TOYO Co., Ltd. (NASDAQ: TOYO) released preliminary, unaudited results for the fiscal year ended December 31, 2025, showing revenue of $427 million, a figure that exceeds the company’s previously raised full‑year guidance range of $375–$400 million. The company’s revenue growth is driven by a sharp increase in solar cell shipments, which reached 4.5 GW—well above the target of 4.2–4.4 GW set for the year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) reached $96 million, while net income stood at $38 million after a one‑time $14 million share‑based compensation charge. EBITDA margin improvement reflects the benefits of scaled production at the newly ramped Ethiopian cell facility and the efficiencies gained from the company’s U.S.-centric, vertically integrated model.
The Ethiopian facility, which began commercial production in 2025, has become a key contributor to the company’s volume growth. Its ramp‑up has helped offset the margin compression experienced in FY2024, when U.S. anti‑dumping duties on Vietnamese solar products pushed gross profit margin down from 26.7% to 12.4%.
"2025 was a transformative year for TOYO, as we delivered on our elevated guidance and made meaningful strides in global manufacturing scale," said Takahiko Onozuka, Chairman and CEO. The statement underscores the company’s confidence in its strategic shift and the operational gains achieved during the year.
The preliminary results reinforce the guidance raised in September 2025 and signal strong execution ahead of the company’s earnings conference call on March 31, 2026, where detailed financial data and forward guidance for FY2026 will be disclosed.
The company’s focus on a U.S.-centric, vertically integrated model—supported by a planned module assembly facility in Houston and a one‑year sales contract with a U.S. polysilicon manufacturer—positions TOYO to mitigate trade headwinds and secure a competitive cost advantage in the growing U.S. solar market.
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