TOYO Co., Ltd (NASDAQ:TOYO) reported Q1 revenue of $142.8 million for the period ended March 31, 2026, a 177% increase from $51.5 million in the same period last year.
The solar solution company posted net income of $28.4 million, versus a net loss of $3.7 million in Q1 2025. Diluted EPS was $0.75, compared to a loss of $0.10 per share.
Gross profit reached $47.8 million with a gross margin of 33.5%, up from $4.8 million and 9.3% margin in Q1 2025.
Operating expenses totaled $11.5 million, with G&A expenses rising to $9.5 million due to operational scale-up. The company brought its 4GW cell line and Houston module facility online in 2025.
Non-GAAP adjusted EBITDA was $48.3 million, compared to $2.8 million in Q1 2025. Cash and restricted cash stood at $72.2 million.
TOYO reaffirmed 2026 guidance: solar cell shipments 5.5-5.8 GW, module shipments 1.0-1.3 GW, and adjusted net income of $90-$100 million.
