Toyo CEO Reaffirms 2026 Outlook, Anticipates Solar Shipments of 5.8 GW
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 18 2026
0mins
Toyo CEO Takahiko Onozuka stated, "Following our strong first-quarter performance, we are reaffirming our full-year 2026 outlook, which reflects our confidence in the sustained U.S. demand for high-efficiency solar solutions. We anticipate solar cell shipments to reach between 5.5 GW and 5.8 GW in 2026, bolstered by our scaled manufacturing capabilities. Furthermore, as we deepen our downstream presence, we expect solar module shipments to reach 1.0 GW to 1.3 GW this year. We expect, with our focus on supply chain resilience, to achieve a full-year adjusted net income in the range of $90M-$100M. We are continuing to move forward with our plans for a domestic cell plant as part of our commitment to reshore solar production and advance toward a more integrated supply chain in the United States to meet the needs of our customers for high performance solar solutions aligned with the evolving policy environment. We are also moving forward to establish a U.S. R&D center to bring next-generation technologies that will bolster energy security and meet the surging demand for on- and off-grid electricity to power the AI economy".
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Analyst Views on TOYO
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.
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- Market Positioning: TOYO is committed to becoming a full-service provider of solar solutions globally, integrating all stages from wafer production to photovoltaic module manufacturing, demonstrating its competitive edge in a challenging market.
- Forward-Looking Statements: The company mentions that statements regarding future expectations and plans may constitute forward-looking statements, with actual results potentially differing due to various factors, urging investors to exercise caution.
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See More
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- Executive Engagement: Rhone Resch, TOYO's Chief Strategy Officer, will hold one-on-one meetings with institutional investors during the conference, aiming to strengthen investor relations and enhance the company's visibility.
- Market Positioning: TOYO is committed to becoming a full-service provider of solar solutions globally, integrating upstream wafer production to downstream photovoltaic module manufacturing, ensuring high quality and competitive costs.
- Forward-Looking Statements: The company mentions that statements regarding future expectations may constitute forward-looking statements, with actual results potentially differing due to various factors, urging investors to exercise caution.
See More
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- Conference Participation: TOYO Co., Ltd will participate in the Bank of America Power, Utilities, and Cleantech Conference on May 27-28, 2026, in New York, showcasing its strategic positioning in the solar solutions sector.
- Executive Engagement: Rhone Resch, TOYO's Chief Strategy Officer, will hold one-on-one meetings with institutional investors during the conference, aiming to strengthen investor relations and enhance the company's visibility in the market.
- Market Positioning: TOYO is committed to becoming a full-service provider of solar solutions globally, integrating all stages from wafer production to photovoltaic module manufacturing, demonstrating its competitive edge in a challenging market.
- Forward-Looking Statements: The company mentions that statements regarding future expectations and plans may constitute forward-looking statements, with actual results potentially differing due to various factors, urging investors to exercise caution.
See More
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- Significant Revenue Growth: Toyo Co Ltd achieved revenue of $142.8 million in Q1 2026, a remarkable 177% year-over-year increase, primarily driven by substantial shipments of solar cells and modules, thereby solidifying its market leadership.
- Gross Margin Improvement: The gross margin expanded to 33.5% from 9.3% in the prior year, reflecting structural improvements in the business model that enhance profitability and lay a solid foundation for future growth.
- Net Income Turnaround: The company reported a net income of $28.4 million for Q1 2026, a strong rebound from a net loss of $3.7 million in Q1 2025, boosting investor confidence in its financial health.
- Rising Operating Expenses: Operating expenses increased by 89.4% to $11.5 million year-over-year, driven by higher sales commissions and broader operational scale, yet the company is actively expanding its U.S. module production facility to meet growing market demand.
See More
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- Significant Revenue Growth: The company reported Q1 revenue of $142.8 million, a 177% year-over-year increase, yet it missed the expected $202.9 million, reflecting market demand volatility and intensified competition challenges.
- Net Income Turnaround: TOYO achieved a net income of $28.4 million, a stark contrast to a net loss of $3.7 million in Q1 2025, demonstrating substantial progress in cost control and operational efficiency.
- EBITDA Surge: Non-GAAP EBITDA reached $48.1 million, a dramatic increase from $2.4 million in Q1 2025, showcasing significant improvements in profitability quality and operational efficiency.
See More
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- Record Net Income: The company reported a net income of $28.4 million for Q1 2026, a stark contrast to a net loss of $3.7 million in the same period of 2025, demonstrating successful enhancements in production capacity and operational efficiency, indicating a sustained improvement in profitability.
- Improved Gross Margin: The gross margin for Q1 2026 improved to 33.5% from 9.3% in Q1 2025, driven by expanded production scale and cost management, which enhances the company's competitive edge in the solar market.
- Optimistic Outlook: TOYO reaffirmed its full-year 2026 guidance, anticipating solar cell shipments between 5.5 GW and 5.8 GW, with a net income target of $90 million to $100 million, reflecting confidence in sustained U.S. demand and future growth potential.
See More
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- Investor Relations Website: Prior to the event, TOYO will release its Q1 earnings report and related investor deck on its investor relations website, ensuring that investors can access key information in advance for analysis.
- Dial-In Numbers Provided: The conference call will feature dial-in numbers, including a toll-free number for U.S. participants (800-715-9871) and international dial-in options, facilitating global investor participation and enhancing communication between the company and its investors.
- Company Overview: TOYO is committed to becoming a full-service solar solutions provider, integrating upstream production of wafers and solar cells to downstream photovoltaic module production, showcasing its competitiveness and market potential in the solar industry.
See More
