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 – TOYWF

+17.27%

+17.27% Session close to close

In the Mar 18 session, TOYWF gained 17.27%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock surged +17.3% in the session following this news. A strong positive reaction aligns with T...

Analysis

The stock surged +17.3% in the session following this news. A strong positive reaction aligns with TOYO’s preliminary FY2025 results, which exceeded the prior revenue guidance at $427 million and delivered EBITDA of $96 million. History shows past operational wins sometimes produced muted moves, so a large gain could also reflect re-rating of the expansion story. Investors would monitor how one-time items like the $14 million share-based compensation and ongoing capacity ramps affect future profitability.

Key Figures

FY2025 Revenue: $427 million Revenue Guidance Range: $375–$400 million FY2025 EBITDA: $96 million +5 more

8 metrics

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

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

FY2025 EBITDA $96 million Preliminary FY2025 EBITDA supported by efficiencies and scaled production

FY2025 Net Income $38 million Preliminary FY2025 net income including one-time share-based compensation

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

Solar Cell Shipments 4.5 GW FY2025 shipments vs 4.2–4.4 GW target

Solar Module Shipments 249 MW Since commercial production commenced in October 2025

Earnings Call Time 8:30 AM ET, March 31, 2026 FY2025 financial results conference call

Historical Context

4 past events · Latest: Jan 07 (Positive)

Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Jan 07	Supply contract	Positive	+0.0%	Secured U.S.-sourced polysilicon to support Ethiopian cells and U.S. modules.
Dec 08	Subsidiary acquisition	Positive	+16.7%	Acquired remaining 24.99% of TOYO Solar LLC, consolidating U.S. operations.
Nov 03	European partnership	Positive	+0.0%	Formed partnership with Voltec Solar to supply low-carbon solar cells in Europe.
Oct 14	Facility launch	Positive	+7.1%	Houston module facility began commercial operations with expected Section 45X credits.

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

Pattern Detected

Recent operational and strategic positives have produced mixed reactions, with two events aligned with price gains and two seeing little to no move.

Recent Company History

Over the past several months, TOYO announced multiple strategic steps to build a global solar manufacturing footprint. On Oct 14, 2025, its Houston module facility began commercial operations, followed by a European supply partnership with Voltec Solar on Nov 3, 2025. On Dec 8, 2025, TOYO acquired the remaining 24.99% of TOYO Solar LLC, and on Jan 7, 2026, it secured a U.S. polysilicon supply contract. Today’s preliminary FY2025 results build on this expansion narrative with higher revenue, shipments, and profitability metrics.

Key Terms

ebitda, share-based compensation

2 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.

View in glossary

share-based compensation financial

"Net income includes a one-time share-based compensation of approximately $14 million."

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

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

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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.