TOYO reported rapid first-half growth in its U.S. solar business, with sales to American end customers jumping approximately 154% and accounting for more than four-fifths of company revenue as manufacturing scale and production efficiencies drove substantial margin expansion.
First-half revenue increased 87.6% to $261 million from $139.1 million.
Sales to end customers in the U.S. surged 153.9% to $210.5 million, representing approximately 80.7% of TOYO’s total first-half revenue.
The company delivered 2.6 GW of solar cells during the first half, an increase of 62.5% year-over-year.
TOYO also delivered 191.5 MW of solar modules. The company had no comparable module production capacity operating during the first half of 2025.
Profitability increased substantially faster than revenue.
Gross profit surged 267% to $84.7 million from $23.1 million, while gross margin expanded to 32.5% from 16.6%.
The roughly 1,590-basis-point margin expansion reflected increased manufacturing capacity and improved production efficiency.
Operating income increased 507.9% to $58.8 million from $9.7 million.
Net income reached $45.8 million compared with $2.5 million a year earlier, an increase of more than 1,700%. Diluted EPS increased to $1.20 from $0.08.
TOYO’s growing U.S. manufacturing operation is becoming increasingly important to the business.
Second-quarter revenue increased 35% to $118.2 million, with approximately $31.7 million generated by solar modules from the company’s newly operational manufacturing facility in Humble, Texas.
Quarterly gross profit more than doubled to $37 million, and gross margin increased to 31.3% from 20.9%.
TOYO is nearing completion of a second 1 GW module production line at its Humble campus. Production is expected to begin in September 2026, increasing total module manufacturing capacity at the site to approximately 2 GW.
The company is also investing $357 million in a 1.5 GW advanced heterojunction solar cell manufacturing line at the same Texas campus. Pilot production is expected no later than the first quarter of 2028.
TOYO generated $61.4 million of operating cash flow during the first six months of 2026 and invested $27.8 million in capital expenditures.
Cash and restricted cash totaled $123.4 million at June 30, up from $58.9 million at the end of 2025.
The company also raised approximately $52.6 million of net proceeds through a registered direct offering and at-the-market sales during the first half.
TOYO cautioned that the evolving U.S. policy environment could affect second-half results. Management is in discussions with the Department of Commerce regarding a Section 232 framework and said the magnitude of any impact remains uncertain.
Despite that uncertainty, TOYO continues investing in its U.S. manufacturing footprint as it works toward a more vertically integrated domestic solar supply chain.
KEY QUOTES:
“We remain confident in the underlying strength of our business, and we continue to execute on our U.S. manufacturing strategy.”
Takahiko Onozuka, Chairman and CEO of TOYO
