TOYO Q1 Revenues Surge 177% to $142.8M, Net Income Hits $28.4M
TOYO reported Q1 2026 revenues of $142.8 million, up 177% year-over-year, with net income of $28.4 million versus a $3.7 million loss and non-GAAP EBITDA of $48.1 million. The company reaffirmed full-year adjusted net income guidance of $90 million–$100 million and forecasts 5.5 GW–5.8 GW cell shipments and 1.0 GW–1.3 GW module shipments.
1. Q1 Financial Results
TOYO achieved revenues of $142.8 million for the quarter ended March 31, 2026, a 177% increase from $51.5 million a year earlier. Gross profit rose to $47.8 million, lifting gross margin to 33.5% versus 9.3% in Q1 2025, while non-GAAP EBITDA reached $48.1 million and net income was $28.4 million, or $0.75 per diluted share.
2. Operational Expansion and Efficiency
The year-over-year margin improvement was driven by the ramp-up of the new 4 GW solar cell manufacturing line and the Houston module facility, which delivered greater economies of scale and production efficiencies. Operating expenses increased to $11.5 million as selling and marketing expenses rose with higher revenues and general and administrative costs supported expanded operations.
3. Full-Year Guidance and Growth Plans
TOYO reaffirmed 2026 guidance, targeting 5.5 GW–5.8 GW of solar cell shipments, 1.0 GW–1.3 GW of module shipments and adjusted net income of $90 million–$100 million. The company plans to build a domestic cell plant to reshore production and open a U.S. R&D center to develop next-generation solar technologies for on- and off-grid applications.