Toyo Co (TOYO) H1 2026 earnings summary

Executive summary

• First half 2026 revenue reached $261.0 million, up 87.6% year-over-year, with 2.61 GW solar cell and 191.5 MW module deliveries as new capacity came online.

• Net income for the first half was $45.8 million, a significant increase from $2.5 million in the prior year; diluted EPS was $1.20 versus $0.08.

• U.S. market revenue surged 153.9% year-over-year, now representing 80.7% of total first-half revenue.

• Major capital formation included $52.6 million net proceeds from equity offerings and inclusion in the Russell 3000 and Microcap Indexes.

• Q2 2026 revenue was $118.2 million, up 35% year-over-year, with gross margin expanding to 31.3% from 20.9% in Q2 2025.

Financial highlights

• First half 2026 gross profit was $84.7 million, with gross margin at 32.5%, nearly doubling from 16.6% a year ago.

• Q2 2026 operating income was $22.6 million, up from $10.9 million in Q2 2025.

• First half 2026 non-GAAP EBITDA was $82.1 million, up from $21.5 million; adjusted EBITDA was $82.3 million.

• Cash and restricted cash stood at $123.4 million as of June 30, 2026, up from $85.9 million at year-end 2025.

• Generated $61.4 million in operating cash flow and incurred $27.8 million in capex in the first half.

Outlook and guidance

• Management has not reaffirmed full-year 2026 guidance due to uncertainties around CBP reviews and Section 232 policy implementation.

• Updates to guidance will be provided as clarity emerges on regulatory and trade policy impacts.

• Second Houston module line expected by September 2026, expanding total module capacity toward 2 GW.

• 1.5 GW HJT cell facility in Texas remains on schedule for pilot production by Q1 2028.

• Section 45X tax credits expected for 2025; Section 232 policy supports domestic buildout.