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TOYO Co., Ltd Announces Second Half and Full Year 2025 Financial Results
TOKYO, March 31, 2026 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF), ("TOYO" or the "Company"), a solar solution company, today announced its
About this update from Toyo Co., Ltd
[{"type":"text","content":"TOKYO, March 31, 2026 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF), (\"TOYO\" or the \"Company\"), a solar solution company, today announced its financial results for the second half and fiscal year ended December 2025.\nFY 2025 Financial & Operational HighlightsRevenue: Achieved $427.4 million, surpassing the upper end of the Company's previously updated guidance range of $375–$400 million issued in September 2025.Solar Cell Shipments: Totalled 4.5 GW, exceeding the full-year target of 4.2–4.4 GW. The primary driver was the full utilization of the new 4 GW solar cell facility in Ethiopia, which reached its nameplate capacity in October 2025.Solar Module Shipments: 249 MW were delivered. EBITDA (Non-GAAP): Reported $95.8 million, reflecting improved operational efficiencies and a strategic shift toward higher-margin, tariff-compliant supply chains.Net Income: $37.2 million, which includes a one-time non-cash share-based compensation charge of approximately $13.7 million.Non-GAAP Adjusted Net Income: $52.2 million, 769% increase from $6 million last year.Outlook for full year 2026Solar cell shipments are expected to reach approximately 5.5-5.8 GW for the full year 2026, fueled by continued demandSolar module shipments are expected to reach approximately 1-1.3GW for the full year 2026Adjusted net income for the full year 2026 is expected to reach approximately $90-100 million Management comments\"2025 was a year of transformative execution for TOYO. By doubling our scale and strengthening our position as a vertically integrated solar solutions provider, we have built a resilient foundation designed to lead through a dynamic global business and policy landscape,\" said Takahiko Onozuka, CEO and Chairman of TOYO.\"Our record revenues of $427.4 million—a 142% increase over 2024—was underpinned by the rapid ramp-up of our 4 GW cell facility, which is now operating at full capacity to serve our U.S. utility-scale partners with high-efficiency, policy-compliant solar technology. Our production at our Houston module facility is expected to scale fast over the course of 2026 and we are evaluating additional strategic initiatives to create a robust onshore supply chain for U.S. customers using advanced technology and performance standards.\"Rhone Resch, Chief Strategy Officer of TOYO, added: \"Our outperformance this year is a...