TOYO H2 Earnings Call Highlights

TOYO (NASDAQ:TOYO) reported sharply higher gross successful fiscal 2025 arsenic the institution expanded its star compartment and module manufacturing footprint and ramped accumulation astatine newer facilities, portion absorption besides outlined shipment and nett targets for 2026 and discussed plans to summation capitalist engagement.

Chief Executive Officer Takahiko Onozuka described 2025 arsenic “the twelvemonth of decisive action” for the company, saying TOYO “doubled our operational scale” portion navigating a volatile commercialized environment. Onozuka said the company’s strategy centered connected strengthening its presumption arsenic a vertically integrated supplier and shifting accumulation toward “high request and compliant manufacturing hubs.”

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Onozuka said fiscal 2025 gross exceeded $427 million, up 142% from 2024, and pointed to the ramp-up of TOYO’s 4-gigawatt (GW) Ethiopia star compartment installation arsenic a cardinal driver. The Ethiopia works was completed successful October 2025 and is “now moving astatine afloat nameplate capacity,” helium said.

During fiscal 2025, Onozuka said TOYO shipped 2.3 GW of star cells from Ethiopia to U.S. extremity customers and dispatched an further 1.9 GW of star cells from its Vietnam installation to planetary markets. Looking ahead, helium said the institution is “on way to present a afloat 4 GW of star cells” from Ethiopia successful 2026.

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On the module side, Onozuka said TOYO launched commercialized operations astatine its caller 1 GW module installation successful Houston successful the 4th fourth of 2025. The institution delivered 249 megawatts (MW) of modules successful 2025, including some “American-made modules and those supplied by our OEM installation overseas,” helium said. Onozuka added that TOYO intends to standard accumulation successful 2026 and put to grow Houston capableness to 2 GW by 2026.

Onozuka besides highlighted a September 2025 transaction successful which TOYO acquired the BridgeSun marque from a sister company. He described the determination arsenic a mode to streamline and unify operations by bringing the VSUN marque nether TOYO’s umbrella. The institution has migrated the VSUN income and selling team, intelligence property, brands, and certifications to TOYO, and is successful the process of migrating existing customers to go nonstop TOYO customers arsenic qualifications are completed. Onozuka said the acquisition was completed without dilution to shareholders, portion accumulation assets stay with VSUN.

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