What happened with TOYO today?
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TOYO Co., Ltd supplies manufacturers that need solar cells for their panels, including manufacturers without their own cell production. It buys silicon materials and wafers from outside suppliers, makes cells at plants in Vietnam and Ethiopia, and sells them under the TOYO Solar brand. Cell sales account for almost all revenue, with third-party customers now contributing more than affiliates. Nevertheless, most revenue comes from two customers: one unnamed third-party buyer and its affiliate VSUN.
TOYO also manufactures and sells solar panels from its Texas plant, although this remains a small part of the business. It acquired the VSUN brand and plans to develop its U.S. module business initially in collaboration with VSUN, then supply modules independently under that brand. VSUN is therefore both a major cell customer and a partner in TOYO’s move into finished panels.
Access to the U.S. market matters to this manufacturing network. Tariffs and restrictions on goods linked to forced labor can raise import costs or block entry. A U.S. International Trade Commission investigation into First Solar’s patent allegations could also lead to import restrictions; no determination had been made, and TOYO’s products continued to enter and sell in the United States.
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Watch affiliate VSUN: TOYO relied on it for 36% of 2025 revenue, an important raw-material sourcing relationship and support for its U.S. solar-module expansion.
Canadian Solar competes with TOYO in Southeast Asian solar-cell manufacturing; TOYO sells cells to module makers, while Canadian Solar makes both cells and modules and sells modules to distributors and solar-project builders worldwide. Watch Canadian Solar's cell-capacity expansion for competition facing TOYO's sales to module manufacturers without their own cell production.
JinkoSolar competes with TOYO in solar cells and for module customers, making its module business relevant to TOYO's U.S. expansion. JinkoSolar makes its own wafers and cells to support module production, so watch the manufacturing costs behind its competitively priced modules.
First Solar competes with TOYO for U.S. solar-module buyers, and its patent complaint seeks to block U.S. imports of TOYO's TOPCon cells and modules. Watch the U.S. International Trade Commission investigation: as of TOYO's annual report issuance, it had made no determination on the allegations and TOYO's products continued to be imported and sold normally.
T1 Energy and TOYO both make solar modules in Texas for U.S. buyers, putting T1's sales directly alongside TOYO's U.S. expansion. Watch T1's sales to large solar-project developers: most of its G1_Dallas factory's annual nameplate capacity is configured for utility-scale modules, rather than commercial, industrial or residential modules.
Nextpower and TOYO share demand from new U.S. solar plants: Nextpower sells equipment that turns panels to follow the sun, along with other plant equipment, while those projects also need solar cells and modules such as TOYO's. Watch Nextpower's revenue from U.S. projects for a read on this shared source of demand.
Array Technologies shares TOYO's exposure to new solar-project construction: it sells systems that move panels to follow the sun to developers and companies that design and build plants, whose projects also need modules made with cells such as TOYO's. Watch Array's tracker sales to these buyers for a view of demand for new solar installations.
FTC Solar shares TOYO's exposure to solar-project construction, selling systems that turn panels to follow the sun for large power plants and smaller distributed projects that also need modules incorporating cells such as TOYO's. Watch sales of its Pioneer and Voyager trackers for a view of this equipment demand, rather than direct competition in solar cells.
Nextpower Inc. earningsNXT
Nextpower's U.S. project revenue shows whether solar developers are advancing projects and buying equipment, a source of demand TOYO also needs for its cells and modules.
Watch Nextpower's revenue from U.S. projects. If it strengthens, developers are advancing construction and buying plant equipment, pointing to firmer project demand for TOYO's cells and modules too. If it weakens, project purchases may be slowing, and demand for TOYO's products may also soften.
Canadian Solar Inc. earningsCSIQ
Canadian Solar's cell-capacity expansion will show whether module makers without their own cell production have more alternatives competing with TOYO.
Read Canadian Solar's added cell capacity alongside its cell business serving module makers. Expansion that brings more supply to customers gives module makers more supplier choices and makes TOYO's competition for those orders tougher; slower expansion or little added supply means less new competitive pressure.
T1 Energy Inc. earningsTE
T1 Energy's sales to large U.S. solar-project developers show demand for utility-scale modules made in Texas and the direct competition TOYO faces for those buyers.
Watch T1 Energy's module sales to large solar-project developers. Stronger sales show these buyers are purchasing utility-scale modules made in Texas, making competition for TOYO's similar customers more active; weaker sales point to softer demand for these modules, but do not by themselves establish that TOYO's sales are weak.
