TOYO FY2025 Preliminary Performance Exceeds Expectations with Revenue of Approximately $427 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 18 2026
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Should l Buy TOYO?
FY2025 Preliminary Performance Highlights: Revenue: Delivering stronger than expected performance, the Company achieved approximately $427 million, beating the previously updated guidance range of $375-$400 million issued in September 2025 and reflecting substantial year-over-year growth. This was driven by increased production volumes and strong orders from utility-scale and commercial customers worldwide. Solar Cell Shipments: Approximately 4.5 GW, surpassing previously announced full-year target of 4.2-4.4 GW. Key contributors included the successful ramp-up and full utilization of the Company's 4 GW solar cell facility in Ethiopia, which began commercial production in 2025. Solar module shipments: Approximately 249MW, since commencing commercial production in October 2025. EBITDA: Approximately $96 million, supported by operational efficiencies, improved margins from scaled production, and cost optimizations across the supply chain. Net Income: Approximately $38 million. Net income includes a one-time share-based compensation of approximately $14 million. These preliminary results underscore TOYO's progress in building a resilient, vertically integrated solar value chain, with strategic facilities in Ethiopia and the United States enhancing supply chain security and competitiveness amid evolving trade dynamics.
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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.
TOYO Co., Ltd Reports Strong FY 2025 Financial Results
- Significant Revenue Growth: TOYO Co., Ltd achieved $427.4 million in revenue for FY 2025, exceeding the guidance range of $375 million to $400 million, marking a 142% increase from 2024, indicating strong performance in the solar market.
- Record Solar Cell Shipments: The company shipped 4.5 GW of solar cells in 2025, surpassing the target of 4.2-4.4 GW, primarily driven by the full utilization of its new 4 GW cell facility in Ethiopia, enhancing its competitive edge in the market.
- Substantial Net Income Increase: TOYO reported a net income of $37.2 million for 2025, which includes a one-time non-cash share-based compensation charge of $13.7 million, while adjusted net income soared to $52.2 million, reflecting a 769% increase year-over-year and demonstrating improved profitability.
- Optimistic 2026 Outlook: The company expects solar cell shipments to reach 5.5-5.8 GW and solar module shipments to be around 1-1.3 GW in 2026, with management emphasizing continued investments in R&D and technology to support future profitable growth.
See More
Toyo Co Ltd Reports Record Revenue and Growth in 2025
- Significant Revenue Growth: Toyo Co Ltd achieved a record revenue of $427 million in 2025, representing a 142% increase over 2024, indicating strong market demand and solidifying its market position.
- Gross Margin Expansion: Gross profit surged from $21.9 million in 2024 to $96.3 million, with gross margin expanding from 12.4% to 22.5%, reflecting improved production efficiency and enhancing the company's profitability and competitive edge.
- Increased Operating Expenses: Despite substantial revenue growth, operating expenses rose by 186% year-over-year to $37.3 million, primarily due to increased non-cash share-based compensation, which may exert pressure on future profits.
- Net Income Fluctuation: The net income for 2025 was $37.2 million, down from $40.5 million in 2024, although adjusted net income soared from $6 million to $52.2 million, showcasing strong performance in the core business.
See More
TOYO Reports FY 2025 Earnings with 142% Revenue Growth and Strong Outlook
- Earnings Highlights: TOYO reported a FY 2025 non-GAAP EPS of $1.48 with revenue of $427.4 million, reflecting a 142% year-over-year increase, exceeding the company's previously updated guidance range of $375-400 million, indicating strong market demand and execution capabilities.
- Net Income Analysis: The net income stood at $37.2 million, which includes a one-time non-cash share-based compensation charge of approximately $13.7 million, while the adjusted net income surged to $52.2 million, marking a 769% increase from $6 million last year, showcasing significant improvements in cost control and profitability.
- 2026 Outlook: Solar cell shipments are expected to reach approximately 5.5-5.8 GW for the full year 2026, with solar module shipments projected at 1-1.3 GW, driven by sustained market demand that will enhance the company's growth potential and solidify its leadership in the renewable energy sector.
- Profit Expectations: Adjusted net income for 2026 is anticipated to reach approximately $90-100 million, reflecting the company's confidence in future performance and the potential for long-term growth through ongoing technological innovation and market expansion.
See More
TOYO Reports Record Financial Results for FY 2025
- Significant Revenue Growth: TOYO reported revenues of $427.4 million for FY 2025, a 142% increase from 2024, primarily driven by the full operation of its 4 GW cell facility, enhancing its competitive position in the U.S. utility market.
- Improved Gross Margin: The gross profit for 2025 was $96.3 million, with a gross margin of 22.5%, significantly up from 12.4% in 2024, indicating the advantages of expanded production capacity leading to higher selling prices.
- Net Income Recovery: TOYO's net income for 2025 was $37.2 million, down from $40.5 million in 2024, but adjusted net income reached $52.2 million, reflecting improvements in cost control and operational efficiency.
- Positive Future Outlook: TOYO aims to continue expanding its market share in 2026, with expectations to nearly double net income, indicating a strengthened position as a compliant solar solutions provider in the U.S. market.
See More
TOYO Appoints New Chief Strategy Officer
- Executive Appointment: TOYO has appointed Rhone Resch as Chief Strategy Officer, a role reporting directly to the CEO, aimed at driving the company's global growth strategy, particularly in expanding its U.S. market presence and enhancing manufacturing capabilities.
- Rich Industry Experience: Rhone Resch brings over 20 years of experience in the global solar industry, having founded and led multiple solar companies, which supports the commercialization of new technologies and the establishment of strategic partnerships, thereby strengthening TOYO's position in competitive markets.
- Policy and Growth Synergy: As President of the Solar Energy Industries Association (SEIA), Resch played a pivotal role in expanding the U.S. solar industry by collaborating with policymakers and industry stakeholders to develop market frameworks and incentive programs, contributing to overall industry growth potential.
- Supporting Corporate Strategy: At TOYO, Resch will work closely with the CEO and executive team to focus on the company's long-term strategy, particularly in providing high-performance solar technologies to meet the increasing demand for secure and scalable energy solutions.
See More
TOYO Appoints New Chief Strategy Officer
- Strategic Leadership Appointment: TOYO has appointed Rhone Resch as Chief Strategy Officer, tasked with leading the global growth strategy, particularly focusing on expanding the manufacturing footprint in the U.S., which is expected to enhance the company's market share in the competitive solar industry.
- Extensive Industry Experience: Rhone Resch brings over 20 years of experience in the solar sector, having served as CEO of the Solar Energy Industries Association, where he played a pivotal role in expanding the U.S. solar market, and his deep industry background will provide crucial support for TOYO's strategic initiatives.
- Global Manufacturing Strategy: Resch will focus on strengthening TOYO's global manufacturing strategy and supply chain development, helping the company maintain competitiveness amid evolving trade and market dynamics, ensuring a reliable supply of high-performance solar technologies.
- Market Expansion Goals: Under Resch's leadership, TOYO aims to build closer relationships with developers, utilities, and technology partners to support its expansion in the U.S. market and achieve long-term growth objectives.
See More
TOYO Co., Ltd Reports Strong FY 2025 Financial Results
- Significant Revenue Growth: TOYO Co., Ltd achieved $427.4 million in revenue for FY 2025, exceeding the guidance range of $375 million to $400 million, marking a 142% increase from 2024, indicating strong performance in the solar market.
- Record Solar Cell Shipments: The company shipped 4.5 GW of solar cells in 2025, surpassing the target of 4.2-4.4 GW, primarily driven by the full utilization of its new 4 GW cell facility in Ethiopia, enhancing its competitive edge in the market.
- Substantial Net Income Increase: TOYO reported a net income of $37.2 million for 2025, which includes a one-time non-cash share-based compensation charge of $13.7 million, while adjusted net income soared to $52.2 million, reflecting a 769% increase year-over-year and demonstrating improved profitability.
- Optimistic 2026 Outlook: The company expects solar cell shipments to reach 5.5-5.8 GW and solar module shipments to be around 1-1.3 GW in 2026, with management emphasizing continued investments in R&D and technology to support future profitable growth.
See More
Toyo Co Ltd Reports Record Revenue and Growth in 2025
- Significant Revenue Growth: Toyo Co Ltd achieved a record revenue of $427 million in 2025, representing a 142% increase over 2024, indicating strong market demand and solidifying its market position.
- Gross Margin Expansion: Gross profit surged from $21.9 million in 2024 to $96.3 million, with gross margin expanding from 12.4% to 22.5%, reflecting improved production efficiency and enhancing the company's profitability and competitive edge.
- Increased Operating Expenses: Despite substantial revenue growth, operating expenses rose by 186% year-over-year to $37.3 million, primarily due to increased non-cash share-based compensation, which may exert pressure on future profits.
- Net Income Fluctuation: The net income for 2025 was $37.2 million, down from $40.5 million in 2024, although adjusted net income soared from $6 million to $52.2 million, showcasing strong performance in the core business.
See More
TOYO Reports FY 2025 Earnings with 142% Revenue Growth and Strong Outlook
- Earnings Highlights: TOYO reported a FY 2025 non-GAAP EPS of $1.48 with revenue of $427.4 million, reflecting a 142% year-over-year increase, exceeding the company's previously updated guidance range of $375-400 million, indicating strong market demand and execution capabilities.
- Net Income Analysis: The net income stood at $37.2 million, which includes a one-time non-cash share-based compensation charge of approximately $13.7 million, while the adjusted net income surged to $52.2 million, marking a 769% increase from $6 million last year, showcasing significant improvements in cost control and profitability.
- 2026 Outlook: Solar cell shipments are expected to reach approximately 5.5-5.8 GW for the full year 2026, with solar module shipments projected at 1-1.3 GW, driven by sustained market demand that will enhance the company's growth potential and solidify its leadership in the renewable energy sector.
- Profit Expectations: Adjusted net income for 2026 is anticipated to reach approximately $90-100 million, reflecting the company's confidence in future performance and the potential for long-term growth through ongoing technological innovation and market expansion.
See More
TOYO Reports Record Financial Results for FY 2025
- Significant Revenue Growth: TOYO reported revenues of $427.4 million for FY 2025, a 142% increase from 2024, primarily driven by the full operation of its 4 GW cell facility, enhancing its competitive position in the U.S. utility market.
- Improved Gross Margin: The gross profit for 2025 was $96.3 million, with a gross margin of 22.5%, significantly up from 12.4% in 2024, indicating the advantages of expanded production capacity leading to higher selling prices.
- Net Income Recovery: TOYO's net income for 2025 was $37.2 million, down from $40.5 million in 2024, but adjusted net income reached $52.2 million, reflecting improvements in cost control and operational efficiency.
- Positive Future Outlook: TOYO aims to continue expanding its market share in 2026, with expectations to nearly double net income, indicating a strengthened position as a compliant solar solutions provider in the U.S. market.
See More
TOYO Appoints New Chief Strategy Officer
- Executive Appointment: TOYO has appointed Rhone Resch as Chief Strategy Officer, a role reporting directly to the CEO, aimed at driving the company's global growth strategy, particularly in expanding its U.S. market presence and enhancing manufacturing capabilities.
- Rich Industry Experience: Rhone Resch brings over 20 years of experience in the global solar industry, having founded and led multiple solar companies, which supports the commercialization of new technologies and the establishment of strategic partnerships, thereby strengthening TOYO's position in competitive markets.
- Policy and Growth Synergy: As President of the Solar Energy Industries Association (SEIA), Resch played a pivotal role in expanding the U.S. solar industry by collaborating with policymakers and industry stakeholders to develop market frameworks and incentive programs, contributing to overall industry growth potential.
- Supporting Corporate Strategy: At TOYO, Resch will work closely with the CEO and executive team to focus on the company's long-term strategy, particularly in providing high-performance solar technologies to meet the increasing demand for secure and scalable energy solutions.
See More
TOYO Appoints New Chief Strategy Officer
- Strategic Leadership Appointment: TOYO has appointed Rhone Resch as Chief Strategy Officer, tasked with leading the global growth strategy, particularly focusing on expanding the manufacturing footprint in the U.S., which is expected to enhance the company's market share in the competitive solar industry.
- Extensive Industry Experience: Rhone Resch brings over 20 years of experience in the solar sector, having served as CEO of the Solar Energy Industries Association, where he played a pivotal role in expanding the U.S. solar market, and his deep industry background will provide crucial support for TOYO's strategic initiatives.
- Global Manufacturing Strategy: Resch will focus on strengthening TOYO's global manufacturing strategy and supply chain development, helping the company maintain competitiveness amid evolving trade and market dynamics, ensuring a reliable supply of high-performance solar technologies.
- Market Expansion Goals: Under Resch's leadership, TOYO aims to build closer relationships with developers, utilities, and technology partners to support its expansion in the U.S. market and achieve long-term growth objectives.
See More
