Toyo Sees Revenue Increase Despite Cell and Module Shipment Decline

Toyo, a Japanese solar cell and module manufacturer, has announced its financial results for the first half of 2026, with revenue reaching US$261 million. This represents an 87.6% increase over the same period in 2025. The company's net income, adjusted net income, and earnings have also seen significant growth, with increases of 1,731.6%, 1,090.6%, and 282.3%, respectively.

## Financial Performance The company's financial performance has been attributed to the strength of its global manufacturing platform and growing demand across its markets. Toyo's chairman and CEO, Takahiko Onozuka, stated that the company's strong financial performance is due to its continued investment in its manufacturing capabilities.

## Manufacturing Expansion Toyo has been expanding its manufacturing capacity, including plans to add 1.5GW of heterojunction cell manufacturing capacity to a facility in Texas. The company is working with the Department of Commerce to secure an investment offset to support this buildout. Toyo's chief strategy officer, Rhone Resch, stated that the company remains committed to growing US solar manufacturing and building a secure supply chain.

Toyo's approach to manufacturing has been cited as an example of the 'friend-shoring' concept, which involves building a supply chain that is independent of China and reliant on expertise and manufacturing capacity in allied countries. Hasan Nazar, head of policy at Crux, has argued that this approach is necessary to break China's grip on the supply chain and to build a robust solar supply chain in the US.

## Operating Expenses and Challenges However, Toyo's commitment to manufacturing has also resulted in increased operating expenses, which have almost doubled to US$25.9 million in the first half of 2026. The company is also facing uncertainty due to antidumping and countervailing duty investigations, which could impact its future financial performance. Toyo's cell and module shipments have declined, with 2.6GW of cell shipments and 191.5MW of module shipments reported in the first half of 2026.

The following table summarizes Toyo's financial performance and shipment data: | Category | H1 2025 | H1 2026 | | --- | --- | --- | | Revenue | - | US$261 million | | Net Income | - | - | | Adjusted Net Income | - | - | | Earnings | - | - | | Cell Shipments | - | 2.6GW | | Module Shipments | - | 191.5MW | | Operating Expenses | US$13.4 million | US$25.9 million |

Toyo's future financial performance is uncertain, and the company has not announced a full-year forecast due to the ongoing investigations and discussions with the Department of Commerce.