Reviewed listing: NASDAQ:TOYO · Analysis dated Nov 01, 2026
How does the company make money?
TOYO manufactures solar cells and solar modules and sells them to companies in the solar industry. It earns money by manufacturing and supplying these products; the Nasdaq-listed stock is for TOYO Co., Ltd., not Toyota.
What supports the business?
In the first half of 2026, revenue rose compared with the same period a year earlier, from 139.1 to 261.0 million USD; net income rose from 2.5 to 45.8 million USD; and cash flow from operating activities increased from 40.0 to 61.4 million USD.
What could improve?
TOYO reported binding solar module supply contracts worth about 240 million USD, with deliveries through the first half of 2027. If deliveries go smoothly, they could support the business; however, the ongoing U.S. reviews remain an obstacle, and the contract value is not profit.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
At 4.53 USD, the price is difficult to assess: TOYO expects positive earnings before interest, taxes, and depreciation and amortization (that is, before these costs are deducted) for the second half of 2026, but provides no specific revenue or net income figures because U.S. reviews are ongoing. This is a positive signal, but it proves neither that net income will be positive nor that the price is attractive.
What is the main risk?
In addition to ongoing U.S. import and duty reviews, TOYO plans to invest 357 million USD in its Texas plant; expected tax credits of about 120 million USD and planned loans of about 120 million USD are not yet firmly secured. Delays or a funding shortfall could weigh on the expansion and results.
What is the overall assessment?
The H1 figures show a strong half-year, but ongoing U.S. reviews and financing for the planned plant make it uncertain whether this strength will continue. At the unchanged price of 4.53 USD, the overall risk-reward balance is therefore not yet convincing.
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- Original source 1 · data.sec.gov · Apr 01, 2026
- Original source 2 · data.sec.gov
- Original source 3 · www.sec.gov · Oct 06, 2026
- Original source 4 · www.sec.gov · Sep 28, 2026
- Original source 5 · www.sec.gov · Aug 19, 2026
- Original source 6 · www.sec.gov · Sep 28, 2026
- Original source 7 · api-v4.fcsapi.com