TOYO Co., Ltd Announces Second Half and Full Year 2025 Financial Results
Rhea-AI Summary
TOYO (Nasdaq: TOYO) reported FY2025 revenue of $427.4 million (+142% YoY) and solar cell shipments of 4.5 GW. EBITDA (Non-GAAP) was $95.8 million and adjusted net income was $52.2 million. Management forecasts 2026 cell shipments of 5.5–5.8 GW and adjusted net income of $90–100 million.
Results reflect ramp-up of a 4 GW Ethiopia cell facility, Houston module start-up costs, and a one-time non-cash share-based charge of about $13.7 million.
Positive
- Revenue $427.4M (+142% YoY)
- Solar cell shipments 4.5 GW (exceeded target)
- EBITDA (Non-GAAP) $95.8M
- Adjusted net income $52.2M (769% increase)
Negative
- Operating expenses rose to $37.3M (+186% YoY)
- One-time non-cash share-based charge of $13.7M
- Reported net income $37.2M declined from $40.5M prior year
- Earnings per share fell to $0.98 from $1.09
Key Figures
Market Reality Check
Peers on Argus
Solar peers like ZEO (-6.13%), TYGO (-9.92%) and FTCI (-6.44%) also showed notable declines, but the momentum scanner did not flag a coordinated sector move for this event.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 18 | Preliminary FY2025 results | Positive | +1.8% | Preliminary FY2025 revenue, shipments and profit metrics ahead of formal release. |
| Sep 08 | 1H 2025 earnings | Neutral | -5.1% | Modest revenue growth with lower Adjusted EBITDA and updated 2025 outlook. |
| May 15 | Updated FY2024 results | Positive | +2.5% | Updated FY2024 audit showing higher net income and EPS versus 2023. |
| Apr 28 | FY2024 earnings | Positive | +3.4% | FY2024 revenue up 184% with significant shipment growth despite margin pressure. |
| Aug 21 | 1H 2024 earnings | Positive | -0.8% | First-half 2024 ramp with strong revenue and profit but reduced shipment forecast. |
Earnings headlines have usually produced modest moves, with a slight tilt toward positive reactions, but occasional negative responses when messaging is mixed.
Across recent earnings events, TOYO reported rapid revenue growth, major capacity expansions in Ethiopia and Houston, and improving profitability metrics. FY2024 results highlighted a large revenue jump but margin pressure from trade dynamics, followed by 1H 2025 modest growth and updated guidance. Preliminary FY2025 data on Mar 18, 2026 previewed the strong full-year performance now confirmed. Historically, earnings moves around these dates have been relatively contained, making today’s sharper decline notable versus prior patterns.
Historical Comparison
Past earnings headlines moved TOYO about 0.37% on average. Today’s -6.08% reaction versus confirmed FY2025 strength stands out as a much larger-than-typical swing.
Earnings releases trace rapid scaling from initial 2024 ramp, through 2025 capacity expansions in Ethiopia and Houston, to record FY2025 revenue and improving margins.
Regulatory & Risk Context
TOYO has an active Form F-3 shelf, amended on Oct 20, 2025 via an exhibit-only F-3/A. The filing allows potential securities sales “from time to time” after effectiveness. One related 424B3 prospectus supplement was filed on Feb 6, 2026, indicating some usage of the shelf framework, although the registration is noted as not effective in the provided data.
Market Pulse Summary
This announcement confirms record FY2025 revenue of $427.4 million, materially higher gross margin of 22.5%, and strong expansion in solar cell shipments to 4.5 GW. Management also outlined ambitious 2026 targets, including adjusted net income of $90–100 million. Historically, earnings headlines have produced relatively modest stock moves around 0.37% on average. Investors may watch execution on U.S. capacity ramp, cash of $58.9 million, and any future use of the active Form F-3 shelf.
Key Terms
ebitda financial
non-gaap financial
contingent consideration financial
exchange rate financial
AI-generated analysis. Not financial advice.
FY 2025 Financial & Operational Highlights
- Revenue: Achieved
$427.4 million $375 –$400 million issued in September 2025. - Solar Cell Shipments: Totalled 4.5 GW, exceeding the full-year target of 4.2–4.4 GW. The primary driver was the full utilization of the new 4 GW solar cell facility in
Ethiopia , which reached its nameplate capacity in October 2025. - Solar Module Shipments: 249 MW were delivered.
- EBITDA (Non-GAAP): Reported
$95.8 million - Net Income:
$37.2 million $13.7 million - Non-GAAP Adjusted Net Income:
$52.2 million 769% increase from$6 million
Outlook for full year 2026
- Solar cell shipments are expected to reach approximately 5.5-5.8 GW for the full year 2026, fueled by continued demand
- Solar module shipments are expected to reach approximately 1-1.3GW for the full year 2026
- Adjusted net income for the full year 2026 is expected to reach approximately
$90 -100 million
Management comments
"2025 was a year of transformative execution for TOYO. By doubling our scale and strengthening our position as a vertically integrated solar solutions provider, we have built a resilient foundation designed to lead through a dynamic global business and policy landscape," said Takahiko Onozuka, CEO and Chairman of TOYO.
"Our record revenues of
Rhone Resch, Chief Strategy Officer of TOYO, added: "Our outperformance this year is a direct result of our ability to navigate a complex global trade landscape. TOYO has built a resilient, traceable supply chain that the market trusts. As solar continues to drive the majority of new
Unaudited Second Half 2025 Results
Revenues for the second half of 2025 were approximately
The cost of revenues was approximately
Gross profit was approximately
Total operating expenses increased to approximately
- Selling and marketing expenses were
$3.4 million $1.3 million
- General and administrative expenses were
$20.5 million $7.6 million Houston metropolitan area,Texas , as well as share-based compensation and fair value of contingent consideration payable in earnout shares.
Net income was approximately
Full Year 2025 Financial Results
Revenues were
Cost of revenues was
Gross profit was
Operating expenses were
- Selling and marketing expenses were
$5.9 million $1.6 million
- General and administrative expenses were
$31.4 million $11.4 million $13.7 million
EBITDA (Non-GAAP) was
Non-GAAP Adjusted EBITDA excluding share-based compensation and changes in fair value of contingent consideration payable to earnout shares was
Net income for 2025 was
Adjusted net income excluding share-based compensation and changes in fair value of contingent consideration payable related to earnout shares was
Earnings per share, basic and diluted, for 2025 was
Adjusted earnings per share was
As of December 31, 2025, the Company had
Business Outlook
"Looking toward 2026, we are positioned to build on this record performance with a strategic goal of positioning TOYO as a supplier of compliant solar solutions that meet evolving customer requirements in
"We have developed new sourcing relationships for polysilicon and are in advanced planning to bring onshore cell manufacturing to the
Conference Call
TOYO will host a webcast and conference call to discuss its second half and fiscal year 2025 results on March 31, 2026, at 8:30 a.m. ET. A live webcast and a slide presentation will be available on TOYO's investor relations website in the "Events" section at investors.toyo-solar.com.
The dial-in numbers for the conference call are as follows:
Participant Toll-Free Dial-In Number: (800) 715-9871
Participant Toll Dial-In Number: +1 (646) 307-1963
Conference ID: 7240281
Live Webcast: https://events.q4inc.com/attendee/197358704
Exchange Rate Information
This announcement contains translations of certain Vietnamese Dong, or VND, amounts into
About TOYO Co., Ltd.
TOYO is a solar solutions company that is committed to becoming a full-service solar solutions provider in the global market, integrating the upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected growth of TOYO, the expected order delivery of TOYO, TOYO's construction plan of manufactures, and strategies of building up an integrated value chain in the
These statements involve risks, uncertainties, and other factors that may cause actual results, activity levels, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Although TOYO believes that it has a reasonable basis for each forward-looking statement contained in this press release, TOYO caution you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the documents filed by TOYO from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
TOYO cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to several risks and uncertainties, including, among others, the outcome of any potential litigation, government or regulatory proceedings, the sales performance of TOYO, and other risks and uncertainties, including but not limited to those included under the heading "Risk Factors" of the filings of TOYO with the SEC. There may be additional risks that TOYO does not presently know or that TOYO currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of TOYO as of the date of this press release. Subsequent events and developments may cause those views to change. However, while TOYO may update these forward-looking statements in the future, there is no current intention to do so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of TOYO as of any date subsequent to the date of this press release. Except as may be required by law, TOYO does not undertake any duty to update these forward-looking statements.
Contact Information:
For TOYO Co., Ltd.
IR@toyo-solar.com
Crocker Coulson
Email: crocker.coulson@aummedia.org
Tel: (646) 652-7185
Non-GAAP Measures
Some of the financial information and data contained in this press release, such as EBITDA, Adjusted EBITDA and Adjusted Net Income have not been prepared in accordance with
Management of TOYO does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses such as share-based compensation and changes in fair value of contingent consideration and income that are required by GAAP to be recorded in TOYO's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. You should review TOYO's audited financial statements, which are presented in the most recent annual report on Form 20-F filed with the SEC on March 31, 2026, and not rely on any single financial measure to evaluate TOYO's business.
TOYO Co., Ltd | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
AND COMPREHENSIVE INCOME | ||||||||||||
(Currency expressed in | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
Revenues from related parties | $ | 171,090,197 | $ | 127,271,262 | $ | 61,504,724 | ||||||
Revenues from third parties | 256,292,806 | 49,685,866 | 872,666 | |||||||||
Revenues | 427,383,003 | 176,957,128 | 62,377,390 | |||||||||
Cost of revenues – related parties | (131,136,988) | (95,904,220) | (35,923,151) | |||||||||
Cost of revenues – third parties | (199,908,574) | (59,154,996) | (9,823,709) | |||||||||
Cost of revenues | (331,045,562) | (155,059,216) | (45,740,860) | |||||||||
Gross profit | 96,337,441 | 21,897,912 | 16,636,530 | |||||||||
Operating expenses | ||||||||||||
Selling and marketing expenses | (5,923,870) | (1,625,724) | (17,573) | |||||||||
General and administrative expenses | (31,376,223) | (11,412,152) | (4,632,009) | |||||||||
Total operating expenses | (37,300,093) | (13,037,876) | (4,649,582) | |||||||||
Income from operations | 59,037,348 | 8,860,036 | 11,986,948 | |||||||||
Other (expenses) income | ||||||||||||
Interest expenses, net | (3,318,705) | (3,264,646) | (3,261,459) | |||||||||
Other (expenses) income, net | (1,854,076) | 586,167 | 1,163,666 | |||||||||
Changes in fair value of contingent consideration payable | (1,341,794) | 35,100,000 | — | |||||||||
Total other (expenses) income, net | (6,514,575) | 32,421,521 | (2,097,793) | |||||||||
Income before income taxes | 52,522,773 | 41,281,557 | 9,889,155 | |||||||||
Income tax expenses | (15,370,241) | (781,238) | — | |||||||||
Net income | $ | 37,152,532 | $ | 40,500,319 | $ | 9,889,155 | ||||||
Less: net loss attributable to noncontrolling interests | (2,507,366) | (113,851) | — | |||||||||
Net income attributable to TOYO Co., Ltd.'s shareholders | $ | 39,659,898 | $ | 40,614,170 | $ | 9,889,155 | ||||||
Other comprehensive loss | ||||||||||||
Foreign currency translation adjustment | (2,009,848) | (2,689,595) | (3,200,853) | |||||||||
Comprehensive income | $ | 35,142,684 | $ | 37,810,724 | $ | 6,688,302 | ||||||
Less: net loss attributable to noncontrolling interests | (2,507,366) | (113,851) | — | |||||||||
Comprehensive income attributable to TOYO Co., Ltd.'s | $ | 37,650,050 | $ | 37,924,575 | $ | 6,688,302 | ||||||
Weighted average number of ordinary share outstanding– basic and | 35,156,391 | 30,751,424 | 41,000,000 | |||||||||
Earnings per share – basic and diluted* | $ | 0.98 | $ | 1.09 | $ | 0.24 | ||||||
* | The shares and per share information are presented on a retroactive basis to reflect the reorganization effected on |
TOYO Co., Ltd | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Currency expressed in | ||||||||
December 31, | December 31, | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 51,634,374 | $ | 13,654,445 | ||||
Restricted cash | 714,245 | 1,878,267 | ||||||
Accounts receivable, net | 11,253,459 | 6,913,996 | ||||||
Accounts receivable – related parties | 494,695 | 11,840,648 | ||||||
Prepayments | 25,407,080 | 392,249 | ||||||
Prepayments – a related party | 72,264 | — | ||||||
Inventories, net | 79,986,077 | 19,984,094 | ||||||
Other current assets | 2,282,883 | 725,130 | ||||||
Total Current Assets | 171,845,077 | 55,388,829 | ||||||
Non-current Assets | ||||||||
Restricted cash, non-current | 6,511,407 | 1,616,677 | ||||||
Long-term prepaid expenses | 6,834,162 | 7,217,986 | ||||||
Deposits for property and equipment | 776,627 | 9,716,009 | ||||||
Property and equipment, net | 220,648,149 | 129,039,494 | ||||||
Right of use assets | 34,354,338 | 36,627,800 | ||||||
Deferred tax assets | 178,107 | — | ||||||
Other non-current assets | 285,954 | 192,905 | ||||||
Total Non-current Assets | 269,588,744 | 184,410,871 | ||||||
Total Assets | $ | 441,433,821 | $ | 239,799,700 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Short-term bank borrowings | $ | 30,648,493 | $ | 16,126,730 | ||||
Accounts payable | 52,376,724 | 17,629,696 | ||||||
Accounts payable – a related party | 3,269,212 | — | ||||||
Contract liabilities | 27,592,381 | 3,635,144 | ||||||
Contract liabilities – related parties | 80,348,303 | 20,098,561 | ||||||
Income tax payable | 15,386,467 | 781,238 | ||||||
Due to related parties | 62,328,287 | 56,633,373 | ||||||
Other payable and accrued expenses | 15,415,684 | 3,392,774 | ||||||
Lease liabilities, current | 2,867,727 | 2,118,900 | ||||||
Contingent consideration payable (nil and 13,000,000 earnout shares subject to | — | 4,617,000 | ||||||
Long-term bank borrowings, current portion | 5,471,119 | — | ||||||
Total Current Liabilities | 295,704,397 | 125,033,416 | ||||||
Lease liabilities, non-current | 34,474,040 | 34,327,142 | ||||||
Long-term bank borrowings | — | 20,999,733 | ||||||
Total Non-current Liabilities | 34,474,040 | 55,326,875 | ||||||
Total Liabilities | 330,178,437 | 180,360,291 | ||||||
Commitments and Contingencies (Note 17) | ||||||||
Equity | ||||||||
Ordinary shares (par value | 3,671 | 3,359 | ||||||
Additional paid-in capital | 28,779,967 | 14,414,905 | ||||||
Retained earnings | 89,976,384 | 50,316,486 | ||||||
Accumulated other comprehensive loss | (7,504,638) | (5,494,790) | ||||||
Total TOYO Co., Ltd Shareholders' Equity | 111,255,384 | 59,239,960 | ||||||
Non-controlling interest | — | 199,449 | ||||||
Total Equity | 111,255,384 | 59,439,409 | ||||||
Total Liabilities and Equity | $ | 441,433,821 | $ | 239,799,700 | ||||
TOYO Co., Ltd | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(Currency expressed in | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2025 | 2024 | 2023 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 37,152,532 | $ | 40,500,319 | $ | 9,889,155 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) | ||||||||||||
Depreciation of property and equipment | 36,551,190 | 23,235,143 | 2,607,276 | |||||||||
Loss from disposal of property and equipment | — | — | 13,511 | |||||||||
Amortization of right of use assets | 3,042,354 | 289,198 | 114,614 | |||||||||
Loss from early termination of lease agreement | — | 29,186 | — | |||||||||
Amortization of long-term prepaid expenses | 165,169 | 171,419 | 180,192 | |||||||||
Share-based compensation to employees | 4,703,760 | — | — | |||||||||
Share-based compensation to nonemployees | 9,000,737 | 609,000 | — | |||||||||
Changes in fair value of contingent consideration payable | 1,341,794 | (35,100,000) | — | |||||||||
Inventory write down | 2,862,847 | 2,536,668 | — | |||||||||
Expense of offering cost allocated to contingent consideration | — | 359,000 | — | |||||||||
Deferred tax benefits | (178,107) | — | — | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable | (4,583,417) | (6,138,919) | — | |||||||||
Accounts receivable – related parties | 11,179,845 | (11,984,896) | — | |||||||||
Prepayments | (25,030,650) | (254,223) | (152,023) | |||||||||
Prepayments – a related party | (72,264) | 23,635,352 | (24,845,082) | |||||||||
Inventories | (63,359,435) | 15,882,337 | (40,728,301) | |||||||||
Other current assets | (1,559,891) | (1,427,492) | (87,263) | |||||||||
Other non-current assets | (94,770) | (171,353) | (22,655) | |||||||||
Accounts payable | 6,340,244 | 3,034,220 | 2,079,725 | |||||||||
Accounts payable – a related party | 3,269,718 | — | — | |||||||||
Contract liabilities | 24,038,608 | 3,183,138 | 540,481 | |||||||||
Contract liabilities – related parties | 60,250,424 | (7,813,425) | 29,340,608 | |||||||||
Income tax payable | 14,605,229 | 781,238 | — | |||||||||
Due to related parties | 1,281,905 | (1,593,064) | 3,267,670 | |||||||||
Other payable and accrued expenses | 11,951,150 | (2,769,631) | 5,404,730 | |||||||||
Lease liabilities | 128,959 | (486,475) | (131,655) | |||||||||
Net cash provided by (used in) operating activities | 132,987,931 | 46,506,740 | (12,529,017) | |||||||||
Cash flows from investing activities: | ||||||||||||
Purchase of property and equipment | (91,752,076) | (42,501,403) | (114,113,439) | |||||||||
Purchase of property and equipment from a related party | — | (1,542,768) | (126,272) | |||||||||
Payment for acquisition of non-controlling interests | (6,650,000) | — | — | |||||||||
Net cash used in investing activities | (98,402,076) | (44,044,171) | (114,239,711) | |||||||||
Cash flows from financing activities: | ||||||||||||
Capital injection from shareholders | 4,000,000 | 10,000 | 42,360,581 | |||||||||
Proceeds from private placement | — | 6,000,100 | — | |||||||||
Proceeds from bank borrowings | 56,678,373 | 65,663,820 | 12,034,734 | |||||||||
Repayment of bank borrowings | (57,238,753) | (39,546,161) | — | |||||||||
Proceeds from borrowings from a related party | 12,000,000 | 5,000,000 | 93,571,624 | |||||||||
Repayment of borrowings to a related party | (6,000,000) | (38,093,104) | — | |||||||||
Deemed distribution through purchase of trademark | (340,000) | — | — | |||||||||
Payments of offering costs | — | (1,124,374) | (1,817,310) | |||||||||
Net cash provided by (used in) financing activities | 9,099,620 | (2,089,719) | 146,149,629 | |||||||||
Effect of exchange rate changes on cash | (1,974,838) | (2,220,954) | (2,448,856) | |||||||||
Net (decrease) increase in cash | $ | 41,710,637 | $ | (1,848,104) | $ | 16,932,045 | ||||||
Cash and restricted cash at beginning of year | 17,149,389 | 18,997,493 | 2,065,448 | |||||||||
Cash and restricted cash at end of year | $ | 58,860,026 | $ | 17,149,389 | $ | 18,997,493 | ||||||
Supplemental cash flow information | ||||||||||||
Cash paid for interest expense | $ | 1,954,648 | $ | 3,316,100 | $ | — | ||||||
Cash paid for income tax | $ | 943,119 | $ | — | $ | — | ||||||
Noncash investing and financing activities | ||||||||||||
Operating lease right-of-use assets obtained in exchange for operating | $ | 1,916,346 | $ | 3,636,453 | $ | 473,014 | ||||||
Issuance of ordinary shares to settle of contingent consideration | $ | 5,958,794 | $ | — | $ | — | ||||||
Payables related to purchase of property and equipment | $ | 37,658,234 | $ | 819,599 | $ | 34,743,940 | ||||||
Payment of offering costs by a related party | $ | — | $ | — | $ | 81,025 | ||||||
Accrual of offering costs | $ | — | $ | — | $ | 892,976 | ||||||
Transfer of equity interest of a subsidiary in exchange for asset | $ | — | $ | 1,253,702 | $ | — | ||||||
Reconciliation of cash and restricted cash to the consolidated | ||||||||||||
Cash | $ | 51,634,374 | $ | 13,654,445 | $ | 18,035,405 | ||||||
Restricted cash | 714,245 | 1,878,267 | 82,195 | |||||||||
Restricted cash, non-current | 6,511,407 | 1,616,677 | 879,893 | |||||||||
$ | 58,860,026 | $ | 17,149,389 | $ | 18,997,493 | |||||||
Reconciliation of Non-GAAP to GAAP Measures (Unaudited and Unreviewed) | ||||||||
(Stated in US dollars) | ||||||||
For the year ended | ||||||||
2025 | 2024 | |||||||
Reconciliation of non-GAAP income from operations: | ||||||||
Net Income | $ | 37,152,532 | $ | 40,500,319 | ||||
Income tax | 15,370,241 | 781,238 | ||||||
Interest expenses | 3,318,705 | 3,264,646 | ||||||
Depreciation and amortization | 36,746,255 | 23,235,143 | ||||||
Amortization of right-of-use assets | 3,042,354 | 289,198 | ||||||
Amortization of long-term prepaid expenses | 165,169 | 171,419 | ||||||
EBITDA | 95,795,256 | 68,241,963 | ||||||
Adjustments: | ||||||||
Share-based compensation | 13,704,497 | 609,000 | ||||||
Changes in fair value of contingent consideration payable | 1,341,794 | (35,100,000) | ||||||
Adjusted EBITDA | $ | 110,841,547 | $ | 33,750,963 | ||||
For the year ended | ||||||||
2025 | 2024 | |||||||
Reconciliation of non-GAAP net income from operations: | ||||||||
Net Income | 37,152,532 | 40,500,319 | ||||||
Adjustments: | ||||||||
Share-based compensation | 13,704,497 | 609,000 | ||||||
Changes in fair value of contingent consideration payable | 1,341,794 | (35,100,000) | ||||||
Adjusted Net Income | $ | 52,198,823 | $ | 6,009,319 | ||||
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SOURCE TOYO Co., Ltd
FAQ
What were TOYO's key FY2025 financial results (Nasdaq: TOYO)?
How many solar cells did TOYO ship in 2025 and what is 2026 guidance?
What drove TOYO's adjusted net income increase in FY2025 (TOYO)?
Why did TOYO report lower GAAP net income despite higher revenue in 2025?
How did TOYO's gross margin change in FY2025 and what caused it?
When and how can investors access TOYO's FY2025 conference call and webcast?
