TOKYO, Aug. 19, 2026 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF) ("TOYO," "we" or the "Company"), a solar solution company, today announced its unaudited financial results for the second quarter of 2026 and the six months ended June 30, 2026.
First Half 2026 Financial Highlights
-- 2.6 GW of solar cells delivered, an increase of 62.5% year-over-year
-- 191.5 MW of solar modules delivered; module production capacity had not
yet come online in the first half of 2025
-- Revenues of $261.0 million, an increase of 87.6% year-over-year
-- Net income of $45.8 million, compared to $2.5 million in the first half
of 2025, an increase of 1,731.6% year-over-year
-- EBITDA (Non-GAAP) of $82.1 million, compared to $21.5 million in the
first half of 2025, an increase of 282.3% year-over-year
-- Adjusted EBITDA (Non-GAAP) of $82.3 million, compared to $22.8 million in
the first half of 2025, an increase of 260.2% year-over-year
-- Adjusted Net Income (Non-GAAP) of $46.0 million, compared to $3.9 million
in the first half of 2025, an increase of 1,090.6% year-over-year
-- Earnings per share, basic and diluted, of $1.21 and $1.20, respectively,
compared to $0.08 in the first half of 2025
-- Raised approximately $52.6 million in aggregate net proceeds from a
registered direct offering and at-the-market offerings during the first
half of 2026
"We are very pleased with our first-half 2026 results, which reflect the continued strength of our global manufacturing platform and the growing demand we're seeing across our markets," said Takahiko Onozuka, Chairman and CEO of TOYO. "Following the recent policy movement, we do expect an impact on our second-half results, though the magnitude is not yet certain, as we are currently in discussion with the Department of Commerce on a framework that would help address it. We will provide further updates as more clarity emerges."
"TOYO supports building a secure, competitive American solar supply chain, and we're putting capital behind it," said Rhone Resch, Chief Strategy Officer of TOYO. "That includes our integrated solar manufacturing campus in Humble, Texas, in the greater Houston area, comprising our 2 GW solar module facility and the new 1.5 GW advanced heterojunction (HJT) solar cell facility on the same site. We are working with the Department of Commerce on an investment offset that would support this buildout while keeping cell supply available to U.S. solar module makers. TOYO remains committed to growing U.S. solar manufacturing, supporting American jobs, and building a secure, non-FEOC (Non-Foreign Entity of Concern) supply chain."
Recent Developments
-- Registered Direct Offering: On June 25, 2026, the Company closed a
registered direct offering with certain institutional investors for gross
proceeds of $50.0 million and net proceeds of approximately $47.1
million.
-- At-the-Market Offering: As of June 30, 2026, the Company had raised
approximately $5.5 million in net proceeds from at-the-market offerings
under its at-the-market equity program with Roth Capital Partners, LLC
and H.C. Wainwright & Co., LLC.
-- Russell Index Inclusion: Effective following the June 2026 annual
reconstitution, TOYO was added to the Russell 3000$(R)$ Index and the
Russell Microcap(R) Index.
-- CFO Transition: Effective July 1, 2026, Yasunari Harada was appointed
Chief Financial Officer, succeeding Taewoo (Raymond) Chung who resigned
effective June 30, 2026.
-- Section 45X Tax Credit Eligibility: Toyo Solar Texas LLC expects to
qualify for Section 45X Advanced Manufacturing Production Credits for the
tax year 2025, based on a third-party tax compliance analysis announced
on July 21, 2026.
-- Houston-Area Module Capacity Expansion: Construction of the Company's
second 1 GW solar module production line at its Humble, Texas facility,
in the greater Houston area, is nearing completion, with production
expected to begin in September 2026. Once operational, this will bring
TOYO's total solar module manufacturing capacity at that site to
approximately 2 GW.
-- HJT Cell Manufacturing Line: TOYO's previously announced 1.5 GW advanced
HJT solar cell manufacturing line -- a $357 million investment, located
on the same Humble, Texas site as the Company's solar module plant -- is
progressing on schedule. TOYO reaffirms that the line will enter pilot
production no later than the first quarter of 2028.
-- Section 232 Polysilicon Determination: TOYO welcomed the Section 232
determination of the Trump Administration on polysilicon, reaffirming
TOYO's $357 million HJT facility investment in Humble, Texas.
Unaudited Second Quarter 2026 Results
Revenues for the second quarter of 2026 were approximately $118.2 million, an increase of 35.0% from $87.6 million in the same period in 2025, primarily reflecting approximately $31.7 million of solar module sales contributed during the second quarter by the Company's newly operational module facility in Texas.
Cost of revenues was approximately $81.2 million for the second quarter of 2026, compared to $69.3 million for the same period in 2025.
Gross profit was approximately $37.0 million for the second quarter of 2026, an increase of 102.2% compared to $18.3 million for the same period in 2025. Gross margin improved to 31.3% for the second quarter of 2026 from 20.9% in the second quarter of 2025.
Total operating expenses increased to approximately $14.4 million for the second quarter of 2026 from $7.3 million for the same period in 2025.
-- Selling and marketing expenses were $1.6 million for the second quarter
of 2026, compared to $2.1 million for the same period in 2025.
-- General and administrative expenses were $12.8 million for the second
quarter of 2026, compared to $5.3 million for the same period in 2025.
Income from operations was approximately $22.6 million for the second quarter of 2026, compared to $10.9 million for the same period in 2025.
Net income was approximately $17.4 million for the second quarter of 2026, compared to $6.2 million for the same period in 2025.
Net income attributable to TOYO's shareholders was $17.4 million for the second quarter of 2026, compared to $6.7 million for the same period in 2025.
Earnings per share, basic and diluted, for the second quarter of 2026 were $0.46 and $0.45, respectively, compared to $0.16 for both basic and diluted in the same period in 2025.
Unaudited First Half 2026 Results
Revenues for the six months ended June 30, 2026 were approximately $261.0 million, an increase of 87.6% from $139.1 million in the same period in 2025. The increase was primarily driven by higher solar cell and solar module revenue, including a 153.9% increase in sales to end customers in the United States, which represented $210.5 million, or approximately 80.7%, of first-half revenue.
Cost of revenues was approximately $176.2 million for the first half of 2026, compared to $116.0 million for the same period in 2025.
Gross profit was approximately $84.7 million for the first half of 2026, an increase of 267.0% compared to $23.1 million for the same period in 2025. Gross margin improved to 32.5% for the first half of 2026 from 16.6% in the first half of 2025, primarily reflecting expanded production capacity and improved production efficiencies.
Total operating expenses increased to approximately $25.9 million for the first half of 2026 from $13.4 million for the same period in 2025.
-- Selling and marketing expenses were $3.6 million for the first half of
2026, compared to $2.5 million for the same period in 2025.
-- General and administrative expenses were $22.3 million for the first half
of 2026, compared to $10.9 million for the same period in 2025, primarily
reflecting the scale-up of operations at the Company's Houston module
facility and increased headcount to support growth.
Income from operations was approximately $58.8 million for the first half of 2026, an increase of 507.9% compared to $9.7 million for the same period in 2025.
Net income was approximately $45.8 million for the first half of 2026, compared to $2.5 million for the same period in 2025.
Net income attributable to TOYO's shareholders was $45.8 million for the first half of 2026, compared to $3.5 million for the same period in 2025.
Earnings per share, basic and diluted, of $1.21 and $1.20, respectively, compared to $0.08 in the first half of 2025.
For the six months ended June 30, 2026, the Company generated cash from operations of $61.4 million and incurred capital expenditures of $27.8 million.
As of June 30, 2026, the Company had $123.4 million in cash and restricted cash (including non-current restricted cash), compared to $58.9 million as of December 31, 2025. As of June 30, 2026, cash and cash equivalents were $103.5 million, with $6.6 million in current restricted cash and $13.4 million in non-current restricted cash, primarily securing letters of credit and bank facilities.
Business Outlook
"The current dynamic policy environment presents both challenges and opportunities for our business. We are in constructive discussions with the Department of Commerce on the Section 232 framework, and we are working toward a favorable outcome that would limit impact on our results -- though we will not know the final terms until those discussions conclude," said Takahiko Onozuka, Chairman and CEO of TOYO.
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