TOYO

Interested in TOYO Co., Ltd.? Here are five stocks we like better. TOYO’s first-half results improved sharply: Revenue rose 87.6% year over year to approximately $261 million, while net income increased to $45.8 million from $2.5 million. Gross margin expanded to 32.5%, supported by stronger U.S. sales, higher-value products and improved production efficiency. The company is expanding its U.S. manufacturing footprint: Houston module capacity is expected to reach 2 gigawatts in September, while TOYO plans to invest approximately $357 million in a 1.5-gigawatt HJT cell facility in Texas, targeted for pilot production in late 2027 or early 2028. Second-half visibility remains uncertain: CBP reviews of Ethiopian shipments and an anti-circumvention inquiry involving Chinese components, along with pending Section 232 trade-policy discussions, led management not to reaffirm its full-year guidance. TOYO (NASDAQ:TOYO) reported higher revenue, profitability and cash generation for the first half of 2026, while management said trade-policy developments and U.S. Customs and Border Protection reviews have created uncertainty around the company’s second-half outlook. For the first six months of 2026, the solar manufacturer reported revenue of approximately $261.0 million, up 87.6% from $139.0 million in the prior-year period. Net income rose to approximately $45.8 million from $2.5 million a year earlier, while basic and diluted earnings per share were $1.21 and $1.20, respectively, compared with $0.08 in the first half of 2025. → Looking Beyond CrowdStrike? 3 AI Security Stocks Stand Out Chairman and Chief Executive Officer Takahiko Onozuka said the results reflected continued strength in the company’s manufacturing platform and demand across its markets. Revenue from U.S. end customers increased 153.9% year over year to approximately $210.5 million, representing 80.7% of first-half revenue. Chief Financial Officer Yasunari Harada said first-half gross profit increased 267% to approximately $84.7 million, compared with $23.1 million in the year-earlier period. Gross margin expanded to 32.5% from 16.6%, which management attributed to higher sales of solar cells and modules, OEM service revenue, expanded capacity, improved production consistency and a greater mix of higher-average-selling-price U.S. sales. → 3 Robotics Stocks Under $10: Value, Momentum, or Bet? Second-quarter revenue totaled approximately $118.2 million, an increase of 35.0% from $87.6 million in the second quarter of 2025. Gross profit more than doubled to approximately $37.0 million, and gross margin improved to 31.3% from 20.9%. Second-quarter net income was approximately $17.4 million, compared with $6.2 million a year earlier. Basic and diluted EPS were $0.46 and $0.45, respectively, compared with $0.16 for both measures in the prior-year quarter. → Michael Burry Is Betting Against Palantir Again—Should Investors Care? Harada said general and administrative expenses increased as the company scaled operations at its Houston solar-module facility and added headcount. First-half non-GAAP EBITDA was $82.1 million, compared with $21.5 million a year earlier, while adjusted EBITDA was $82.3 million, up from $22.8 million. As of June 30, TOYO held $123.4 million in cash and restricted cash, compared with $85.9 million at year-end 2025. Working capital turned positive at $29.8 million, from a deficit of $123.9 million at Dec. 31, primarily due to a loan extension agreed with a related party in June. The company generated $61.4 million in operating cash flow and spent $27.8 million on capital expenditures during the first half. TOYO also raised approximately $52.6 million in net proceeds during the first half, including $47.1 million through a registered direct offering that closed June 25 and approximately $5.5 million through its at-the-market program. Chief Strategy Officer Rhone Resch discussed President Donald Trump’s Aug. 6 Proclamation 11052, which addresses imports of polysilicon and derivatives. The proclamation establishes minimum import prices for polysilicon, ingots and wafers, solar cells and modules, as well as an additional tariff on certain downstream products. The measures are scheduled to take effect Dec. 4, 2026. Resch said TOYO believes the policy aligns with its strategy of using U.S.-produced inputs, developing a non-China supply chain and investing in U.S. manufacturing. The company intends to pursue an investment-linked onshoring plan with the Commerce Department that could authorize duty-free imports of eligible equipment and covered products in volumes tied to a company’s domestic investment. According to Resch, approximately 70% of the polysilicon used in TOYO’s Ethiopian production currently comes from a U.S. supplier, with the remainder sourced from OCI production in Malaysia. The company is working toward using 100% U.S.-produced polysilicon at its Ethiopian facility by the fourth quarter. Management said the financial impact of the Section 232 framework will depend on Commerce approval, eligible volumes and duration of duty offsets, market conditions, customer contracts and the company’s cost structure. TOYO did not quantify the potential impact or provide a timeline for approval of an onshoring plan. TOYO is proceeding with plans to invest approximately $357 million in a heterojunction, or HJT, solar-cell facility in Humble, Texas, outside Houston. The initial phase is designed for approximately 1.5 gigawatts of annual production capacity. The company is targeting pilot production in the fourth quarter of 2027 or first quarter of 2028. At full operation, the plant is expected to support approximately 400 direct jobs. Resch said TOYO has secured principal equipment and is advancing permitting, contractor selection, engineering and other development work. TOYO’s Houston module facility remains on track to reach approximately 2 gigawatts of annual capacity in September, management said. The company also said a third-party analysis indicated that Toyo Solar Texas expects to qualify for Section 45X advanced manufacturing production credits for tax year 2025, though it will quantify the benefit only after tax, legal and accounting work is completed. Management said the timing of some shipments from Ethiopia was affected during the quarter by CBP documentation and admissibility reviews related to Uyghur Forced Labor Prevention Act compliance. Resch said the first detention occurred in the second quarter and described the total amount detained as not significant. He said TOYO has provided supply-chain documentation tracing materials from polysilicon sourcing through wafer conversion, cell production and U.S. entry. Resch said the company does not use Chinese-origin wafers in Ethiopian cell production and sources all polysilicon for that production outside China. Commerce has also initiated a countrywide anti-circumvention inquiry related to certain solar cells and modules completed in Ethiopia using Chinese-made components. TOYO said it is participating in the inquiry and will provide information on its sourcing, investment, manufacturing operations and Ethiopian value-added activity. When asked about the company’s previously issued full-year outlook, management said it had not reaffirmed the guidance. The company said it would provide updates after gaining more clarity on the CBP reviews and its Section 232 discussions with Commerce. TOYO Co Ltd. engages in the design, manufacture, and sale of solar cells and modules. It is involved in integrating the upstream production of wafer and silicon, midstream production of solar cell, downstream production of photovoltaic (PV) modules, and potentially other stages of the solar power supply chain. The company was founded on November 8, 2022 and is headquartered in Tokyo, Japan. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "TOYO H1 Earnings Call Highlights" was originally published by MarketBeat. 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TOKYO, Aug. 19, 2026 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF) ("TOYO," "we" or the "Company"), a solar solution company, today announced its unaudited financial results for the second quarter of 2026 and the six months ended June 30, 2026. First Half 2026 Financial Highlights 2.6 GW of solar cells delivered, an increase of 62.5% year-over-year 191.5 MW of solar modules delivered; module production capacity had not yet come online in the first half of 2025 Revenues of $261.0 million, an increase of 87.6% year-over-year Net income of $45.8 million, compared to $2.5 million in the first half of 2025, an increase of 1,731.6% year-over-year EBITDA (Non-GAAP) of $82.1 million, compared to $21.5 million in the first half of 2025, an increase of 282.3% year-over-year Adjusted EBITDA (Non-GAAP) of $82.3 million, compared to $22.8 million in the first half of 2025, an increase of 260.2% year-over-year Adjusted Net Income (Non-GAAP) of $46.0 million, compared to $3.9 million in the first half of 2025, an increase of 1,090.6% year-over-year Earnings per share, basic and diluted, of $1.21 and $1.20, respectively, compared to $0.08 in the first half of 2025 Raised approximately $52.6 million in aggregate net proceeds from a registered direct offering and at-the-market offerings during the first half of 2026 "We are very pleased with our first-half 2026 results, which reflect the continued strength of our global manufacturing platform and the growing demand we're seeing across our markets," said Takahiko Onozuka, Chairman and CEO of TOYO. "Following the recent policy movement, we do expect an impact on our second-half results, though the magnitude is not yet certain, as we are currently in discussion with the Department of Commerce on a framework that would help address it. We will provide further updates as more clarity emerges." "TOYO supports building a secure, competitive American solar supply chain, and we're putting capital behind it," said Rhone Resch, Chief Strategy Officer of TOYO. "That includes our integrated solar manufacturing campus in Humble, Texas, in the greater Houston area, comprising our 2 GW solar module facility and the new 1.5 GW advanced heterojunction (HJT) solar cell facility on the same site. We are working with the Department of Commerce on an investment offset that would support this buildout while keeping cell supply available to U.S. solar module makers. TOYO remains committed to growing U.S. solar manufacturing, supporting American jobs, and building a secure, non-FEOC (Non-Foreign Entity of Concern) supply chain." Recent Developments Registered Direct Offering: On June 25, 2026, the Company closed a registered direct offering with certain institutional investors for gross proceeds of $50.0 million and net proceeds of approximately $47.1 million. At-the-Market Offering: As of June 30, 2026, the Company had raised approximately $5.5 million in net proceeds from at-the-market offerings under its at-the-market equity program with Roth Capital Partners, LLC and H.C. Wainwright & Co., LLC. Russell Index Inclusion: Effective following the June 2026 annual reconstitution, TOYO was added to the Russell 3000® Index and the Russell Microcap® Index. CFO Transition: Effective July 1, 2026, Yasunari Harada was appointed Chief Financial Officer, succeeding Taewoo (Raymond) Chung who resigned effective June 30, 2026. Section 45X Tax Credit Eligibility: Toyo Solar Texas LLC expects to qualify for Section 45X Advanced Manufacturing Production Credits for the tax year 2025, based on a third-party tax compliance analysis announced on July 21, 2026. Houston-Area Module Capacity Expansion: Construction of the Company's second 1 GW solar module production line at its Humble, Texas facility, in the greater Houston area, is nearing completion, with production expected to begin in September 2026. Once operational, this will bring TOYO's total solar module manufacturing capacity at that site to approximately 2 GW. HJT Cell Manufacturing Line: TOYO's previously announced 1.5 GW advanced HJT solar cell manufacturing line — a $357 million investment, located on the same Humble, Texas site as the Company's solar module plant — is progressing on schedule. TOYO reaffirms that the line will enter pilot production no later than the first quarter of 2028. Section 232 Polysilicon Determination: TOYO welcomed the Section 232 determination of the Trump Administration on polysilicon, reaffirming TOYO's $357 million HJT facility investment in Humble, Texas. Unaudited Second Quarter 2026 Results Revenues for the second quarter of 2026 were approximately $118.2 million, an increase of 35.0% from $87.6 million in the same period in 2025, primarily reflecting approximately $31.7 million of solar module sales contributed during the second quarter by the Company's newly operational module facility in Texas. Cost of revenues was approximately $81.2 million for the second quarter of 2026, compared to $69.3 million for the same period in 2025. Gross profit was approximately $37.0 million for the second quarter of 2026, an increase of 102.2% compared to $18.3 million for the same period in 2025. Gross margin improved to 31.3% for the second quarter of 2026 from 20.9% in the second quarter of 2025. Total operating expenses increased to approximately $14.4 million for the second quarter of 2026 from $7.3 million for the same period in 2025. Selling and marketing expenses were $1.6 million for the second quarter of 2026, compared to $2.1 million for the same period in 2025. General and administrative expenses were $12.8 million for the second quarter of 2026, compared to $5.3 million for the same period in 2025. Income from operations was approximately $22.6 million for the second quarter of 2026, compared to $10.9 million for the same period in 2025. Net income was approximately $17.4 million for the second quarter of 2026, compared to $6.2 million for the same period in 2025. Net income attributable to TOYO's shareholders was $17.4 million for the second quarter of 2026, compared to $6.7 million for the same period in 2025. Earnings per share, basic and diluted, for the second quarter of 2026 were $0.46 and $0.45, respectively, compared to $0.16 for both basic and diluted in the same period in 2025. Unaudited First Half 2026 Results Revenues for the six months ended June 30, 2026 were approximately $261.0 million, an increase of 87.6% from $139.1 million in the same period in 2025. The increase was primarily driven by higher solar cell and solar module revenue, including a 153.9% increase in sales to end customers in the United States, which represented $210.5 million, or approximately 80.7%, of first-half revenue. Cost of revenues was approximately $176.2 million for the first half of 2026, compared to $116.0 million for the same period in 2025. Gross profit was approximately $84.7 million for the first half of 2026, an increase of 267.0% compared to $23.1 million for the same period in 2025. Gross margin improved to 32.5% for the first half of 2026 from 16.6% in the first half of 2025, primarily reflecting expanded production capacity and improved production efficiencies. Total operating expenses increased to approximately $25.9 million for the first half of 2026 from $13.4 million for the same period in 2025. Selling and marketing expenses were $3.6 million for the first half of 2026, compared to $2.5 million for the same period in 2025. General and administrative expenses were $22.3 million for the first half of 2026, compared to $10.9 million for the same period in 2025, primarily reflecting the scale-up of operations at the Company's Houston module facility and increased headcount to support growth. Income from operations was approximately $58.8 million for the first half of 2026, an increase of 507.9% compared to $9.7 million for the same period in 2025. Net income was approximately $45.8 million for the first half of 2026, compared to $2.5 million for the same period in 2025. Net income attributable to TOYO's shareholders was $45.8 million for the first half of 2026, compared to $3.5 million for the same period in 2025. Earnings per share, basic and diluted, of $1.21 and $1.20, respectively, compared to $0.08 in the first half of 2025. For the six months ended June 30, 2026, the Company generated cash from operations of $61.4 million and incurred capital expenditures of $27.8 million. As of June 30, 2026, the Company had $123.4 million in cash and restricted cash (including non-current restricted cash), compared to $58.9 million as of December 31, 2025. As of June 30, 2026, cash and cash equivalents were $103.5 million, with $6.6 million in current restricted cash and $13.4 million in non-current restricted cash, primarily securing letters of credit and bank facilities. Business Outlook "The current dynamic policy environment presents both challenges and opportunities for our business. We are in constructive discussions with the Department of Commerce on the Section 232 framework, and we are working toward a favorable outcome that would limit impact on our results — though we will not know the final terms until those discussions conclude," said Takahiko Onozuka, Chairman and CEO of TOYO. "We remain confident in the underlying strength of our business, and we continue to execute on our U.S. manufacturing strategy. Our second module production line at our Humble, Texas campus in the greater Houston area is on track to begin production in September, bringing total module capacity there to approximately 2 GW, while our 1.5 GW HJT cell facility on that same site is progressing on schedule and we reaffirm that it will enter pilot production no later than the first quarter of 2028. Together, these investments mark real progress toward a larger, increasingly integrated U.S. manufacturing platform built to meet growing demand for high-performance solar products," said Takahiko Onozuka, Chairman and CEO of TOYO. "The recent Section 232 proclamation reinforces the importance of this strategy. We believe TOYO's module operations, planned HJT capacity, use of American polysilicon, and broader non-FEOC supply chain align closely with the Trump Administration's onshoring goals. While near-term implementation details remain uncertain, we view the policy direction as supportive of TOYO's long-term position in the U.S. market," said Rhone Resch, Chief Strategy Officer of TOYO. Conference Call TOYO will host a webcast and conference call to discuss its second quarter and first half 2026 results on August 19, 8:30 am ET. A live webcast and slide presentation will be available on TOYO's investor relations website in the "Events" section at investors.toyo-solar.com. The dial-in numbers for the conference call are expected to be: Participant Toll-Free Dial-In Number: (800) 715-9871 Participant Toll Dial-In Number: +1 (646) 307-1963 Japan – Tokyo: +81.3.4578.9081 Conference ID: 4590776 Live Webcast: https://events.q4inc.com/attendee/998298548 Exchange Rate Information This announcement contains translations of certain Vietnamese Dong ("VND") amounts into U.S. dollars solely for the reader's convenience. The VND exchange rate for balance sheet items, except for equity accounts, was VND 26,311 to US$1.00, the exchange rate as of June 30, 2026. Translations related to items in the statements of operations and comprehensive income and statements of cash flows from VND to U.S. dollars are made at a rate of VND 26,250 to US$1.00, the average exchange rate for the six months ended June 30, 2026. The Company makes no representation that the VND or U.S. dollar amounts referenced could be converted into U.S. dollars or VND, as the case may be, at any particular rate or at all. About TOYO Co., Ltd. TOYO is a solar solutions company that is committed to becoming a full-service solar solutions provider in the global market, integrating the upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected growth of TOYO, the expected order delivery of TOYO, TOYO's construction plan of manufacturing facilities, and strategies of building up an integrated value chain in the U.S. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of TOYO's management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause actual results, activity levels, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Although TOYO believes that it has a reasonable basis for each forward-looking statement contained in this press release, TOYO cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the documents filed by TOYO from time to time with the Securities and Exchange Commission (the "SEC"). These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. TOYO cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to several risks and uncertainties, including, among others, the outcome of any potential litigation, government or regulatory proceedings, the sales performance of TOYO, and other risks and uncertainties, including but not limited to those included under the heading "Risk Factors" of the filings of TOYO with the SEC. There may be additional risks that TOYO does not presently know or that TOYO currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of TOYO as of the date of this press release. Subsequent events and developments may cause those views to change. However, while TOYO may update these forward-looking statements in the future, there is no current intention to do so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of TOYO as of any date subsequent to the date of this press release. Except as may be required by law, TOYO does not undertake any duty to update these forward-looking statements. Contact Information For TOYO Co., [email protected] Crocker CoulsonEmail: [email protected] Tel: (646) 652-7185 Non-GAAP Measures Some of the financial information and data contained in this press release, such as EBITDA, Adjusted EBITDA and Adjusted Net Income, have not been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). TOYO believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to TOYO's financial condition and results of operations. TOYO's management uses these non-GAAP measures for trend analysis and for budgeting and planning purposes. TOYO believes that the use of these non-GAAP measures provides an additional tool for investors to evaluate projected operating results and trends, as well as compare TOYO's financial measures with those of other similar companies, many of which also present similar non-GAAP financial measures to investors. Management of TOYO does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses such as share-based compensation and changes in fair value of contingent consideration and income that are required by GAAP to be recorded in TOYO's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. You should review TOYO's audited and unaudited financial statements filed with the SEC and not rely on any single financial measure to evaluate TOYO's business, results of operations and financial condition. View original content:https://www.prnewswire.com/news-releases/toyo-co-ltd-announces-unaudited-second-quarter-and-first-half-2026-financial-results-302855144.html

This article first appeared on GuruFocus. Revenue (Q2 2026): Approximately $118.2 million, up 35.0% year-over-year from $87.6 million. Revenue (H1 2026): Approximately $261.0 million, an increase of 87.6% year-over-year from $139.1 million. Gross Margin (Q2 2026): Improved to 31.3% from 20.9% in Q2 2025. Gross Margin (H1 2026): Expanded to 32.5% from 16.6% in the prior year period. Net Income (Q2 2026): Approximately $17.4 million, compared to $6.2 million in Q2 2025. Net Income (H1 2026): Approximately $45.8 million, compared to $2.5 million in H1 2025. Earnings Per Share (H1 2026): Basic and diluted EPS of $1.21 and $1.20, respectively, compared to $0.08 in H1 2025. Non-GAAP Adjusted EBITDA (H1 2026): $82.3 million, compared to $22.8 million in H1 2025. Non-GAAP Adjusted Net Income (H1 2026): $46.0 million, compared to $3.9 million in H1 2025. U.S. Revenue (H1 2026): Revenue from end customers in the United States increased 153.9% to approximately $210.5 million, representing 80.7% of first-half revenue. Cash and Restricted Cash: $123.4 million as of June 30, 2026, compared to $85.9 million as of December 31, 2025. Cash Flow from Operations (H1 2026): Generated $61.4 million. Capital Expenditure (H1 2026): Incurred $27.8 million. Warning! GuruFocus has detected 2 Warning Sign with TOYO. Is TOYO fairly valued? Test your thesis with our free DCF calculator. Release Date: August 19, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Revenue for the first half of 2026 surged 87.6% year-over-year to $261.0 million, driven by higher solar cell and module sales and new OEM services. Gross margin expanded significantly to 32.5% in H1 2026 from 16.6% in H1 2025, reflecting improved production efficiency and a higher mix of US sales. Net income for H1 2026 jumped to $45.8 million from $2.5 million in H1 2025, with EPS rising to $1.21 from $0.08. The Section 232 proclamation is viewed as a positive development, potentially supporting stronger module pricing and offering duty offsets through an onshoring plan that aligns with TOYO's US investment strategy. TOYO is expanding its US footprint with a $357 million HJT cell facility in Texas, targeting pilot production by late 2027/early 2028, and its Houston module plant is on track to reach 2 GW capacity by September 2026. The company uses approximately 70% US-produced polysilicon for its Ethiopian production, with plans to reach 100% by Q4 2026, positioning it favorably under the new trade framework. Trade policy uncertainty, including CBP detentions and a Commerce anti-circumvention inquiry, has slowed the pace of shipments from the Ethiopian facility, impacting Q2 revenue. Q2 2026 revenue declined sequentially from Q1, partly due to a shift in product mix toward modules and lower cell sales. The company has not reaffirmed its full-year 2026 guidance, citing near-term uncertainty from CBP reviews and the 232 implementation process. CBP detentions have caused some shipment delays, and the timing for resolution remains unclear, potentially affecting Q3 and Q4 results. The financial impact of the Section 232 onshoring plan is not yet quantifiable, and the company is still in negotiations with Commerce, creating uncertainty for investors. Operating expenses increased significantly in H1 2026 to $25.9 million from $13.4 million, driven by higher G&A costs from scaling up US operations. Q: Can you provide additional color on the CBP detention situation, including when it started, how long it might continue, and the potential impact on Q3 and Q4 results relative to the previously issued 2026 guidance?A: Rhone Resch (Chief Strategy Officer) explained that the detentions began in Q2 as part of CBP's standard Uyghur Forced Labor Protection Act compliance process for module manufacturers. He noted that TOYO is providing all requested documentation to trace materials from polysilicon source through production, and the company is optimistic detentions will be released this quarter. Crocker Coulson (IR) added that the company has not reaffirmed its 2026 guidance due to near-term uncertainty from the CBP situation and the Section 232 negotiations, and will provide updates when there is more clarity. Q: When might Commerce approve TOYO's ability to access the tariff rebate program under the Section 232 proclamation based on the anticipated CapEx in Humboldt, Texas?A: Rhone Resch (Chief Strategy Officer) stated that since the proclamation was issued less than two weeks ago, Commerce is still developing the process. TOYO has already met with Commerce multiple times and expects preliminary meetings in the coming week, with more detailed company-specific plan discussions after Labor Day. He noted the program doesn't kick in until December 4, so companies will likely negotiate through the fall, emphasizing the importance of presenting a comprehensive vision of planned investments through January 20, 2029. Q: How are customer conversations going following the Section 232 signing, and have you seen pricing move higher for modules and cells?A: Rhone Resch (Chief Strategy Officer) indicated it's too early to discuss specific pricing structures since the 232 doesn't take effect until December 4. He noted that contracts signed before the proclamation will be retained, but adjustments will be made based on company-specific discussions with Commerce. He mentioned the minimum import price for modules at $0.38 is likely the floor, but pricing will be company-dependent and may be adjusted by Commerce before December. Q: Is it fair to say that TOYO is not importing any product now, meaning shipments are essentially on hold until the CBP review process is complete?A: Rhone Resch (Chief Strategy Officer) clarified that while there have been several detentions, it's not a full stop of all products. He emphasized the strength of TOYO's compliance position: the company doesn't use Chinese polysilicon or Chinese wafers, and performs full wafer-to-cell processing in Ethiopia. He expressed confidence that TOYO will be identified as a "good actor" or "preferred importer" as the process continues. Q: Could the Section 232 decision impact your CapEx plans and expansion plans for the U.S., or are you pressing ahead regardless?A: Rhone Resch (Chief Strategy Officer) stated that the 232 decision fully validates TOYO's U.S. manufacturing strategy and encourages the company to "think bigger and move forward faster." The HJT plant in Humboldt, Texas remains on schedule with pilot production targeted for late 2027 or early 2028. He noted that Commerce views the full supply chain as critical, and the 232 encourages TOYO to consider more upstream manufacturing integration. Q: Given the current setup and 232-related decisions, could the second half be better or similar to the first half of 2026?A: Crocker Coulson (Investor Relations) deferred to the CFO's earlier comments, stating there are two areas of uncertainty: how fast the CBP issues get resolved and the timing of finalizing the 232 agreement with Commerce. The company will provide updates when there is more clarity on both items, rather than making projections at this time. Q: Why was there a sequential decline in Q2 revenue even though the Ethiopian facility was set to be sold out for the year? Is this a demand issue?A: Yasunari Harada (Chief Financial Officer) explained that while cell sales increased compared to the prior period, the sequential decline was due to a decrease in cell sales specifically, which contributed to the revenue decline. Takahiko Onozuka (Chairman and CEO) added that the revenue mix shifted between cell sales and module sales, which have different margins, affecting both revenue and overall margins. Q: How long do you think the market needs to digest the Section 232 proclamation, and when will pricing dynamics settle?A: Rhone Resch (Chief Strategy Officer) indicated it will take a few weeks to months for manufacturers to digest the implications. For pure importers, the minimum import price is fixed and likely where the market will settle. For manufacturers like TOYO, there's more flexibility based on agreements with Commerce regarding offsets. He noted that Commerce can still adjust the minimum import price structure before December, and actual pricing impacts won't be visible until the 232 takes effect. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Revenue growth of 87.6% in the first half of 2026 was primarily driven by a 153.9% increase in U.S. customer demand, which now represents over 80% of total revenue. Gross margin expansion to 32.5% reflects improved production efficiency and a strategic shift toward higher average selling price (ASP) sales in the U.S. market. Management attributes the sequential revenue decline in Q2 to lower solar cell volumes, which were only partially offset by increased solar module sales and OEM service revenue. The company views the recent Section 232 determination as a structural positive that validates its strategy of using U.S.-produced inputs and allied nation supply chains. Operational performance was impacted by trade policy uncertainty, specifically CBP documentation reviews that affected the timing of certain shipments from the Ethiopia facility. Management emphasizes that current Ethiopian production is insulated from anti-circumvention inquiries by using non-China wafers and sourcing 70% of polysilicon from U.S. producers. TOYO is advancing a $357 million investment in a heterojunction (HJT) solar cell facility in Texas, targeting pilot production by late 2027 or early 2028. The company intends to leverage the Section 232 investment-linked onshoring program to offset duties through approved company-specific plans commensurate with U.S. investment. Management expects to reach 100% U.S.-sourced polysilicon for its Ethiopian facility by the fourth quarter of 2026 to maximize potential duty-free import benefits. The new Section 232 framework, including minimum import prices, is expected to support a more rational and stronger U.S. pricing environment for modules and cells. Future technology roadmaps include transitioning the HJT platform to support next-generation perovskite silicon tandem cell production. CBP admissibility reviews resulted in some product detentions during Q2; management is providing full traceability data to quartzite sources to achieve 'preferred importer' status. The company has not reaffirmed its 2026 guidance, citing near-term uncertainty regarding the resolution of CBP reviews and the finalization of Section 232 agreements with Commerce. A loan extension with a related party in June 2026 successfully turned working capital positive, moving from a $123.9 million deficit to a $29.8 million surplus. TOYO is participating in a countrywide anti-circumvention inquiry regarding Ethiopia but maintains that its lack of Chinese-origin wafers positions it well for the review. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management declined to reaffirm guidance, stating the outlook remains uncertain until the administrative process with CBP is resolved and detentions are released. The company expects detentions to alleviate soon as they complete the typical four-review cycle required for CBP to become comfortable with new supply chains. Negotiations for company-specific onshoring plans with the Department of Commerce are expected to take place throughout the fall of 2026. The program allows for duty-free imports of equipment and products if they are linked to verified U.S. manufacturing investments, such as the Humble, Texas facility. Management believes the $0.38 minimum import price (MIP) for modules will likely act as a market floor for pure importers. Domestic manufacturers like TOYO will have more pricing flexibility and dynamic structures based on the specific offsets achieved through their U.S. investment plans. HJT was selected for its higher efficiency and its role as a bridge to future perovskite tandem cell technology. Using U.S. polysilicon is a critical differentiator in negotiations with Commerce, as the 232 policy was specifically designed to support domestic polysilicon makers.

TOKYO, Aug. 12, 2026 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO; OTC: TOYWF), a solar solutions company, today announced that it will host a conference call to discuss its second quarter and first half 2026 financial results on Wednesday, August 19, 2026. Conference Call Details are as follows: Date: Wednesday, August 19, 2026 Time: 8:30 AM ET Live Webcast: https://events.q4inc.com/attendee/998298548 The second quarter and first half 2026 earnings release and related investor deck will be available on the investor relations website at investors.toyo-solar.com prior to the event. The dial-in numbers for the conference call will be as follows: Participant Toll-Free Dial-In Number: (800) 715-9871Participant Toll Dial-In Number: +1 (646) 307-1963Japan – Tokyo: +81.3.4578.9081Conference ID: 4590776 About TOYO Co., Ltd. TOYO is a solar manufacturing company committed to becoming a vertically integrated solar manufacturer provider in the global market, integrating upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost. Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in TOYO's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in TOYO's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. TOYO specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date. Contact Information: For TOYO Co., [email protected] Crocker CoulsonEmail: [email protected]: (646) 652-7185 View original content:https://www.prnewswire.com/news-releases/toyo-to-announce-second-quarter-and-first-half-2026-financial-results-on-august-19-2026-302849626.html

Interested in TOYO Co., Ltd.? Here are five stocks we like better. TOYO posted a strong Q1 fiscal 2026 turnaround, with revenue surging 177% year over year to about $142.8 million and net income rising to roughly $28.4 million from a loss a year earlier. Gross margin also expanded sharply to 33.5%, reflecting higher shipment volumes and better operating leverage. The company reaffirmed its full-year 2026 guidance, including solar cell shipments of 5.5 GW to 5.8 GW, solar module shipments of 1.0 GW to 1.3 GW, and adjusted net income of $90 million to $100 million. Management said strong U.S. demand and solar-plus-storage trends support the outlook. Houston expansion remains a key growth driver, with TOYO on track to double U.S. module capacity to 2 GW by Q3 2026 and planning a 1.5 GW U.S. solar cell facility at the same site. Management also said domestic FEOC-compliant demand is accelerating and the planned expansion will deepen its U.S. manufacturing footprint. TOYO (NASDAQ:TOYO) reported a sharply improved first quarter for fiscal 2026, with management describing the period as an “inflection point” as higher solar cell and module shipments drove record revenue, gross profit and net income. Chairman and Chief Executive Officer Takahiko Onozuka said revenue for the quarter was approximately $142.8 million, up 177% from $51.5 million in the first quarter of 2025. Gross margin rose to 33.5% from 9.3% a year earlier, while net income was approximately $28.4 million, compared with a net loss of $3.7 million in the prior-year period. Diluted earnings per share were $0.75, versus a loss of $0.10 per share in the first quarter of 2025. → Why Applied Optoelectronics Stock May Be Near a Turning Point Onozuka attributed the results to years of investment in technology, manufacturing and personnel, along with significantly higher shipment volumes as expanded manufacturing capacity came online. He said demand for the company’s high-efficiency solar solutions in the U.S. remains strong, supported by the broader energy transition and rising power demand. Based on first-quarter performance and visibility for the rest of the year, TOYO reaffirmed its full-year 2026 guidance. The company expects solar cell shipments of 5.5 gigawatts to 5.8 gigawatts and solar module shipments of 1.0 gigawatt to 1.3 gigawatts. It also maintained its adjusted net income forecast of $90 million to $100 million. → Robinhood, SoFi, and Webull Are Telling Very Different Stories Onozuka said management is confident in those targets. He also said solar paired with battery energy storage is increasingly being recognized as a fast and cost-effective way to add new power to the grid, including to meet demand tied to artificial intelligence. Chief Strategy Officer Rhone Resch said TOYO’s top near-term priority is expanding its U.S. module facility in Houston, Texas. The company currently operates about 1 gigawatt of annual module production capacity and remains on track to increase that to 2 gigawatts by the third quarter of 2026. → Is Everspin Technologies the Next AI Edge Breakout? Resch said additional production capacity is expected to come online in phases over the next several months. He said demand for domestically manufactured, FEOC-compliant modules continues to accelerate, and the expansion positions TOYO to serve that market at larger scale. The company is also planning a U.S. solar cell manufacturing facility designed for approximately 1.5 gigawatts of annual production. Resch said the cell capacity would also be located at the Houston site, a 567,000-square-foot facility where TOYO already manufactures modules. He said the company is in the final stages of planning and expects to move from development and site preparation into execution during the second half of 2026. Resch said TOYO is working with local officials on permitting and environmental matters while evaluating sites, capital requirements, equipment sourcing and supply chain considerations. Once both initiatives are complete, he said TOYO would have 2 gigawatts of module capacity and 1.5 gigawatts of cell capacity in the U.S., creating what he described as a differentiated domestic manufacturing footprint. Resch also said TOYO plans to establish a U.S.-based research and development center focused on solar cell engineering and manufacturing excellence. Chief Financial Officer Raymond Chung said first-quarter growth was primarily driven by significantly higher solar cell and module sales volume, supported by the full ramp-up of expanded manufacturing capacity. Cost of revenue for the latest quarter was approximately $95 million, compared with $46.7 million in the first quarter of 2025. Gross profit increased to approximately $47.8 million from $4.8 million a year earlier. Total operating expenses were approximately $11.5 million, up 89.4% from $6.1 million in the prior-year period. Selling and marketing expenses rose to $2 million from about $500,000, reflecting higher sales commissions tied to revenue growth, as well as testing, advertising and headcount. General and administrative expenses increased 69.1% to $9.5 million, which Chung said reflected the broader operating scale following the commissioning of a new 4-gigawatt cell line and the Houston module facility during 2025. Non-GAAP EBITDA was $48.1 million, compared with $2.4 million in the first quarter of 2025. Non-GAAP adjusted EBITDA was $48.3 million, compared with $2.8 million a year earlier. Chung said the improvement was driven by revenue scale, higher gross margins, production efficiencies and disciplined operating cost management. As of March 31, 2026, TOYO held $72.2 million in cash and restricted cash, including non-current restricted cash, up from $58.9 million at Dec. 31, 2025. During the question-and-answer portion of the call, Amit Dayal of H.C. Wainwright asked whether Section 45X credits were included in TOYO’s 2026 net income guidance. Resch said they were not included and could provide upside, but added that the company is taking a conservative approach while reviewing 2025 production from the Houston facility and ensuring compliance. On capital spending, Resch said this year’s CapEx covers final payments related to Ethiopia and the build-out of the second gigawatt of module production in Houston. Investor relations representative Crocker Coulson said the module expansion is expected to require about $30 million in CapEx this year and can be funded through operating cash flow. Resch said the U.S. cell facility will involve some spending this year, but the majority is expected in 2027. Asked about the geographic mix of 2026 revenue, Resch said the majority of TOYO’s customers are in the United States. Senior board advisor Simon Shi said that, by volume, the company expects at least three-quarters of its business to be from U.S. customers or U.S.-oriented businesses, depending on pricing movements. Coulson added that product from TOYO’s Vietnam cell plant does not come to the U.S. and serves other markets. In response to a question from Colin Rusch of Oppenheimer about equipment deliveries into Texas, Shi said TOYO is not seeing any material impact on equipment delivery for either the module expansion or the potential cell production implementation in Houston. Shi also said the company is seeing strong demand and interest from existing customers for domestic products over the next two years, and he expects robust U.S. demand from both current and potential new customers. TOYO Co Ltd. engages in the design, manufacture, and sale of solar cells and modules. It is involved in integrating the upstream production of wafer and silicon, midstream production of solar cell, downstream production of photovoltaic (PV) modules, and potentially other stages of the solar power supply chain. The company was founded on November 8, 2022 and is headquartered in Tokyo, Japan. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "TOYO Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

TOKYO, May 18, 2026 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF), ("TOYO" or the "Company"), a solar solution company, today announced its unaudited and unreviewed financial results for the first quarter ended March 31, 2026, and reaffirmed its 2026 guidance. First Quarter 2026 Highlights Revenues of $142.8 million, an increase of 177.0% year-over-year Net income of $28.4 million, compared to a net loss of $3.7 million in Q1 2025 EBITDA (Non-GAAP) of $48.1 million, compared to EBITDA of $2.4 million in Q1 2025 Adjusted EBITDA (Non-GAAP) of $48.3 million, compared to adjusted EBITDA $2.8 million in Q1 2025 Net income per diluted share of $0.75, compared to net loss per diluted share of $0.10 in Q1 2025 "We delivered a powerful start to 2026, achieving strong first-quarter revenue and net income growth that reflects the successful scale-up of our advanced manufacturing capabilities," said Takahiko Onozuka, Chairman and CEO of TOYO. "Our ability to deliver 177% year-over-year sales growth while delivering record net income of $28.4 million demonstrates the strength of demand for our solar solutions and our team's disciplined execution." Unaudited First Quarter 2026 Results Revenues for the first quarter of 2026 were approximately $142.8 million, which increased 177.0% from $51.5 million in the same period in 2025. The increase was primarily driven by higher solar cell and solar module sales volumes. The cost of revenues was approximately $95.0 million for the first quarter of 2026, compared to $46.7 million for the same period in 2025. Gross profit was approximately $47.8 million for the first quarter of 2026, an 894.8% increase compared to $4.8 million for the same period in 2025. Gross margin improved to 33.5% for the first quarter of 2026 from 9.3% in the first quarter of 2025. The increase in gross profit margin was primarily due to our expansion of production capacity, increased production efficiencies and improved economies of scale as the Company successfully ramped up its solar cell facility. Total operating expenses increased to approximately $11.5 million for the first quarter of 2026 from $6.1 million for the same period in 2025. Selling and marketing expenses were $2.0 million for the first quarter of 2026 compared to $0.5 million for the same period in 2025. The increase in selling and marketing expenses was primarily due to a sales commission increase in line with an increase in revenues, testing fees and advertising expenses, as well as payroll and benefits. General and administrative expenses were $9.5 million for the first quarter of 2026, compared to $5.6 million for the same period in 2025. The increase was primarily driven by an increase in the scale of operations as the Company brought its new 4GW cell manufacturing line and new module facility in Houston online over the course of 2025. EBITDA (Non-GAAP) was $48.1 million for the first quarter of 2026, compared to EBITDA of $2.4 million for the same period in 2025. Adjusted EBITDA (Non-GAAP) was $48.3 million for the first quarter of 2026, compared to $2.8 million for the same period in 2025, an increase of approximately $45.5 million. The improvement reflects the Company's revenue scale-up, increase in gross margin, and disciplined operating expense management. Net income was approximately $28.4 million for the first quarter of 2026, compared to a net loss of $3.7 million for the same period in 2025. Earnings per share, basic and diluted, for the first quarter of 2026 was $0.75 compared to loss per share attributable to TOYO shareholders, basic and diluted, of $0.10 in the first quarter of the prior year. As of March 31, 2026, the Company had $72.2 million in cash and restricted cash (including non-current restricted cash), compared to $58.9 million as of December 31, 2025. As of March 31, 2026, cash and cash equivalents were $54.4 million, with $4.5 million in current restricted cash and $13.4 million in non-current restricted cash, primarily securing letters of credit and bank facilities. Business Outlook "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," said Takahiko Onozuka, Chairman and CEO of TOYO. "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 $90 million to $100 million." "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," Mr. Onozuka concluded. Conference Call TOYO will host a webcast and conference call to discuss its first quarter 2026 results on May 18, 2026, at 8:30 a.m. ET. A live webcast and a slide presentation will be available on TOYO's investor relations website in the "Events" section at investors.toyo-solar.com. The dial-in numbers for the conference call are as follows: Participant Toll-Free Dial-In Number: (800) 715-9871 Participant Toll Dial-In Number: +1 (646) 307-1963 Japan - Tokyo: +81.3.4578.9081 Conference ID: 7240281 Live Webcast: https://events.q4inc.com/attendee/608479759 Exchange Rate Information This announcement contains translations of certain Vietnamese Dong, or VND, amounts into U.S. dollars at a specified rate solely for the reader's convenience. VND exchange rate for balance sheet items, except for equity accounts made at a rate of VND26,328 to US$1.00, the exchange rate as of March 31, 2026, translations related to items in the statement of operations and comprehensive income, and statement of cashflows from VND to U.S. dollars and from U.S. dollars to VND are made at a rate of VND 26,169 to US$1.00, for the three months ended March 31, 2026. The Company makes no representation that the VND or U.S. dollar amounts referenced could be converted into U.S. dollars or VND, as the case may be, at any particular rate or at all. About TOYO Co., Ltd. TOYO is a solar solutions company that is committed to becoming a full-service solar solutions provider in the global market, integrating the upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected growth of TOYO, the expected order delivery of TOYO, TOYO's construction plan of manufacturing facilities, and strategies of building up an integrated value chain in the U.S. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of TOYO's management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause actual results, activity levels, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Although TOYO believes that it has a reasonable basis for each forward-looking statement contained in this press release, TOYO cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the documents filed by TOYO from time to time with the Securities and Exchange Commission (the "SEC"). These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. TOYO cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to several risks and uncertainties, including, among others, the outcome of any potential litigation, government or regulatory proceedings, the sales performance of TOYO, and other risks and uncertainties, including but not limited to those included under the heading "Risk Factors" of the filings of TOYO with the SEC. There may be additional risks that TOYO does not presently know or that TOYO currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of TOYO as of the date of this press release. Subsequent events and developments may cause those views to change. However, while TOYO may update these forward-looking statements in the future, there is no current intention to do so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of TOYO as of any date subsequent to the date of this press release. Except as may be required by law, TOYO does not undertake any duty to update these forward-looking statements. Contact Information: For TOYO Co., [email protected] Crocker CoulsonEmail: [email protected] Tel: (646) 652-7185 Non-GAAP Measures Some of the financial information and data contained in this press release, such as EBITDA and Adjusted EBITDA, have not been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). TOYO believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to TOYO's financial condition and results of operations. TOYO's management uses these non-GAAP measures for trend analysis and for budgeting and planning purposes. TOYO believes that the use of these non-GAAP measures provides an additional tool for investors to evaluate projected operating results and trends, as well as compare TOYO's financial measures with those of other similar companies, many of which also present similar non-GAAP financial measures to investors. The management of TOYO does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses such as share-based compensation and changes in fair value of contingent consideration and income that are required by GAAP to be recorded in TOYO's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. You should review TOYO's audited financial statements, which are presented in the most recent annual report on Form 20-F filed with the SEC on March 31, 2026, and not rely on any single financial measure to evaluate TOYO's business, results of operations and financial condition.           View original content:https://www.prnewswire.com/news-releases/toyo-co-ltd-announces-unaudited-and-unreviewed-first-quarter-2026-financial-results-and-reaffirms-guidance-302774602.html

This article first appeared on GuruFocus. Revenue: $142.8 million in Q1 2026, a 177% increase from $51.5 million in Q1 2025. Gross Margin: Expanded to 33.5% from 9.3% in the prior year quarter. Net Income: $28.4 million compared to a net loss of $3.7 million in Q1 2025. Diluted Earnings Per Share: $0.75 versus a loss of $0.10 per share in Q1 2025. Operating Expenses: $11.5 million, up 89.4% from $6.1 million in Q1 2025. Non-GAAP EBITDA: $48.1 million compared to $2.4 million in Q1 2025. Cash and Restricted Cash: $72.2 million as of March 31, 2026, up from $58.9 million as of December 31, 2025. Is TOYO fairly valued? Test your thesis with our free DCF calculator. Release Date: May 18, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Toyo Co Ltd (NASDAQ:TOYO) achieved record revenue, gross profit, and net income in Q1 2026, marking a significant inflection point in the company's trajectory. Revenue for Q1 2026 was approximately USD142.8 million, a 177% increase year-over-year, driven by higher solar cell and module shipment volumes. Gross margin expanded to 33.5%, up from 9.3% in the prior year quarter, reflecting structural improvements in the business model. Net income for Q1 2026 was $28.4 million compared to a net loss of $3.7 million in Q1 2025, indicating a strong swing to profitability. The company is expanding its U.S. module facility in Houston, Texas, aiming to increase production capacity to 2 gigawatts by Q3 2026, positioning itself to meet growing demand. Operating expenses for Q1 2026 increased by 89.4% compared to Q1 2025, driven by higher sales commissions and broader operating scale. General and administrative expenses rose by 69.1% year-over-year, reflecting the expanded scale of operations. The company is still in the planning stages for its U.S. solar cell manufacturing facility, with significant CapEx expected in 2027. The 45x tax credits are not included in the 2026 net income guidance, indicating potential uncertainty in future financial benefits. The competitive landscape in the U.S. solar market is intensifying, with other companies expanding capacity, which could impact TOYO's market position. Q: Congrats on the execution. Just wanted to clarify the guide for 2026. Are the 45x credits part of the net income guidance or that could potentially be some upside to the net income for 2026? A: The 45 times credits are not in our guidance, but they do provide an upside. We are reviewing our 2025 production from the Houston facility. The 45x creates a good opportunity for us, but we are playing a conservative role and not counting on it yet. Q: On the CapEx for your US expansion plans, is the majority of that already implemented? How much CapEx will be needed over the next year to get everything completed and ramped up? A: The CapEx this year is for the final payments of Ethiopia and the build-out of our second gigawatt of module production in Houston. We have detailed analysis on the cell plants, but we're not ready to announce specifics. There will be some expenses this year, but the majority is in 2027. Q: The revenue outlook for 2026, is that majority US? What's the geographic mix of that revenue? A: In 2026, the majority of our customers are in the United States. Our module facility came online in Q4 2025, and now we're expanding it. At least three-fourths of our business will be from US customers. Q: Can you talk about the equipment deliveries into Texas and any delays or expediting fees that might be part of the CapEx plan? A: So far, we are not seeing any material impact on equipment delivery for both module production expansion and potential cell production implementation in Houston. Q: On the marketing side, how competitive are your supply agreements, and how do you see that evolving as others expand capacity in the US? A: We are seeing strong demand and interest from our existing customer portfolio for the next two years. We expect robust demand in the US for our domestic products, either from current or potential customers. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

TOKYO, May 11, 2026 /PRNewswire/ -- TOYO Co., Ltd (NASDAQ: TOYO) (OTC: TOYWF), a solar solutions company, today announced that it will host a conference call to discuss its first quarter 2026 financial results on Monday, May 18, 2026. Conference Call Details are as follows: Date: Monday, May 18, 2026 Time: 8:30 AM ET Live Webcast: https://events.q4inc.com/attendee/608479759 The first quarter 2026 earnings release and related investor deck will be available on the investor relations website at investors.toyo-solar.com prior to the event. The dial-in numbers for the conference call will be as follows: About TOYO Co., Ltd. TOYO is a solar solutions company committed to becoming a full-service solar solutions provider in the global market, integrating upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost. Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in TOYO's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in TOYO's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. TOYO specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date. Contact Information: For TOYO Co., [email protected] Crocker CoulsonEmail: [email protected]: (646) 652-7185 View original content:https://www.prnewswire.com/news-releases/toyo-co-ltd-to-announce-first-quarter-2026-financial-results-on-may-18-2026-302768144.html

This article first appeared on GuruFocus. Revenue: $427 million, a 142% increase over 2024. Gross Profit: $96.3 million, a 340% increase from $21.9 million in 2024. Gross Profit Margin: Expanded to 22.5% from 12.4% in 2024. Operating Expenses: $37.3 million, up from $30 million in 2024. EBITDA: $95.8 million, a 40% increase from $68.2 million in 2024. Non-GAAP Adjusted EBITDA: $110.8 million, up 228% from $33.8 million in 2024. Net Income: $37.2 million, compared to $40.5 million in 2024. Adjusted Net Income: $52.2 million, compared to $6 million in 2024. Earnings Per Share (EPS): $0.98, compared to $1.09 in 2024. Adjusted EPS: $1.48, compared to $0.20 in 2024. Cash and Restricted Cash: $58.9 million as of December 31, 2025, compared to $17.2 million in 2024. Cash Flow from Operations: $133 million in 2025. Capital Expenditures (CapEx): $92 million invested in Ethiopia and US operations. Warning! GuruFocus has detected 3 Warning Signs with TOYO. Is TOYO fairly valued? Test your thesis with our free DCF calculator. Release Date: March 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Toyo Co Ltd (NASDAQ:TOYO) achieved a record-breaking revenue of over $427 million in 2025, marking a 142% increase over 2024. The company successfully ramped up its 4 gigawatt Ethiopia facility, which is now operating at full capacity. TOYO expanded its operations by launching a new 1 gigawatt module facility in Houston, with plans to increase capacity to 2 gigawatts by 2026. The acquisition of the VSUN brand has streamlined operations and accelerated growth without diluting shareholder value. TOYO's gross profit increased by 340% to $96.3 million in 2025, with a gross profit margin expansion to 22.5% from 12.4% in 2024. Operating expenses increased significantly by 186% year-over-year, reaching $37.3 million in 2025. General and administrative expenses rose due to $13.7 million in noncash share-based compensation. Net income for 2025 was $37.2 million, a decrease from $40.5 million in the previous year. The company is not currently providing specific gross margin guidance for different markets. TOYO's earnings per share decreased to $0.98 in 2025 from $1.09 in 2024. Q: Can you provide any color on how we should think about gross margins now that a share of revenues could potentially come from the US market? A: We are not currently providing our gross margins hold for the year. However, with the Ethiopia facility operating at full capacity and our US factory online, we believe we will continue to achieve competitive margins. For 2025, we achieved an average gross margin of around 25% and hope to maintain this level going forward. The numbers indicated do not account for the $0.07 45x credits we expect to receive for our manufacturing. Q: Will you potentially be receiving credits for the at-capacity or potentially 2 gigawatts capacity in the US market for 2026? A: We are cautious about giving guidance for our Houston production. Currently, we are running at 1 gigawatt capacity and hope to achieve 60% to 70% utilization. The additional 1 gigawatt is a new investment plan, with pilot production expected by the third or fourth quarter of this year. However, this is not included in our current guidance. Q: Will you be hosting quarterly earnings calls going forward, or will this be every 6 months? A: Yes, we plan to report quarterly starting this year. We aim to release our first quarter numbers in May and will continue with quarterly reporting thereafter. Q: How should investors think about reporting and engagement with the investor community now that the business is more established? A: We are committed to increasing our engagement with the investor community. With the strengthened management team, including Rhone Resch based in the US, we will be more available to meet with investors and provide updates. Q: What is the expected contribution from the Houston facility to your 2026 guidance? A: We are currently running at 1 gigawatt capacity in Houston and expect 60% to 70% utilization. The additional 1 gigawatt is planned for later in the year, but it is not included in our current guidance. We anticipate pilot production for the extra capacity by the third or fourth quarter. For the complete transcript of the earnings call, please refer to the full earnings call transcript.