Toyo projects FY25 revenue between $375 million and $400 million.
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 08 2025
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Production Plans: TOYO aims to scale solar cell production at its Ethiopian facility to a run-rate of 4GW by the second half of 2025, while reallocating production in Vietnam to markets with lower tariffs than those in the U.S.
Investment Strategy: The company plans to expand its U.S. module capacity as it refines its sourcing strategy, believing solar energy is a viable solution for quickly and affordably increasing energy grid capacity amid rising electricity demand.
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About TOYO
TOYO Co Ltd is mainly engaged in the solar solution. The Company is mainly engaged in designing, manufacturing and selling of solar cells and solar modules and related businesses. The Company is a solar solution service provider that integrates the upstream production of wafer and silicon, midstream production of solar cell, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
TOYO Secures U.S. Polysilicon Supply Contract, Enhancing Supply Chain Stability
- Strategic Partnership: TOYO has signed a one-year sales contract with a leading U.S. polysilicon producer to secure critical raw materials for its solar manufacturing operations, thereby enhancing the company's dual-source strategy and ensuring a stable, compliant supply.
- Market Demand Response: By incorporating U.S.-produced polysilicon, TOYO is better positioned to meet the growing demand in the U.S. solar market, enhancing its competitiveness and market share.
- Supply Chain Diversification: This collaboration combines U.S. polysilicon with existing non-Foreign Entity of Concern (FEOC) overseas supplies, creating a robust and diversified supply chain that supports TOYO's production capabilities in both the U.S. and Ethiopia.
- Policy Alignment Advantage: By sourcing polysilicon domestically, TOYO not only aligns with U.S. regulatory expectations but also supports its strategic objectives for U.S. market expansion, further solidifying its position as a leading solar supplier.
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TOYO Acquires Remaining 24.99% of TOYO Solar LLC, Strengthening U.S. Solar Supply Chain
- Full Ownership: TOYO has completed the acquisition of the remaining 24.99% interest in its U.S. subsidiary, TOYO Solar LLC, making it a wholly owned subsidiary, marking a significant milestone in the company's U.S. expansion strategy.
- Manufacturing Capacity Enhancement: TOYO Solar LLC is advancing the development of a 2.5GW solar module manufacturing facility in Texas, and through full ownership, TOYO will enhance operational control over this project, thereby improving production efficiency and market responsiveness.
- Strategic Commitment: Chairman and CEO Junsei Ryu stated that this acquisition strengthens TOYO's alignment of long-term interests in the U.S. market, demonstrating its commitment to delivering American-made solar solutions at scale.
- Market Competitiveness: By integrating upstream production of wafers and solar cells, TOYO further solidifies its competitive position in the global solar market, which is expected to drive the company's growth potential in the future.
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