Key Highlights

  • TOYO shares are trading 20.94% higher at $4.62 on Thursday, October 29, 2026, from an implied prior close near $3.82 (calculated).
  • U.S. Customs and Border Protection cleared shipments of the company's Ethiopia-produced solar cells.
  • First-half 2026 revenue reached $261.0 million, up 87.6%.
  • Second-quarter revenue was $118.2 million, up 35.0%, at a 31.3% gross margin.
  • The company has about $240 million of binding U.S. module supply agreements.

TOYO Customs Clearance: What Is Behind the 20.94% Gain on October 29?

TOYO (NASDAQ:TOYO) shares are trading 20.94% higher at $4.62 on Thursday, October 29, 2026. The company announced that U.S. Customs and Border Protection cleared shipments of its Ethiopia-produced solar cells after going through supply chain traceability documents, including polysilicon and wafer sourcing.

TOYO said it has reinforced its U.S. import compliance program, which supports its manufacturing operations in Humble, Texas, and it is working toward CTPAT certification, a customs trade partnership program. The announcement does not say how many cells were cleared.

Why Does the Customs Ruling Matter for TOYO's Solar Cell Supply?

TOYO produces solar cells in Ethiopia and assembles modules at a plant in Humble, Texas. On September 28 the company said it expected positive EBITDA in the second half of 2026 but withheld quarterly guidance, pointing to uncertainty from a pending customs examination of its cell shipments, countervailing duty activity and the Section 232 program.

Today's announcement speaks to the first of those items. Duty actions and Section 232 outcomes are outside its scope.

The Houston-area expansion to 2 GW of module capacity was marked with a ribbon-cutting on October 6. The company stressed that 2 GW is nameplate capacity and not reported production, and it plans a heterojunction cell line in Texas aimed at the first quarter of 2028. Shares fell 2.9% on the October 7 report of that event.

First-Half Results: How Quickly Did Revenue and Profit Expand?

TOYO published unaudited results on August 19. Second-quarter revenue was $118.2 million, up 35.0%, with gross profit of $37.0 million, a 31.3% margin, net income of $17.4 million and diluted EPS of $0.45.

First-half revenue totaled $261.0 million, up 87.6%, with 2.6 GW of cells and 191.5 MW of modules delivered. First-half net income was $45.8 million compared with $2.5 million a year earlier, or $1.20 per diluted share.

The company raised about $52.6 million through a registered direct offering and at-the-market sales, and it held $123.4 million of cash and restricted cash at June 30, 2026. Shares dropped 24.21% on the day the results came out.

Contracts and Funding: What Supports the Texas Expansion?

Since mid-June 2026 TOYO has signed roughly $240 million of binding U.S. module supply agreements, with deliveries stretching through the first half of 2027. On August 7 the company welcomed the Section 232 action on solar imports and pointed to a $357 million investment in a heterojunction cell facility.

The shares closed at $3.82 before today, equal to a market capitalization near $163.2 million. A top quality rating from an August 2026 factory audit by Intertek CEA, announced September 21, applied to systems at that time and is not a product certification.

What to Watch Next: CTPAT Certification and Third-Quarter Results

Investors can follow whether TOYO discloses how many cells were cleared, how CTPAT certification progresses, and whether its second-half EBITDA outlook changes now that the customs question has moved. Third-quarter results should show how supply agreements and Houston output convert into revenue.