TOYO Co., Ltd Announces Unaudited and Unreviewed First Quarter 2026 Financial Results and Reaffirms Guidance

Rhea-AI Summary

TOYO (Nasdaq: TOYO) reported unaudited, unreviewed Q1 2026 results, with revenues of $142.8 million, up 177.0% year-over-year. Net income reached $28.4 million versus a prior-year loss, and gross margin improved to 33.5%. The company reaffirmed 2026 guidance, including adjusted net income of $90–$100 million.

Positive

• Q1 2026 revenue rose to $142.8M, up 177.0% year-over-year
• Gross profit increased to $47.8M with gross margin at 33.5% vs. 9.3%
• Net income swung to $28.4M from a $3.7M loss in Q1 2025
• EBITDA (Non-GAAP) grew to $48.1M from $2.4M a year earlier
• Cash and restricted cash rose to $72.2M from $58.9M at year-end 2025
• 2026 adjusted net income guidance reaffirmed at $90–$100M

Negative

• Total operating expenses increased to $11.5M from $6.1M year-over-year
• Selling and marketing expenses rose to $2.0M from $0.5M
• General and administrative expenses grew to $9.5M from $5.6M
• First quarter 2026 financial figures are unaudited and unreviewed

News Market Reaction – TOYWF

+55.56%

+55.56% Session close to close

In the May 18 session, TOYWF gained 55.56%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +55.6% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +55.6% in the session following this news. A strong positive reaction aligns with the company’s reported Q1 2026 revenue of $142.8 million, sharp margin expansion to 33.5%, and reaffirmed full‑year adjusted net income outlook of $90–$100 million. Historically, earnings news on Mar 18, 2026 saw a +17.27% move, so strength around results would be consistent. Investors would still need to monitor execution, capital needs, and future earnings quality.

Key Figures

Q1 2026 revenue: $142.8 million Q1 2026 net income: $28.4 million Q1 2026 EBITDA: $48.1 million +5 more

8 metrics

Q1 2026 revenue $142.8 million First quarter 2026 revenue, 177.0% year-over-year increase

Q1 2026 net income $28.4 million First quarter 2026 net income vs net loss of $3.7 million in Q1 2025

Q1 2026 EBITDA $48.1 million First quarter 2026 EBITDA (Non-GAAP) vs $2.4 million in Q1 2025

Q1 2026 adjusted EBITDA $48.3 million First quarter 2026 adjusted EBITDA (Non-GAAP) vs $2.8 million in Q1 2025

Diluted EPS Q1 2026 $0.75 Net income per diluted share vs net loss per diluted share of $0.10 in Q1 2025

Gross margin Q1 2026 33.5% Gross margin vs 9.3% in the first quarter of 2025

Cash and restricted cash $72.2 million Balance as of March 31, 2026 vs $58.9 million as of December 31, 2025

VND balance sheet FX rate VND 26,328 to US$1.00 Exchange rate used for balance sheet items as of March 31, 2026

Previous Earnings Reports

1 past event · Latest: Mar 18 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 18	FY2025 prelim results	Positive	+17.3%	Preliminary FY2025 revenue, EBITDA and net income highlighted strong growth.

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

Pattern Detected

The prior earnings-related release showed a positive price reaction, whereas the current earnings report coincides with a sharp decline, indicating an emerging divergence in reactions to financial updates.

Recent Company History

Recent news flow has centered on TOYO’s financial and strategic expansion. On Mar 18, 2026, preliminary FY2025 results highlighted revenue of ~$427 million and EBITDA of ~$96 million, with a +17.27% price reaction. The current Q1 2026 earnings show strong revenue and margin expansion plus reaffirmed 2026 guidance, yet the stock is down 22.41% pre‑news, contrasting with the earlier positive reaction to earnings-related disclosures.

Key Terms

ebitda, adjusted ebitda, non-gaap, restricted cash, +2 more

6 terms

ebitda financial

"EBITDA (Non-GAAP) of $48.1 million, compared to EBITDA of $2.4 million in Q1 2025"

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.

View in glossary

adjusted ebitda financial

"Adjusted EBITDA (Non-GAAP) of $48.3 million, compared to adjusted EBITDA $2.8 million in Q1 2025"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"EBITDA (Non-GAAP) of $48.1 million, compared to EBITDA of $2.4 million in Q1 2025"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

restricted cash financial

"the Company had $72.2 million in cash and restricted cash (including non-current restricted cash)"

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

letters of credit financial

"non-current restricted cash, primarily securing letters of credit and bank facilities"

A letter of credit is a promise from a bank to pay a seller if the buyer fails to do so, commonly used in trade and large contracts to ensure payment. Think of it as a bank standing in for the buyer, like a certified check or payment insurance that reduces the risk of nonpayment. For investors, letters of credit matter because they affect a company’s cash flow, borrowing needs and contingent liabilities, and signal how much credit support a business requires to secure deals.

exchange rate financial

"VND exchange rate for balance sheet items, except for equity accounts made at a rate of VND26,328 to US$1.00"

Exchange rate is the price of one currency expressed in another—for example, how many euros you receive for one US dollar. It matters to investors because changes in that price alter the reported profits, costs and value of assets for companies and portfolios that operate or hold money across borders; think of it like switching measurement units, where the same item can look bigger or smaller depending on the unit used.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TOKYO, May 18, 2026 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF), ("TOYO" or the "Company"), a solar solution company, today announced its unaudited and unreviewed financial results for the first quarter ended March 31, 2026, and reaffirmed its 2026 guidance.

First Quarter 2026 Highlights

• Revenues of $142.8 million, an increase of 177.0% year-over-year
• Net income of $28.4 million, compared to a net loss of $3.7 million in Q1 2025
• EBITDA (Non-GAAP) of $48.1 million, compared to EBITDA of $2.4 million in Q1 2025
• Adjusted EBITDA (Non-GAAP) of $48.3 million, compared to adjusted EBITDA $2.8 million in Q1 2025
• Net income per diluted share of $0.75, compared to net loss per diluted share of $0.10 in Q1 2025

"We delivered a powerful start to 2026, achieving strong first-quarter revenue and net income growth that reflects the successful scale-up of our advanced manufacturing capabilities," said Takahiko Onozuka, Chairman and CEO of TOYO. "Our ability to deliver 177% year-over-year sales growth while delivering record net income of $28.4 million demonstrates the strength of demand for our solar solutions and our team's disciplined execution."

Unaudited First Quarter 2026 Results

Revenues for the first quarter of 2026 were approximately $142.8 million, which increased 177.0% from $51.5 million in the same period in 2025. The increase was primarily driven by higher solar cell and solar module sales volumes.

The cost of revenues was approximately $95.0 million for the first quarter of 2026, compared to $46.7 million for the same period in 2025.

Gross profit was approximately $47.8 million for the first quarter of 2026, an 894.8% increase compared to $4.8 million for the same period in 2025. Gross margin improved to 33.5% for the first quarter of 2026 from 9.3% in the first quarter of 2025. The increase in gross profit margin was primarily due to our expansion of production capacity, increased production efficiencies and improved economies of scale as the Company successfully ramped up its solar cell facility.

Total operating expenses increased to approximately $11.5 million for the first quarter of 2026 from $6.1 million for the same period in 2025.

Selling and marketing expenses were $2.0 million for the first quarter of 2026 compared to $0.5 million for the same period in 2025. The increase in selling and marketing expenses was primarily due to a sales commission increase in line with an increase in revenues, testing fees and advertising expenses, as well as payroll and benefits.

General and administrative expenses were $9.5 million for the first quarter of 2026, compared to $5.6 million for the same period in 2025. The increase was primarily driven by an increase in the scale of operations as the Company brought its new 4GW cell manufacturing line and new module facility in Houston online over the course of 2025.

EBITDA (Non-GAAP) was $48.1 million for the first quarter of 2026, compared to EBITDA of $2.4 million for the same period in 2025.

Adjusted EBITDA (Non-GAAP) was $48.3 million for the first quarter of 2026, compared to $2.8 million for the same period in 2025, an increase of approximately $45.5 million.  The improvement reflects the Company's revenue scale-up, increase in gross margin, and disciplined operating expense management.

Net income was approximately $28.4 million for the first quarter of 2026, compared to a net loss of $3.7 million for the same period in 2025.

Earnings per share, basic and diluted, for the first quarter of 2026 was $0.75 compared to loss per share attributable to TOYO shareholders, basic and diluted, of $0.10 in the first quarter of the prior year.

As of March 31, 2026, the Company had $72.2 million in cash and restricted cash (including non-current restricted cash), compared to $58.9 million as of December 31, 2025.  As of March 31, 2026, cash and cash equivalents were $54.4 million, with $4.5 million in current restricted cash and $13.4 million in non-current restricted cash, primarily securing letters of credit and bank facilities.

Business Outlook

"Following our strong first-quarter performance, we are reaffirming our full-year 2026 outlook, which reflects our confidence in the sustained U.S. demand for high-efficiency solar solutions," said Takahiko Onozuka, Chairman and CEO of TOYO. "We anticipate solar cell shipments to reach between 5.5 GW and 5.8 GW in 2026, bolstered by our scaled manufacturing capabilities. Furthermore, as we deepen our downstream presence, we expect solar module shipments to reach 1.0 GW to 1.3 GW this year. We expect, with our focus on supply chain resilience, to achieve a full-year adjusted net income in the range of $90 million to $100 million."

"We are continuing to move forward with our plans for a domestic cell plant as part of our commitment to reshore solar production and advance toward a more integrated supply chain in the United States to meet the needs of our customers for high performance solar solutions aligned with the evolving policy environment. We are also moving forward to establish a U.S. R&D center to bring next-generation technologies that will bolster energy security and meet the surging demand for on- and off-grid electricity to power the AI economy," Mr. Onozuka concluded.

Conference Call

TOYO will host a webcast and conference call to discuss its first quarter 2026 results on May 18, 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

Japan - Tokyo: +81.3.4578.9081

Conference ID: 7240281

Live Webcast: https://events.q4inc.com/attendee/608479759

Exchange Rate Information

This announcement contains translations of certain Vietnamese Dong, or VND, amounts into U.S. dollars at a specified rate solely for the reader's convenience. VND exchange rate for balance sheet items, except for equity accounts made at a rate of VND26,328 to US$1.00, the exchange rate as of March 31, 2026, translations related to items in the statement of operations and comprehensive income, and statement of cashflows from VND to U.S. dollars and from U.S. dollars to VND are made at a rate of VND 26,169 to US$1.00, for the three months ended March 31, 2026. The Company makes no representation that the VND or U.S. dollar amounts referenced could be converted into U.S. dollars or VND, as the case may be, at any particular rate or at all.

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 manufacturing facilities, and strategies of building up an integrated value chain in the U.S. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of TOYO's management and are not predictions of actual performance.

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 cautions 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 Securities and Exchange Commission (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@aumadvisors.com
Tel: (646) 652-7185

Non-GAAP Measures

Some of the financial information and data contained in this press release, such as EBITDA and Adjusted EBITDA, have not been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). TOYO believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to TOYO's financial condition and results of operations. TOYO's management uses these non-GAAP measures for trend analysis and for budgeting and planning purposes. TOYO believes that the use of these non-GAAP measures provides an additional tool for investors to evaluate projected operating results and trends, as well as compare TOYO's financial measures with those of other similar companies, many of which also present similar non-GAAP financial measures to investors.

The 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, results of operations and financial condition.

 

TOYO Co., Ltd
CONSOLIDATED BALANCE SHEETS
(Currency expressed in United States Dollars ("US$"), except for number of shares)
		March 31, 2026				December 31, 2025
		(unaudited)
ASSETS
Current Assets
Cash		$	54,364,065			$	51,634,374
Restricted cash			4,450,848				714,245
Accounts receivable, net			15,259,069				11,253,459
Accounts receivable – related parties			2,678,368				494,695
Prepayments			12,781,320				25,407,080
Prepayments – a related party			72,264				72,264
Inventories, net			114,468,059				79,986,077
Other current assets			3,554,950				2,282,883
Total Current Assets			207,628,943				171,845,077
Non-current Assets
Restricted cash, non-current			13,375,915				6,511,407
Long-term prepaid expenses			6,783,773				6,834,162
Deposits for property and equipment			2,636,845				776,627
Property and equipment, net			213,379,252				220,648,149
Right of use assets			33,548,825				34,354,338
Deferred tax assets			418,117				178,107
Other non-current assets			505,856				285,954
Total Non-current Assets			270,648,583				269,588,744
Total Assets		$	478,277,526			$	441,433,821
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Short-term bank borrowings		$	29,897,383			$	30,648,493
Accounts payable			48,203,058				52,376,724
Accounts payable – related parties			2,640,420				3,269,212
Contract liabilities			48,718,679				27,592,381
Contract liabilities – related parties			84,704,620				80,348,303
Income tax payable			21,142,539				15,386,467
Due to related parties			51,098,926				62,328,287
Other payable and accrued expenses			13,688,444				15,415,684
Lease liabilities, current			3,271,804				2,867,727
Long-term bank borrowings, current portion			1,361,334				5,471,119
Total Current Liabilities			304,727,207				295,704,397
Lease liabilities, non-current			33,758,680				34,474,040
Total Non-current Liabilities			33,758,680				34,474,040
Total Liabilities			338,485,887				330,178,437
Commitments and Contingencies (Note 16)
Shareholders' Equity
Ordinary shares (par value $0.0001 per share, 500,000,000 shares authorized,    37,758,997 shares and 37,758,997 shares issued as of March 31, 2026 and    December 31, 2025, and 37,758,997 shares and 36,712,040 shares outstanding    as of March 31, 2026 and December 31, 2025, respectively)			3,776				3,671
Additional paid-in capital			28,934,762				28,779,967
Retained earnings			118,387,588				89,976,384
Accumulated other comprehensive loss			(7,534,487)				(7,504,638)
Total Shareholders' Equity			139,791,639				111,255,384
Total Liabilities and Shareholders' Equity		$	478,277,526			$	441,433,821
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

 

TOYO Co., Ltd
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (LOSS)
(Currency expressed in United States Dollars ("US$"), except for number of shares)
		For the Three Months Ended March 31,
		2026				2025
Revenues from related parties		$	35,957,714			$	10,521,150
Revenues from third parties			106,815,744				41,023,361
Revenues			142,773,458				51,544,511
Cost of revenues – related parties			(28,475,589)				(8,857,358)
Cost of revenues – third parties			(66,536,671)				(37,885,919)
Cost of revenues			(95,012,260)				(46,743,277)
Gross profit			47,761,198				4,801,234
Operating expenses
Selling and marketing expenses			(2,007,392)				(456,087)
General and administrative expenses			(9,483,762)				(5,609,919)
Total operating expenses			(11,491,154)				(6,066,006)
Income (loss) from operations			36,270,044				(1,264,772)
Other expenses
Interest expenses, net			(785,260)				(579,049)
Other expenses, net			(1,539,250)				(367,665)
Changes in fair value of contingent consideration payable			—				(400,030)
Total other expenses, net			(2,324,510)				(1,346,744)
Income (loss) before income taxes			33,945,534				(2,611,516)
Income tax expenses			(5,534,330)				(1,104,459)
Net income (loss)		$	28,411,204			$	(3,715,975)
Less: net loss attributable to noncontrolling interests			—				(462,753)
Net income (loss) attributable to TOYO Co., Ltd.'s shareholders		$	28,411,204			$	(3,253,222)
Other comprehensive loss
Foreign currency translation adjustment			(29,849)				(479,189)
Comprehensive income (loss)		$	28,381,355			$	(4,195,164)
Less: net loss attributable to noncontrolling interests			—				(462,753)
Comprehensive income (loss) attributable to TOYO Co., Ltd.'s shareholders		$	28,381,355			$	(3,732,411)
Weighted average number of ordinary share outstanding– basic *			37,678,920				33,595,743
Earnings (loss) per share – basic *		$	0.75			$	(0.10)
Weighted average number of ordinary share outstanding – diluted *			37,693,224				33,595,743
Earnings (loss) per share – diluted *		$	0.75			$	(0.10)
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

 

TOYO Co., Ltd
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Currency expressed in United States Dollars ("US$")
		For the Three Months Ended March 31,
		2026				2025
Net cash provided by operating activities		$	33,439,100			$	3,721,457
Cash flows from investing activities:
Purchase of property and equipment			(4,594,653)				(16,042,826)
Net cash used in investing activities			(4,594,653)				(16,042,826)
Cash flows from financing activities:
Proceeds from short-term bank borrowings			40,492,046				9,578,453
Repayment of short-term bank borrowings			(41,204,386)				(9,551,661)
Repayment of long-term bank borrowings			(4,127,021)				(3,564,964)
Proceeds of borrowings from a related party			—				12,000,000
Repayment of borrowings to a related party			(11,000,000)				—
Net cash (used in) provided by financing activities			(15,839,361)				8,461,828
Effect of exchange rate changes on cash and restricted cash			325,716				(797,384)
Net increase (decrease) in cash and restricted cash			13,330,802				(4,656,925)
Cash and restricted cash at beginning of year			58,860,026				17,149,389
Cash and restricted cash at end of year		$	72,190,828			$	12,492,464
Supplemental cash flow information
Cash paid for interest expense		$	552,934			$	506,596
Cash paid for income tax		$	18,267			$	—
Noncash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities		$	—			$	1,863,841
Payables related to purchase of property and equipment		$	2,640,420			$	4,952,299
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

 

Reconciliation of GAAP to Non-GAAP Measures** (Stated in US dollars, except per share amounts)
Reconciliation of non-GAAP measures	Q1 2026	Q1 2025
Net income (loss)	28,411,204	(3,715,975)
Income tax	5,534,330	1,104,459
Interest expenses, net	785,260	579,049
Depreciation and amortization	12,643,752	4,778,459
Amortization of right-of-use assets	731,753	(391,271)
Amortization of long-term prepaid expenses	41,032	42,251
EBITDA (Non-GAAP)	48,147,331	2,396,972
Adjustments
Share-based compensation	154,900	9,000
Changes in fair value of contingent consideration*	—	400,030
Adjusted EBITDA (Non-GAAP)	48,302,231	2,806,002
** Unaudited and unreviewed
* Changes in fair value of contingent consideration relates to changes in fair value of earn-out shares

 

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SOURCE TOYO Co., Ltd

FAQ

How did TOYO (Nasdaq: TOYO) perform financially in Q1 2026?

TOYO reported strong Q1 2026 growth, with revenue of $142.8 million and net income of $28.4 million. According to TOYO, this compares with $51.5 million revenue and a $3.7 million net loss in Q1 2025, reflecting major operational scale-up.

What were TOYO’s key profitability metrics for Q1 2026?

TOYO achieved gross profit of $47.8 million and a 33.5% gross margin in Q1 2026. According to TOYO, EBITDA (Non-GAAP) was $48.1 million and adjusted EBITDA was $48.3 million, both up sharply from the prior-year quarter.

What 2026 guidance did TOYO (TOYO) reaffirm on May 18, 2026?

TOYO reaffirmed full-year 2026 adjusted net income guidance of $90–$100 million. According to TOYO, it also expects solar cell shipments of 5.5–5.8 GW and solar module shipments of 1.0–1.3 GW, supported by scaled manufacturing capacity.

How did TOYO’s operating expenses change in Q1 2026?

TOYO’s total operating expenses rose to $11.5 million in Q1 2026 from $6.1 million a year earlier. According to TOYO, selling and marketing expenses increased to $2.0 million and general and administrative expenses to $9.5 million, reflecting expanded operations.

What is TOYO’s cash position as of March 31, 2026?

TOYO reported $72.2 million in cash and restricted cash as of March 31, 2026. According to TOYO, this includes $54.4 million in cash and cash equivalents, $4.5 million in current restricted cash, and $13.4 million in non-current restricted cash securing letters of credit and facilities.

What shipment volumes is TOYO targeting for 2026 solar cells and modules?

TOYO expects 2026 solar cell shipments between 5.5 GW and 5.8 GW and module shipments between 1.0 GW and 1.3 GW. According to TOYO, these targets are supported by scaled manufacturing and a growing downstream presence in high-efficiency solar solutions.

Is TOYO planning new U.S. facilities following its Q1 2026 results?

TOYO is advancing plans for a domestic U.S. cell plant and a U.S. R&D center. According to TOYO, these initiatives aim to reshore solar production, strengthen supply chain integration, and support next-generation technologies for rising electricity and AI-related demand.