Toyo Co (TOYO) Analyst Day 2026 summary

H1 financial performance

• H1 2026 revenue was $261.0M, up 87.6% YoY; gross profit was $84.7M and gross margin was 32.5%, versus 16.6% in H1 2025.

• H1 GAAP net income was $45.8M versus $2.5M; adjusted net income was $46.0M, diluted EPS was $1.20 versus $0.08, and adjusted EBITDA was $82.3M, up 260.2% YoY.

• H1 deliveries were 2.61 GW of cells and 191.85 MW of modules.

• June 30 cash was $103.5M, or $123.4M including restricted cash; H1 operating cash flow was $61.4M and investing cash outflow was $27.8M.

• H1 net proceeds raised were ~$52.6M for early-stage Humble HJT spending, general corporate needs and working capital.

Manufacturing expansion and roadmap

• Houston module capacity reached 2 GW after the second line was completed; the 567,000-sq-ft facility employs 600 across three shifts.

• Global cell capacity is 6 GW: 4 GW in Ethiopia and 2 GW in Vietnam; Vietnam capacity is not shipped to the U.S. due to the AD/CVD case.

• The planned Humble HJT facility has a $357M investment and 1.5 GW initial capacity; design is complete, permits are underway and equipment is contracted, with pilot production targeted for Q1 2028 subject to approvals and schedule changes.

• Funding plans include ~$120M in Section 45X credits and ~$120M in debt, with the balance from operating cash flow or other non-dilutive options; estimates are provisional, debt discussions early-stage and no definitive financing documents signed.

• Longer-term, noncommitted plans envision 3 GW of HJT, 8 GW overall and expanded U.S. ingot and wafer capacity; expansion depends on financing, execution and final investment decisions.

U.S. market, supply chain and policy

• U.S. annual solar installations are projected at ~43 GW through 2035; module capacity is ~75 GW, versus ~3 GW of cell and ~5 GW of wafer capacity, with wafering identified as the tightest bottleneck.

• Section 232 terms set minimum import prices and additional tariffs for covered solar products, with onshoring incentives; implementation was scheduled for Dec. 4, 2026, while company-specific benefits depend on negotiated terms, milestones and compliance.

• A draft Commerce term sheet covers planned manufacturing; offset guidance was expected in mid-to-late October, with company-by-company negotiations potentially extending beyond Dec. 4.

• Ethiopian cell sourcing uses non-Chinese polysilicon, currently 70% U.S. and 30% OCI, and non-Chinese wafers from Indonesia; U.S. sourcing is planned to increase, including a target of 100% U.S. polysilicon.

• Four Ethiopian cell shipments were detained during CBP review; traceability records were submitted, and shipment timing affected Q3 and Q4 2026 earnings while Ethiopia operations continued. A Commerce inquiry remains pending.