TOYO Reports Strong Q1 2026 Revenue Growth

TOYO Co., Ltd. has reported strong growth in Q1 2026, with its improved revenues and profitability as the company expanded its solar manufacturing operations. The 177% year-on-year (YoY) revenue growth to $142.8 million was driven by higher solar cell and module shipment volumes. 

The company’s net income reached $28.4 million, compared with a net loss of $3.7 million in Q1 2025. Its gross profit increased nearly 9-fold to $47.8 million, while gross margin improved to 33.5% from 9.3% in the prior-year quarter. 

TOYO attributed the improvement to expanded production capacity, better production efficiencies, and economies of scale from the ramp-up of its solar cell facility. EBITDA for the reporting quarter rose to $48.1 million from $2.4 million a year earlier, while adjusted EBITDA increased to $48.3 million from $2.8 million. 

Operating expenses increased to $11.5 million from $6.1 million in the prior-year period, mainly due to higher sales commissions, advertising costs, payroll expenses, and the expansion of operations linked to its new 4 GW solar cell manufacturing line and Houston module facility.  

The company reaffirmed its full-year 2026 guidance, citing continued demand for high-efficiency solar products in the US. TOYO expects solar cell shipments of 5.5-5.8 GW and module shipments of 1.0-1.3 GW in 2026.  

It also forecast adjusted net income in the range of $90 million to $100 million for the year (see TOYO’s FY2025 Revenue Climbs 142% YoY).  

TOYO operates a 4 GW solar cell fab in Ethiopia and a 2 GW fab in Vietnam. In the US, it operates a 1 GW solar module factory, which is set to be expanded to 2 GW in 2026. The manufacturer with Japanese roots, along with Origin Solar Manufacturing, has been named in a new antidumping and countervailing duty (AD/CVD) complaint by a coalition of 8 US-based solar PV manufacturers (see New US Petition Targets Ethiopia Solar Imports).  

TOYO Chairman and CEO Takahiko Onozuka said, “We are continuing to move forward with our plans for a domestic cell plant as part of our commitment to reshore solar production and advance toward a more integrated supply chain in the United States to meet the needs of our customers for high performance solar solutions aligned with the evolving policy environment.” 

The manufacturer is also set to establish a US R&D center to bring next-generation technologies to meet surging demand for on- and off-grid electricity to power the AI economy, added Onozuka.