Loading…
US solar-module and solar-cell manufacturer building a domestic US supply chain, formerly a battery company (FREYR).
US solar-module and solar-cell manufacturer building a domestic US supply chain, formerly a battery company (FREYR).
Pivoted in 2024 from planned battery plants to solar, buying a Texas module factory from Trina Solar and building a US cell plant. It sells modules by the watt to US developers, and federal manufacturing tax credits for domestic solar makers are a large part of the economics.
Moat: none (scale). Domestic US manufacturing footprint benefits from tariffs on Asian solar imports, but module-making is a low-differentiation, capital-intensive business.
Headquarters: Austin, Texas, US · Founded: 2021 · Employees: 562
Size TE (TE) is a United States Information Technology company (Electrical Products) with a market value of $707M, the 2475th largest of 3,117 United States companies the cockpit tracks. Shares closed at $2.36 on 6 Nov 2026.
Performance Over six months the shares fell 61.7%, against -32.9% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 9 in its peer set.
Growth Revenue grew 427.0% over the last twelve months (peer median +51.7%); the operating margin is -17.0% (peer median 12.6%).
Valuation It trades at 1.4× enterprise value to sales against a peer median of 4.1× (2nd cheapest of 9).
Capital Return on invested capital runs 24.7 points below its cost of capital (11.1% WACC).
Short interest Short interest is 24.5% of the free float (15 Oct 2026).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $997M | $755M | $2.94M | $0 | $0 |
| Revenue growth | — | +25,573% | — | — | — |
| Gross profit | $83.2M | $55.6M | -$9.23M | -$4.70M | -$478,000 |
| EBITDA | -$64.7M | -$86.4M | -$67.5M | -$60.8M | -$120M |
| Net income | -$384M | -$368M | -$450M | -$71.9M | -$98.8M |
| Free cash flow | -$189M | $8.57M | -$154M | -$276M | -$271M |
| Capital expenditure | $189M | $78.8M | $50.8M | $189M | $183M |
| Total debt | $779M | $549M | $719M | $0 | $14.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| TE TE | $707M | -62% | +427% | -17% | 1.4× | n/a |
| First Solar FSLR | $21.6B | -9% | -1% | 39% | 4.0× | 12.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -31.4% | -28.0% | 5th lowest of 10 |
| 6-month return | -61.7% | -32.9% | 2nd lowest of 9 |
| Distance from 52-week high | -81.1% | -61.4% | lowest of 10 |
| Revenue growth (TTM) | +427.0% | +51.7% | highest of 9 |
| Operating margin | -17.0% | 12.6% | 2nd lowest of 9 |
| EV / Sales | 1.4× | 4.1× | 2nd cheapest of 9 |
| ROIC minus cost of capital | -24.7 pp | -1.3 pp | 3rd lowest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TE TE | United States | $707M | -62% | +427% | -17% | 1.4× | n/a | n/a |
| POET Technologies POET | United States | $877M | -54% | +266% | -3,625% | 51.9× | n/a | n/a |
| General Fusion GFUZ | United States | $332M | n/a | n/a | n/a | n/a | n/a | n/a |
| SolarEdge Technologies SEDG | United States | $1.69B | -33% | +26% | -6% | 1.1× | 11.4% | -4.1% |
| Xinyi Solar 0968.HK | Hong Kong | $2.48B | -32% | -25% | 13% | 1.7× | 0.7% | +12.9% |
| Enphase Energy ENPH | United States | $3.77B | -22% | -20% | 13% | 2.9× | 18.7% | +13.7% |
| Belden BDC | United States | $3.83B | -13% | +18% | 12% | 2.1× | 10.3% | +7.8% |
| Yangtze Optical Fibre and Cable Joint Stock 6869.HK | Hong Kong | $17.6B | -63% | +77% | 34% | 5.4× | -8.4% | +10.8% |
| Elite Material 2383.TW | Taiwan | $41.4B | -19% | +89% | 26% | 8.3× | n/a | n/a |
| Lumentum LITE | United States | $48.9B | -40% | +103% | 23% | 12.9× | 41.7% | +11.6% |