Toyo Co Ltd Plans 2 GW US Capacity, Maintains 25% Gross Margin
Toyo Co Ltd posted a 25% gross margin in 2025 and anticipates maintaining it with its Ethiopia plant at full capacity and its US factory online. Houston facility runs 1 GW at 60-70% utilization, plans a second 1 GW pilot by Q3–Q4 2026, and will start quarterly reporting in May.
1. Gross Margin Performance
Toyo Co Ltd completed 2025 with an average gross margin of approximately 25%, driven by full-capacity operations at its Ethiopia plant and the startup of its US manufacturing facility. The company expects to sustain these competitive margins and anticipates $0.07 per share in 45X tax credits from its production activities.
2. US Production Capacity Expansion
The Houston plant currently operates at 1 GW capacity with utilization between 60% and 70%. A second 1 GW production line is under development and is scheduled for pilot production in the third to fourth quarter of 2026, though this expansion is not yet reflected in the company's official guidance.
3. Reporting Schedule and Investor Engagement
Toyo Co Ltd will transition to quarterly earnings reporting beginning in May, with first quarter 2026 results to be released then. The company has also bolstered its investor relations efforts, adding US-based management presence to enhance engagement with stakeholders.