Toyo revenue up to US$261 million in H1 2026, cell and module shipments fall

While the Toyo’s cell and module shipments are both down half-on-half, as shown in the graph above, chairman and CEO Takahiko Onozuka attributed the company’s strong financial performance to “the continued strength of our global manufacturing platform and the growing demand we’re seeing across our markets”.

In April, Toyo announced that it had surpassed its cell shipment targets for 2025 and signed a deal in January with an unnamed US polysilicon producer to provide domestically sourced polysilicon for its US manufacturing plants. This includes plans to add 1.5GW of heterojunction (HJT) cell manufacturing capacity to a facility in Texas, which was announced in June.

“We are working with the Department of Commerce on an investment offset that would support this buildout while keeping cell supply available to US solar module makers,” said Toyo chief strategy officer Rhone Resch of the new Texas plant; Resch spoke to PV Tech Premium earlier this year about the company’s commitment to building new manufacturing capacity in the US in particular.

“Toyo remains committed to growing US solar manufacturing, supporting American jobs, and building a secure, non-FEOC (Non-Foreign Entity of Concern) supply chain.”

Toyo’s work is, therefore, something of a proof of concept of the ‘friend-shoring’ idea described by Hasan Nazar, head of policy at Crux, who spoke exclusively to PV Tech Premium last week.

His idea was that it will be difficult for the US to build a robust solar supply chain through manufacturing plants located exclusively on US soil, and that instead, it would be to the benefit of the US solar sector to build a supply chain that is independent of China, and reliant on expertise and manufacturing capacity in operation in allied countries.

“I would argue the point is to break China’s grip on the supply chain, not to exclude allies,” he said, making explicit reference to Toyo as one part of this ‘friend-shoring’ approach. “Allied investment is the fastest way to close the domestic capacity gap this decade, and we’re seeing clear evidence of this.”

Toyo operating expenses up amid manufacturing expansion

However, Toyo’s commitment to manufacturing means that the cost of building and maintaining manufacturing facilities is growing quickly. Its latest financial results put its total operating expenses at US$25.9 million in the first half of 2026, almost double the US$13.4 million reported in the first half of 2025.

Indeed, the company’s future is uncertain as it was targeted in one of the latest rounds of antidumping and countervailing duty (AD/CVD) investigations. The Alliance for American Solar Manufacturing and Trade (AASMT) alleged that Toyo’s Ethiopian cell manufacturing facility may use components from China, and should be subject to AD/CVD tariffs that would make importing cells from Ethiopia to the US much more expensive.

“Following the recent policy movement, we do expect an impact on our second-half results, though the magnitude is not yet certain, as we are currently in discussion with the Department of Commerce on a framework that would help address it,” said Onozuka alongside today’s financial results. “We will provide further updates as more clarity emerges.”

Reflecting this uncertainty, Toyo did not announce a full-year forecast in its latest financial results. In the first quarter, the company said that it expects its full-year cell shipments to be between 5.5-5.8GW and module shipments to be between 1-1.3GW, so Toyo is not currently on pace to hit either target set earlier this year.