TOYO Co., Ltd. announced multiple binding U.S. solar photovoltaic module supply agreements with an aggregate contract value of approximately $240 million, entered into since mid-June 2026. Deliveries have begun and are scheduled to continue through the first half of 2027. The agreements cover multiple U.S. customers and end markets, including utility-scale power generation, commercial and industrial projects, community solar and data-center applications. TOYO says the modules will be made at its Houston facility, which currently operates approximately 2 GW of annual module manufacturing capacity; its module manufacturing operations employ approximately 600 people.
Separately, TOYO said it is confident it will achieve positive EBITDA in the second half of 2026, while citing meaningful uncertainty around specific results. It is not providing quarterly guidance or specific revenue, net income or other financial-metric guidance at this time. The company linked the uncertainty to a pending U.S. Customs and Border Protection examination of solar-cell shipments, countervailing duty investigation activity and the status of the Section 232 program addressing imports of polysilicon and downstream solar products.
TOYO Co., Ltd (TOYO) reports amendments to its trademark licensing arrangements related to the “VSUN” trademarks it acquired earlier for $340,000 from Vietnam Sunergy Group. The trademarks are registered in 12 jurisdictions, including the United States, Canada, Vietnam and Europe.
Effective September 12, 2026, TOYO and its subsidiary Toyo Solar Company Limited have amended their trademark license agreements with Vietnam Sunergy Joint Stock Company to extend the license term from one year to three years. After that effective date, the license will exclude rights to use the VSUN trademarks in the United States of America, and the defined “Territory” under the license will no longer include the U.S.
TOYO Co., Ltd (TOYO) reported very strong growth and improved liquidity for the six months ended June 30, 2026. Revenues rose to $260.96 million from $139.11 million a year earlier, driven by higher sales of solar cells, new solar module revenue and OEM services. Net income attributable to shareholders increased markedly to $45.82 million from $3.47 million, with basic EPS up to $1.21 from $0.08. Cash and restricted cash increased to $123.42 million from $58.86 million at December 31, 2025, supported by $61.44 million of operating cash flow and equity raises, including a $47.05 million registered direct offering and $5.55 million from an at-the-market program.
Total assets reached $537.57 million and shareholders’ equity rose to $209.79 million from $111.26 million, reflecting profitability and new share issuances. A loan from related party VSUN was extended to June 17, 2028 and reclassified to non-current, turning a prior working capital deficit into $29.83 million of working capital at June 30, 2026. Management states that, given stronger cash flows, improved capital structure and the loan extension, earlier substantial doubt about TOYO’s ability to continue as a going concern has been resolved, and the financial statements are prepared on a going-concern basis.
Highbridge Capital Management, LLC, a Delaware investment adviser, reports beneficial ownership of 3,692,247 Ordinary Shares of TOYO Co., Ltd, including shares issuable upon exercise of warrants. This position represents 8.1% of TOYO’s Ordinary Shares outstanding, based on 42,718,948 shares after the referenced offering.
Highbridge has sole voting and dispositive power over these shares. The stake includes 2,753,746 Ordinary Shares issuable upon warrant exercise held by funds it advises. Highbridge Tactical Credit Master Fund, L.P. has rights to dividends or sale proceeds relating to more than 5% of TOYO’s outstanding Ordinary Shares.
TOYO Co., Ltd, a solar manufacturing company, reports its support for a new presidential proclamation under Section 232 of the Trade Expansion Act of 1962 that targets imports of polysilicon and downstream solar products and includes measures intended to encourage U.S. manufacturing investment.
The company highlights its existing 2GW solar module manufacturing facility in Houston and an ongoing investment of $357 million in an advanced heterojunction (HJT) cell facility at its Texas solar campus. TOYO describes plans for a phased buildout of a U.S. solar supply chain linking American polysilicon with domestic wafer, cell, and module production, emphasizing a non-FEOC supply chain and engagement with the U.S. Department of Commerce on an integrated manufacturing plan.
N.A.GLOBAL. CO. LTD. and its sole director and shareholder Chong Chow Lee report beneficial ownership of 2,094,516 Ordinary Shares of TOYO Co., Ltd, representing 4.90% of the Ordinary Shares outstanding. This percentage is based on 42,718,948 Ordinary Shares issued and outstanding as of June 23, 2026.
Both reporting persons have sole voting and dispositive power over these 2,094,516 shares and no shared power. A total of 721,909 Ordinary Shares have been pledged as collateral under several loan agreements with a third-party lender; the lender lacks voting and dispositive power over these pledged shares prior to any event of default, though they are deemed beneficially owned by the lender under applicable rules. NA Global has sold 74,251 Ordinary Shares between February 9 and March 5, 2026 and 377,320 Ordinary Shares between May 20 and June 24, 2026.
Harada Yasunai, a director and Chief Financial Officer of TOYO Co., Ltd, reports his initial beneficial holdings in the company. He indirectly owns 1,058,918 ordinary shares, which are directly held by NOTAM Co., Ltd., a Japanese corporation. Harada has voting, dispositive or investment power over NOTAM, so these shares are reported as indirect ownership.
TOYO Co., Ltd reports a leadership change in its finance function. On June 30, 2026, Taewoo “Raymond” Chung resigned as Chief Financial Officer and director, and the company states his resignation did not involve any disagreement over operations, policies, or practices.
The board appointed Yasunari Harada as Chief Financial Officer and director effective July 1, 2026. TOYO entered into an employment agreement and an indemnification agreement with him on that date, using the company’s standard terms for directors and executive officers. Harada brings over 30 years of experience in management and international finance, including senior roles at major global financial institutions and board positions at several banks in Asia and Central Asia.
TOYO Co., Ltd director and CFO Chung Taewoo filed an update showing his direct holdings of the company’s Ordinary Shares. Following the reported entry, he directly owns 30,000 Ordinary Shares. The filing does not indicate a clear buy or sell transaction, but rather reports current ownership.
TOYO Co., Ltd. completed a registered direct offering of 4,545,456 ordinary shares and warrants to purchase up to 4,545,456 additional shares, raising aggregate gross proceeds of about $50 million at a combined price of $11.00 per share and warrant.
The warrants have an exercise price of $13.20 per share, are exercisable immediately, and expire five years after issuance. TOYO plans to use the net proceeds mainly to build its previously announced 1.5 GW heterojunction (HJT) solar cell manufacturing facility in the Houston, Texas metropolitan area, and for general corporate purposes.
Roth Capital Partners and H.C. Wainwright & Co. acted as exclusive placement agents, earning a cash fee of 5.50% of gross proceeds plus specified expenses. The shares are listed on the Nasdaq Capital Market, while the warrants will not be listed, which may limit their liquidity.