TOYO (TOYO) Q2 2026 earnings call transcript

Thank you for standing by. My name is Carly, and I will be a conference operator today. At this time, I would like to welcome everyone to the Toyo Code Lips' second quarter, 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again.

Thank you. I would now like to turn the call over to Crocker Colson, investor relations for Toyo. Mr. Colson, please go ahead.

Thank you, Carly. Hello, everyone. Thank you so much for joining us to review Toyo's second quarter and first half, 2026 results. This morning, Toyo posted both the earnings release and a related investor presentation covering those results to our website, which you can find at investors. toyo-solar. com. I'm pleased to say that with us on the call today, we have Mr. Pakehiko Onizuka, Toyo's chairman and chief executive officer. We have Ron Rush, the company's chief strategy officer, and we also have Mr. Yasunari Harada, Toyo's chief financial officer. After the prepared remarks are concluded, we're going to open up the floor for any questions that you have today. But before we begin, I'd like to point out the financial results discussed on this call for the second quarter, 2026 and first half of 2026, and the corresponding periods in 2025 are unordered.

And some of the statements in this teleconference are for looking within the meanings of federal securities laws. Although we believe these statements are reasonable, we can provide no assurance that they will prove to be accurate because they are prospective in nature. During this call, we're also going to discuss certain non-gap financial measures, such as EBITDA, adjusted EBITDA, and adjusted net income. We believe these measures provide meaningful supplemental information regarding our operational performance by excluding non-cash items and one-time charges that may not be indicative of our core business performance. Action results could differ materially from those we discussed today. We therefore encourage you to review our most recent and report on Form 20F, 6K, and other SEC filings for risk factors that could materially impact our results.

With those formalities now out of the way, it's my great pleasure to turn this call over to Onazooka-san, Toyo's Chairman and CEO. Onazooka-san, please take it away.

Thank you, Kruka. We are very pleased with our first half 2026 results, which reflects the continued strength of a global manufacturing platform and the growing demand we are seeing across our market. Let me walk you through the headline numbers at high level.

Let me review for the first half of 2026, with approximately 261.0 million dollars, an increase of 87.6 percent, year over year from 139.1 million dollars in the first half of 2025.

The increase was primarily driven by higher solar cells and high solar module cells, because of its commencement OEM services. Revenue from end customer in the United States increased 153.9 percent to approximately 210.5 million million, and represented 80.7 percent or fast half revenue. Growth managing for the first half of 2026 expanded to 32.5 percent, up from 16.6 percent in the prior year period. Reflecting expanded production capacity, improved production efficiency, and greater mix of higher average selling price U. S. cells.

Let's think of the first half of 2026, with approximately 45.8 million dollars compared to a 2.5 billion dollars in the first half of 2025. All in per share, basic and diluted of 2.1.21 dollars and 1.20 dollars respectively compared to 0.08 dollars in the first half of 2025.

For the second quarter of 2026, revenue was approximately 118.2 million dollars, up to 35 percent year over year. With net income for the second quarter of 2026, over approximately 17.4 million dollars compared to 6.2 million dollars in the second quarter of last year.

The recent session 232, determination by the Trump administration on for the second-end is relative as on-paras, a political-based development portfolio, and therefore U. S. solar manufacturing in the U. S. market. We expected to support strong modular pricing, and we anticipate that solar sales produced at our social facility will be already under the framework without taking shape. We are engaged with the Department of Commerce at those terms are finalized. So while we are optimistic about the net effect on our second half and year and 2026 results, we are not yet in opposition to quantify it. We will provide further updates on at more quality enlargement.

As you are seeing our results, trade policy uncertainty also affects the face of some shipments from our Ethiopia facility during the quarter. Long will speak to that in a moment, but I want to be clear from that. This reflects a timing issue tied to an activity in customer demand. At the same time, we are excited to move forward with the expansion of inter-junction for H. J. T. solar capacity in Hambu, Texas. Our project we believe will be crucial not just for Torio, but for the broader push to build and scale competitive U. S. solar manufacturing base. I will now turn the call over to our CSO, John Walsh, to work through that project in more detail, and with the broader strategy and the policy environment.

Thank you very much, Anuzukasan, and good morning, everyone. This morning, I'd like to address the section 232 proclamation, which, as you know, is less than two weeks old, and specifically mention how it reinforces our U. S. strategy. I want to talk a little bit about our H. J. T. expansion and our broader U. S. manufacturing platform, and then provide an update on CBP and the Ethiopia anti-circumvention inquiry. On August 6th, the president issued proclamation 11052, addressing imports of polysilicon and its derivatives. The proclamation establishes minimum import prices for polysilicon, ingots and wafers, solar cells, and modules, together with an additional tariff on specified downstream products. These measures take effect on December 4th of 2026.

We believe the proclamation validates the strategy Torio has been pursuing. That is increasing our use of U. S. produced inputs, developing a transparent allied nation supply chain, and investing directly in U. S. advanced manufacturing. Importantly, the proclamation creates an investment-linked onshoring program that can effectively offset the new Section 232 duties for qualified companies. Under an improved company-specific plan, commerce may authorize duty-free imports of necessary production equipment, and covered products in volumes it determines are commensurate with the company's U. S. investment. The proclamation also recognizes the importance of U. S. produced polysilicon. Commerce may vary the benefits available under an improved onshoring plan based in part on the use of U. S. produced polysilicon. That is particularly relevant to Torio because approximately 70% of our polysilicon currently used for our Ethiopian production is supplied by a U. S. producer.

The remaining 30% is produced by OCI in Malaysia. We are working towards 100% U. S. polysilicon at the Ethiopian facility by the fourth quarter of this year. We intend to pursue an onshoring plan initially centered on our announced $357 million HJT self-facility in Humboldt, Texas. Our strategy is to use the economic value created by approved duty offsets including lower import costs and preserved working capital to help fund the construction and expansion of our U. S. manufacturing facilities. In the near term, eligible imports would support our operating U. S. business model and over time the resulting economic benefit would help accelerate domestic cell production and potential upstream manufacturing. This structure creates a reinforced investment cycle.

First, Torio imports compliant cells made with U. S. produced polysilicon to supply our American module operations. Second, if commerce approves our onshoring plan, the resulting duty offsets would preserve capital that can help fund our U. S. factory expansions. And finally, as those factories come online, Torio will progressively move more cell and upstream manufacturing into the United States.

The minimum import price is established by the proclamation or above recent market benchmarks for cells and modules. And we believe this framework could support a stronger and more rational U. S. pricing environment. Torio may be particularly well positioned because an approved onshoring plan could offset section 232 duties on eligible imports. And commerce may provide greater benefits for products incorporating U. S. produced polysilicon. If approved and implemented as intended, this combination would allow Torio to benefit from stronger market pricing while mitigating a significant portion of the associated import costs. That could improve our unit economics and support growth margins while preserving additional capital to help fund the construction and expansion of our U. S. facilities. The ultimate financial effect will depend on commerce's approval, the volume and duration of any offsets, market conditions, customer contracts, and our cost structure.

But we believe our significant U. S. investment, substantial use of U. S. produced polysilicon and commitment to additional domestic manufacturing positions Torio well under the onshoring framework. Approval, eligible products, import volumes, timings, and conditions will ultimately be determined by commerce. But the structure of the program is closely aligned with the strategy Torio is already executing. I now want to turn to our HJT project. They mentioned Torio plans to invest approximately $357 million in an advanced hetero junction solar self-facility in Humboldt, Texas, which is just outside of Houston. The initial phase is designed for approximately 1.5 gigawatts of annual production capacity. We selected HJT technology because customers increasingly value its higher efficiency, strong energy yield, and performance across a range of operating conditions.

HJT also provides Torio with an advanced manufacturing platform that can support the future development and production of perovskite silicon tandem cells, positioning us to serve evolving customer needs and participate in the next generation of high-performance solar technology. We are targeting pilot production in the first the last quarter of 2027 or the first quarter of 2028 and expect the facility to support approximately 400 direct jobs at full operation. We have secured the principal equipment and our advancing permitting, contractor selection, engineering, and other development work.

This facility is intended to bring next-generation cell manufacturing and R&D to the same US campus as our module operations. Our Houston module facility remains on track to reach approximately 2 gigawatts of annual capacity in September of this year, building on the capacity already operating today. Together these investments are building an increasingly integrated US platform. We are using US polysilicon today, expanding domestic module capacity to approximately 2 gigawatts, developing advanced HJT cell manufacturing and R&D capabilities, and building a foundation for future perovskite silicon tandem cell production. This represents a long-term commitment to American solar manufacturing markets. Based on the third-party analysis announced on July 21st, Toyota Solar Texas expects to qualify for Section 45 advanced manufacturing production credits for tax year 2025.

We are in the process of obtaining a similar third-party tax compliance report covering our 2026 tax credits. We will quantify that potential benefit only after the relevant tax, legal, and accounting work is complete. As Anna Zukassan mentioned, the timing of certain imports was affected during the quarter by CBP reviews. These documentation and immiscibility reviews are part of the trade compliance environment for all solar products entering the United States.

We are working closely with CBP and have provided the information requested to verify our supply chain. Oyo maintains detailed records designed to trace materials from the original polysilicon source through wafer conversion, cell production, and the applicable US entry. Based on the strength of our sourcing controls and documentations, we remain confident in our compliance approach.

Separately, commerce has initiated a country-wide anti-circumvention inquiry concerning certain solar cells and modules completed in Ethiopia using parts or components manufactured in China.

Oyo is participating fully and will provide commerce with the relevant information concerning our sourcing investment manufacturing operations and value added in Ethiopia. I want to be clear about our current production though. Oyo does not use Chinese origin wafers in its Ethiopian cell manufacturing. Our 2026 wafer supply comes from non-China production including a designated facility in Indonesia. In addition, 100% of the polysilicon for this production is sourced outside of China. As I mentioned before, with approximately 70% currently coming from US producer and approximately 30% from OCI's Malaysian production. Our Ethiopia facility is a substantial manufacturing platform. The employee is approximately 1,800 people and performs the full wafer to cell production process.

We believe these facts positioned well while recognizing that commerce's review remains ongoing. We will continue to cooperate and will update investors when appropriate.

Our objective is to become a trusted US manufacturer built around advanced Japanese technology, verifiable non-China sourcing, and increasing the use of American inputs and expanding production in the United States. Engineered in Japan built in America. I will now turn the call over to our CFO, Yasunari Harada to review our financial results in more detail. Harada San?

Yes. Thank you, Rong San. Before I begin, I'd like to say that I'm very grumpy joining today's code. This is my first running coding since joining Pollo and GFO on drivers.

And I look forward to getting to know many of you on the line. Let me start with a second hotel with 2026, revenue for Q2, 2026, but approximately 118.2 million dollars. We're presenting year over year growth of 25.0% from 87.6 million dollars in Q2 2025. The increase was primarily driven by increased solar module sales and OEM service revenue, partially offset by lower solar cell cells during the course. Cost of revenue was approximately 81.2 million dollars in Q2 2025. Compared to 69.3 million dollars in Q2 2025, gross profit was approximately 77.0 million dollars. An increase of 102.2% from 18.3 million dollars in Q2 2025. Growth margin includes 21.3% in Q2 2026 from 20.9% in Q2 2025.

Total operating expenses for Q2 2026 were approximately 14.4 million dollars compared to 7.3 million dollars in Q2 2025, including 1.6 million dollars in selling and marketing expenses for Q2 2026. Compared to 2.1 million dollars for Q2 2025. And 12.8 million dollars in general and administrative expenses for Q2 2026 compared to 5.3 million dollars for Q2 2025. Net income for Q2 2026 was approximately 17.4 million dollars compared to 6.2 million dollars in Q2 2025. Earnings per share, basic and diluted for Q2 2026 was 0.46 dollars and 0.45 dollars respectively compared to 0.16 for both basic and diluted in Q2 2025. Coming to the first half of 2026, leaving you was approximately 261.0 million dollars for the first half of 2026, representing the year-over-year growth of 87.6% from 1.9 million dollars in the first half of 2025.

The increase was finally, leaving by higher total sales sales, so Ramojur sales, and OEM service, limiting cost of limiting was approximately 176.2 million dollars for the first half of 2026 compared to 116.0 million dollars in the first half of 2025.

Growth profit was approximately 84.7 million dollars for the first half of 2026. An increase of 267% from 23.1 million dollars in the first half of 2025.

Growth margin nearly doubled to 32.5% for the first half of 2026 from 16.6% for the first half of 2025.

Total operating expenses for the first half of 2026 was approximately 25.9 million dollars compared to 13.4 million dollars for the first half of 2025, including 3.6 million in selling and marketing expenses and 22.3 million dollars in general under administrative expenses. The increase in general under administrative expenses, primarily reflects the scale up of operations at our Houston, Texas, so Ramojur quantity, an increase in headcount to support growth. No gap evita for the first half of 2026, but 82.1 million dollars compared to 21.5 million dollars in the first half of 2025.

The improvement was driven by our living scale up, the growth margin from 16.6% to 32.5%. Known gap adjusted evita for the first half of 2026 was 82.3 million dollars compared to 22.8 million dollars for the first half of 2025. Net income for the first half of 2026 was approximately 45.8 million dollars compared to 2.5 million in the first half of 2025 and the income attribute to total shareholders was 45.8 million dollars for the first half of 2026 compared to 3.5 million dollars in the first half of 2025. Known gap adjusted net income for the first half of 2026 was 46 million dollars compared to 3.9 million in the first half of 2025. earnings per share, basic and diluted for the first half of 2026 was 1.21 dollars and 1.20 dollars respectively compared to 0.08 dollars in the first half of 2025.

As of June 30, 2026, the company held 123.4 million dollars in cash and restricted cash, including non-counted restricted cash. This compares to 85.9 million dollars as a December 31st, 2025. Our working capital held positive at 29.8 million dollars compared with the defecting a long extension agreed with a related party in June. We generate cash from operations of 61.4 million dollars and incurred chapter expenditure of 27.8 million dollars for the past half of 2026. During the first half of 2026, we raised approximately 52.6 million dollars in net protein, 47.1 million dollars from registered direct offerings that crossed on June 25th and approximately 5.5 million dollars from at the market offering. Separately, during June 2026, last year in the constitution, Toyo was added to the bulk, last year 3,000 index, and the last year microcap index, which we view as the meaning of respect, power, and broad institutional visibility.

That concludes the financial aid.

Great. Thank you, Harada San. So, operator, I think we're now ready for Q&A. So, if you could provide listeners with instructions as how they can answer questions and we'll be happy to address any questions.

At this time, if you would like to ask a question, press star followed by the number one on your telephone keypad. We'll pause for a moment to compile the Q&A roster.

Ron, do you want to take the first part of that with respect to the status on the CBP? Yeah, absolutely.

Good morning, Phil. You know, this is fairly straightforward. As you know, CBP monitors Uighur Forest Labor Protection compliance for all module manufacturers. We'll go through this. There's a kind of a natural process of them getting to know Toyo and our supply chain. So, they started earlier this year into two with the first detention. The total amount is not all that significant, but regardless, our approach as a company is to make sure that we work closely with CBP and that we provide them with all the information requested. And so, as we go through the process, they want to know, obviously, where our polysilicon comes from. As I mentioned, it's 70% US, it's 30% OCI, but they want to know, you know, all the way up to where the courtsite was mined.

And so, providing that information to them is something that we're able to do and where we've done. And it's then going through the process of getting comfortable kind of with our full supply chain. What happens over time is CBP develops a relationship, not just with us, but also with obviously our suppliers, so that they feel comfortable that, okay, you're using a US polysilicon provider and it's coming out of these mines. We're familiar with those mines. Those are acceptable. And you get to an expedited path, which takes place after about four reviews or so. And so, we're going through that process. And we've had, again, a very open, constructive conversation in dialogue with CBP. And we're optimistic that we will see the detentions be released in this quarter.

But the exact timing is a little bit unclear. It's an administrative process with a government agency, and sometimes it takes a little bit longer than we would like. But certainly, we're able to provide them with all the information they're looking for. So, we're optimistic that it will alleviate itself soon.

And Cracker, all the two, or Aradassan answered the other question.

Maybe Sashko, do you want to translate the question just so the company has not explicitly reaffirmed guidance on this call?

Thank you for your question. Given the near-term uncertainty of the situation, we believe the outlook means uncertain. And we have not reached the point of appropriate timing to change your guidance.

And so, again, although we cannot say that, you know, what the effect of the situation will be on our guidance currently, we will provide updates as we move more and is appropriate to do so.

So, I think in summary, we have, you know, a couple of near-term events, one is the resolving situation with CBP. And then the other is the potentially, you know, positive negotiations with respect to 232. And the company wants to, you know, get through these issues before providing more clarity on second half of the year.

Sorry, can you repeat the last word? I couldn't hear you.

Well, I'd say we have not reaffirmed it on the call today. And we're waiting for some clarity before we come back with updates to investors.

I wanted to get a feel for when commerce might approve your ability to access the tariff rebate program based on your anticipated CAPEX in Humble, Texas. Thanks.

Ron, why don't you take that one kind of without making any promises for the administration, you know, say what you can about where we are in that process?

Phil, as you know, the 232 was released less than two weeks ago.

And so commerce is still, let's call it, putting together the process by which they are meeting with companies and evaluating kind of our plans. You know, this is this is a program that they have in place kind of in perpetuity. And they said very clearly in the proclamation that projects need to begin construction by January 20th of 2029. So, with respect to Toyo's approach, we clearly met with commerce multiple times through this process. They're very familiar with the company, what our initial plans are.

We will have preliminary meetings and conversations with them in the next week. And then we expect to be sitting down with them after kind of the Labor Day timeframe and working with them on kind of an fourth or so. So, I would expect companies to be negotiating through this time period, basically the rest of the fall, with commerce to come up with their own individual programs.

I think the key is not that it's a rush to get that plan in place. It will be put in place, but it's make sure we do it right. And we have that division in place of what we're planning to do out through at least January 20th, 2029 as we sit down with commerce. So, I think, you know, the way to think about it is companies need to go to the table with commerce in a way that presents kind of their whole vision of what the company plans to do within that time period.

One more for me. As it relates to customer conversations following the 232 signing a couple weeks ago, can you give us some sense of how those conversations are going? You know, what the dynamics look like? Are customers wanting to sign agreements today? Or do they want more clarity on how things will be implemented and have you seen pricing move higher, you know, for modules and sos in a so by what amount? Thanks.

Yeah, as I mentioned, Bill, the 232 doesn't take effect until December 4th. So, there's no, you know, kind of direct duties that are being imposed immediately. Clearly, any contracts that were signed before the proclamation was put in place will be retained. But there's a lot of adjustments that are going to be made based on our company specific discussions with commerce, with respect to the contracts that we have in place with customers, with respect to the timing. So, there's still, I think, a lot of work to be done to make sure that everybody has the chance to both digest what the 232 means to them individually and then to make sure that we are kind of providing a solution for our customers that fits kind of their need.

So, it's a little bit too early right now to talk about, I think, the pricing structure of what we're going to see out of the 232. It is going to be company-dependent. But as you know, you and I have talked about before, when the minimum in price for modules at 38 cents is probably probably the floor. But again, we'll have to see as we get closer in each company, meaning manufacturer as well as customer. I think we'll have a different take and a different perspective on how the 232 will affect their customers. So, a little too early, but we'll certainly come back with any material information as it develops in the next couple of weeks or months.

Thanks. I think it takes, you know, for manufacturers, it takes a few weeks a month. Again, a lot of it does depend upon the agreements that we developed with commerce. As I mentioned, we're investing heavily in the United States. The offset program is designed to encourage investment in what commerce has said, clearly wafers, ingots, and cells.

And so, from, you know, Toyo's perspective, a lot of the pricing structure is going to be based upon ultimately what agreement we have with commerce and what offsets can be achieved. If you're just a pure importer into the United States, that minimum import price sticks. And commerce has been, and CBP has been very clear that the value of that product that's being imported, they're going to look at very carefully. And so, the minimum import price for importers is probably going to be where the market settles, at least for those companies that are importing modules purely. For companies like Toyo who are manufacturing is a lot more flexibility and a lot more dynamic that we'll develop in the next couple of months.

So, I think you'll see a lot of forecasts, a lot of analysts coming out with numbers, but it's not going to be until December, early December before we actually see what the pricing is going to be impacted by the 232. I think the other point to make here is that commerce can still adjust the minimum import price structure. They've been very clear about that. There's not been any adjustment yet, but I think there's a lot of comments coming into commerce with respect to what the MIPs are for modules themselves. And so, you may see adjustments occur between now and December as well. But just again, a lot of moving parts filled, so it's almost impossible to tell.

But each company will have their own structure, and I think it's worth asking them after they've, especially the manufacturers, after they've had a chance to sit down with commerce.

But do you think it's fair to say that when we saw the proclamation that we were encouraged that the substance of our conversations had been reflected in some of the policies there?

Yeah, absolutely. Crocker, I mean, there's no doubt. Again, we've worked closely with commerce in this process to help them understand what it takes to manufacture in the United States, and gets way for cells in modules. And so, the structure we feel is very much aligned with Oyo's manufacturing strategy, which is on shoring. We do have the advantage of manufacturing cells right now that we can import into the United States. So, we do have kind of a real product that we can offset. Obviously, the equipment for expanded manufacturing can be offset as well.

And the fact that we use U. S. polysilicon does put us in a different category for these discussions with commerce compared to other manufacturers. And that's the, I can't emphasize that enough, because if you just step back a year and change, the 232 is initiated by polysilicon manufacturers. It's intended to support domestic polysilicon manufacturers. That provision shouldn't be ignored. It should be recognized. And clearly, that is the intent of the overall proclamation to support U. S. polymakers. So, by us using U. S. poly, again, for 70 percent today in Ethiopia, going up to 100 percent later this year, it shows that we're very much aligned with what the administration's goals are out of the 232.

And we look forward to working with commerce.

No, no, I don't think so, Phil. We have had several detentions, but it's not a full stop of all of our products by any means. And so, again, we're going through the process that we're providing CBP with all of the information all the way up to the courtside mining and everything in between. I think the strength of our application or response is the fact that, again, we don't use Chinese poly. We don't use Chinese wafers. We do a full processing of our cell in Ethiopia, and that's recognized by CBP. So, the conversations we've had with them have been very productive. They understand what we're doing as a company. They understand the traceability that we use.

So, again, it's hard to predict when it will be resolved, but the detentions that we do have are not—we do think we'll move forward quickly, and that we will be identified as a—let's call it a good-after preferred importer. But, again, we have to go through that process.

Your next question comes from Amit Dial with H. C. Wainwright.

The 232 decision, could this impact your CapEx plans and the expansion plans for the U. S.? Or are you pressing ahead regardless?

Well, we're definitely going ahead with this.

Like, you know, I know you're not providing guidance, but just trying to see, you know, what the setup looks like and credits potentially coming to play to support, you know, some cash flow improvements in the second half.

I think we're just going to have to fall back on what Heradistan said earlier, which is we have, you know, two areas of uncertainty. One is how fast the issues with CBP get resolved. And then the timing to finalize the 232 agreement with commerce. And I think those are, you know, those are, there are two things that are kind of timing dependent. And for that reason, you know, we will provide, you know, updates when we have a little bit more clarity on both those items.

Your next question is from Paul seeing a private investor.

So my question was the sequential decline in Q2, even after the Ethiopian facility was set to be sold out for the year. So why is the company lacking execution? And is it a like a demand issue because the facility started eight months ago and Q2 was very unexpected, to be honest.

Ron, do you want to take that one or do you want me to have Heradistan ticket? Yeah, I want to have Heradistan.

Okay. So Sashko, can you translate for Heradistan? And the question is, what was the reason for the sequential, even though we had strong year over year growth, what was the reason for sequential decline in Q2 and this year?

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