TOYO Co., Ltd. Earnings Call Transcripts
Fiscal Year 2026
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Record Q1 2026 results with revenue up 177% year-over-year and a swing to profitability. U.S. expansion continues with major capacity increases and strong domestic demand, while guidance for 2026 is reaffirmed.
Fiscal Year 2025
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Record 2025 revenue and margin expansion driven by global manufacturing scale-up and strategic U.S. focus. 2026 guidance targets further growth, with major investments in capacity and technology, and continued strong cash generation.
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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.