Toyo says solar cell shipments are expected to reach 3.5 GW in 2025

Outlook for 2025: Solar cell shipments are expected to reach 3.5 GW, fuelled by robust demand and new capacity from the Company’s manufacturing facility in Ethiopia. First 1 GW solar module production in Houston metropolitan area, Texas is expected to commence in mid-2025. Net income expected to reach $33M, reflecting continued growth and improved margins. “In 2024, while our revenues surged by 184% year-over-year, our margins in the second half of the year were severely impacted by the anti-dumping (AD) and countervailing duties imposed by the U.S. Department of Commerce and the International Trade Commission on solar manufacturers operating in Vietnam,” said Junsei Ryu, Chairman and CEO of TOYO (TOYO). “These measures disrupted our delivery schedules and pricing structure as our end customers awaited clarity on the final tariffs and market pricing. Despite these headwinds, we’ve remained focused on laying the groundwork for sustainable long-term growth and a return to profitability in 2025. We successfully launched a 2GW solar cell facility in Ethiopia, which is now operational. In response to robust customer demand, we’ve made the strategic decision to double this capacity, targeting a total of 4GW by end of August 2025. Our expansion into Ethiopia has not only allowed us to offset tariff impacts but also reinforced our global competitiveness, with that capacity fully allocated for 2025. The first 1GW of capacity at our solar module plant in Houston metropolitan area, Texas, is expected to come online by mid-2025,supported by strong demand from customers in the U.S. Our diversified supply chain positions us very well to serve the U.S. market, where utility-scale demand remains robust, given the speed and cost competitiveness of solar. Looking forward, we remain deeply committed to the U.S. market and are accelerating the expansion of our manufacturing footprint across all solar cell and module facilities.”