TOYO (NASDAQ: TOYO) revenue jumps 87.6% at Humble ribbon-cutting

What happened

TOYO Co., Ltd. (NASDAQ: TOYO) held an analyst day and facility ribbon-cutting in Humble, Texas on October 6, 2026. The presentation said H1 revenue was $261.0 million, gross margin was 32.5%, and cash plus restricted cash was $123.4 million. It also listed 2.6 GW of cell deliveries and $84.7 million of gross profit in the first half.

The balance sheet showed total assets of $537.6 million and total shareholders' equity of $209.8 million at June 30, 2026. TOYO said H1 net proceeds totaled about $52.6 million, including $47.1 million from a registered direct offering and $5.5 million from its ATM program.

The deck said it has 2 GW of Houston module capacity, 4 GW of cell capacity in Ethiopia and 2 GW in Vietnam. It also described a $357 million Humble HJT project with 1.5 GW of planned HJT cell capacity. The deck said Q1 2028 is the targeted pilot production date, and about 400 direct high-tech jobs are planned.

Key numbers

Metric	Latest	Change	Source
H1 revenue	$261.0 million	from $139.1 million, +87.6%	H1 2026 results
Gross profit	$84.7 million	from $23.1 million, +61.6 million	H1 2026 results
Gross margin	32.5%	from 16.6%, +15.9 percentage points	H1 2026 results
Net income	$45.8 million	from $2.5 million, +43.3 million	H1 2026 results
Cash and restricted cash	$123.4 million	from $36.7 million, +86.7 million	H1 cash flow
Cell deliveries	2.6 GW		Investor presentation

Read more: TOYO (TOYO) stock analysis and investment case

Why it matters

OptimistFi's case is that TOYO can keep turning revenue growth into operating leverage and cash. That matters because the stock's upside depends on the revenue surge proving repeatable and margins staying stable as the business scales. The filing strengthens that view, because H1 revenue rose 87.6% to $261.0 million from $139.1 million, a gain of $121.9 million. Net income reached $45.8 million, up from $2.5 million a year earlier.

Adjusted EBITDA was $82.3 million, and net cash from operating activities reached $61.4 million. Total liabilities were $327.8 million, down from $330.2 million at year-end. The caveat is that the Humble HJT buildout is still planned, not completed. The deck says Section 45X credits and debt financing are only anticipated. It also says no definitive debt documentation has been signed yet, so the next ramp still depends on future funding and approvals.

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What's next

The next dated milestone is Q1 2028, when TOYO targets pilot production at the Humble HJT facility. Section 232 minimum import prices and additional tariffs begin for covered solar products on December 4, 2026. The deck says Commerce will issue guidance for companies submitting term sheets.

Any TOYO-specific benefits will depend on milestones, performance and continued compliance. A start on time at Humble would support the expansion plan, while a delay would leave the project more exposed to financing and policy uncertainty.

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