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TOYO (NASDAQ: TOYO) reports FY2025 revenue of $427M and expands solar capacity

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6-K

Rhea-AI Filing Summary

TOYO Co., Ltd. furnished an investor presentation and press release outlining a transformative FY2025. Preliminary, unaudited figures show FY2025 revenue of approximately $427 million and net income of about $38 million, driven by rapid growth in solar cell and module shipments and new capacity ramp-up, particularly at its Ethiopian facility. Net income in 2025 includes roughly $14 million of one-time share-based compensation, while 2024 net income excluded a $35.1 million change in fair value of contingent consideration for 13 million earnout shares.

TOYO highlights around 6 GW of solar cell manufacturing capacity across Vietnam and Ethiopia and a U.S. module assembly footprint in Texas targeting up to 2 GW by 2026, supported by U.S. tax incentives of $0.07 per watt under Section 45X through 2030. The company has confirmed orders that cover its 4 GW Ethiopian N-type cell line through 2026 and is leveraging the acquired VSUN brand and customer relationships to deepen its presence in the U.S. utility-scale solar market. TOYO will discuss FY2025 results on an earnings call scheduled for March 31, 2026.

Positive

  • Strong FY2025 preliminary financial performance: Revenue of approximately $427 million and net income around $38 million, with 2025 earnings including about $14 million of one-time share-based compensation, indicate substantial scale-up and improving underlying profitability.
  • Fully allocated Ethiopian capacity: TOYO’s 4 GW N-type solar cell facility in Hawassa, Ethiopia, is reported as fully allocated with confirmed orders through 2026, supporting visibility on near-term manufacturing utilization.
  • U.S. manufacturing and tax incentives: The Texas module plant targets 2 GW of capacity by 2026 and is expected to qualify for Section 45X incentives of $0.07 per watt through 2030, enhancing economics for U.S.-bound products.
  • Strategic VSUN brand acquisition: Leveraging the VSUN brand and its established U.S. utility-scale customer base positions TOYO to capture demand for non-FEOC, “Made in America” solar modules in a policy-supported market.

Negative

  • None.

Insights

TOYO posts rapid 2025 scale-up with higher margins and de-risked U.S. exposure.

TOYO reports preliminary FY2025 revenue of about $427 million and net income near $38 million, a sharp step-up from prior years as new capacity in Ethiopia and the U.S. comes online. Management notes this year as “transformative,” reflecting both volume growth and better utilization.

The filing emphasizes that 2025 net income includes roughly $14 million of one-time share-based compensation, while 2024 excluded a $35.1 million fair-value change on contingent consideration. That context suggests underlying profitability improvement beyond the headline figures, though final audited results may differ.

Strategically, TOYO now operates around 6 GW of N-type cell capacity and is scaling a Texas module plant expected to reach 2 GW by 2026, designed to qualify for Section 45X credits of $0.07 per watt through 2030. Confirmed orders fully allocate the 4 GW Ethiopian plant through 2026, and U.S. demand is supported by tariff dynamics and domestic content incentives. Subsequent earnings materials on March 31, 2026 will give more detail on mix, margins and capital needs.

 

 

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 March 2026

 

Commission File Number: 001-42153

 

TOYO Co., Ltd

 

Tennoz First Tower, F16

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

 

A copy of the investor presentation of TOYO Co., Ltd (“TOYO”), a Cayman Islands exempted company, used at a non-deal roadshow hosted by Roth Capital Partners, LLC at The 38th Annual ROTH Conference held on March 22 - 24, 2026 is being furnished as Exhibit 99.1 with this Report on Form 6-K.

A copy of the press release of TOYO published on March 18, 2026 is being furnished as Exhibit 99.2 with this Report on Form 6-K.

 

1

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   Investor Presentation dated March 22, 2026
99.2   Press Release dated March 18, 2026

 

2

 

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: March 24, 2026

 

 

3

 

 

Exhibit 99.1

 

March 2026 Investor Deck TOYO Co., Ltd (NASDAQ: TOYO) 1

 

Forward - Looking Statements This presentation 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 Co . , Ltd (“TOYO”), the expected order delivery of TOYO, TOYO’s construction plan for manufacturing and TOYO’s strategies for building up an integrated value chain in the U . S . These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of TOYO’s management and are not predictions or guarantees of actual performance or future results . These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different 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 presentation, 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 TOYO’s filings with the Securities and Exchange Commission (the “SEC”), including without limitation under the heading “Risk Factors” in the Company’s annual report on Form 20 - F filed with the SEC on May 12 , 2025 (the “Annual Report”) and in the prospectus included in the registration statement on Form F - 1 (File No . 333 - 283617 ) (the “Form F - 1 ”) . 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 presentation 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 described in TOYO’s filings with the SEC, including without limitation under the heading “Risk Factors” in the Annual Report and the prospectus included in the Form F - 1 . 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 presentation 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 presentation represent the views of TOYO as of the date of this presentation . 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 presentation . Except as may be required by law, TOYO does not undertake any duty to update these forward - looking statements . Certain information contained in this presentation was obtained from various sources, including third parties, and has not been independently verified . No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reasonableness of the information or the sources presented or contained herein . This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction . Safe Harbor 2

 

Powering the world with green, clean energy through high - quality solar solutions at a competitive scale and cost. 3

 

TOYO Solar at a Glance — A Non - FEOC* Solar Solutions Company 2022 Founded in Vietnam 2024 Listed on Nasdaq as TOYO 6 GW Solar cell manufacturing capacity 1 GW Solar module capacity 3 Manufacturing bases 2 GW Solar cell facility in Vietnam catered for Non - U.S market 4 GW Solar cell facility in Ethiopia for U.S market 1 GW (additional 1 GW to be added by 2026) USA Module assembly facility in the Houston, Texas *Non - FEOC: Refers to entities or operations that are not classified as Foreign Entity of Concern (FEOC) under applicable regulatory definitions (e.g., U.S. CHIPS Act). ^6GW includes 2 GW cell manufacturing capacity from Vietnam and 4 GW cell manufacturing capacity from Ethiopia The TOYO brand anchors our technical advancement in high - efficiency solar module cell innovation and production. The VSUN brand acquired in September 2025 represents high global standards in premium, traceable solar module manufacturing. 4

 

Strategic Realignment Unlocking Growth VSUN Co, has a track record of exponential growth s significant U.S. market share One of the major solar module suppliers to US market Historically, revenues grew from $20 million to $1.3 billion over seven years ($1.2B from U.S. market) Trusted by leading North American solar developers VSUN brand is well recognized in the market through the recent awards granted to VSUN Co as the following: Acquisition of VSUN Brand to Extend Integrated Value Chain Strategic Benefits of the VSUN Brand Acquisition Instant Brand s Market Access Acquisition of VSUN brand delivers immediate entry to a well - established customer base, including top - tier U.S. utility - scale developers, and positions TOYO to meet surging “Made in USA” solar demand. Accelerated U.S. Expansion Strengthens TOYO’s U.S. market presence, complementing 6 GW solar cell capacity in Vietnam and Ethiopia with a domestic module assembly footprint. Revenue s Market Share Growth VSUN’s proven track record includes ~11.7 GW supplied to the U.S. utility - scale market since inception. The acquisition expands TOYO’s revenue potential and competitive position. Synergies s Manufacturing Leadership Combines VSUN’s market credibility with TOYO’s world - class, non - Chinese N - type solar cell manufacturing — one of the largest globally — to enhance efficiency, scale, and cost competitiveness in a shifting policy landscape. 5

 

TOYO to Leverage Established VSUN Brand and Sales Channel VSUN Recognition from Reputable Financial Institutions Selected Major VSUN Customers 6

 

Preliminary unaudited FY 2025 results: Rapid Growth in Shipments and Profitability 7 0.315 1.743 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2023 2024 2025E GWs 9.9 5.4 45 40 35 30 25 20 15 10 5 0 $ in million ~$38 • Net income in 2024 does not include a $35.1 million change in fair value of contingent consideration payable for 13 million earnout shares • Unaudited Net income in 2025 includes a one - time share based compensation of approximately $14 million ~4.5 Unaudited FY 2025 shipments : ~ 4 . 5 GW solar cell shipments , fueled by robust demand and new capacity from the Company's manufacturing facility in Ethiopia ; ~ 24 G MW solar module shipments from Houston facility since October 2025 production commencement Unaudited FY 2025 Revenues : ~ $427 million Unaudited FY 2025 Net Income: ~ $38 million Solar Cell Shipments Revenue Net Income 62.4 177 100 50 0 450 400 350 300 250 200 150 2023 2024 2025E 2023 2024* 2025E $ in million ~$427

 

Optimized Supply Chain for U.S. and Non - U.S. Market Access Cooperation agreement with OCI, a major Korean silicon material supplier to offer our customers trustworthy and verifiable photovoltaic products. Vietnam: 2 GW for non - U.S market Ethiopia: 4 GW for U.S market • Modules manufactured in the U.S Houston facility are sold under VSUN brand Supply agreement with silicon producer in North America, strategically located near key U.S. markets and fully compliant with U.S. domestic supply chain regulations Agreements with manufacturers to produce ingot and wafer 8

 

Strategy for Vertical Integration & Expansion November 2022 TOYO Solar founded October 2024 Announced planned Ethiopian cell facility July 2024 Closed Business Combination and began trading on Nasdaq November 2024 Announced planned Texas Acquisition September 2025 Acquired VSUN Brand April 2025 Commenced 1 st 2GW Ethiopian Solar Cell Facility production November 2023 Completed 2 GW phase of Vietnam factory Driving operational efficiencies by integrating the entire value chain, from raw material sourcing to solar cell production and final module assembly October 2025 Commercial Operations at Texas Manufacturing Plant 2022 2023 2024 2025 Beyond TBD Establish RCD center in the U.S. February 2024 Signed global OCI agreement September 2025 2 nd 2GW line production begins at Ethiopian Solar Cell Facility 2027 A total of 2.5 GW of module manufacturing capacity expected by 2027 January 2026 Signed supply agreement with one of the largest polysilicon supplier in the U.S 9

 

Ethiopia’s N - Type Cell Line 4 GW Annual Capacity TOYO’s state - of - the - art solar cell manufacturing facility in Ethiopia now fully allocated • 4.0 GW annual solar cell production facility strategically located in Hawassa, Ethiopia. • Ethiopia offers favorable investment policies, competitive power rates and ample hydropower supply. • Confirmed orders covered Ethiopia’s production capacity through 2026 Strategic Rationale • U . S Tariff Advantage : Subject to only a 10 - 15 % Section 122 tariff, with no anti - dumping (AD) or countervailing duties (CVD) . • Short - Term Supply Security : Capable of rapidly filling supply gaps during policy shifts, such as U . S . tariff adjustments or rising trade barriers . • Cost Optimization : Lower labor and land costs in non - U . S . regions further reduce overall manufacturing expenses . Hawassa, Ethiopia Location 336,063 Total facility size (sq ft) Approximately 1800 Expected job creation 4 GW Solar cell production capacity 10

 

US Manufacturing Footprint - Fully FEOC compliant TOYO acquired U.S. solar module manufacturing facility • 2.5 GW solar production facility in Texas • First 1 GW facility in commercial operations as of October 2025 • An additional 1 GW is expected to be added by 2026 , bringing the total capacity to 2 GW Strategic Rationale • De - risking U.S. Solar Developments : TOYO’s fully FEOC - compliant modules provide immediate regulatory certainty and mitigate supply chain risks for new project developments. • Accelerates “ Made in America ” module production to meet client demand • Market Proximity : Located near core North American markets, enabling shorter delivery cycles and lower cross - border logistics costs. • Policy Alignment : Complies with U.S. domestic industrial policies such as the OBBBA, qualifying for tax incentives and subsidy programs. - New module facility expected to qualify for tax incentives of 7 cents per watt under Section 45X through 2030 • Supply Chain Resilience : Reduces reliance on single overseas regions by building localized supply chain backups. Humble, TX Location 567,140 Total facility size (sq. ft.) 313,000 Phase 1 planned sq. ft. 2025 1.0 GW 2026E + 1 GW* Solar module production capacity *Additional 1 GW capacity is expected to be added by 2026, bringing the total capacity to 2 GW 11

 

TOYO’s Global Manufacturing Footprint 2 GW N - TYPE Cell Manufacturing in Vietnam Headquarters in Japan 1 GW Capacity Module Plant in Houston, Texas Additional 1 GW to be added to the current facility bringing it to a 2GW module facility by 2026 4.0 GW Capacity N - TYPE Solar Cell Manufacturing Facility in Ethiopia 12

 

Accomplished engineers, Dr. Aihua Wang, Ph.D., the Chief Technical Officer, and Dr. Jianhua Zhao, Ph.D., as Chief Technical Advisor, lead the research and development efforts at TOYO. Dedicated to the research and development of higher efficiency and quality solar cells. TLM SEM PL Award Winning Solar R&D 2023 Winners of the Queen Elizabeth Award for Engineering Professor Andrew Blakers; Dr. Jianhua Zhao, Ph.D.; Dr. Aihua Wang, Ph.D.,; Professor Martin Green 13

 

Chief Executive Officer & Chairman Mr. Takahiko Onozuka brings over 40 years of expertise in international finance and energy infrastructure. Having held senior leadership roles at JBIC and Sumitomo Corporation, he has directed major cross - border renewable and power projects across Asia, Europe, and Africa. With extensive experience in structured finance, risk management, and energy systems, he leverages a deep technical and financial background to position TOYO for disciplined global expansion and decarbonization leadership. Chief Financial Officer & Director Mr. Chung has over twenty years’ experience within the financial industry, encompassing roles in investment banking and equity sales. Serving as the vice president of asset finance for Nomura Securities from May 2007 to May 2016, Mr. Chung advised equity & debt financing for domestic and overseas clients on different type of structured transaction related to solar and wind power projects. Chief Technology Officer & Director Dr. Wang, Ph. D. has achieved over 30 years of solar innovation and is recognized as a top scientist and innovator in PV tech. She has served as the head of research and vice president at China Sunergy and as chief engineer at CEEG (Nanjing) PV - Tech Co. In Australia, she focused on PERL cells and associated technologies as a professional officer and scientist at the Photovoltaics Special Research Centre of the University of Accomplished Leadership Team Takahiko Onozuka Taewoo “Raymond” Chung Dr. Aihua Wang, Ph.D. South Wales. 14

 

Track record of rapid growth & profitability as one of the leading non - FEOC solar solutions provider Leveraging established relationships with U.S. utility - scale customers 1 2 4 Investment Highlights 3 Proven manufacturing excellence delivers world - class technology at a highly competitive cost Rapidly expanding manufacturing footprint to meet customer demand in a dynamic policy environment 15

 

Track Record of Scalable Manufacturing TOYO is dedicated to adhering to the highest standards of quality manufacturing, while ensuring its components are efficiently priced to remain competitive in all regions. World Class Globally Competitive Rapid Efficient Expansion Entrenched controls ensure top - tier quality and reliable metrics. Rapid expansion & continuous cost improvements in modules, cells, wafers. Competing with major global solar manufacturers. 16

 

17 Advanced Automation Standards Extensive use of robotics and Automated Guided Vehicles decreases labor content, allows faster expansion, reduces product defects, and mitigates risks from hiring and training laborers. Improves workplace safety Reduces utility costs Increases productivity Enhances consistency and reliability Reduces wage expenses Creates systems flexibility & adaptability 01 06 02 05 03 04 17

 

U.S. PV Installation Historical and Forecast by Segment: 2014 - 2036 Neutral Demand Outlook • Projected utility scale solar installations for 2026 is appx. 43.4 GW compared to 34.7 GW in 2025 • Growth of AI, data centers, electric vehicles, and manufacturing drives demands on the grid, partially offset by labor shortages and interconnected delays • High tariffs on Chinese suppliers creates an attractive domestic pricing environment • Domestic production of solar cells and wafers is minimal • Near term domestic cell production solar installations are projected to decline at ~7% from 2025 to 2027 and then increase by 3% between 2028 and 2030. • Chinese manufacturers may exit U.S. manufacturing, anticipating additional policy restrictions Capturing Opportunities in the U.S. Solar Market Demand Constrained Domestic Supply Source: Solar Market Insight Report 2025 Year in Revie w – SEIA EIA: Solar and Battery Drive Record US Grid Expansion in 2026 18 U.S. Solar Module Supply Chain Capacity 18

 

Our Strategy in a Dynamic Policy Environment Anti - dumping (AD) and countervailing duties (CVD) investigations disrupted imports from SE Asia in 2H 2024, as well as India, Indonesia and Laos as of Feb 2026 Inflation Reduction Act (IRA) currently offers attractive incentives for U.S. - based module production • Anticipate that IRA incentives will be viewed as energy security issue • Incumbent domestic manufacturers would struggle to survive absent subsidies • TOYO Houston strategy expected to receive $0.07 per watt tax incentives under Section 45X (through 2030) • Individual AD rate for Vietnam is approximately 79.92% and CVD is approximately 124.57% • Redirected Vietnam cell capacity to serve non - U.S. high - growth markets, notably India and Taiwan • Supplying US market from Ethiopian 4 GW solar cell plant & other non - AD/CVD affected production lines Balanced strategy for a range of policy outcomes Inflation Reduction Act Construct Incentive $12 / m 2 Wafer $0.04 / watt Cell $0.07 / watt Module 19

 

Committed to Environmental Stewardship TOYO is focused on further developing the clean energy industry, adhering to a responsible global supply chain strategy, and contributing to the sustainable development of human beings with more professional, efficient and cleaner products. Social Responsibility 100% Material Traceability 20

 

Summary Leveraging Established VSUN Brand & Sales Channel Substantial Market Opportunity Leading N - TYPE Technology Balanced Global Manufacturing Strategy Rapid Revenue Growth & Strong Margins 21

 

Exhibit 99.2

 

TOYO Provides Preliminary, Unaudited and Unreviewed FY2025 Financial Results

 

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 31st, 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

 

 

 

 

 

FAQ

What preliminary FY2025 results did TOYO (TOYO) disclose in this 6-K?

TOYO reported preliminary, unaudited FY2025 revenue of about $427 million and net income around $38 million. Management attributes this growth to expanded capacity, especially in Ethiopia and Texas, and strong demand for high-quality solar cells and modules in global renewable energy markets.

How fast is TOYO (TOYO) scaling its solar manufacturing capacity?

TOYO highlights roughly 6 GW of solar cell capacity and an expanding U.S. module footprint. The company operates 2 GW of N-type cell manufacturing in Vietnam, 4 GW in Ethiopia, and a Texas module facility targeting 2 GW of capacity by 2026 to serve U.S. customers.

What is the significance of TOYO’s Ethiopian solar cell facility for investors?

The Ethiopian plant provides 4 GW of annual N-type cell capacity and is fully allocated through 2026. It benefits from favorable tariffs relative to some Asian producers, lower operating costs, and strategic positioning to supply the U.S. market amid shifting trade policies.

How is TOYO (TOYO) positioned in the U.S. solar market after acquiring the VSUN brand?

The VSUN brand gives TOYO immediate access to established U.S. utility-scale customers. Combined with the Texas module plant and non-FEOC supply chain, it strengthens TOYO’s ability to meet demand for compliant, “Made in America” modules under evolving U.S. policy incentives.

What U.S. tax incentives does TOYO expect for its Texas module facility?

TOYO expects its Texas module production to qualify for Section 45X tax incentives of $0.07 per watt through 2030. These incentives, part of U.S. industrial policy, are intended to support domestic clean energy manufacturing and can enhance project economics for TOYO’s U.S. shipments.

When will TOYO (TOYO) discuss its FY2025 results in more detail?

TOYO plans an FY2025 earnings conference call on March 31, 2026 at 8:30 a.m. ET. The company will post the earnings release and investor deck on its investor relations website before the event, providing additional color on performance and strategy.

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