Research Reports

Q1 2026 revenue was ~USD 142.8 million, a 177% YoY increase from USD 51.5 million in Q1 2025 (CEO, CFO, prepared).
Gross margin expanded to 33.5% in Q1 2026, up from 9.3% in Q1 2025 (CEO, CFO, prepared).
Q1 2026 net income was USD 28.4 million, compared to a net loss of USD 3.7 million in Q1 2025 (CEO, CFO, prepared).
Q1 2026 diluted earnings per share was USD 0.75, versus a loss per share of USD 0.10 in Q1 2025 (CEO, CFO, prepared).
Non-GAAP adjusted EBITDA for Q1 2026 was USD 48.3 million, compared to USD 2.8 million in Q1 2025 (CFO, prepared).
Q1 2026 cost of revenue was ~USD 95 million, up from USD 46.7 million in Q1 2025 (CFO, prepared).
Total operating expenses for Q1 2026 were ~USD 11.5 million, an increase of 89.4% from USD 6.1 million in Q1 2025 (CFO, prepared).
Selling and marketing expenses were USD 2 million in Q1 2026, vs USD 0.5 million in prior year (CFO, prepared).
General and administrative expenses were USD 9.5 million in Q1 2026, up 69.1% from USD 5.6 million in Q1 2025 (CFO, prepared).
As of March 31, 2026, cash and restricted cash (incl. noncurrent) was USD 72.2 million, up from USD 58.9 million as of December 31, 2025 (CFO, prepared).
U.S. module facility in Houston, Texas: currently ~1 GW annual production, on track to expand to 2 GW by Q3 2026 (Rhone Resch, prepared).
Planning a U.S. solar cell manufacturing facility for ~1.5 GW annual production at the same Houston site, expected to transition to execution in H2 2026 (Rhone Resch, prepared).

Official guidance (reaffirmed for full year 2026):

Solar cell segment: 5.5 to 5.8 GW (CEO, prepared).
Solar module segment: 1.0 to 1.3 GW (CEO, prepared).
Full year adjusted net income: USD 90 million to USD 100 million (CEO, prepared).

Mgmt quotes:

"We achieved record revenue, record gross profit and record net income for the company all in a single quarter." (CEO)
"Gross margin quadrupled to 33.5% from 9.3%." (CFO)
"When both of these initiatives are complete, TOYO will have 2 gigawatts of solar module capacity and 1.5 gigawatts of solar cell capacity, all in the same facility, all in the United States." (Rhone Resch)
"Based on our Q1 performance and our visibility into the remaining of the year, we are reaffirming our full year 2026 guidance." (CEO)
"This growth was broad based, driven by significant higher solar cell and module shipment volumes, as our expanded manufacturing footprint came freely online." (CEO)

Topic: 45X credits guidance, CapEx for U.S. expansion, revenue geographic mix
Key points:
- 45X credits are not included in net income guidance; they represent potential upside; the company is undergoing a review of 2025 Houston production for compliance and is playing conservatively.
- 2026 CapEx covers final Ethiopia payments and build-out of second gigawatt module capacity in Houston; cell facility expenses are minimal in 2026, with majority in 2027.
- Module expansion CapEx for 2026 is $30 million, to be funded through operating cash flow.
- Over 3/4 of 2026 business by volume will be from U.S. customers; Vietnam cell plant serves non-U.S. markets.
Mgmt stance: Neutral on 45X (conservative, not yet booked); bullish on U.S. demand and funding (CapEx covered by cash flow).

Topic: Equipment delivery delays, U.S. competitive landscape and demand
Key points:
- No material impact on equipment delivery for module expansion or cell production implementation in Houston to date.
- Strong demand from existing U.S. customer portfolio for products over the next 2 years; robust demand expected for domestic products from current and potential customers.
- More information on sales/production plans expected soon.
Mgmt stance: Bullish on U.S. demand (strong customer interest, no supply chain issues).