TOYO Reports Strong Q2 Earnings Growth Driven by U.S. Solar Sales Expansion
TOYO Co., Ltd. (TOYO) delivered significant financial growth in the first half of 2026, with revenue reaching $261 million—a year-over-year increase of 87.6%. This was primarily driven by higher solar cell and module sales as well as new OEM services. U.S.-based customer revenue accounted for 80.7% of total revenue at $210.5 million, growing sharply by 153.9%. Gross margin improved to 32.5%, up from 16.6% in the prior year period due to expanded production capacity and a stronger U.S. sales mix. The company also reported GAAP net income of $45.8 million for H1 2026, compared to just $2.5 million in the same period last year. Diluted EPS rose from $0.08 to $1.20 over this time frame. TOYO plans a major investment of $357 million into a new heterojunction solar cell facility in Texas and is expanding its Houston module production capacity to 2 gigawatts by September 2026.
Tickers: $TOYO
Topics: gross_margin net_income revenue solar_cell_deliveries