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TOYO Co., Ltd Unveils Preliminary Financial Results for Fiscal Year 2025

TOYO Co., Ltd (Nasdaq: TOYO), a key player in the solar solutions industry, has shared its preliminary, unaudited, and unreviewed financial results for the fiscal year ending December 31, 2025. These updates highlight the company’s robust performance and execution against an enhanced outlook announced in September of the previous year.

Performance Highlights

The preliminary results demonstrates a successful year with revenues reaching approximately $427 million. This amount not only surpasses the company’s earlier guidance of $375 to $400 million but also marks a notable year-over-year growth, driven mainly by increased production capabilities and a solid demand from utility-scale and commercial clients globally.

Solar Cell and Module Shipments

In FY2025, TOYO accomplished solar cell shipments totaling approximately 4.5 GW, exceeding its target of 4.2 to 4.4 GW. A key contributing factor was the successful ramp-up and operation of the company’s 4 GW solar cell production facility located in Ethiopia, which commenced commercial production in 2025. The company also reported solar module shipments of approximately 249 MW, which started commercial production in October 2025.

Financial Metrics

TOYO recorded an estimated EBITDA of around $96 million. This achievement is attributed to operational efficiencies, improved profit margins from heightened production levels, and cost-saving measures throughout the supply chain. Additionally, TOYO reported approximate net income of $38 million, factoring in a one-time share-based compensation of about $14 million.

These preliminary figures signal TOYO's advancements in establishing a resilient and integrated solar value chain. The company aims to strengthen supply chain security and competitiveness by leveraging strategic manufacturing facilities in both Ethiopia and the United States, especially in light of shifting trade dynamics.

Strategic Outlook

Takahiko Onozuka, Chairman and CEO of TOYO, remarked, "2025 was a transformative year for TOYO, as we delivered on our elevated guidance and made meaningful strides in global manufacturing scale." He emphasized that the rapid ramp-up of their Ethiopian facility has significantly bolstered their position to cater to the growing demand for reliable and cost-effective solar solutions. Moving forward, TOYO is dedicated to further integration, innovation, and sustainable expansion as it seeks to create long-term value for shareholders and stakeholders during the transition to clean energy.

Upcoming Earnings Call

TOYO will hold a financial results earnings conference call on March 31, 2026, at 8:30 AM ET, where additional insights into these preliminary results will be discussed. Interested participants can access the live webcast through the designated link and find the earnings release along with an investor deck on the investor relations website ahead of the call.

This pivotal year underscores TOYO's commitment to becoming a comprehensive solar solutions provider, further establishing its role within the global renewable energy market. As the world increasingly shifts to clean energy sources, TOYO appears well-prepared to contribute to this ongoing transition while enhancing its operational capabilities and market footprint.

For updates, stakeholders and interested parties are encouraged to visit TOYO's investor relations at investors.toyo-solar.com.