TOYO delivers $427M FY2025 revenue, $96M EBITDA and appoints new CEO
TOYO achieved FY2025 revenue of $427 million, exceeding its $375–$400 million outlook, with $96 million EBITDA and $38 million net income (including a $14 million one-time charge). On March 18, Takahiko Onozuka replaced Junsei Ryu as CEO and chairman to lead the company’s expanded solar manufacturing operations.
1. FY2025 Financial Results
TOYO reported preliminary FY2025 revenue of $427 million, surpassing its $375–$400 million outlook, driven by higher production volumes and strong utility-scale and commercial orders; EBITDA reached $96 million and net income was $38 million, including a $14 million share-based compensation charge.
2. Manufacturing and Shipments
The company shipped approximately 4.5 GW of solar cells, exceeding its 4.2–4.4 GW target, supported by full utilization of its 4 GW Ethiopian cell facility, and delivered 249 MW of solar modules following the start of module production in October 2025.
3. CEO and Chairman Transition
Effective March 18, Takahiko Onozuka replaced Junsei Ryu as CEO and chairman; Onozuka brings over 40 years of international finance and energy infrastructure experience and will guide TOYO’s expanded solar manufacturing operations and global integration strategy.