that T1 only records this “revenue discount” on modules sold to Trina Solar US Inc. Sales to T1’s few other customers and sales where Trina acted as the sales agent did NOT receive this discount.

For simplicity, the 2 bullets below summarize what is happening here:

• T1 generated $67.9 million worth of US 45X tax credits from modules sold to Trina Solar US Inc (970,286,040 watts * $0.07/watt)
• T1 paid $60.5 million of those tax credits back to Trina Solar (970,286,040 watts * $0.0624/watt)

So, Trina received ~90% of the US tax credits T1 generated from the modules Trina purchased off of T1 Energy.

Additional US Tax Credits for FY25 Have Still NOT Arrived – Whistleblower Says T1 Mgmt is “Freaking Out”

The whistleblower informed us that there have been lots of internal mgmt meetings recently about US tax credits not arriving. They informed us that ZERO additional tax credits have been paid to T1 Energy in FY 2026 (Note – we think this is related to the additional tax credits T1 Energy claimed in FY 2025 but couldn’t sell). Evidently T1 Energy had been expecting the tax credits to have been paid out by mid-April at the latest and the fact they haven’t been paid out yet has T1 executives freaking out.

“So those [extra] tax credits that they, they all talked about. They were supposed to receive them from the government. And they have yet to receive them.” ~T1 Energy Whistleblower

Question – And this is for Q1 or for the extra ones [tax credits] for 2025? ~FPR Researcher

“No, this is for 2025” ~T1 Energy Whistleblower

Question – Okay. So this is the ones where they hadn’t sold and said that they had earned them? ~FPR Researcher

“I don’t think they’ve received them [the extra 45X Tax Credits] at all.” ~T1 Energy Whistleblower

The whistleblower also provided us documents from T1 Energy’s Financials which show that as of 12-31-2025 there was an internal balance of $37.9 million US tax credits on T1 Energy’s books. It also shows the balance of 45X tax credits that were paid out to Trina Solar.

Trina Solar Invoices to T1 Energy Also Show 45X Tax Credits Paid to Trina as a Line-Item:

Here is an invoice from Trina to T1 that directly breaks out the payment of 45X US Tax Credits as a seperate line item. Just in case it couldn’t get more obvious that T1’s US Tax Credits were actaully going directly to Trina Solar.

“There was a discount on the invoices [to Trina Solar] for that 45X tax credit” ~T1 Energy Whistleblower

How to Execute a China Hustle of US Tax Credits – A Short Story by T1 Energy & Trina Solar:

Documents Show T1 Energy’s Payment of 45X US Tax Credits to Trina Solar Occur:

1. T1 Energy produces solar modules at G1
2. T1 earned (in FY 2025) a $0.07/watt in Section 45X Tax Credits from the US government
3. Trina Solar buys modules from T1 Energy
4. T1 accrues a “trade discount” of $0.0624/watt payable back to Trina
   1. The $0.0624/watt rate is 89% of the value of the full $0.07/watt tax credit
   2. Trina captures ~90% of the US 45X Tax credit value on modules purchased from T1
5. The discount is booked as a contra-revenue adjustment, reducing T1’s reported net sales
6. The discount flows directly back to Trina as a “45X tax credit trade discount due to Trina US”

It doesn’t matter how T1 Energy tries to explain the flow of payments. The facts are clear. Trina is getting US taxpayer dollars.

Part 5 – Internal Documents Expose T1 Is Paying Trina (Not Evervolt) for IP in FY 2026

• Financial Records Show T1 Energy is Paying Trina Solar NOT Evervolt for the IP in FY 2026
• T1’s Internal Systems Show Evervolt is NOT even a listed Supplier
• All 102 T1 Licensed Patents are Owned by Trina Solar NOT Evervolt
  • 2 Patents Granted in FY26 to Trina…NOT Evervolt

FPR Q – Do you guys pay Evervolt any royalties for IP?

“No, we pay them directly to Trina… I’ve never even seen that company [Evervolt].”’ ~T1 Energy Whistleblower

The whistleblower told us that in all the internal T1 Systems that they had access to that Evervolt does Not exist. They shared with us internal system searches that showed that even in FY 2026 that IP royalty payments are going to Trina Solar…NOT to Evervolt.

We were further shocked to learn that Not only had the whistleblower NOT seen T1 paying Evervolt for IP but instead that invoices from CETC (a Chinese State-Owned Enterprise) evidently exist somewhere in T1’s books and records.

“I was looking at your article and that CETC company. I’ve seen an invoice for them before, but now I cannot find it for the life of me.” ~T1 Energy Whistleblower

T1 Internal Oracle ERP System Search for Evervolt = “No Results Found”

The whistleblower sent us internal documents showing that Evervolt is not even listed as a supplier in T1’s Internal Oracle system. The Oracle search for anything named “ever” comes up with “No Results Found.”

Note – T1 Energy’s Oracle ERP system is actually a Trina Solar controlled system. You can see this in the URL used to access the information which is erp.tumsolar.com (TUM Solar = Trina US Manufacturing)

For comparison, they also sent an image of T1’s Internal Oracle system that shows how a search for Trina shows up.

Internal Spreadsheets Reveal in Q1-2026 T1 Energy Accrued IP Payments for Trina Solar NOT Evervolt

We think T1 Energy’s books and records reveal the truth about Evervolt, that the whole transaction is a sham. The whistleblower sent us T1 internal financial documents. Not surprisingly the IP payments to Evervolt are missing. In fact, Evervolt is no where to be found. But what we did uncover is that in Q1-2026 T1 accrued payments for IP license fees for Trina Solar.

T1’s management team might lie but the books which they never expected to see the light of day appear to reveal the truth.

T1 paying Trina and NOT Evervolt for IP licensing would prove that they whole Evervolt deal is complete fugazi.

Above is a spreadsheet regarding Q1 revenue support that shows the IP payments that T1 energy has accrued.

It shows that in Q1-2026 that T1 energy accrued ~$2 million for IP License Fees. Those accruals went to an account that is controlled by Trina Solar.

The whistleblower explained that it is super easy to see if you understand the how to read internal books & records & journal entries. Specifically, the above journal entry shows that the account the IP payments were accrued to internally was 370-0-2402030000-0-0-302. The whistleblower told us the “302” account = Trina Solar.

“We only have one account that’s dash ‘302’ for Trina” ~T1 Energy Whistleblower

On the Q4-25 earnings call, T1’s CFO stated that the company cancelled their trademark licensing agreement Trina Solar. T1’s 10-K says this cancellation of trademark licensing took place on Dec 29, 2025 and was effective immediately. This further confirms that any journal entries to the trademark & IP licensing royalty fees in 2026 assigned to Trina Solar must solely be for only IP licensing.

The whistleblower sent additional documentation (see image below) showing that the 370-0-2402030000-0-0-302 account was an account controlled by Trina Solar. The account is named TUM_SOB – “TUM” stands for “Trina US Manufacturing.”

The List of the IP that T1 Energy is Licensing – All Patents are Owned by Trina Solar NOT Evervolt

T1 Energy’s IP licensing agreements filed with the SEC says that the list of patents T1 licenses are listed in “Schedule A.” When we FOIA’ed the SEC for the document they couldn’t find it. The list of patents Trina allegedly sold to Evervolt, that T1 Energy licenses, appears to have never been filed with the SEC, it didn’t even come back as filed but protected from disclosure as confidential.

Thus, we were pleasantly surprised when we woke up 1 day to find the entire Schedule A list of T1’s 102 licensed patents sitting in our protonmail inbox. We took all the patents and searched for the owners to see if Evervolt actually did own any of the IP. Evervolt did NOT…ALL of the patents showed up as owned by Trina Solar. We believe that caused a duty for us to now disclose all that information publicly so here is the “Schedule A.*”

Here is a sample of images that the whistleblower sent to us regarding the patents T1 Energy is licensing:

* = Note – If T1 Energy’s legal counsel believes the list of patents that T1 is NOT licensing from Evervolt but which are Owned by Trina is proprietary and should be kept confidential then please feel free to email your redaction request to us at [email protected]. Note – we will need you to provide a list of which patents you would specifically like redacted and why.

Additionally, we will require you to answer a couple basic questions.

1) Why are none of the patents in this list owned by Evervolt?

2) Why wasn’t the Schedule A filed with the SEC?

3) Did you think no one would notice that Trina Solar still owns all the patents?

2 Patents Were Granted in FY 2026 – Granted to Trina Solar NOT to Evervolt

We researched all the patents on the list using Google Patents and USPTO to see if any patents were transferred from Trina to Evervolt. They are all still owned and controlled by Trina Solar. We did not find a single patent that had been transferred to Evervolt.

However, we did uncover that 2 of the patents were recently granted to Trina Solar in FY 2026, NOT Evervolt.

A Patent Supposedly Owned by Evervolt Was Granted to Trina Solar in March 2026

T1 licenses a patent with Publication Number US20240113250A1 (Granted as US12593526B2). It was granted to Trina Solar on March 31, 2026.

A Patent Supposedly Owned by Evervolt Was Granted to Trina Solar – February 2026

T1 also licenses a patent with Publication Number US20220262967A1 (Granted as US12543400B2). It was granted to Trina Solar on February 3, 2026.

To view all 102 patents T1 Energy licenses from Evervolt Trina Solar, click here.

Despite what T1 Energy’s management has said about no longer licensing IP from Trina Solar, these images sent to us from the whistleblower clearly show how T1 is misleading investors.

Questions for T1 Energy Management:

T1 Energy’s management has some explaining to do:

• Why are you sending US taxpayer dollars to China?
• Is collecting 45X Tax Credits and then funneling directly to China FEOC compliant?
• Why do your books & records show IP payments in Q1 to Trina Solar, Not to Evervolt?
• Why do insiders not know Evervolt exists?
• Why are the Patents all assigned to Trina Solar?

We think an author like Bethany McLean will eventually write a book about all the Shenanigans at T1 Energy too. It could be a sequel to her Arthur Andersen-Enron story, but more like HotShots-Part Deux (aka the Charlie Sheen version). So we believe a more appropriate title will be “The Dumbest Guys in the Room…How T1 Energy FEOC’ed Themselves.”

T1 Energy (TE) “Nǐ tā mā wán dàn le”** (你他妈完蛋了)…aka T1 Energy is completely FEOC’ed.

Fuzzy Panda Research is Short T1 Energy (TE)

**Apologies that this is likely a poor translation. We only studied Mandarin for ~1 year and it was long ago in college. Note – at the end of that 1^st year our Stanford Professor actually asked us to please stop trying to learn Mandarin otherwise they would be forced to fail us in year 2. Xie Xie for the great advice.

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