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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and T1 Energy Inc. (TE). Click either name above to swap in a different company.
T1 Energy Inc. is the larger business by last-quarter revenue ($210.5M vs $114.8M, roughly 1.8× HA Sustainable Infrastructure Capital, Inc.). HA Sustainable Infrastructure Capital, Inc. runs the higher net margin — -46.8% vs -62.0%, a 15.2% gap on every dollar of revenue.
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
Sony Energy Devices Corporation , is a Japanese multinational company specializing in a variety of areas in the energy industry, and is a wholly owned subsidiary and part of the Devices Group of Sony. The company was established in February 1975 in Fukushima, Japan.
HASI vs TE — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $210.5M |
| Net Profit | $-53.8M | $-130.6M |
| Gross Margin | — | 10.0% |
| Operating Margin | -57.4% | -45.0% |
| Net Margin | -46.8% | -62.0% |
| Revenue YoY | 13.3% | — |
| Net Profit YoY | -176.7% | -375.2% |
| EPS (diluted) | $-0.38 | $-0.87 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $114.8M | — | ||
| Q3 25 | $103.1M | $210.5M | ||
| Q2 25 | $85.7M | $132.8M | ||
| Q1 25 | $96.9M | $53.5M | ||
| Q4 24 | $101.3M | — | ||
| Q3 24 | $82.0M | $0 | ||
| Q2 24 | $94.5M | $0 | ||
| Q1 24 | $105.8M | $0 |
| Q4 25 | $-53.8M | — | ||
| Q3 25 | $83.3M | $-130.6M | ||
| Q2 25 | $98.4M | $-31.9M | ||
| Q1 25 | $56.6M | $-16.2M | ||
| Q4 24 | $70.1M | — | ||
| Q3 24 | $-19.6M | $-27.5M | ||
| Q2 24 | $26.5M | $-27.0M | ||
| Q1 24 | $123.0M | $-28.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 10.0% | ||
| Q2 25 | — | 24.7% | ||
| Q1 25 | — | 33.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -57.4% | — | ||
| Q3 25 | — | -45.0% | ||
| Q2 25 | — | -22.0% | ||
| Q1 25 | 84.7% | -44.2% | ||
| Q4 24 | 90.9% | — | ||
| Q3 24 | -32.1% | — | ||
| Q2 24 | 39.5% | — | ||
| Q1 24 | — | — |
| Q4 25 | -46.8% | — | ||
| Q3 25 | 80.8% | -62.0% | ||
| Q2 25 | 114.9% | -24.0% | ||
| Q1 25 | 58.4% | -30.4% | ||
| Q4 24 | 69.2% | — | ||
| Q3 24 | -23.9% | — | ||
| Q2 24 | 28.1% | — | ||
| Q1 24 | 116.3% | — |
| Q4 25 | $-0.38 | — | ||
| Q3 25 | $0.61 | $-0.87 | ||
| Q2 25 | $0.74 | $-0.21 | ||
| Q1 25 | $0.44 | $-0.11 | ||
| Q4 24 | $0.58 | — | ||
| Q3 24 | $-0.17 | $-0.20 | ||
| Q2 24 | $0.23 | $-0.19 | ||
| Q1 24 | $0.98 | $-0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $110.2M | $34.1M |
| Total DebtLower is stronger | — | $547.3M |
| Stockholders' EquityBook value | $2.7B | $96.9M |
| Total Assets | $8.2B | $1.4B |
| Debt / EquityLower = less leverage | — | 5.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | — | ||
| Q3 25 | $301.8M | $34.1M | ||
| Q2 25 | $86.5M | $8.5M | ||
| Q1 25 | $67.4M | $48.9M | ||
| Q4 24 | $129.8M | — | ||
| Q3 24 | $44.1M | $181.9M | ||
| Q2 24 | $145.7M | $219.6M | ||
| Q1 24 | $61.4M | $249.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | $547.3M | ||
| Q2 25 | — | $591.2M | ||
| Q1 25 | — | $603.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $602.3M |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.7B | $96.9M | ||
| Q2 25 | $2.6B | $183.9M | ||
| Q1 25 | $2.5B | $201.9M | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.3B | $538.7M | ||
| Q2 24 | $2.3B | $561.6M | ||
| Q1 24 | $2.3B | $582.3M |
| Q4 25 | $8.2B | — | ||
| Q3 25 | $8.2B | $1.4B | ||
| Q2 25 | $7.6B | $1.4B | ||
| Q1 25 | $7.5B | $1.4B | ||
| Q4 24 | $7.1B | — | ||
| Q3 24 | $6.7B | $615.0M | ||
| Q2 24 | $6.7B | $644.4M | ||
| Q1 24 | $6.7B | $670.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.65× | ||
| Q2 25 | — | 3.21× | ||
| Q1 25 | — | 2.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.03× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $167.3M | $63.9M |
| Free Cash FlowOCF − Capex | — | $55.0M |
| FCF MarginFCF / Revenue | — | 26.1% |
| Capex IntensityCapex / Revenue | — | 4.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-42.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | — | ||
| Q3 25 | $-121.8M | $63.9M | ||
| Q2 25 | $79.6M | $33.4M | ||
| Q1 25 | $-37.1M | $-44.8M | ||
| Q4 24 | $5.9M | — | ||
| Q3 24 | $21.9M | $-28.4M | ||
| Q2 24 | $-24.8M | $-28.0M | ||
| Q1 24 | $20.9M | $-16.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | $55.0M | ||
| Q2 25 | — | $10.6M | ||
| Q1 25 | — | $-74.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-34.0M | ||
| Q2 24 | — | $-35.6M | ||
| Q1 24 | — | $-37.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 26.1% | ||
| Q2 25 | — | 8.0% | ||
| Q1 25 | — | -138.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 4.2% | ||
| Q2 25 | — | 17.2% | ||
| Q1 25 | — | 54.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -1.46× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.94× | — | ||
| Q1 24 | 0.17× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
TE
| Related Party | $120.1M | 57% |
| Nonrelated Party | $90.4M | 43% |
