TOYO reported FY2025 revenues of $427.4 million, a 142% YoY increase, exceeding its guidance and shipment targets
Growth was largely driven by higher solar cell sales and full utilization of its 4 GW solar cell factory in Ethiopia
Despite strong revenue and EBITDA growth, net income declined slightly due to a one-time share-based compensation charge
TOYO Co., Ltd., the Japanese solar PV manufacturer, ended FY2025 with record revenues of $427.4 million, increasing 142% year-on-year (YoY) and exceeding its guidance. The company also surpassed its annual solar cell shipment target of 4.2 GW–4.4 GW, reaching 4.5 GW for the year. Solar module shipments totaled 249 MW.
Total revenues were mainly driven by higher solar cell and module sales, up about $241.6 million and $7.6 million YoY, respectively. This includes H2 2025 revenues of $288.3 million, which was an increase of 641% YoY thanks to higher solar cell volumes. Its H1 2025 revenues totaled $139 million, a 0.7% annual increase (see Ethiopia Solar Cell Fab Improves TOYO’s H1 2025 Revenues).
The management attributes the growth in the cell business to the full utilization of its 4 GW Ethiopian solar cell fab. The Ethiopia factory reached its nameplate capacity in October 2025, following production launch in April last year (see TOYO Begins Production At 2 GW Solar Cell Factory in Ethiopia).
Its strategic shift toward high-margin, tariff-compliant supply chains helped TOYO achieve non-GAAP EBITDA of $95.8 million, up 40% YoY. High shipment volumes and enhanced operational efficiencies helped.
However, the company’s cost of revenue rose 113% to $331 million, largely due to increased solar cell sales, but the rise was slower than revenue growth due to higher-priced sales to US customers, it explained.
TOYO’s net income of $37.2 million declined, nevertheless, compared to $40.5 million in 2024. It said this includes a one-time non-cash share-based compensation charge of around $13.7 million. It included net income of close to $34.7 million in H2 2025.
“Our outperformance this year is a direct result of our ability to navigate a complex global trade landscape. TOYO has built a resilient, traceable supply chain that the market trusts. As solar continues to drive the majority of new U.S. electricity demand, TOYO is now well positioned with the domestic capacity and policy expertise to contribute to the next phase of the energy transition,” said TOYO’s new Chief Strategy Officer, Rhone Resch, who previously led the US Solar Energy Industries Association (see Rhone Resch To Step Down).
Citing continued demand and a robust order book for FY2026, the manufacturer forecasts solar cell shipments of 5.5 GW to 5.8 GW, while module shipments are projected to range between 1.0 GW and 1.3 GW.
“Our production at our Houston module facility is expected to scale fast over the course of 2026 and we are evaluating additional strategic initiatives to create a robust onshore supply chain for U.S. customers using advanced technology and performance standards,” added TOYO’s CEO and Chairman, Takahiko Onozuka.
Earlier this year, the Japanese producer said it will source polysilicon from an unidentified US manufacturer to lock in non-FEOC supply for its solar modules under a 1-year agreement (see TOYO Secures US Polysilicon Supply For Non-FEOC Modules).