Toyo Co (TOYO) H1 2025 earnings summary

Executive summary

• Delivered 1.6 GW of solar cells in H1 2025, up from 985 MW year-over-year, with revenue rising 0.7% to $139 million.

• Successfully acquired the VSUN brand, consolidating operations and strengthening North American market presence.

• Expanded manufacturing in Ethiopia to 2 GW, with plans to double to 4 GW by October 2025.

• Commenced pilot production at a new U.S. module facility in Houston, reinforcing a Made in USA strategy.

• Focused on vertical integration and global expansion to enhance efficiency and cost competitiveness.

Financial highlights

• Revenue for H1 2025 was $139 million, up 0.7% from $138.1 million year-over-year.

• Gross profit margin declined to 16.6% from 19.3% due to higher raw material costs.

• Operating expenses surged 219.9% to $30 million, driven by new facility costs and public company expenses.

• Non-GAAP adjusted EBITDA was $23 million, down from $33 million year-over-year.

• Net income attributable to shareholders was $4 million, down from $19.6 million; EPS fell to $0.10 from $0.48.

Outlook and guidance

• Full-year 2025 solar cell shipments expected to reach 4.2–4.4 GW, exceeding prior guidance.

• Projected 2025 revenue of $375–$400 million and net income of $39–$45 million.

• Houston module facility to ramp up deliveries by year-end; Ethiopian plant to reach 4 GW capacity by October 2025.