TOYO (NASDAQ:TOYO) reported preliminary, unaudited financial results for the fiscal year ended December 31, 2025, highlighting a transformative year of global capacity expansion and robust shipment volumes.
The solar solutions provider generated approximately $427 million in revenue, underpinned by the delivery of approximately 4.5 gigawatts (GW) of solar cells and 249 megawatts (MW) of solar modules.
The company’s profitability remained resilient during its scaling phase, posting a net income of approximately $38 million for the year.
This figure includes a one-time non-cash headwind of $14 million related to share-based compensation.
On an operational basis, TOYO achieved EBITDA of approximately $96 million, reflecting strong underlying demand for its high-efficiency solar products across international markets.
A primary driver of the 2025 performance was the successful ramp-up of TOYO’s 4 GW solar cell manufacturing facility in Ethiopia.
This facility has allowed the company to optimize its supply chain and diversify its geographic footprint, mitigating trade-related risks.
Furthermore, TOYO continued to execute on its U.S. capacity expansion strategy, positioning the firm to capture increasing domestic demand for renewable energy infrastructure spurred by federal clean energy incentives.