TOYO demonstrated significant scaling efficiency in 2026Q1, achieving a 33.5% gross margin as revenue grew 105.3% year-over-year.
| Sales/Revenue | 301.32M | 427.38M | 176.96M | 62.38M | 0 | 0 |
| Revenue Growth % | 59.68% | 141.52% | 183.69% | - | - | - |
| Cost of Goods Sold | 232.85M | 331.05M | 155.06M | 45.74M | 0 | 0 |
| COGS % of Revenue | - | 77.46% | 87.63% | 73.33% | - | - |
| Gross Profit | 68.47M | 96.34M | 21.9M | 16.64M | 0 | 0 |
| Gross Margin % | 22.72% | 22.54% | 12.37% | 26.67% | - | - |
| Gross Profit Growth % | - | 339.94% | 31.63% | - | - | - |
| Operating Expenses | 29.32M | 37.3M | 13.04M | 4.65M | 187.42K | 381.31K |
| OpEx % of Revenue | - | 8.73% | 7.37% | 7.45% | - | - |
| Selling, General & Admin | 29.32M | 37.3M | 13.04M | 4.65M | 187.42K | 381.31K |
| SG&A % of Revenue | - | 8.73% | 7.37% | 7.45% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 39.15M | 59.04M | 8.86M | 11.99M | -187.42K | -381.31K |
| Operating Margin % | 12.99% | 13.81% | 5.01% | 19.22% | - | - |
| Operating Income Growth % | - | 566.33% | -26.09% | 1313.54% | 50.85% | - |
| EBITDA | 69.89M | 98.63M | 32.1M | 14.59M | -186.35K | -246.89K |
| EBITDA Margin % | 23.2% | 23.08% | 18.14% | 23.4% | - | - |
| EBITDA Growth % | 69.36% | 207.31% | 119.92% | 1577.64% | 24.52% | - |
| D&A (Non-Cash Add-back) | 30.75M | 39.59M | 23.24M | 2.61M | 1.08K | 0 |
| EBIT | 39.15M | 59.04M | 8.86M | 11.99M | -187.42K | -246.89K |
| Net Interest Income | -3.31M | -3.32M | -3.26M | -3.26M | 0 | 134.41K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 134.41K |
| Interest Expense | 3.31M | 3.32M | 3.26M | 3.26M | 0 | 0 |
| Other Income/Expense | 11.46M | -6.51M | 32.42M | -2.1M | 583 | 134.41K |
| Pretax Income | 50.61M | 52.52M | 41.28M | 9.89M | -186.84K | -246.89K |
| Pretax Margin % | 16.8% | 12.29% | 23.33% | 15.85% | - | - |
| Income Tax | 9.22M | 15.37M | 781.24K | 0 | 0 | 0 |
| Effective Tax Rate % | 18.22% | 29.26% | 1.89% | 0% | 0% | 0% |
| Net Income | 42.35M | 39.66M | 40.5M | 9.89M | -186.84K | -246.89K |
| Net Margin % | 14.06% | 9.28% | 22.89% | 15.85% | - | - |
| Net Income Growth % | 17.87% | -2.08% | 309.54% | 353.23% | 24.32% | - |
| Net Income (Continuing) | 41.39M | 37.15M | 40.5M | 9.89M | -186.84K | -246.89K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 199.45K | 0 | 0 | 0 |
| EPS (Diluted) | 1.12 | 1.31 | 1.09 | 0.24 | -0.02 | -0.02 |
| EPS Growth % | 24.15% | 20.18% | 354.17% | 26.32% | 24.27% | - |
| EPS (Basic) | - | 1.32 | 1.09 | 0.24 | -0.02 | -0.02 |
| Diluted Shares Outstanding | 37.69M | 30.33M | 30.75M | 41M | 11.96M | 11.96M |
| Basic Shares Outstanding | 37.68M | 30.1M | 37.27M | 41M | 11.96M | 11.96M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Geopolitical Trade Policy Exposure
According to the latest quarterly financial data, TOYO achieved a 105.3% year-over-year revenue growth in 2026Q1, signaling a significant acceleration in market penetration as the company successfully ramps up its vertically integrated manufacturing capacity within its strategic Vietnam-based production corridor to meet global solar demand.
The sharp revenue jump suggests that the company is successfully capturing market share by positioning its non-Chinese supply chain as a premium alternative for Western utilities. Investors should monitor whether this growth trajectory remains sustainable as the company moves past its initial commissioning phase and faces potential saturation in its primary export markets.
As reported in recent income statements, TOYO's gross margin expanded to 33.5% in 2026Q1, reflecting a substantial improvement from the 16.6% levels observed in early 2025, which suggests the company is successfully internalizing value-add processes and benefiting from favorable input cost dynamics in the polysilicon market.
This margin profile indicates that the company's strategy of vertical integration is yielding tangible operational efficiencies, effectively shielding it from the volatility often seen in pure-play module assembly. However, the sustainability of these margins warrants further investigation, as they remain highly sensitive to global average selling price erosion and potential shifts in trade-related compliance costs.
Based on the provided financial figures, TOYO demonstrated significant operating leverage in 2026Q1, with operating income scaling to $36.3M on $142.8M of revenue, representing a 25.4% operating margin that highlights the company's ability to manage overhead costs effectively while aggressively expanding its top-line production volume.
The company's ability to scale operating income faster than revenue suggests a lean cost structure that is not yet burdened by excessive administrative or fixed-asset bloat. This performance appears to validate the management's disciplined approach to scaling, though analysts should remain cautious regarding the potential for future cost creep as the company matures.
While TOYO's recent financial performance appears robust, the company's heavy reliance on its Vietnam-based manufacturing footprint creates a significant vulnerability, as evidenced by the potential for future U.S. trade policy shifts that could disrupt its primary revenue stream and invalidate its current competitive advantage in the market.
Short-term growth may be masking the underlying risk that the company's 'China-plus-one' strategy is essentially a regulatory arbitrage play rather than a sustainable technological moat. Investors should monitor the potential for future 'Withhold Release Orders' or changes in anti-dumping duty interpretations, which could rapidly compress margins and force a re-evaluation of the company's long-term viability.
Quick answers to the most common questions about buying TOYO stock.
For fiscal year 2025, TOYO Co., Ltd. (TOYO) reported total revenue of $427.4M.
TOYO Co., Ltd. (TOYO) is profitable, generating $39.7M in net income for the fiscal year ending 2025 with a net profit margin of 9.3%.
TOYO Co., Ltd. (TOYO) reported an operating income of $59.0M, resulting in an operating profit margin of 13.8%. This margin reflects the operational efficiency of the business before interest and taxes.
TOYO Co., Ltd. (TOYO) generated $96.3M in gross profit for the year, representing a gross profit margin of 22.5%. This demonstrates the company's core pricing power and production efficiency.