TOYO Co., Ltd Reports Modest Revenue Growth in 2025

Toyo Co., Ltd ( (TOYO) ) has released its Q2 earnings. Here is a breakdown of the information Toyo Co., Ltd presented to its investors.

TOYO Co., Ltd is a solar solutions company that integrates the production of wafers, silicon, solar cells, and photovoltaic modules, aiming to provide comprehensive solar solutions globally. In its first half of 2025 financial results, TOYO reported revenues of approximately $139 million, marking a slight increase from the previous year. The company successfully commissioned a 2 GW solar cell plant in Ethiopia and began trial production at a new solar module facility in Houston. Key financial metrics include a decrease in Non-GAAP Adjusted EBITDA to $23 million from $33 million the previous year, and a net income of $4 million, down from $19.6 million. TOYO’s strategic moves include the acquisition of the VSUN brand and redirecting production capacity to high-growth markets like India and Taiwan. Looking ahead, TOYO expects to ship 4.2-4.4 GW of solar cells for the full year 2025, with anticipated revenues between $375 million and $400 million. The company is focused on scaling up production in Ethiopia and expanding its U.S. module capacity to meet growing demand.