Revenue and Profit Surge in First Quarter
TOYO Co. (NASDAQ:TOYO) shares gained 4.6% in premarket trading on Monday after the company delivered first-quarter results that comfortably exceeded expectations, supported by strong growth across its solar solutions business.
The company reported adjusted earnings per share of $0.75 for the quarter ended March 31, 2026.
Revenue jumped to $142.8 million, up sharply from $51.5 million in the same quarter a year earlier, representing year-over-year growth of 177%.
TOYO said the increase was mainly driven by higher shipment volumes of solar cells and solar modules as the company expanded its advanced manufacturing operations.
Margins Improve Significantly
Gross margin improved substantially to 33.5%, compared with 9.3% in the prior-year period.
The company attributed the margin expansion to stronger production efficiency and greater economies of scale as manufacturing volumes increased.
Net income totaled $28.4 million, compared with a net loss of $3.7 million in the first quarter of 2025.
Adjusted EBITDA surged to $48.3 million from $2.8 million a year earlier.
Company Reaffirms 2026 Guidance
TOYO maintained its full-year 2026 outlook and expects adjusted net income to range between $90 million and $100 million.
Management said the midpoint forecast of $95 million reflects continued confidence in demand across the U.S. market for high-efficiency solar products.
The company also projects solar cell shipments of between 5.5 GW and 5.8 GW during 2026, alongside expected solar module shipments of between 1.0 GW and 1.3 GW.
“We delivered a powerful start to 2026, achieving strong first-quarter revenue and net income growth that reflects the successful scale-up of our advanced manufacturing capabilities,” said Takahiko Onozuka, Chairman and CEO of TOYO. “Our ability to deliver 177% YoY sales growth while delivering record net income of $28.4 million demonstrates the strength of demand for our solar solutions and our team’s disciplined execution.”
Cash Position Strengthens
As of March 31, 2026, TOYO reported cash and restricted cash of $72.2 million, up from $58.9 million at the end of 2025.