UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2026
Commission File Number: 001-42153
TOYO Co., Ltd
5F, Tennoz First Tower
2-2-4, Higashi-Shinagawa, Shinagawa-ku
Tokyo, Japan 140-0002
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form
40-F ☐
EXPLANATORY NOTE
Copies of the press releases of TOYO Co., Ltd (“TOYO”),
a Cayman Islands exempted company, published on September 28, 2026 are being furnished as Exhibits 99.1 and 99.2 with this Report on Form
6-K.
EXHIBIT INDEX
| Exhibit No. |
|
Description |
| 99.1 |
|
Press Release dated September 28, 2026 – TOYO Co., Ltd. Provides Second Half 2026 Business Outlook |
| 99.2 |
|
Press Release dated September 28, 2026 – TOYO Announces
Approximately $240 Million in Binding U.S. Solar Module Supply Agreements Through First Half 2027 |
Signature
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
TOYO Co., Ltd |
| |
|
| |
By: |
/s/ Takahiko Onozuka |
| |
Name: |
Takahiko Onozuka |
| |
Title: |
Director and Chief Executive Officer |
Date: September 28, 2026
Exhibit 99.1
TOYO Co., Ltd. Provides Second Half 2026 Business Outlook
TOKYO, Japan, September 28, 2026 — TOYO Co., Ltd. (Nasdaq:
TOYO) (OTC: TOYWF) (“TOYO” or the “Company”), a solar manufacturing company, today provided its business outlook
for the second half of 2026.
The Company continues to operate in a dynamic U.S. trade and regulatory
environment, including the pending U.S. Customs and Border Protection (“CBP”) examination of shipments of solar cells,
countervailing duty (“CVD”) investigation activity, and the status of the Trump Administration’s action under Section
232 of the Trade Expansion Act of 1962 addressing imports of polysilicon and downstream solar products, including provisions intended
to encourage domestic manufacturing investment (the “Section 232 program”). As a result, TOYO believes there is meaningful
uncertainty regarding its specific financial results for the second half of 2026, and the Company is not providing quarterly guidance
or specific guidance on revenue, net income or other financial measures or metrics at this time.
Notwithstanding this uncertainty, TOYO is confident that it will achieve
positive EBITDA for the second half of 2026. The Company will provide further updates to the market as greater visibility emerges on these
policy and regulatory matters.
“In the second half of 2026, we remain in a relatively dynamic
policy environment, and that creates meaningful uncertainty around our specific results,” said Takahiko Onozuka, Chairman and Chief
Executive Officer of TOYO. “That said, we are confident in positive EBITDA for the second half of the year. As we gain greater visibility
on these policy matters, we will provide further updates to the market.”
About TOYO Co., Ltd.
TOYO is a solar manufacturing company that is committed to becoming
a vertically integrated solar manufacturer 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 and modules at a competitive scale and cost.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including
statements regarding the Company's expectations for positive EBITDA in the second half of 2026 and the timing of future updates to its
outlook. These forward-looking statements involve known and unknown risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. Such risks include, but are not limited to, the outcome and timing of the
CBP examination, the CVD investigation activity, and the Section 232 program, changes in market conditions, regulatory requirements, the
availability and price of the Company’s shares, macroeconomic conditions, and other factors described in the Company’s filings
with the U.S. Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 20-F. TOYO assumes no
obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by
applicable law.
Contact Information
For TOYO Co., Ltd.
IR@toyo-solar.com
Crocker Coulson
Email: crocker.coulson@aumadvisors.com
Tel: (646) 652-7185
Exhibit 99.2
TOYO Announces Approximately $240 Million in Binding U.S. Solar
Module Supply Agreements Through First Half of 2027
TOKYO, Japan, September 28, 2026 — TOYO Co., Ltd. (Nasdaq: TOYO)
(OTC: TOYWF) (“TOYO” or the “Company”), a solar manufacturing company, today announced that, since mid-June 2026,
it has entered into multiple binding solar photovoltaic module supply agreements with an aggregate contract value of approximately $240
million.
The agreements are with multiple customers across the United States
and cover a diverse range of end markets, including utility-scale power generation, commercial and industrial projects, community solar
and data-center applications. Deliveries under the agreements have begun and are scheduled to continue through the first half of 2027.
The modules will be manufactured at TOYO’s Houston, Texas manufacturing
facility, where the Company currently operates approximately 2 GW of annual solar module manufacturing capacity and employs approximately
600 people across its module manufacturing operations.
The new agreements reflect growing customer demand for solar products
manufactured in the United States and supported by secure and diversified supply chains. TOYO believes its U.S. manufacturing platform
is well positioned to serve customers increasingly focused on domestic manufacturing, supply-chain security, domestic-content considerations
and applicable Foreign Entity of Concern (“FEOC”) requirements.
“Binding supply agreements totaling approximately $240 million
signed since mid-June provide tangible evidence of the demand we are seeing for TOYO’s U.S.-manufactured solar products,”
said Takahiko Onozuka, Chairman and Chief Executive Officer of TOYO. “With approximately 2 GW of module manufacturing capacity now
operating in Houston, these agreements provide increased visibility into anticipated utilization of that capacity through 2027. We are
also seeing demand across multiple customers and market segments, including utility-scale generation, commercial and industrial projects,
and community solar and data-center applications. This commercial momentum reinforces our confidence in the U.S. manufacturing strategy
we are executing.”
“These agreements mark an important transition for TOYO from
building manufacturing capacity to converting that capacity into contracted business,” said Rhone Resch, Chief Strategy Officer
of TOYO. “Customers are increasingly looking for U.S.-manufactured products backed by secure, diversified supply chains, and TOYO
is well positioned to meet that demand. Our Houston operations provide the foundation for a broader integrated U.S. manufacturing strategy
that we believe can create meaningful long-term value for both our customers and our shareholders.”
About TOYO Co., Ltd.
TOYO is a solar manufacturing company that is committed to becoming
a vertically integrated solar manufacturer 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 and modules at a competitive scale and cost.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking
statements may be identified by words such as “expect,” “anticipate,” “believe,” “intend,”
“estimate,” “plan,” “will,” “target,” “seek,” and similar expressions that
concern future events or trends. These statements include, but are not limited to, statements regarding the fulfillment of the Company’s
signed module supply agreements; anticipated demand for domestically manufactured and FEOC-compliant solar modules; and the Company’s
plans to scale its U.S. manufacturing platform. These statements are based on the current expectations and assumptions of TOYO’s
management and are not guarantees of future performance.
These statements involve known and unknown risks, uncertainties, and
other factors that could cause actual results to differ materially from those expressed or implied, including, but not limited to, changes
in customer demand, commercial terms, or delivery schedules; changes in trade, tariff, tax, and regulatory policy, including domestic
content and FEOC-eligibility requirements; general market and economic conditions; and the other factors described in the Company’s
filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 20-F. TOYO undertakes no obligation
to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by applicable
law.
Contact Information
For TOYO Co., Ltd.
IR@toyo-solar.com
Crocker Coulson
Email: crocker.coulson@aumadvisors.com
Tel: (646) 652-7185
