TOYO Co., Ltd (NASDAQ: TOYO) reported its financial results for the first half of 2026, highlighting significant revenue expansion and margin growth driven by demand in the United States.
For the six months ended June 30, 2026, revenue reached $261.0 million, an 87.6% increase compared to $139.1 million in the first half of 2025. Net income surged to $45.8 million, up from $2.5 million in the prior-year period, while gross margin expanded to 32.5% from 16.6%.
U.S. end-customer sales were the primary growth driver, rising 153.9% year-over-year to $210.5 million and representing 80.7% of total company revenue for the period.
The company delivered 2.6 GW of solar cells in the first half of 2026, a 62.5% increase year-over-year. Additionally, TOYO shipped 191.5 MW of solar modules from its newly established manufacturing capacity.
For the first half of 2026, TOYO reported revenue of $261.0 million, representing an 87.6% increase year-over-year. Net income reached $45.8 million, up significantly from $2.5 million recorded in the first half of 2025. Driven by strong market demand, the company delivered 2.6 GW of solar cells, growing 62.5% increase year-over-year, with sales to U.S. end customers accounting for $210.5 million, or 80.7% of total first-half revenue.
TOYO ended the second quarter with $123.4 million in cash and restricted cash, up from $58.9 million at year-end 2025. The balance sheet expansion was supported by $52.6 million in net proceeds generated through a registered direct offering and at-the-market equity issuance during the first half.
TOYO is currently expanding its U.S. manufacturing footprint at its integrated campus in Humble, Texas, near Houston.
Construction of a second 1 GW solar module line at the site is nearing completion, with commercial production scheduled to begin in September 2026. The addition will bring TOYO’s total module manufacturing capacity at the Humble site to approximately 2 GW.
On the same campus, TOYO is progressing on a $357 million investment to construct a 1.5 GW advanced heterojunction (HJT) solar cell facility. The company reaffirmed that the cell line remains on schedule to enter pilot production no later than the first quarter of 2028.
Management noted ongoing discussions with the U.S. Department of Commerce regarding the Section 232 framework and domestic content offsets intended to support domestic solar cell supply for U.S. module assemblers.
TOYO indicated that while policy adjustments may impact second-half results, its planned HJT cell production, utilization of domestic polysilicon, and non-Foreign Entity of Concern (FEOC) supply chain strategy remain aligned with federal onshoring objectives.
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