Added to YB: 2026-08-21
Pitch date: 2026-08-18
TOYO [bullish]
TOYO Co., Ltd.
+0.33%
current return
Author Info
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Company Info
TOYO Co., Ltd. engages in the upstream production of wafer and silicon, midstream production of solar cell, downstream production of photovoltaic (PV) modules, and other stages of the solar power supply chain in Asia and the United States.
Market Cap
$185.2M
Pitch Price
$4.50
Price Target
N/A
Dividend
N/A
EV/EBITDA
1.24
P/E
1.82
EV/Sales
N/A
Sector
Semiconductors and Semiconductor Equipment
Category
special_situation
TOYO Earnings Preview and discussions with management
TOYO (earnings): Q2 tomorrow, Aug 19 call key. Only solar co w/ positive EBITDA (~$100M 2025) & net income ($90-100M 2026 guide) w/o 45X. Q1 rev $142.8M (+177%), 33.5% GM, $28.4M NI. Trades 2.4x P/E, $240M cap. Binary Dec 10 AD/CVD circumvention ruling on Ethiopia wafers=whole thesis. Bull: certify clean+45X sale funds $357M TX fab w/o dilution+$0.38/W module floor. Bear: Chinese wafers, retroactive duties, dilution at lows, TOPCon patent royalty. 60% Abalance float, 25% Q1 rev related-party, unaudited. Author rebuilt half position ~$5.6-5.8.
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