TOYO Co., Ltd. Reports 87.6% Revenue Growth in Q2 2026 Earnings Call

DATE

Wednesday, August 19, 2026 at 8:30 a.m. ET

CALL PARTICIPANTS

• Investor Relations – Crocker Coulson
• Chairman and Chief Executive Officer – Takahiko Onozuka
• Chief Strategy Officer – Rhone Resch
• Chief Financial Officer – Yasunari Harada

KEY TAKEAWAYS

• Revenue – $261.0 million for H1 2026 (+87.6% YoY), driven by solar cell/module sales and OEM services.
• U.S. Revenue – $210.5 million (80.7% of total revenue, +153.9% YoY).
• Gross Margin – 32.5% (vs. 16.6% prior year) due to U.S. pricing mix and efficiency gains.
• Net Income – $45.8 million (H1 2026) vs. $2.5 million (H1 2025).
• Solar Deliveries – 2.6 GW cells (+62.5% YoY); 191.5 MW modules (new U.S. sales).
• Q2 Results – $118.2 million revenue (+35% YoY); $17.4 million net income.
• Strategic Moves – $357M HJT cell facility in Humble, Texas (pilot Q1 2028); 2GW Houston module expansion.
• Policy Impact – Section 232 tariffs may offset via U.S. onshoring plan; 70% U.S. polysilicon used in Ethiopia (target: 100% by Q4 2026).

RISKS

• CBP detentions at Ethiopia facility; Section 232 implementation clarity pending.

SUMMARY

TOYO Co., Ltd. (NASDAQ:TOYO) delivered robust H1 2026 growth, fueled by U.S. demand and manufacturing expansion. The company is advancing its Humble, Texas HJT cell facility ($357M investment) and Houston module capacity (target: 2GW by Sept 2026). Section 232 policies are viewed favorably, with potential revenue support through U.S. content incentives. Management emphasized strong financial health, positive working capital ($29.8M), and diversification into next-gen technologies like perovskite tandem cells.

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