Business
TOYO Co., Ltd Announces Unaudited and Unreviewed First Quarter 2026 Financial Results and Reaffirms Guidance
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.
About this update from Toyo Co., Ltd
[{"type":"text","content":"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.","length":292,"tagName":"p"},{"type":"text","content":"First Quarter 2026 Highlights","length":34,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Revenues of $142.8 million, an increase of 177.0% year-over-year","length":64,"tagName":"p"}]},{"val":[{"type":"text","content":"Net income of $28.4 million, compared to a net loss of $3.7 million in Q1 2025","length":78,"tagName":"p"}]},{"val":[{"type":"text","content":"EBITDA (Non-GAAP) of $48.1 million, compared to EBITDA of $2.4 million in Q1 2025","length":81,"tagName":"p"}]},{"val":[{"type":"text","content":"Adjusted EBITDA (Non-GAAP) of $48.3 million, compared to adjusted EBITDA $2.8 million in Q1 2025","length":96,"tagName":"p"}]},{"val":[{"type":"text","content":"Net income per diluted share of $0.75, compared to net loss per diluted share of $0.10 in Q1 2025","length":97,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":416,"olType":false},{"type":"text","content":""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."","length":464,"tagName":"p"},{"type":"text","content":"Unaudited First Quarter 2026 Results ","length":36,"tagName":"p"},{"type":"text","content":"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.","length":230,"tagName":"p"},{"type":"text","content":"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.","length":143,"tagName":"p"},{"type":"text","content":"Gross ...