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, driven by new Ethiopian production and VSUN brand integration.

• Acquired the VSUN brand, consolidating operations and expanding market reach, with Vietnam capacity redirected to high-growth, non-U.S. markets.

• Commissioned a 2 GW solar cell facility in Ethiopia, with plans to double to 4 GW by October 2025, and began pilot production at a new U.S. module facility in Houston.

• Focused on vertical integration and global manufacturing 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 and production ramp-up.

• Operating expenses rose 219.9% to $30 million, mainly from new facility and public company costs.

• 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 was $0.10 vs. $0.48 year-over-year.

• Cash and current restricted cash totaled $30 million at June 2025, up from $15.1 million at December 2024.

Outlook and guidance

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

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

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

• U.S. module capacity expansion to be measured and aligned with sourcing strategy.