TOYO Co., Ltd
TOYO Co., Ltd is a solar manufacturing company that designs, manufactures, and sells solar cells and solar modules through a multinational operating footprint. The company is organized around a vertically integrated solar supply chain that can include wafers and silicon upstream, cells in the middle, and photovoltaic modules downstream.
Fiscal year 2025 · change from previous year
Development 2023–2025
Business
Share of revenuePhotovoltaic cells sold to third parties and related parties for module assembly or downstream use.
Finished solar modules supplied for commercial and utility-scale solar projects.
Contract manufacturing and related services performed for customers under supply agreements.
Ancillary transaction flows and services tied to the broader solar manufacturing network.
Products
Reported · share of revenue- Revenues From Third Parties60.0 %
- Revenues From Related Parties40.0 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
TOYO sells into the solar value chain, serving both direct customers and related-party counterparties involved in cell and module production. Its reported end-market demand is tied to U.S. commercial and utility-scale solar developers that require high-efficiency modules, consistent supply, and compliance with domestic-content and FEOC-related standards.
They buy solar modules for commercial and utility-scale project deployment and need reliable execution, compliance, and energy output performance.
They purchase solar cells and modules through affiliated transactions that support the broader manufacturing and commercialization chain.
They outsource production and related manufacturing work to TOYO to obtain capacity and manufacturing expertise without building plants themselves.
They buy solar cells as inputs for their own module assembly or project supply chains.
Strategy
TOYO’s strategy is to build a vertically integrated solar manufacturing platform spanning wafers, silicon, cells, and modules. The company also emphasizes non-Chinese sourcing, FEOC-compliant production, and supply-chain traceability to serve U.S. renewable energy buyers and project-finance requirements.
Owning more of the supply chain can improve control over quality, availability, and cost structure.
U.S. project developers and financiers value compliant supply chains and dependable module delivery.
Traceable sourcing and FEOC alignment can improve access to project financing and buyer qualification.
Geography
TOYO’s operations are anchored in Asia, with the company incorporated in the Cayman Islands, principal executive offices in Tokyo, and manufacturing and subsidiary activity in Vietnam. Its customer-facing market is notably the United States, where modules are sold for commercial and utility-scale projects, while long-lived assets are also recorded in Ethiopia and the U.S.
Risks
TOYO is exposed to solar industry cyclicality, trade-policy shifts, and customer concentration in large project buyers. Its manufacturing model also depends on successful execution across multiple jurisdictions, supply-chain traceability, and timely revenue recognition as physical deliveries are completed.
- Trade and tariff uncertaintyImpact: HighLikelihood: High
Solar sourcing and module pricing can be affected by changing tariff frameworks and import rules.
Exposure: Supply chain and U.S. sales
- Solar project demand variabilityImpact: HighLikelihood: Medium
Large commercial and utility projects can be delayed by permitting, financing, or policy changes.
Exposure: U.S. project pipeline
- Geopolitical supply-chain exposureImpact: HighLikelihood: Medium
The business depends on non-Chinese sourcing channels and cross-border manufacturing coordination.
Exposure - Execution across manufacturing sitesImpact: MediumLikelihood: Medium
Production spans multiple jurisdictions and requires consistent quality, yield, and delivery discipline.
Exposure
Accounting
Judgemental itemsRevenue is tied to delivery completion, so shipment schedules directly affect reported periods.
Impact: Can cause pronounced quarterly volatility
Advance billings and undelivered obligations are recorded as liabilities until performance occurs.
Impact: Affects deferred revenue and working capital
A meaningful portion of revenue is from related parties, which requires careful disclosure and elimination analysis.
Impact: Affects revenue mix and comparability
Property, equipment, and lease assets in Vietnam, the U.S., and Ethiopia may require impairment or recoverability review.
Impact: Could materially affect asset values
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Last updated: 28/09/2026