TOYO Co., Ltd. Reports Disappointing Second-Quarter Earnings and Revenue

Shares of TOYO Co., Ltd. (NASDAQ:TOYO) plummeted in pre-market trading on Wednesday, following the release of the company’s second-quarter earnings and revenue report. The solar solutions company’s stock dropped 12.41% after the announcement, as the adjusted earnings per share came in at $0.45, missing the analyst consensus of $0.69 by $0.24.

The disappointing earnings and revenue report were a stark contrast to the company’s first-half performance, which saw significant growth in revenue and earnings. For the second quarter, TOYO reported quarterly revenue of $118.2 million, substantially below the $204.6 million forecast. Despite the miss, sales increased 35.0% year-on-year from $87.6 million in the second quarter of 2025.

One of the key drivers of TOYO’s revenue growth was its newly operational manufacturing facility in Texas, which generated $31.7 million in solar module sales. This marked a significant increase from the previous year, highlighting the facility’s contribution to the company’s growth. Additionally, TOYO’s profitability also improved significantly, with gross margin expanding to 31.3% from 20.9%, and net income climbing to $17.4 million from $6.2 million in the corresponding quarter of 2025.

Speaking on the company’s first-half results, Takahiko Onozuka, Chairman and CEO, expressed his satisfaction with the performance.