TOYO Co., Ltd. Earnings Call Transcripts
Fiscal Year 2025
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Record 2025 revenue and margin expansion driven by Ethiopia and U.S. growth, with 2026 guidance targeting further shipment and income increases. Strategic acquisitions and capacity expansions position the company for continued leadership in a favorable U.S. policy environment.
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Solar cell shipments rose to 1.6 GW and revenue edged up to $139M in H1 2025, but margins and net income declined due to higher costs and ramp-up expenses. Full-year guidance was raised to 4.2–4.4 GW shipments and $375–$400M revenue, with growth driven by new facilities and the VSUN brand integration.
Fiscal Year 2024
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Revenue surged 184% year-over-year to $177 million in 2024, but margins fell due to U.S. tariffs. Major capacity expansions in Ethiopia and the U.S. are underway, with 2025 shipments projected at 3.5 GW and net income of $33 million.
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Strong first-half 2024 results with $138.1M revenue and $19.6M net income, driven by new Vietnam production and improved efficiency. Facing U.S. trade policy risks, the company is accelerating U.S. manufacturing expansion and expects over 1.9 GW deliveries in 2024.