Toyo Co (TOYO) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $142.8 million, up 177% year-over-year, driven by higher solar cell and module shipments.

• Net income swung to $28.4 million from a net loss of $3.7 million in Q1 2025; diluted EPS was $0.75 versus a loss of $0.10.

• Gross margin improved to 33.5% from 9.3% year-over-year, reflecting production scale-up and efficiency gains.

• Non-GAAP EBITDA was $48.1 million, up from $2.4 million; adjusted EBITDA was $48.3 million, up from $2.8 million.

• Cash and restricted cash stood at $72.2 million as of March 31, 2026, up from $58.9 million at year-end 2025.

Financial highlights

• Gross profit rose to $47.8 million, up 894.8% from $4.8 million in Q1 2025.

• Operating expenses increased to $11.5 million, mainly due to higher sales commissions, advertising, and headcount.

• Net cash provided by operating activities was $33.4 million, up from $3.7 million in Q1 2025.

• Cash and cash equivalents stood at $54.4 million, with $4.5 million in current restricted cash and $13.4 million in non-current restricted cash.

• Net income per diluted share was $0.75, compared to a loss per share of $0.10 in Q1 2025.

Outlook and guidance

• Reaffirmed full-year 2026 guidance: solar cell shipments of 5.5–5.8 GW, module shipments of 1.0–1.3 GW, and adjusted net income of $90–100 million.

• Section 45X credits are not included in 2026 guidance, representing potential upside.

• Plans to expand U.S. manufacturing and establish a domestic R&D center to support next-generation solar technologies.