TOYO (NASDAQ:TOYO) reported a transformative fiscal year 2025 on Tuesday, characterized by a 142% surge in annual revenue as the company successfully scaled its international manufacturing footprint.
The solar solutions firm posted total revenue of $427.4 million for the year, supported by a significant increase in solar cell shipments, which totaled 4.5 GW.
The company’s financial performance reflected the successful ramp-up of its 4 GW cell facility in Ethiopia, which has become a primary driver of TOYO's global supply chain.
For the full year, TOYO reported a non-GAAP EBITDA of $95.8 million and adjusted net income of $52.2 million.
These figures include the impact of a one-time non-cash share-based compensation charge of approximately $13.7 million, as well as start-up costs associated with a new module facility in Houston, Texas.
Looking ahead to 2026, management issued an optimistic outlook, projecting a further expansion of both production and profitability.
TOYO forecasts solar cell shipments to rise to between 5.5 GW and 5.8 GW for the new fiscal year.
This increased volume is expected to nearly double the company's bottom line, with adjusted net income guidance set at $90 million to $100 million.