TOYO Co., Ltd. Q1 2026 Earnings Recap

TOYO’s shares gained 16.8% following a Q1 report that delivered well above expectations on revenue growth, margin expansion, and the reaffirmation of full-year guidance, reflecting investor confidence in its operational scale-up and U.S. manufacturing expansion.

Key Takeaways

• Q1 2026 revenue surged to $142.8 million, up 177% year-over-year, driven by larger solar cell and module shipment volumes.
• Gross margin improved substantially to 33.5% from 9.3% in Q1 2025, indicating meaningful structural cost efficiencies.
• Net income swung to $28.4 million, versus a loss of $3.7 million in the same quarter last year, with EPS of $0.75 compared to a loss per share of $0.10.
• Reaffirmed full-year 2026 guidance: solar cell shipments between 5.5–5.8 GW, solar module shipments between 1.0–1.3 GW, and adjusted net income of $90–100 million.
• Expansion of U.S. manufacturing capacity on track, including a Houston module plant increase to 2 GW by Q3 and plans for a 1.5 GW U.S. solar cell facility, underscoring execution discipline and alignment with domestic energy security goals.