Toyo Co., Ltd. (NASDAQ: TOYO), commonly referred to as TOYO, is a Tokyo, Japan-based solar energy company founded in November 2022. It is a publicly traded entity on the NASDAQ Capital Market. As of December 30, 2025, the company reported approximately 2,600 employees and a market capitalization of about $401.63 million. TOYO reported revenues of $427.4 million for the full fiscal year 2025, a 142% increase year-over-year, and $142.8 million in Q1 2026, marking a 177% year-over-year increase.
TOYO operates as a vertically integrated solar solutions provider, engaged in the research, development, production, and sale of solar cells and modules. Its operations span the entire solar value chain, from upstream wafer and silicon manufacturing to midstream solar cell production and downstream photovoltaic (PV) module production. The company has manufacturing facilities in Ethiopia (a 4 GW solar cell facility), Vietnam (a 2 GW solar cell fab), and the United States, including a 1 GW solar module plant in the Houston metropolitan area that began trial production in late 2025 and is slated for a 2 GW expansion by September 2026.
In terms of patent litigation, Toyo Co., Ltd. is currently a defendant in the United States District Court for the Northern District of California, indicating its posture as an operating company defending against intellectual property assertions. The company has zero plaintiff cases and one defendant case tracked in the database.
A notable case involving Toyo Co., Ltd. is Shanghai Jinko Green Energy Enterprise Management Co LTD et al. v. VSUN Solar USA Inc. et al. In this lawsuit, Chinese PV manufacturer JinkoSolar Holding accused Toyo Co., Ltd. and VSUN Solar USA Inc. of infringing on its proprietary n-type TOPCon solar cell technology, specifically US Patent No. 11,581,454 and US Patent No. 11,824,136. Toyo has also recently denied allegations of evading US solar duties through its Ethiopian operations, asserting compliance with trade regulations.