TOYO Q1 revenue surges 177% as company swings to profit

TOYO (NASDAQ:TOYO) reported a substantial expansion in its top-line performance and a return to profitability for the first quarter of 2026.

The solar technology manufacturer disclosed unaudited and unreviewed financial results, highlighting total revenues of $142.8 million for the three-month period, representing a 177% increase compared to the same quarter last year.

The revenue acceleration drove a shift in bottom-line performance.

TOYO generated a net income of $28.4 million for the quarter, reversing a net loss recorded during the prior-year period.

Operational efficiency gains were reflected in the company's gross margin, which expanded to 33.5% due to optimized manufacturing throughput and a favorable product mix.

Backed by the strong opening quarter, corporate management reaffirmed its financial guidance for the full fiscal year 2026.

The company continues to project a full-year adjusted net income within the range of $90 million to $100 million, citing sustained global demand for its photovoltaic cell and solar module lines.