TOYO Provides Preliminary, Unaudited and Unreviewed FY2025 Financial Results

Rhea-AI Summary

TOYO (Nasdaq: TOYO) reported preliminary, unaudited FY2025 results for year ended Dec 31, 2025: Revenue ~$427 million, Solar cell shipments ~4.5 GW, Solar module shipments ~249 MW, EBITDA ~$96 million, and Net income ~$38 million including a one-time $14 million share-based compensation. The ramp of a 4 GW Ethiopia cell facility and U.S. capacity expansions supported performance. An earnings call is scheduled for March 31, 2026, 8:30 AM ET.

Positive

• Revenue ~$427M beat updated guidance of $375–$400M
• Solar cell shipments of ~4.5 GW, above 4.2–4.4 GW target
• EBITDA ~$96M supported by operational efficiencies
• 4 GW Ethiopia cell facility reached commercial production in 2025

Negative

• Net income of ~$38M includes a one-time $14M share-based compensation
• Results are preliminary, unaudited and unreviewed, subject to final adjustments
• Solar module shipments of ~249 MW reflect limited commercial production since October 2025

News Market Reaction – TOYO

+1.84%

+1.84% Session close to close

In the Mar 18 session, TOYO gained 1.84%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights FY2025 revenue near $427 million, ahead of the prior $375–$400 million ...

Analysis

This announcement highlights FY2025 revenue near $427 million, ahead of the prior $375–$400 million range, and solar cell shipments around 4.5 GW, surpassing the 4.2–4.4 GW target. EBITDA of about $96 million and net income of roughly $38 million, including a one-time $14 million share-based charge, confirm scaling progress. Investors may watch the upcoming March 31, 2026 call for details on margins, cash needs under the F-3 shelf, and sustainability of demand at new Ethiopia and U.S. facilities.

Key Figures

FY2025 Revenue: $427 million Prior Revenue Guidance: $375–$400 million Solar Cell Shipments: 4.5 GW +5 more

8 metrics

FY2025 Revenue $427 million Preliminary FY2025, exceeded $375–$400 million guidance

Prior Revenue Guidance $375–$400 million Updated full-year outlook issued September 2025

Solar Cell Shipments 4.5 GW Preliminary FY2025, above 4.2–4.4 GW target

Solar Cell Target 4.2–4.4 GW Previously announced full-year 2025 shipment target

Solar Module Shipments 249 MW Since commercial module production began in October 2025

FY2025 EBITDA $96 million Preliminary FY2025 EBITDA, supported by efficiencies and cost optimizations

FY2025 Net Income $38 million Preliminary FY2025 net income figure

Share-based Compensation $14 million One-time share-based compensation included in FY2025 net income

Previous Earnings Reports

4 past events · Latest: Sep 08 (Positive)

Same Type Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Sep 08	H1 2025 results	Positive	-5.1%	Reported modest growth, lower EBITDA, and raised 2025 shipment and income outlook.
May 15	FY2024 audited update	Positive	+2.5%	Released audited FY2024 with net income and EPS sharply higher year-over-year.
Apr 28	FY2024 full results	Neutral	+3.4%	Reported strong revenue and income growth but weaker margins and duty impacts.
Aug 21	H1 2024 results	Neutral	-0.8%	Announced first-half 2024 profitability and shipments alongside a reduced forecast.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have produced mixed but generally modest price reactions, with one notable selloff on a prior guidance-raising update.

Recent Company History

Over the past two years, TOYO’s earnings headlines have tracked its transition into a higher-scale solar manufacturer. Earlier FY2024 and H1 2024 reports highlighted steep revenue growth and the start of large-scale cell and module capacity. Subsequent FY2024 updates and H1 2025 results showed stronger profitability but some margin pressure and evolving guidance. The current FY2025 preliminary results build on this trajectory, showing revenue above prior guidance and meaningful solar cell and module shipment growth versus earlier capacity milestones.

Key Terms

ebitda

1 terms

ebitda financial

"EBITDA: Approximately $96 million, supported by operational efficiencies..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

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TOKYO, March 18, 2026 /PRNewswire/ --  TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF),  ("TOYO" or the "Company"), a solar solution company, today announced preliminary, unaudited and unreviewed FY 2025 results for the fiscal year ended December 31, 2025. These figures demonstrate solid execution against the Company's raised full-year outlook from September 2025, fueled by capacity expansions and sustained demand in the global renewable energy market.

FY2025 Preliminary Performance Highlights

• Revenue: Delivering stronger than expected performance, the Company achieved approximately $427 million, beating the previously updated guidance range of $375–$400 million issued in September 2025 and reflecting substantial year-over-year growth. This was driven by increased production volumes and strong orders from utility-scale and commercial customers worldwide.
• Solar Cell Shipments: Approximately 4.5 GW, surpassing previously announced full-year target of 4.2–4.4 GW. Key contributors included the successful ramp-up and full utilization of the Company's 4 GW solar cell facility in Ethiopia, which began commercial production in 2025.
• Solar module shipments: Approximately 249MW, since commencing commercial production in October 2025.
• EBITDA: Approximately $96 million, supported by operational efficiencies, improved margins from scaled production, and cost optimizations across the supply chain.
• Net Income: Approximately $38 million. Net income includes a one-time share-based compensation of approximately $14 million. These preliminary results underscore TOYO's progress in building a resilient, vertically integrated solar value chain, with strategic facilities in Ethiopia and the United States enhancing supply chain security and competitiveness amid evolving trade dynamics.

"2025 was a transformative year for TOYO, as we delivered on our elevated guidance and made meaningful strides in global manufacturing scale," said Takahiko Onozuka, Chairman and CEO of TOYO. "The rapid ramp of our Ethiopia cell facility has strengthened our position to meet rising demand for reliable, cost-effective solar solutions. We are focused on further integration, innovation, and sustainable expansion to create long-term value for shareholders and stakeholders in the clean energy transition."

Earnings Call Schedule

TOYO will host the FY2025 financial results earnings conference call on March 31^st, 2026, 8:30 am ET.  

Date: Tuesday, March 31, 2026

Time: 8:30 AM ET

Live Webcast: https://events.q4inc.com/attendee/197358704

The FY 2025 earnings release and related investor deck will be available on the investor relations website at investors.toyo-solar.com prior to the event.

The dial in numbers for the conference call will be as follows:

Participant Toll-Free Dial-In Number: (800) 715-9871 Participant Toll Dial-In Number: (646) 307-1963 Japan - Tokyo: +81.3.4578.9081 Conference ID: 7240281

About TOYO Co., Ltd.

TOYO is a solar solutions company committed to becoming a full-service solar solutions provider in the global market, integrating 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

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in TOYO's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in TOYO's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. TOYO specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

Contact Information:

For TOYO Co., Ltd.
IR@toyo-solar.com

Crocker Coulson
Email: crocker.coulson@aummedia.org
Tel: (646) 652-7185

View original content:https://www.prnewswire.com/news-releases/toyo-provides-preliminary-unaudited-and-unreviewed-fy2025-financial-results-302717439.html

SOURCE TOYO Co., Ltd

FAQ

How much revenue did TOYO (TOYO) report for FY2025 and did it beat guidance?

TOYO reported approximately $427 million in revenue for FY2025, exceeding prior guidance. According to the company, this beat the September 2025 updated guidance range of $375–$400 million, driven by higher production volumes and strong utility-scale orders.

What were TOYO's solar cell shipments for FY2025 (TOYO) and how did they compare to targets?

TOYO shipped approximately 4.5 GW of solar cells in FY2025, surpassing its target. According to the company, shipments exceeded the announced full-year target of 4.2–4.4 GW, aided by ramping the Ethiopia 4 GW cell facility.

What was TOYO's FY2025 net income and how did the one-time charge affect it?

TOYO reported net income of approximately $38 million, which includes a one-time $14 million share-based compensation charge. According to the company, that non-recurring item materially affected reported net income for the year.

When is TOYO's FY2025 earnings call and how can investors join the March 31, 2026 event?

TOYO will host its FY2025 earnings call on March 31, 2026 at 8:30 AM ET. According to the company, investors can join via the live webcast at the provided events link or dial the listed conference numbers with ID 7240281.

How did TOYO's Ethiopia facility contribute to FY2025 performance (TOYO)?

The Ethiopia 4 GW cell facility began commercial production in 2025 and helped boost output and shipments. According to the company, the facility's ramp and full utilization were key contributors to FY2025 shipment and revenue gains.

Where will TOYO (TOYO) publish the final FY2025 release and investor deck before the call?

TOYO will post the FY2025 earnings release and investor deck on its investor relations website prior to the call. According to the company, materials will be available on the investors.toyo-solar.com site ahead of the March 31, 2026 webcast.