TOYO Co., Ltd. - Financial Results for FY2025

TOYO Co., Ltd. announced its financial results for the second half and full fiscal year ended December 2025. The company achieved a revenue of $427.4 million, surpassing guidance. Solar cell shipments reached 4.5 GW, exceeding the target, primarily due to the full utilization of the 4 GW facility in Ethiopia. Solar module shipments were 249 MW. EBITDA was reported at $95.8 million, with a Non-GAAP Adjusted Net Income of $52.2 million, marking a significant increase from the previous year. The company expects solar cell shipments to reach 5.5-5.8 GW and module shipments to reach 1-1.3 GW in 2026, with an anticipated adjusted net income of $90-100 million. CEO Takahiko Onozuka highlighted the transformative execution in 2025, doubling the company's scale and strengthening its position as a vertically integrated solar solutions provider. The company is focused on scaling its Houston module facility and evaluating further strategic initiatives for an onshore supply chain in the U.S. The results reflect strong operational efficiencies and a strategic shift towards higher-margin, tariff-compliant supply chains.