If you like TE, you’ll love TOYO
Same theme: U.S. solar manufacturing, domestic content, and tariff reshoring
Different valuation
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Market value
TE: \~USD 2.4B market cap / \~USD 2.7B EV post-raise
TOYO: \~USD 510M market cap / \~USD 500M EV
TE trades at roughly 4.6x TOYO’s market cap and around 5x TOYO’s EV.
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2026 production
TE: 3.1–4.2GW module production guide from G1\_Dallas
TOYO: 5.5–5.8GW solar cell shipments + 1.0–1.3GW module shipments
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Q1 financials
TE: USD 178M revenue / 16.4% gross margin / USD 9.1M adjusted EBITDA / -USD 72.9M operating cash flow
TOYO: USD 143M revenue / 33.5% gross margin / USD 48.3M adjusted EBITDA / +USD 33.4M operating cash flow
TE has slightly more revenue.
TOYO has better margins, EBITDA conversion, profitability, and cash generation.
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Expansion plans
TE: 5GW G2\_Austin TOPCon cell plant, with the first 2.1GW phase targeted for initial production in Q4 2026
TOYO: 1.5GW Houston HJT cell plant, co-located with its U.S. module facility
TE is the larger U.S. platform.
TOYO is the cheaper earnings/capacity play.
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KORE acquisition
TE is acquiring KORE Power for about USD 32M EV
This adds exposure to BESS + data center power infrastructure
It improves TE’s strategic positioning, but does not erase the valuation gap
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Balance sheet
TE: better working capital, but heavier debt/preferred/convertible structure and still funding G2
TOYO: tighter liquidity, negative working capital, and Houston funding risk
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So the apples-to-apples conclusion is:
TE = bigger, more institutional U.S. policy platform
TOYO = smaller, already profitable, and trading at a fraction of the valuation