TOYO Reports 142% Revenue Surge to $427.4M, Names Rhone Resch CSO
TOYO’s FY 2025 revenue jumped 142% to $427.4M, driven by 4.5 GW of solar cell shipments after its new 4 GW Ethiopia facility reached full capacity. The company reported non-GAAP EBITDA of $95.8M and appointed solar veteran Rhone Resch as CSO to spearhead U.S. market expansion and global manufacturing growth.
1. Record FY 2025 Financial Results
TOYO posted revenue of $427.4 million, up 142% year-over-year, with non-GAAP EBITDA of $95.8 million and net income of $37.2 million, which included a one-time $13.7 million non-cash share-based compensation charge. Adjusted net income surged to $52.2 million from $6.0 million in 2024, reflecting stronger margins on higher-value solar cell sales.
2. Operational Highlights and 2026 Outlook
Solar cell shipments totaled 4.5 GW, surpassing the 4.2–4.4 GW target thanks to full utilization of the 4 GW Ethiopia facility, while module deliveries reached 249 MW. Management forecasts 2026 shipments of 5.5–5.8 GW of cells and 1–1.3 GW of modules, with adjusted net income projected at $90–$100 million.
3. Appointment of Rhone Resch as CSO
TOYO appointed industry veteran Rhone Resch as Chief Strategy Officer to lead global growth strategy, focusing on U.S. market expansion, manufacturing footprint scaling and strengthening partnerships across the solar value chain. Resch brings over two decades of solar industry leadership and policy expertise to support TOYO’s onshore supply-chain development.