TOYO Co., Ltd (TOYO) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Kate, and I'll be your conference operator today. At this time, I would like to welcome everyone to the TOYO Co., Ltd.'s first-quarter 2026 earnings conference call. (Operator Instructions)

感謝各位稍候。我叫 Kate，今天將擔任本次電話會議的接線員。此刻，我謹代表 TOYO Co., Ltd. 歡迎各位參加 2026 年第一季財報電話會議。（接線員指示）

Thank you. I would now like to turn the call over to Crocker Coulson, Investor Relations for TOYO. Please go ahead.

謝謝。現在我想將電話交給 TOYO 投資人關係的 Crocker Coulson。請開始。

Thanks, Kate. Hello, everyone, and thanks for joining us to review TOYO's first-quarter 2026 results. This morning, TOYO posted both the earnings release and a related investor presentation to our website, which you can find at investors.toyo-solar.com.

謝謝你，Kate。各位好，感謝各位參與我們一同回顧 TOYO 2026 年第一季的業績表現。今天早上，TOYO 已將財報新聞稿以及相關投資人簡報發布於公司網站，您可至 investors.toyo-solar.com 查閱。

With me on the call today are Onozuka-san, TOYO's Chairman and Chief Executive Officer; Raymond Chung, TOYO's Chief Financial Officer; and Rhone Resch, TOYO's Chief Strategy Officer. We also have Simon Shi, Senior Board Adviser, who will be available during the Q&A portion of this call.

今天與我一同參與電話會議的有：TOYO 董事長暨執行長 Onozuka 先生；TOYO 財務長 Raymond Chung；以及 TOYO 策略長 Rhone Resch。我們也有資深董事會顧問 Simon Shi，將在本次電話會議的問答環節提供協助。

After their prepared remarks are concluded, we're going to open up this call for your questions. But before we begin, the financial results discussed on this call are for the first quarter of 2026 and 2025 are unaudited and some statements in this teleconference are forward-looking within the meaning of federal securities laws. Although, we believe these statements are reasonable, we can give no assurance that they will prove to be accurate because they are prospective in nature.

在各位完成事先準備的發言後，我們將開放提問。但在開始之前，提醒各位：本次電話會議所討論的財務結果為 2026 年與 2025 年第一季之未經審計數據，且本次電話會議中的部分陳述依聯邦證券法之定義屬於前瞻性陳述。雖然我們相信這些陳述是合理的，但由於其具有前瞻性，我們無法保證其最終將被證實為準確。

During this call, we will also discuss certain non-GAAP financial measures such as adjusted net income and adjusted EBITDA. We believe these measures provide meaningful supplemental information regarding our operational performance by excluding noncash items and onetime charges that may not be indicative of our core business.

在本次電話會議中，我們也將討論若干非 GAAP 財務衡量指標，例如調整後淨利與調整後 EBITDA。我們認為，透過排除非現金項目與一次性費用（可能無法反映核心業務），這些指標可就我們的營運表現提供具意義的補充資訊。

Actual results could differ materially from those we discuss today and we encourage you to review the most recent annual report on Form 20-F and other SEC filings for risk factors that could materially impact our results.

實際結果可能與我們今天討論的內容存在重大差異；我們建議您查閱最新的 Form 20-F 年報及其他 SEC 申報文件，以了解可能對我們業績造成重大影響的風險因素。

With those formalities out of the way, it's now my great pleasure to turn the call over to Onozuka-san, TOYO's Chairman and CEO. Onozuka-san, please go ahead.

在完成上述例行事項後，我很榮幸將電話交給 TOYO 董事長暨執行長 Onozuka 先生。Onozuka 先生，請開始。

Thank you, Crocker. I'm very pleased to report that TOYO delivered a strong first quarter of 2026, one that I believe marks a true inflection point in the company's trajectory. We achieved record revenue, record gross profit and record net income for the company all in a single quarter. This is a result of years of deliberate investment in our technology, manufacturing capabilities and there are people and it is gratifying to see that work translate into these kind of the financial results. Let me walk you through the headline numbers at the high level.

謝謝你，Crocker。我很高興向各位報告，TOYO 在 2026 年第一季交出強勁成績，我相信這標誌著公司發展軌跡的真正轉折點。我們在單一季度內同時創下公司歷史新高的營收、毛利與淨利。這是多年來我們在技術、製造能力以及人才方面有計畫地投入所帶來的成果；看到這些努力轉化為這樣的財務表現，令人欣慰。接下來我將以較高層次帶各位快速看一下主要數字。

Revenue for Q1 2026 was approximately USD142.8 million, a 177% increase year-over-year from of $51.5 billion in Q1 2025. This growth was broad based, driven by significant higher solar cell and module shipment volumes, as our expanded manufacturing footprint came freely online. Gross margin expanded to 33.5%, up from 9.3% in the prior year quarter. This reflects the structural improvement in our business model as we have scale production and improve our cost restructure across the board. Net income for the quarter was $28.4 million compared to a net loss of $3.7 million in quarter -- Q1 2025.

2026 年第一季營收約為 1.428 億美元，較 2025 年第一季的 5,150 萬美元年增 177%。此成長具廣泛性，主要由於太陽能電池與模組出貨量大幅提升，因我們擴增後的製造版圖已順利投產。毛利率擴大至 33.5%，高於去年同期的 9.3%。這反映出我們在擴大生產規模並全面改善成本結構後，商業模式出現結構性改善。本季淨利為 2,840 萬美元，相較之下，2025 年第一季為淨損 370 萬美元。

Diluted earnings per share was $0.75 versus a loss of $0.10 per share in Q1 2025. This swing to profitability is something we are very proud of, and we believe it reflects a suitable change in the earnings power of this business. Demand for our high-efficiency solar solutions across the United States remained strong, driven by the accelerating energy transition. We believe that the market is coming to recognize that solar paired with battery energy storage is the first test and most cost-effective way to add a large amount of new power grid to meet AI-driven demand while keeping costs manageable for customers.

稀釋後每股盈餘為 0.75 美元，而 2025 年第一季為每股虧損 0.10 美元。這次轉虧為盈是我們非常引以為傲的成果，我們認為這反映出本業獲利能力已出現實質性的變化。美國市場對我們高效率太陽能解決方案的需求仍然強勁，主要受加速中的能源轉型所帶動。我們相信市場正逐步認知到：太陽能搭配電池儲能，是在控制客戶成本的同時，為電網新增大量電力以滿足 AI 驅動需求的首選且最具成本效益的方式。

Based on our Q1 performance and our visibility into the remaining of the year, we are reaffirming our full year 2026 guidance of solar cell segment between 5.5 and 5.8 gigawatts, solar module segment of between 1.0 and 1.3 gigawatts and full year adjusted net income in the range of USD90 million to USD100 million.

基於第一季的表現以及我們對今年剩餘期間的能見度，我們重申 2026 全年指引：太陽能電池事業部為 5.5 至 5.8 GW（吉瓦），太陽能模組事業部為 1.0 至 1.3 GW，全年調整後淨利介於 9,000 萬至 1 億美元。

We are confident in these targets. I will now turn the call over to our CSO, Rhone Resch, to review our strategy for 2026.

我們對這些目標充滿信心。接下來我將把電話交給我們的策略長（CSO）Rhone Resch，請他說明我們 2026 年的策略。

Thank you, Onozuka-san, and good morning, everyone. I'd like to take a few minutes to discuss our near-term expansion plans and what they mean for TOYO's long-term manufacturing footprint in the United States. Our first priority is the expansion of our U.S. module facility in Houston, Texas. We currently operate approximately 1 gigawatt of annual module production and remain on track to increase that to 2 gigawatts by the third quarter of 2026.

謝謝你，Onozuka 先生，各位早安。我想花幾分鐘談談我們近期的擴產計畫，以及這些計畫對 TOYO 在美國長期製造版圖的意義。我們的首要任務是擴建位於德州休士頓的美國模組工廠。目前我們的模組年產能約為 1 GW，並持續按計畫在 2026 年第三季將其提升至 2 GW。

So we are building that out right now as we speak, and it's on track. This expansion is in progress and with additional production capacity expected to come online in phases over the next couple of months. Based on progress we're seeing today, we remain confident in our Q3 2026 timeline. We believe this expanded footprint positions TOYO to support continued customer demand and provides a strong foundation for growth in 2027 and beyond. Demand for domestically manufactured FIAC-compliant modules continues to accelerate and this expansion positions us to serve that market at a meaningful scale.

因此我們目前正同步進行建置，且進度如期。此擴產正在推進中，預期未來幾個月新增產能將分階段投產。依照我們目前看到的進展，我們仍對 2026 年第三季的時程充滿信心。我們相信擴增後的產能版圖將使 TOYO 能夠支撐持續的客戶需求，並為 2027 年及之後的成長奠定堅實基礎。對於國內製造且符合 FIAC 規範的模組需求持續加速成長，而此次擴產使我們能以具規模的方式服務該市場。

Our second initiative is to establish a domestic solar cell manufacturing capacity. We are in the final stages of planning our U.S. solar cell manufacturing facility, which is currently being designed for approximately 1.5 gigawatts of annual production. This will also take place at our Houston facility. We expect to complete the planning process in the near term and begin transitioning from development and site preparation into execution during the second half of this year 2026.

我們的第二項倡議是建立國內太陽能電池製造產能。我們正處於美國太陽能電池製造工廠規劃的最後階段，目前設計年產能約為 1.5 GW。該計畫也將在我們的休士頓廠區進行。我們預期在短期內完成規劃流程，並於 2026 年下半年開始從開發與場地準備階段轉入實際執行。

We are being deliberate and disciplined in our approach, working with local officials on permitting and environmental issues, evaluating sites, capital requirements, equipment sourcing and the broader supply chain implications. And one of the key points here is that we already have the facility. It's a 567,000 square foot facility where we manufacture our modules and we'll be expanding at that site. As many of you know, TOYO has a strong record of developing and ramping manufacturing facilities on schedule once we move into execution, and we expect to bring the same disciplined approach to our US solar cell facility.

我們採取審慎且自律的方式推進，與地方政府就許可與環境議題合作，評估場址、資本需求、設備採購以及更廣泛的供應鏈影響。其中一個關鍵重點是：我們已經擁有廠房。這是一座 567,000 平方英尺的設施，我們在此製造模組，並將在同一地點擴建。如各位所知，一旦進入執行階段，TOYO 在按期建置並提升製造設施產能方面有良好紀錄；我們也預期將以同樣嚴謹的方式推進美國太陽能電池工廠。

We look forward to providing additional details in outlining our broader development plan as we progress through the next stages of the project. When both of these initiatives are complete, TOYO will have 2 gigawatts of solar module capacity and 1.5 gigawatts of solar cell capacity, all in the same facility, all in the United States. This is a meaningful and differentiated manufacturing presence, and it would make TOYO one of the most vertically integrated domestic solar producers in the country.

隨著專案進入下一階段，我們期待提供更多細節並說明更完整的開發計畫。當這兩項倡議完成後，TOYO 將在同一座設施、且全部位於美國境內，擁有 2 GW 的太陽能模組產能與 1.5 GW 的太陽能電池產能。這將形成具重要意義且差異化的製造據點，並使 TOYO 成為美國最具垂直整合程度的本土太陽能製造商之一。

We are also committed to bringing next-generation solar technology to the United States in support of American energy independence and energy security objectives. As a company, from one of America's closest allies, Japan, we believe TOYO can play an important role in helping revitalize advanced US solar manufacturing. That commitment includes plans for a U.S.-based R&D center focused on solar cell engineering and manufacturing excellence, leveraging the expertise of our CTO and our advanced engineering team.

我們也致力於將下一代太陽能技術引進美國，以支持美國能源獨立與能源安全的目標。作為一家來自美國最親密盟友之一——日本——的公司，我們相信 TOYO 能在協助振興美國先進太陽能製造方面扮演重要角色。此承諾亦包括規劃在美國設立研發中心，聚焦太陽能電池工程與製造卓越，並運用我們 CTO 與先進工程團隊的專業能力。

This integrated manufacturing footprint provides our customers with a transparent domestically produced product and aligns closely with U.S. onshoring and energy security objectives and gives TOYO greater control over supply chain reliability, manufacturing quality and long-term execution. We are building this step by step and look forward to providing further updates as we progress.

這個整合式製造版圖為客戶提供透明的美國本土生產產品，並與美國回流製造（onshoring）及能源安全目標高度一致，同時也讓 TOYO 對供應鏈可靠性、製造品質與長期執行具備更高掌控度。我們將一步一步推進，並期待在進展過程中提供更多更新。

I will now turn the call over to our CFO, Raymond Chung, to review our financial results. Raymond?

接下來我將把電話交給我們的財務長 Raymond Chung，請他回顧財務結果。Raymond？

Thank you, Rhone. So I would like to go over financial performance of Q1. So revenue for Q1 or approximately $142.8 million representing year-over-year growth of 177% from $51.5 million in Q1 2025. This growth was primarily driven by significantly higher solar cells and solar module sales volume, underpinned by full ramp-up of our expanded manufacturing capacity. Cost of revenue was approximately $95 million in Q1 2025 compared to $46.7 million in Q1 2025, reflecting the substantially higher production and shipment volume during the period.

謝謝你，Rhone。接下來我想說明第一季的財務表現。第一季營收約為 1.428 億美元，較 2025 年第一季的 5,150 萬美元年增 177%。此成長主要由太陽能電池與太陽能模組銷售量大幅提升所帶動，並受惠於我們擴增後製造產能的全面爬坡到位。營收成本在 2026 年第一季約為 9,500 萬美元，相較於 2025 年第一季的 4,670 萬美元，反映出期間內生產與出貨量大幅增加。

Gross profit was approximately $47.8 million, an increase of 894.8% from $4.8 million in Q1 2025. Gross margin quadrupled to 33.5% from 9.3%. The total operating expenses for Q1 2026 were approximately $11.5 million, an increase of 89.4%, compared to $6.1 million in Q1 2025. Selling and marketing expenses were $2 million compared to $0.5 million in prior year period. The increase primarily reflects higher sales commissions in line with revenue growth, plus testing, advertising and headcount.

毛利約為4,780萬美元，較2025年第一季的480萬美元成長894.8%。毛利率由9.3%提升至33.5%，成長至原來的四倍。2026年第一季的營運費用總額約為1,150萬美元，較2025年第一季的610萬美元增加89.4%。銷售與行銷費用為200萬美元，較去年同期的50萬美元增加。增加主要反映隨營收成長而提高的銷售佣金，以及測試、廣告與人力編制增加。

General and administrative expenses were $9.5 million, up by 69.1% compared to $5.6 million in Q1 2025. This increase was primarily driven by the broader operating scale of the business, following the commissioning of our new 4 gigawatts cell line and our Houston module facility over the course of 2025.

一般及行政費用為950萬美元，較2025年第一季的560萬美元增加69.1%。此增幅主要來自業務營運規模擴大，係因我們於2025年期間啟用新的4吉瓦電池產線以及休士頓模組工廠所致。

Non-GAAP EBITDA for Q1 2026 was $48.1 million compared to of $2.4 million in Q1 2025, an increase of $45.7 million. Non-GAAP adjusted EBITDA was $48.3 million compared to adjusted EBITDA of $2.8 million in Q1 2025, an increase of $45.5 million. The improvement was driven by revenue scale-up gross margin increase from 9.3% in to 33.5% compared to the prior year quarter and disciplined operating cost management and production efficiencies.

2026年第一季的非GAAP EBITDA為4,810萬美元，相較2025年第一季的240萬美元，增加4,570萬美元。非GAAP 調整後EBITDA為4,830萬美元，相較2025年第一季調整後EBITDA的280萬美元，增加4,550萬美元。改善主要由營收規模擴大、毛利率由去年同期的9.3%提升至33.5%，以及嚴謹的營運成本管理與生產效率提升所帶動。

Net income for Q1 2026 was approximately $28.4 million compared to a net loss of $3.7 million in Q1 2025, a year-over-year improvement of approximately $32.1 million. Diluted earnings per share for Q1 2026 or $0.75 compared to a loss per share of $0.10 in Q1 2025. As of March 31, 2026, the company held $72.2 million in cash and restricted cash, including noncurrent restricted cash. This compares favorably to $58.9 million as of December 31, 2025, reflecting solid operating cash generation during the quarter. That concludes the financial review.

2026年第一季淨利約為2,840萬美元，相較2025年第一季淨損370萬美元，年增改善約3,210萬美元。2026年第一季稀釋後每股盈餘為0.75美元，相較2025年第一季每股虧損0.10美元。截至2026年3月31日，公司持有現金及受限制現金（含非流動受限制現金）7,220萬美元。相較於2025年12月31日的5,890萬美元，此表現更佳，反映本季穩健的營運現金創造。以上為財務回顧。

Great. Thank you, Raymond. Operator, I think we're now ready to open it up for Q&A. Could you please provide instructions as to how listeners can ask questions? Thanks so much.

很好。謝謝你，Raymond。接線員，我想我們現在可以開始Q&A了。請提供聽眾提問的操作說明，好嗎？非常感謝。

(Operator Instructions) Amit Dayal, HC Wainwright.

（接線員操作說明）Amit Dayal，HC Wainwright。

Congrats on the execution. Just wanted to clarify the guide for 2026. Are the 45x credits part of the net income guidance or that could potentially be some upside to the net income for 2026?

恭喜執行成果。我想釐清一下2026年的指引。45x抵免是否已包含在淨利指引中？還是可能成為2026年淨利的上行空間？

Amit, this is Rhone. The 45 times credits are not in our guidance for but they do provide an upside, and we're going through the review of our 2025 production from the facility in Houston. And clearly, as we're ramping up the facility in Houston, the 45x creates a good opportunity for us. I think what's important to point out is the level of auditing and scrutiny we've gone through to ensure that we are fully compliant with 45x and that process does take a little time, but we're playing a very conservative role here in order to not count on 45x. But certainly, it provides an opportunity for us in the future.

Amit，我是Rhone。45x抵免未納入我們的指引，但確實提供上行空間；我們正在審查休士頓工廠2025年的產量。顯然，隨著我們提升休士頓工廠產能，45x為我們帶來良好機會。我認為重要的是指出，我們已經歷相當程度的稽核與審查，以確保完全符合45x規定；該流程需要一些時間，但我們採取非常保守的做法，不把45x當作既定依據。不過，它確實為我們未來提供機會。

Understood. And just a follow-up. On the CapEx for your US expansion plans, is the majority of that already implemented? It looks like for the cell production, you may have some costs around equipment, et cetera.

了解。再追問一下。關於你們美國擴張計畫的資本支出（CapEx），其中大部分是否已經投入？看起來在電池生產方面，可能還會有設備等相關成本。

Just wondering if you have a sense of how much CapEx will be needed over the next year to get everything completed and ramped up?

想請問你們是否能估計，未來一年為完成建置並順利爬坡，還需要多少資本支出（CapEx）？

The CapEx that we listed this year is really for both the final payments of Ethiopia and then the build-out of our second gigawatt of module production in Houston. We do have some very detailed analysis on the cell plants, obviously, as we've spent the last 6 months going into great detail in the planning, but we're not ready to announce specifically the details of the cell facility. And -- but you're right, there will be some expenses this year, but the majority is in 2027.

我們今年列示的CapEx主要用於衣索比亞專案的尾款支付，以及在休士頓建置第二吉瓦的模組產能。我們對電池廠的分析非常細緻，畢竟過去6個月我們在規劃上做了大量深入工作，但目前尚未準備好對外公布電池廠的具體細節。你說得沒錯，今年會有一些支出，但大部分會落在2027年。

I think for the expansion of modules, they're looking at $30 million in CapEx this year, which can be easily funded through operating cash flow.

我認為模組擴產方面，他們今年預計約3,000萬美元的CapEx，可由營運現金流輕鬆支應。

Just last one, guys. The revenue outlook for 2026, is that majority US? Or if you could just clarify what's the geographic mix of that revenue?

最後一個問題，各位。2026年的營收展望，主要來自美國嗎？或者能否說明一下營收的地理分布？

Simon, do you want to add? No. Okay. Rhone, go ahead.

Simon，你要補充嗎？不嗎？好。Rhone，你來。

Well, I was just going to say, in 2026, the majority of our customers are in the United States. Obviously, as we're ramping up -- remember, our module facility really came on in the fourth quarter of 2025, and now we're expanding it. So the majority of our revenue is coming from US customers. But Simon, do you have specific details you want to share?

我想說的是，2026年我們的大多數客戶都在美國。當然，隨著我們持續爬坡——請記得，我們的模組工廠是在2025年第四季才正式投產，現在正在擴產。因此，我們的大部分營收來自美國客戶。不過Simon，你是否有想分享的具體細節？

Yes. Yes. Actually, that depends on the movement of the pricing, but we believe in terms of volume, at least in over three-fourths of our business will be from the US customers, US-oriented businesses.

是的。是的。其實這取決於價格變動，但我們相信就出貨量而言，至少超過四分之三的業務將來自美國客戶、以美國為導向的企業。

I mean -- I think, as you know, the Vietnam cell plant is -- none of that product comes to the U.S. So that's serving other markets.

我的意思是——如你所知，越南電池廠的產品不會銷往美國，因此是供應其他市場。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Can you talk a little bit about the equipment deliveries into Texas and any delays that you might be concerned about or any expediting fees that we might want to think about as part of the CapEx plan?

能否談談設備運送到德州的情況，以及你們可能擔心的任何延遲？另外，在CapEx計畫中，我們是否需要考量任何加急費用？

Simon, do you want to take that one?

Simon，你要回答這題嗎？

Yes. Thank you. Yes, thanks for the question. So far, because we're undergoing both module production expansion and a potential sale production implementation in Houston and neither of the two projects were from -- we're seeing any material impact on equipment delivery or other things so far. So that's how we're taking at the moment.

是的，謝謝。也謝謝你的問題。到目前為止，因為我們同時在進行模組產能擴張，以及在休士頓可能導入電池生產，而這兩個專案目前都沒有看到設備交付或其他方面的重大影響。所以我們目前是這樣看待的。

Okay. That's super helpful. And then, I guess, on the marketing side, I just want to get a sense of the competitive landscape. It seems like you guys have some nice legacy customers in the US and transitioning into the U.S.

好的，這非常有幫助。接著我想從行銷面了解一下競爭態勢。看起來你們在美國有一些很不錯的既有客戶，並且正轉向在美國生產。

production should be a pretty compelling sales proposition for them. But just curious about how competitive your supply agreements are right now? And how you see that evolving here over the next couple of years as a couple of folks start to expand capacity in the US?

對他們而言，在美國生產應該是相當有吸引力的銷售主張。不過我想了解的是，你們目前的供應協議競爭力如何？以及未來幾年，隨著一些同業開始在美國擴充產能，你們認為情況會如何演變？

Yes, since we are moving towards more expansion of our production in the US, both for module and the potential for cell. Actually, we are seeing very strong demand and interest from our existing customer portfolio for the products for the next two years. Even though I don't have any official information about our sales production plan so far in the US, I will assume that we will be a very robust demand in the US, either from our current customer or potential customer for the products, domestic products.

是的，隨著我們朝向在美國擴大產能（包括模組以及潛在的電池）發展，實際上我們看到既有客戶組合對未來兩年的產品有非常強勁的需求與興趣。雖然目前我沒有任何關於我們在美國電池生產計畫的正式資訊可以分享，但我推測美國市場對國產產品的需求會非常強勁，無論是來自現有客戶或潛在客戶。

And just to make it clear, we do expect to have more information on that fairly soon.

另外為了說清楚，我們確實預期很快會有更多相關資訊。

I'll now turn the call back over to Crocker Coulson for closing remarks.

我現在把電話交回給Crocker Coulson做結語。

Great. Well, we really appreciate the time that everyone took to join us on the call today. I think you can tell that the whole team is very excited about what's ahead for TOYO in the coming years and in 2026 specifically. Feel free to reach out to us with any questions from management that we couldn't cover on today's call or if you'd like to visit with management on future trips to the US, UK, and Europe to meet with investors.

很好。我們非常感謝各位今天撥冗參與本次電話會議。我想大家也看得出來，整個團隊對TOYO未來幾年、尤其是2026年的發展都非常振奮。若今天會議中有管理層未能涵蓋的問題，歡迎隨時與我們聯繫；或者若您希望在未來前往美國、英國與歐洲的行程中與管理層會面、與投資人交流，也歡迎安排。

Thanks so much.

非常感謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。