TOYO expands US solar production with new Houston HJT plant as analysts upgrade stock

Japan‑headquartered solar firm TOYO Co., Ltd. announced the construction of a heterojunction (HJT) solar‑cell facility in Houston, Texas, adding to its existing 2‑GW module capacity at the site. The company now operates solar‑cell capacity in Vietnam (2 GW) and Ethiopia (4 GW) and plans annual shipments of roughly 5.5‑5.8 GW of cells and 1.1‑1.3 GW of modules for the year, up from 300 MW of cells and 250 MW of modules in 2023. TOYO’s supply chain is being restructured to meet U.S. requirements that exclude foreign entities of concern, sourcing polysilicon from the United States or Korean‑owned OCI and avoiding FEOC‑linked suppliers.

In the first quarter, TOYO reported $143 million in revenue, a gross profit of $47.8 million and a net income of $28.4 million, reversing a loss from the prior year. Following a 60 % share price decline after a dilutive equity raise, analysts at Seeking Alpha upgraded the stock to “Buy,” citing 177 % year‑over‑year revenue growth, 33.5 % gross margins and FY26 guidance for $90‑$100 million adjusted net income. Risks noted include U.S. trade and regulatory scrutiny and the capital‑intensive rollout of U.S. manufacturing capacity.