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 gross margin expansion were driven by rapid scale-up in Ethiopia and the U.S., with strong cash flow and significant investments in capacity and technology. 2026 guidance targets further shipment growth, margin stability, and continued U.S. expansion.
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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 tariff impacts. Expansion in Ethiopia and the U.S., plus the VSUN brand acquisition, position the company for 4.2–4.4 GW shipments in 2025.
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 H1 2024 results with $138.1M revenue and $19.6M net income, driven by improved efficiency and cost reductions. Facing U.S. trade uncertainties, the company is accelerating U.S. manufacturing expansion and expects over 1.9 GW deliveries for the year.