If you like $TE, you’ll love $TOYO

Same theme: U.S. solar manufacturing + domestic content + tariff reshoring
Different valuation
Market value
→ $TE: ~$2.4B market cap / $2.7B EV post-raise
→ $TOYO: $510M market cap / ~$500M EV
So $TE trades at roughly 4.6x TOYO’s market cap and around 5x+ TOYO’s EV
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
Q1 financials
→ $TE: $178M revenue / 16.4% gross margin / $9.1M adjusted EBITDA / -$72.9M operating cash flow
→ $TOYO: $143M revenue / 33.5% gross margin / $48.3M adjusted EBITDA / +$33.4M operating cash flow
$TE has more slightly more revenue
$TOYO has better margins, EBITDA conversion, profitability, and cash generation
Expansion plans
→ $TE: 5GW G2_Austin TOPCon cell plant, with 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
→ Acquiring KORE Power for about $32M EV makes $TE more diversified across solar + BESS + data center power infrastructure, but it does not erase the valuation gap
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
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