TOYO Co., Ltd. (TOYO) Earnings Call Transcripts

TOYO Co., Ltd.'s Latest Earnings Call - March 31, 2026

TOYO Co., Ltd. reported a strong performance for the second half and full fiscal year 2025, with revenue reaching $427 million, marking a 142% increase year-over-year. This growth was primarily driven by an increase in solar sales, particularly from their new Ethiopia facility. Gross profit margins expanded significantly to 22.5% from 12.4% in 2024. Management provided optimistic guidance for 2026, projecting shipments of 5.5 to 5.8 gigawatts for solar cells and 1 to 1.3 gigawatts for solar modules. The company plans to expand its Houston facility to 2 gigawatts by the end of 2026. Adjusted net income for 2026 is expected to be between $90 million and $100 million, indicating continued financial strength.

Reported metrics

Guidance from management

TOYO expects adjusted net income for 2026 to be between $90 million and $100 million. Shipment guidance is set at 5.5 to 5.8 gigawatts for solar cells and 1 to 1.3 gigawatts for solar modules, with plans to expand Houston's capacity to 2 gigawatts.

What management said

[Interpreted] Right. So we are not currently providing our gross margins hold for the year. But as the Ethiopia facility has come to operate at full capacity and our U.S. factory has come online. We believe that we will be able to continue to achieve very competitive margins in the market.

Yes, sure. Thanks. That's very helpful. Yes, Amit, the short answer is, yes, we are planning to report quarterly from this year. So hopefully, we can get our first quarter number release May of this year. And on a going forward basis, where we will continue to report port starting from this year.

What analysts pressed on

Analysts expressed concerns about the sustainability of gross margins as the revenue mix shifts more towards the U.S. market. There were also questions about the impact of potential U.S. manufacturing credits on future financials.

Main topics on the call

• Revenue Growth — TOYO reported a record-breaking revenue of $427 million for 2025, a 142% increase over 2024. This was driven by the completion and operation of their 4 gigawatt Ethiopia facility and increased sales to U.S. customers.
• Margin Expansion — Gross profit increased by 340% to $96.3 million, with margins expanding to 22.5% from 12.4% in 2024. This was attributed to a higher mix of sales to U.S. customers with stronger pricing.
• Operational Scaling — TOYO is focusing on scaling operations in 2026, with plans to increase module capacity in Houston to 2 gigawatts and maintain full capacity at their Ethiopia facility.
• Strategic Acquisitions — The acquisition of the [indiscernible] brand from a sister company was highlighted as a strategic move to unify operations and accelerate growth without shareholder dilution.

Read the full TOYO Co., Ltd. transcript (March 31, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 6 TOYO Co., Ltd. earnings call transcripts on record, spanning August 21, 2024 to July 29, 2026. Based on this history, TOYO Co., Ltd. reports semi-annually. The most recent call on file is dated July 29, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

TOYO

Exchange

NasdaqCM

Country

US

Sector

Information Technology

Industry

Semiconductors and Semiconductor Equipment

Calls on record

6

First call

August 21, 2024

Most recent

July 29, 2026

Reporting cadence

semi-annually