TET1 Energy Inc.
Semiconductors & Related Devices
- Revenue
- $755M
- 25573% YoY
- Operating margin
- -31.1%
- 99% YoY
- EBITDA
- −$141M
- 106% YoY
- Market cap
- $758M
- Employees
- 562
- $1M revenue each
- Net debt / EBITDA
- —
- $471M net debt
- AI in 10-K
- 3.4
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo1% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentNo83% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$1M · 85th pctBottom quartile of its SIC industry
- Quiet on AINo3.4 per 10K words · 74th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$758M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$190M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | — | — | $0 | $3M | $755M | 25573% |
| Operating income | −$76M | −$122M | −$66M | −$79M | −$235M | 197% |
| Net income | −$93M | −$99M | −$73K | −$451K | −$381K | 15% |
| Operating cash flow | −$63M | −$90M | −$88M | −$103M | $95M | 193% |
| Capex | $14M | $181M | $188M | $51M | $79M | 55% |
| Stock-based comp | $15M | $9M | $12M | $8M | $11M | 47% |
| Buybacks | $0 | $1M | — | — | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 26, 2026 | TRINA SOLAR (SCHWEIZ) AG | SCHEDULE 13D/A | 11.0% | Passive |
| Feb 26, 2026 | Alussa Energy Sponsor LLC | SCHEDULE 13D/A | 8.6% | Passive |
| Jan 23, 2026 | TRINA SOLAR (SCHWEIZ) AG | SCHEDULE 13D/A | 19.6% | Passive |
| Jan 6, 2026 | TRINA SOLAR (SCHWEIZ) AG | SCHEDULE 13D/A | 18.4% | Passive |
| Dec 22, 2025 | TRINA SOLAR (SCHWEIZ) AG | SCHEDULE 13D/A | 17.4% | Passive |
| Dec 15, 2025 | Encompass Capital Advisors LLC | SCHEDULE 13D/A | 36.0% | Passive |
| Nov 4, 2025 | Encompass Capital Advisors LLC | SCHEDULE 13D/A | 20.0% | Passive |
| Oct 27, 2025 | Encompass Capital Advisors LLC | SCHEDULE 13D/A | 56.5% | Passive |
| Sep 9, 2025 | TRINA SOLAR (SCHWEIZ) AG | SCHEDULE 13D/A | 16.6% | Passive |
| Aug 15, 2025 | Encompass Capital Advisors LLC | SCHEDULE 13D/A | 21.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $190M · 5
- Net
- −$190M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 508 | — |
| FY2024 | — | — | 115 | — |
| FY2023 | — | — | 84 | — |