TOYO Co., Ltd Announces Second Half and Full Year 2025 Financial Results

Core Insights - TOYO Co., Ltd reported record revenues of $427.4 million for FY 2025, a 142% increase from 2024, driven by the ramp-up of its 4 GW solar cell facility [4][9] - The company aims to continue its growth trajectory in 2026, with expectations to nearly double net income and expand its domestic manufacturing capabilities in the U.S. [17][18] Financial Performance - Revenues for the second half of 2025 were approximately $288.3 million, a 641% increase from $38.9 million in the same period last year [5] - Full-year revenues reached $427.4 million, with solar cell sales contributing approximately $241.6 million and solar module sales adding about $7.6 million [9] - EBITDA (Non-GAAP) for 2025 was $95.8 million, a 40% increase from $68.2 million in the previous year [12] Operational Highlights - Solar cell shipments totaled 4.5 GW, exceeding the full-year target of 4.2–4.4 GW, primarily due to the full utilization of the new facility in Ethiopia [6] - Solar module shipments were 249 MW for the year [6] - The company expects solar cell shipments to reach approximately 5.5-5.8 GW and solar module shipments to reach 1-1.3 GW in 2026 [6] Profitability Metrics - Gross profit for 2025 was $96.3 million, with a gross profit margin of approximately 22.5%, up from 12.4% in 2024 [11] - Net income for 2025 was $37.2 million, compared to $40.5 million in the prior year, while adjusted net income was $52.2 million, a 769% increase from $6 million in 2024 [15][16] Cost Structure - Cost of revenues for 2025 was $331 million, a 113% increase from $155.1 million in 2024, reflecting the growth in sales [10] - Total operating expenses increased to approximately $37.3 million for 2025, up from $13.0 million in the prior year [11][14] Cash Position - As of December 31, 2025, the company had $58.9 million in cash and restricted cash, compared to $17.2 million at the end of 2024 [16] Strategic Outlook - TOYO is focused on building a robust onshore supply chain for U.S. customers and enhancing its operational excellence while maintaining financial discipline [18] - The company is developing new sourcing relationships for polysilicon and planning to bring onshore cell manufacturing to the U.S. [18]