TOYO Company Ltd (TOYO)

TOYO Shares Sink After Launching $50 Million Equity Offering (TOYO)June 24, 2026 8:50 AM
IH Market News TOYO Co., Ltd. (NASDAQ:TOYO) shares plunged 28% on Wednesday after the solar manufacturing company announced plans to raise $50 million through a registered direct offering, prompting investor concerns about dilution. The sharp decline came as the market assessed the impact of the new share issuance and associated warrants on existing shareholders. Company Announces Share and Warrant Sale Under the terms of the transaction, TOYO has entered into definitive agreements to issue and sell 4,545,456 ordinary shares together with warrants to purchase up to an additional 4,545,456 ordinary shares. The securities are being offered at a combined purchase price of $11.00 per share and accompanying warrant. The warrants will carry an exercise price of $13.20 per share, become exercisable immediately upon issuance and remain valid for five years. Offering Expected to Generate $50 Million TOYO expects the transaction to generate gross proceeds of approximately $50 million before placement agent fees and other related expenses. The company said the offering is scheduled to close on or around June 25, 2026, subject to customary closing conditions. Roth Capital Partners and H.C. Wainwright & Co. are serving as the exclusive co-placement agents for the financing. Proceeds Target Texas Manufacturing Expansion Management intends to use the net proceeds primarily to support construction of its previously announced 1.5-gigawatt heterojunction (HJT) solar cell manufacturing facility in the Houston metropolitan area. The project represents a key component of TOYO’s strategy to expand its manufacturing footprint in the United States and increase production capacity for advanced solar technologies. Any remaining proceeds are expected to be allocated toward general corporate purposes. Houston Facility Central to Growth Strategy The planned Texas facility is designed to strengthen TOYO’s position in the growing U.S. solar manufacturing market, which continues to benefit from rising demand for domestic clean-energy production and supply-chain diversification. Heterojunction solar cell technology is viewed as a higher-efficiency alternative to traditional photovoltaic manufacturing processes and is increasingly attracting industry investment. By expanding its production capabilities, TOYO aims to capitalize on growing demand for domestically manufactured solar components. Dilution Concerns Weigh on Investor Sentiment Despite the strategic rationale behind the capital raise, investors reacted negatively to the announcement due to the dilutive impact of issuing new shares and warrants. The transaction increases the company’s capital resources and supports its long-term expansion plans, but the immediate effect on existing shareholders weighed heavily on the stock. As a result, TOYO shares experienced significant selling pressure as investors balanced the benefits of future growth opportunities against the short-term impact of the offering. TOYO stock priceThe post TOYO Shares Sink After Launching $50 Million Equity Offering (TOYO) appeared first on US Editors. Original: TOYO Shares Sink After Launching $50 Million Equity Offering (TOYO)

Wow this is volatile. A.I. play. Cooling and energy. $TOYO

TOYO Co., Ltd. Announces Strategic Expansion into U.S. Cell Manufacturing with Planned 1.5 GW HJT Solar Cell Facility in Houston Metropolitan AreaJune 8, 2026 8:30 AM
PR Newswire (US) Co-locating cell production with existing module site secures an integrated domestic footprint, optimizing supply chain insulation and capital efficiency.Projected $357 million investment targets completion within 20 months, positioning TOYO as a competitive domestic partner for FEOC-compliant, high-efficiency solar technology.Facility projected to create approximately 400 direct manufacturing jobs in Houston metropolitan area, reinforcing TOYO's commitment to domestic workforce development and American energy independence.TOKYO, June 8, 2026 /PRNewswire/ -- TOYO Co., Ltd. (Nasdaq: TOYO) (OTC: TOYWF), ("TOYO" or the "Company"), a solar manufacturing company, today announced its strategic decision to expand its U.S. manufacturing platform by building a 1.5 GW heterojunction (HJT) solar cell manufacturing facility. The state-of-the-art facility will be co-located at the Company's existing solar module site in Houston metropolitan area, Texas, creating an integrated manufacturing hub expected to generate approximately 400 direct full-time manufacturing jobs.The expansion represents a total projected capital investment of approximately $357 million. Engineering, facility design, and procurement planning are already underway, with full project completion and initial pilot production expected within 20 months.By co-locating the 1.5 GW cell line with its module operations, TOYO expects to achieve operational synergies, reduce localized logistics costs, and shorten the production cycle from raw wafer processing to finished, U.S.-made solar modules. The facility will produce next-generation HJT cells, utilizing a technology that delivers enhanced conversion efficiencies and temperature coefficients compared to legacy solar architectures.The execution of the project timeline for the new facility will be carried out in structured phases to ensure strict compliance with local regulatory frameworks and permitting timelines. TOYO intends to fund the expansion through an optimized capital structure, combining internal cash flow and non-dilutive project financing with potential strategic partnerships and value-accretive equity financing."Expanding into domestic cell manufacturing is the natural next step in our commitment to creating an integrated onshore solar supply chain from polysilicon to panels," said Takahiko Onozuka, Chairman and Chief Executive Officer of TOYO. "Co-locating 1.5 GW of HJT cell capacity at our Houston module site significantly optimizes our capital allocation and infrastructure spend. Beyond the financial and strategic merits, we are proud to be potentially creating 400 good-paying manufacturing jobs in Houston metropolitan area and investing in the long-term economic future of this community.""The new cell plant reflects TOYO's long-term strategy to build a fully FEOC-compliant domestic manufacturing platform focused on serving the needs of the U.S. utility-scale solar market," said Rhone Resch, TOYO's Chief Strategy Officer. "By producing premium solar products in the United States, we will be well positioned to meet the market's evolving domestic content requirements while strengthening supply chain security and reliability. Looking ahead, we believe HJT is the optimal technology platform for integrating next-generation perovskite solar cells, which we expect will drive the next major advancement in solar conversion efficiency and support TOYO's long-term technology roadmap."Strategic Drivers and Market PositioningThe HJT Performance Advantage: HJT technology establishes a new benchmark for power density by combining industry-leading conversion efficiencies with very low annual degradation rates. Engineered for maximum yield, HJT cells feature superior bifaciality and an optimal temperature coefficient, ensuring high power production even in extreme heat.Offsetting U.S. Balance-of-System Costs: In the U.S. market—where fixed infrastructure, land, labor, and installation costs are inherently high—maximizing efficiency is critical. TOYO's high-density HJT technology dilutes these fixed upfront expenses by generating more megawatt-hours per acre, directly improving project returns for developers.Supply Chain Optimization and FEOC Compliance: TOYO's decision to build a domestic cell facility reflects the Company's foundational commitment to directly support the U.S. manufacturing reshoring initiative while fully satisfying evolving FEOC compliance standards.Maximizing Inflation Reduction Act (IRA) Incentives: Under current U.S. framework guidelines, domestic cell manufacturing qualifies for direct Advanced Manufacturing Production Credits (Section 45X of the IRA), which provide $0.04 per watt for domestically produced solar cells. At full 1.5 GW capacity, this represents a potential annual benefit of up to $60 million in production tax credits.Operational Synergies: Utilizing the existing Houston site infrastructure mitigates greenfield development risks, streamlines local permitting processes, and allows the Company to leverage its existing regional management team and labor pool.Job Creation and Local Economic Impact: The new facility is expected to create approximately 400 direct full-time manufacturing jobs in the Houston metropolitan area, with an estimated 1200 additional jobs across the regional supply chain. TOYO is committed to prioritizing local hiring and workforce development partnerships.About TOYO Co., Ltd.TOYO is a solar manufacturing company that is committed to becoming a vertically integrated solar manufacturer in the global market, integrating the upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells and modules at a competitive scale and cost.Forward-Looking StatementsThis press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the build-out of TOYO's U.S. manufacturing platform, including a potential domestic cell plant, estimated number of newly created job opportunities, potential annual benefit in production tax credits and the Company's broader U.S. supply chain strategy. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of TOYO's management and are not predictions of actual performance.These statements involve risks, uncertainties, and other factors that may cause actual results, activity levels, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. These include the risks that: we will be unable to implement our planned U.S. manufacturing expansion, we will be unable to receive any benefit from any production tax credits and that U.S. federal supply chain strategy may shift significantly in such a way that poses a material adverse effect to our business operations. Although TOYO believes that it has a reasonable basis for each forward-looking statement contained in this press release, TOYO cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the documents filed by TOYO from time to time with the Securities and Exchange Commission. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Except as may be required by law, TOYO does not undertake any duty to update these forward-looking statements.Contact InformationFor TOYO Co., Ltd.
IR@toyo-solar.com Crocker Coulson
Email: crocker.coulson @ginko  View original content:https://www.prnewswire.com/news-releases/toyo-co-ltd-announces-strategic-expansion-into-us-cell-manufacturing-with-planned-1-5-gw-hjt-solar-cell-facility-in-houston-metropolitan-area-302793960.htmlSOURCE TOYO Co., Ltd. Original: TOYO Co., Ltd. Announces Strategic Expansion into U.S. Cell Manufacturing with Planned 1.5 GW HJT Solar Cell Facility in Houston Metropolitan Area

TOYO to Participate in The Bank of America Power, Utilities, and Cleantech ConferenceMay 22, 2026 8:30 AM
PR Newswire (US) TOKYO, May 22, 2026 /PRNewswire/ --  TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF),  ("TOYO" or the "Company"), a solar solution company, today announced that it will participate in The Bank of America Power, Utilities, and Cleantech Conference, taking place on May 27-28, 2026 at the Two Bryant Park Pavilion, 1114 6th Avenue, New York, NYRhone Resch, Chief Strategy Officer of TOYO will participate in one-on-one meetings with institutional investors during the conference.Attendance at the conference is by invitation only for The Bank of America clients. Interested investors should contact their Bank of America sales representative to schedule a meeting.About TOYO Co., Ltd.TOYO is a solar company committed to becoming a full-service provider of solar solutions provider in the global market, integrating upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in TOYO's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in TOYO's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. TOYO specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.Contact Information:For TOYO Co., Ltd
IR@toyo-solar.com Crocker Coulson
Email: crocker.coulson @ginko View original content:https://www.prnewswire.com/news-releases/toyo-to-participate-in-the-bank-of-america-power-utilities-and-cleantech-conference-302779992.htmlSOURCE TOYO Co., Ltd Original: TOYO to Participate in The Bank of America Power, Utilities, and Cleantech Conference

How do people think about TOYO relative to other solar producers?

TOYO Shares Climb After Strong Q1 Earnings Beat and Upbeat Full-Year Outlook (TOYO)May 18, 2026 10:13 AM
IH Market News Revenue and Profit Surge in First Quarter TOYO Co. (NASDAQ:TOYO) shares gained 4.6% in premarket trading on Monday after the company delivered first-quarter results that comfortably exceeded expectations, supported by strong growth across its solar solutions business.The company reported adjusted earnings per share of $0.75 for the quarter ended March 31, 2026.Revenue jumped to $142.8 million, up sharply from $51.5 million in the same quarter a year earlier, representing year-over-year growth of 177%.TOYO said the increase was mainly driven by higher shipment volumes of solar cells and solar modules as the company expanded its advanced manufacturing operations. Margins Improve Significantly Gross margin improved substantially to 33.5%, compared with 9.3% in the prior-year period.The company attributed the margin expansion to stronger production efficiency and greater economies of scale as manufacturing volumes increased.Net income totaled $28.4 million, compared with a net loss of $3.7 million in the first quarter of 2025.Adjusted EBITDA surged to $48.3 million from $2.8 million a year earlier. Company Reaffirms 2026 Guidance TOYO maintained its full-year 2026 outlook and expects adjusted net income to range between $90 million and $100 million.Management said the midpoint forecast of $95 million reflects continued confidence in demand across the U.S. market for high-efficiency solar products.The company also projects solar cell shipments of between 5.5 GW and 5.8 GW during 2026, alongside expected solar module shipments of between 1.0 GW and 1.3 GW.“We delivered a powerful start to 2026, achieving strong first-quarter revenue and net income growth that reflects the successful scale-up of our advanced manufacturing capabilities,” said Takahiko Onozuka, Chairman and CEO of TOYO. “Our ability to deliver 177% YoY sales growth while delivering record net income of $28.4 million demonstrates the strength of demand for our solar solutions and our team’s disciplined execution.” Cash Position Strengthens As of March 31, 2026, TOYO reported cash and restricted cash of $72.2 million, up from $58.9 million at the end of 2025.TOYO stock price Original: TOYO Shares Climb After Strong Q1 Earnings Beat and Upbeat Full-Year Outlook (TOYO)

TOYO Co., Ltd Announces Unaudited and Unreviewed First Quarter 2026 Financial Results and Reaffirms GuidanceMay 18, 2026 7:15 AM
PR Newswire (US) TOKYO, May 18, 2026 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF), ("TOYO" or the "Company"), a solar solution company, today announced its unaudited and unreviewed financial results for the first quarter ended March 31, 2026, and reaffirmed its 2026 guidance.First Quarter 2026 HighlightsRevenues of $142.8 million, an increase of 177.0% year-over-yearNet income of $28.4 million, compared to a net loss of $3.7 million in Q1 2025EBITDA (Non-GAAP) of $48.1 million, compared to EBITDA of $2.4 million in Q1 2025Adjusted EBITDA (Non-GAAP) of $48.3 million, compared to adjusted EBITDA $2.8 million in Q1 2025Net income per diluted share of $0.75, compared to net loss per diluted share of $0.10 in Q1 2025"We delivered a powerful start to 2026, achieving strong first-quarter revenue and net income growth that reflects the successful scale-up of our advanced manufacturing capabilities," said Takahiko Onozuka, Chairman and CEO of TOYO. "Our ability to deliver 177% year-over-year sales growth while delivering record net income of $28.4 million demonstrates the strength of demand for our solar solutions and our team's disciplined execution."Unaudited First Quarter 2026 Results Revenues for the first quarter of 2026 were approximately $142.8 million, which increased 177.0% from $51.5 million in the same period in 2025. The increase was primarily driven by higher solar cell and solar module sales volumes.The cost of revenues was approximately $95.0 million for the first quarter of 2026, compared to $46.7 million for the same period in 2025.Gross profit was approximately $47.8 million for the first quarter of 2026, an 894.8% increase compared to $4.8 million for the same period in 2025. Gross margin improved to 33.5% for the first quarter of 2026 from 9.3% in the first quarter of 2025. The increase in gross profit margin was primarily due to our expansion of production capacity, increased production efficiencies and improved economies of scale as the Company successfully ramped up its solar cell facility.Total operating expenses increased to approximately $11.5 million for the first quarter of 2026 from $6.1 million for the same period in 2025.Selling and marketing expenses were $2.0 million for the first quarter of 2026 compared to $0.5 million for the same period in 2025. The increase in selling and marketing expenses was primarily due to a sales commission increase in line with an increase in revenues, testing fees and advertising expenses, as well as payroll and benefits.General and administrative expenses were $9.5 million for the first quarter of 2026, compared to $5.6 million for the same period in 2025. The increase was primarily driven by an increase in the scale of operations as the Company brought its new 4GW cell manufacturing line and new module facility in Houston online over the course of 2025.EBITDA (Non-GAAP) was $48.1 million for the first quarter of 2026, compared to EBITDA of $2.4 million for the same period in 2025.Adjusted EBITDA (Non-GAAP) was $48.3 million for the first quarter of 2026, compared to $2.8 million for the same period in 2025, an increase of approximately $45.5 million.  The improvement reflects the Company's revenue scale-up, increase in gross margin, and disciplined operating expense management.Net income was approximately $28.4 million for the first quarter of 2026, compared to a net loss of $3.7 million for the same period in 2025.Earnings per share, basic and diluted, for the first quarter of 2026 was $0.75 compared to loss per share attributable to TOYO shareholders, basic and diluted, of $0.10 in the first quarter of the prior year.As of March 31, 2026, the Company had $72.2 million in cash and restricted cash (including non-current restricted cash), compared to $58.9 million as of December 31, 2025.  As of March 31, 2026, cash and cash equivalents were $54.4 million, with $4.5 million in current restricted cash and $13.4 million in non-current restricted cash, primarily securing letters of credit and bank facilities.Business Outlook "Following our strong first-quarter performance, we are reaffirming our full-year 2026 outlook, which reflects our confidence in the sustained U.S. demand for high-efficiency solar solutions," said Takahiko Onozuka, Chairman and CEO of TOYO. "We anticipate solar cell shipments to reach between 5.5 GW and 5.8 GW in 2026, bolstered by our scaled manufacturing capabilities. Furthermore, as we deepen our downstream presence, we expect solar module shipments to reach 1.0 GW to 1.3 GW this year. We expect, with our focus on supply chain resilience, to achieve a full-year adjusted net income in the range of $90 million to $100 million.""We are continuing to move forward with our plans for a domestic cell plant as part of our commitment to reshore solar production and advance toward a more integrated supply chain in the United States to meet the needs of our customers for high performance solar solutions aligned with the evolving policy environment. We are also moving forward to establish a U.S. R&D center to bring next-generation technologies that will bolster energy security and meet the surging demand for on- and off-grid electricity to power the AI economy," Mr. Onozuka concluded.Conference CallTOYO will host a webcast and conference call to discuss its first quarter 2026 results on May 18, 2026, at 8:30 a.m. ET. A live webcast and a slide presentation will be available on TOYO's investor relations website in the "Events" section at investors.toyo-solar.com.The dial-in numbers for the conference call are as follows: Participant Toll-Free Dial-In Number: (800) 715-9871Participant Toll Dial-In Number: +1 (646) 307-1963Japan - Tokyo: +81.3.4578.9081Conference ID: 7240281Live Webcast: https://events.q4inc.com/attendee/608479759Exchange Rate InformationThis announcement contains translations of certain Vietnamese Dong, or VND, amounts into U.S. dollars at a specified rate solely for the reader's convenience. VND exchange rate for balance sheet items, except for equity accounts made at a rate of VND26,328 to US$1.00, the exchange rate as of March 31, 2026, translations related to items in the statement of operations and comprehensive income, and statement of cashflows from VND to U.S. dollars and from U.S. dollars to VND are made at a rate of VND 26,169 to US$1.00, for the three months ended March 31, 2026. The Company makes no representation that the VND or U.S. dollar amounts referenced could be converted into U.S. dollars or VND, as the case may be, at any particular rate or at all.About TOYO Co., Ltd.TOYO is a solar solutions company that is committed to becoming a full-service solar solutions provider in the global market, integrating the upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected growth of TOYO, the expected order delivery of TOYO, TOYO's construction plan of manufacturing facilities, and strategies of building up an integrated value chain in the U.S. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of TOYO's management and are not predictions of actual performance.These statements involve risks, uncertainties, and other factors that may cause actual results, activity levels, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Although TOYO believes that it has a reasonable basis for each forward-looking statement contained in this press release, TOYO cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the documents filed by TOYO from time to time with the Securities and Exchange Commission (the "SEC"). These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.TOYO cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to several risks and uncertainties, including, among others, the outcome of any potential litigation, government or regulatory proceedings, the sales performance of TOYO, and other risks and uncertainties, including but not limited to those included under the heading "Risk Factors" of the filings of TOYO with the SEC. There may be additional risks that TOYO does not presently know or that TOYO currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of TOYO as of the date of this press release. Subsequent events and developments may cause those views to change. However, while TOYO may update these forward-looking statements in the future, there is no current intention to do so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of TOYO as of any date subsequent to the date of this press release. Except as may be required by law, TOYO does not undertake any duty to update these forward-looking statements.Contact Information:For TOYO Co., Ltd.
IR@toyo-solar.com Crocker Coulson
Email: crocker.coulson @ginkoNon-GAAP MeasuresSome of the financial information and data contained in this press release, such as EBITDA and Adjusted EBITDA, have not been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). TOYO believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to TOYO's financial condition and results of operations. TOYO's management uses these non-GAAP measures for trend analysis and for budgeting and planning purposes. TOYO believes that the use of these non-GAAP measures provides an additional tool for investors to evaluate projected operating results and trends, as well as compare TOYO's financial measures with those of other similar companies, many of which also present similar non-GAAP financial measures to investors.The management of TOYO does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses such as share-based compensation and changes in fair value of contingent consideration and income that are required by GAAP to be recorded in TOYO's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. You should review TOYO's audited financial statements, which are presented in the most recent annual report on Form 20-F filed with the SEC on March 31, 2026, and not rely on any single financial measure to evaluate TOYO's business, results of operations and financial condition. TOYO Co., LtdCONSOLIDATED BALANCE SHEETS(Currency expressed in United States Dollars ("US$"), except for number of shares)


March 31,
2026

December 31,
2025

(unaudited)


ASSETS




Current Assets




Cash
$54,364,065

$51,634,374Restricted cash

4,450,848


714,245Accounts receivable, net

15,259,069


11,253,459Accounts receivable – related parties

2,678,368


494,695Prepayments

12,781,320


25,407,080Prepayments – a related party

72,264


72,264Inventories, net

114,468,059


79,986,077Other current assets

3,554,950


2,282,883Total Current Assets

207,628,943


171,845,077







Non-current Assets






Restricted cash, non-current

13,375,915


6,511,407Long-term prepaid expenses

6,783,773


6,834,162Deposits for property and equipment

2,636,845


776,627Property and equipment, net

213,379,252


220,648,149Right of use assets

33,548,825


34,354,338Deferred tax assets

418,117


178,107Other non-current assets

505,856


285,954Total Non-current Assets

270,648,583


269,588,744Total Assets
$478,277,526

$441,433,821







LIABILITIES AND SHAREHOLDERS' EQUITY






Current Liabilities






Short-term bank borrowings
$29,897,383

$30,648,493Accounts payable

48,203,058


52,376,724Accounts payable – related parties

2,640,420


3,269,212Contract liabilities

48,718,679


27,592,381Contract liabilities – related parties

84,704,620


80,348,303Income tax payable

21,142,539


15,386,467Due to related parties

51,098,926


62,328,287Other payable and accrued expenses

13,688,444


15,415,684Lease liabilities, current

3,271,804


2,867,727Long-term bank borrowings, current portion

1,361,334


5,471,119Total Current Liabilities

304,727,207


295,704,397







Lease liabilities, non-current

33,758,680


34,474,040Total Non-current Liabilities

33,758,680


34,474,040Total Liabilities

338,485,887


330,178,437







Commitments and Contingencies (Note 16)














Shareholders' Equity






Ordinary shares (par value $0.0001 per share, 500,000,000 shares authorized,
   37,758,997 shares and 37,758,997 shares issued as of March 31, 2026 and
   December 31, 2025, and 37,758,997 shares and 36,712,040 shares outstanding
   as of March 31, 2026 and December 31, 2025, respectively)

3,776


3,671Additional paid-in capital

28,934,762


28,779,967Retained earnings

118,387,588


89,976,384Accumulated other comprehensive loss

(7,534,487)


(7,504,638)Total Shareholders' Equity

139,791,639


111,255,384







Total Liabilities and Shareholders' Equity
$478,277,526

$441,433,821
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. TOYO Co., LtdUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSAND COMPREHENSIVE INCOME (LOSS)(Currency expressed in United States Dollars ("US$"), except for number of shares)


For the Three Months
Ended
March 31,

2026

2025Revenues from related parties
$35,957,714

$10,521,150Revenues from third parties

106,815,744


41,023,361Revenues

142,773,458


51,544,511







Cost of revenues – related parties

(28,475,589)


(8,857,358)Cost of revenues – third parties

(66,536,671)


(37,885,919)Cost of revenues

(95,012,260)


(46,743,277)Gross profit

47,761,198


4,801,234







Operating expenses






Selling and marketing expenses

(2,007,392)


(456,087)General and administrative expenses

(9,483,762)


(5,609,919)Total operating expenses

(11,491,154)


(6,066,006)







Income (loss) from operations

36,270,044


(1,264,772)







Other expenses






Interest expenses, net

(785,260)


(579,049)Other expenses, net

(1,539,250)


(367,665)Changes in fair value of contingent consideration payable

—


(400,030)Total other expenses, net

(2,324,510)


(1,346,744)







Income (loss) before income taxes

33,945,534


(2,611,516)







Income tax expenses

(5,534,330)


(1,104,459)Net income (loss)
$28,411,204

$(3,715,975)Less: net loss attributable to noncontrolling interests

—


(462,753)Net income (loss) attributable to TOYO Co., Ltd.'s shareholders
$28,411,204

$(3,253,222)







Other comprehensive loss






Foreign currency translation adjustment

(29,849)


(479,189)Comprehensive income (loss)
$28,381,355

$(4,195,164)Less: net loss attributable to noncontrolling interests

—


(462,753)Comprehensive income (loss) attributable to TOYO Co., Ltd.'s shareholders
$28,381,355

$(3,732,411)







Weighted average number of ordinary share outstanding– basic *

37,678,920


33,595,743Earnings (loss) per share – basic *
$0.75

$(0.10)Weighted average number of ordinary share outstanding – diluted *

37,693,224


33,595,743Earnings (loss) per share – diluted *
$0.75

$(0.10)
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.  TOYO Co., LtdUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Currency expressed in United States Dollars ("US$")


For the Three Months
Ended
March 31,

2026

2025Net cash provided by operating activities
$33,439,100

$3,721,457







Cash flows from investing activities:






Purchase of property and equipment

(4,594,653)


(16,042,826)Net cash used in investing activities

(4,594,653)


(16,042,826)







Cash flows from financing activities:






Proceeds from short-term bank borrowings

40,492,046


9,578,453Repayment of short-term bank borrowings

(41,204,386)


(9,551,661)Repayment of long-term bank borrowings

(4,127,021)


(3,564,964)Proceeds of borrowings from a related party

—


12,000,000Repayment of borrowings to a related party

(11,000,000)


—Net cash (used in) provided by financing activities

(15,839,361)


8,461,828







Effect of exchange rate changes on cash and restricted cash

325,716


(797,384)Net increase (decrease) in cash and restricted cash

13,330,802


(4,656,925)Cash and restricted cash at beginning of year

58,860,026


17,149,389Cash and restricted cash at end of year
$72,190,828

$12,492,464







Supplemental cash flow information






Cash paid for interest expense
$552,934

$506,596Cash paid for income tax
$18,267

$—







Noncash investing and financing activities






Operating lease right-of-use assets obtained in exchange for operating lease liabilities
$—

$1,863,841Payables related to purchase of property and equipment
$2,640,420

$4,952,299
The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. Reconciliation of GAAP to Non-GAAP Measures** (Stated in US dollars, except per share
amounts)
Reconciliation of non-GAAP measuresQ1 2026Q1 2025Net income (loss)28,411,204(3,715,975)Income tax5,534,3301,104,459Interest expenses, net785,260579,049Depreciation and amortization12,643,7524,778,459Amortization of right-of-use assets731,753(391,271)Amortization of long-term prepaid expenses41,03242,251EBITDA (Non-GAAP)48,147,3312,396,972


Adjustments

Share-based compensation154,9009,000Changes in fair value of contingent consideration*—400,030Adjusted EBITDA (Non-GAAP)48,302,2312,806,002
** Unaudited and unreviewed* Changes in fair value of contingent consideration relates to changes in fair value of earn-out shares  View original content:https://www.prnewswire.com/news-releases/toyo-co-ltd-announces-unaudited-and-unreviewed-first-quarter-2026-financial-results-and-reaffirms-guidance-302774602.htmlSOURCE TOYO Co., Ltd Original: TOYO Co., Ltd Announces Unaudited and Unreviewed First Quarter 2026 Financial Results and Reaffirms Guidance

TOYO Co., Ltd to Announce First Quarter 2026 Financial Results on May 18, 2026May 11, 2026 8:00 AM
PR Newswire (US) TOKYO, May 11, 2026 /PRNewswire/ -- TOYO Co., Ltd (NASDAQ: TOYO) (OTC: TOYWF), a solar solutions company, today announced that it will host a conference call to discuss its first quarter 2026 financial results on Monday, May 18, 2026.Conference Call Details are as follows:Date: Monday, May 18, 2026Time: 8:30 AM ETLive Webcast:  https://events.q4inc.com/attendee/608479759The first quarter 2026 earnings release and related investor deck will be available on the investor relations website at investors.toyo-solar.com prior to the event.The dial-in numbers for the conference call will be as follows: Participant Toll-Free Dial-In Number: (800) 715-9871Participant Toll Dial-In Number: +1 (646) 307-1963Japan - Tokyo: +81.3.4578.9081Conference ID: 7240281About TOYO Co., Ltd.TOYO is a solar solutions company committed to becoming a full-service solar solutions provider in the global market, integrating upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in TOYO's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in TOYO's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. TOYO specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.Contact Information:
For TOYO Co., Ltd.
IR@toyo-solar.comCrocker Coulson
Email: crocker.coulson @ginko View original content:https://www.prnewswire.com/news-releases/toyo-co-ltd-to-announce-first-quarter-2026-financial-results-on-may-18-2026-302768144.htmlSOURCE TOYO Co., Ltd Original: TOYO Co., Ltd to Announce First Quarter 2026 Financial Results on May 18, 2026

TOYO Co., Ltd Announces Second Half and Full Year 2025 Financial ResultsMarch 31, 2026 6:30 AM
PR Newswire (US)

TOKYO, March 31, 2026 /PRNewswire/ --  TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF),  ("TOYO" or the "Company"), a solar solution company,  today announced its financial results for the second half and fiscal year ended December 2025.FY 2025 Financial & Operational HighlightsRevenue: Achieved $427.4 million, surpassing the upper end of the Company's previously updated guidance range of $375–$400 million issued in September 2025.Solar Cell Shipments: Totalled 4.5 GW, exceeding the full-year target of 4.2–4.4 GW. The primary driver was the full utilization of the new 4 GW solar cell facility in Ethiopia, which reached its nameplate capacity in October 2025.Solar Module Shipments: 249 MW were delivered.  EBITDA (Non-GAAP): Reported $95.8 million, reflecting improved operational efficiencies and a strategic shift toward higher-margin, tariff-compliant supply chains.Net Income: $37.2 million, which includes a one-time non-cash share-based compensation charge of approximately $13.7 million.Non-GAAP Adjusted Net Income: $52.2 million, 769% increase from $6 million last year.Outlook for full year 2026Solar cell shipments are expected to reach approximately 5.5-5.8 GW for the full year 2026, fueled by continued demandSolar module shipments are expected to reach approximately 1-1.3GW for the full year 2026Adjusted net income for the full year 2026 is expected to reach approximately $90-100 million  Management comments"2025 was a year of transformative execution for TOYO. By doubling our scale and strengthening our position as a vertically integrated solar solutions provider, we have built a resilient foundation designed to lead through a dynamic global business and policy landscape," said Takahiko Onozuka, CEO and Chairman of TOYO."Our record revenues of $427.4 million—a 142% increase over 2024—was underpinned by the rapid ramp-up of our 4 GW cell facility, which is now operating at full capacity to serve our U.S. utility-scale partners with high-efficiency, policy-compliant solar technology. Our production at our Houston module facility is expected to scale fast over the course of 2026 and we are evaluating additional strategic initiatives to create a robust onshore supply chain for U.S. customers using advanced technology and performance standards."Rhone Resch, Chief Strategy Officer of TOYO, added: "Our outperformance this year is a direct result of our ability to navigate a complex global trade landscape. TOYO has built a resilient, traceable supply chain that the market trusts. As solar continues to drive the majority of new U.S. electricity demand, TOYO is now well positioned with the domestic capacity and policy expertise to contribute to the next phase of the energy transition. We enter 2026 with a robust order book and the financial discipline to continue our trajectory of profitable expansion."Unaudited Second Half 2025 Results Revenues for the second half of 2025 were approximately $288.3 million, which increased 641% from $38.9 million in the same period last year. The increase was primarily driven by higher solar cell sales volumes following the successful ramp-up of the new cell manufacturing facility.The cost of revenues was approximately $215.0 million for the second half of 2025, compared to $43.6 million for the same period in 2024.Gross profit was approximately $73.3 million for the second half of 2025, compared to ($4.8) million for the same period in 2024.Total operating expenses increased to approximately $23.9 million for the second half of 2025 from $8.9 million for the same period in 2024.Selling and marketing expenses were $3.4 million for the second half of 2025 compared to $1.3 million for the same period in 2024. The increase in selling and marketing expenses was primarily driven by costs associated with expanding strategic business development initiatives.General and administrative expenses were $20.5 million for the second half of 2025, compared to $7.6 million for the same period in 2024. The increase was primarily driven by an increase in land and plant leases for the Company's cell expansion and expenses related to the start-up phase of operations for the solar module plant in Houston metropolitan area, Texas, as well as share-based compensation and fair value of contingent consideration payable in earnout shares.Net income was approximately $34.7 million for the second half of 2025, compared to net income of $21 million for the same period in 2024.Full Year 2025 Financial Results          Revenues were $427.4 million for 2025, representing an 142% year-over-year increase from the prior year. The increase was primarily caused by an increase of approximately $241.6 million in sales of solar cells and an increase of approximately $7.6 million in sales of solar modules.Cost of revenues was $331 million for 2025, a 113% increase from $155.1 million in the prior year. The increase in cost of revenues was primarily in line with the increase in sales of solar cells. However, the percentage increase in the cost of revenues is lower than the percentage increase in revenues, due to an increase in sales to U.S. end customers with higher average selling prices.Gross profit was $96.3 million and $21.9 million for 2025 and 2024, respectively, with gross profit margin of approximately 22.5% and 12.4% for 2025 and 2024, respectively. The increase in gross profit margin was primarily driven by the expansion of production capacity for cells which enabled higher-average selling price sales to U.S. end customers.Operating expenses were $37.3 million for 2025 compared to $13.0 million in the prior year, representing an increase of 186% year-over-year.Selling and marketing expenses were $5.9 million for 2025 compared to $1.6 million in 2024. The increase was primarily due to an increase of sales commissions which was in line with an increase of revenues.General and administrative expenses were $31.4 million for 2025 compared to $11.4 million in 2024. The increase was primarily attributable to $13.7 million in non-cash share-based compensation issued to management, directors, and consultants. Administrative costs also rose as the Company scaled its workforce and infrastructure to support the full activation of our two new manufacturing plants. Additional increases in travel, rental, and office expenses reflect the necessary logistical support for our rapidly expanding global business footprint.EBITDA (Non-GAAP) was $95.8 million for 2025, which increased 40% compared to $68.2 million for the same period in the prior year. This was driven by record shipment volumes and enhanced operational scale across our global facilities.Non-GAAP Adjusted EBITDA excluding share-based compensation and changes in fair value of contingent consideration payable to earnout shares was $110.8 million for 2025, which increased 228% compared to $33.8 million for the same period in the prior year.Net income for 2025 was $37.2 million, compared to net income of $40.5 million in the prior year.Adjusted net income excluding share-based compensation and changes in fair value of contingent consideration payable related to earnout shares was $52.2 million for 2025, compared to $6 million in 2024.Earnings per share, basic and diluted, for 2025 was $0.98 compared to earnings per share, basic and diluted, of $1.09 in the prior year.Adjusted earnings per share was $1.48 for 2025 compared to adjusted earnings per share of $0.20 in the prior year.As of December 31, 2025, the Company had $58.9 million in cash and restricted cash in total, compared to $17.2 million as of December 31, 2024.Business Outlook "Looking toward 2026, we are positioned to build on this record performance with a strategic goal of positioning TOYO as a supplier of compliant solar solutions that meet evolving customer requirements in the United States. Solar is a critically viable solution to scale up energy production rapidly, at scale, and cost effectively," said Takahiko Onozuka, CEO and Chairman of TOYO."We have developed new sourcing relationships for polysilicon and are in advanced planning to bring onshore cell manufacturing to the U.S. to further support our customers who want integrated domestic content. We remain focused on delivering long-term shareholder value by maintaining a business model that prioritizes both operational excellence and financial discipline, as reflected by our expectation to nearly double net income again in 2026 despite very substantial investments in R&D and technology this year."Conference CallTOYO will host a webcast and conference call to discuss its second half and fiscal year 2025 results on March 31, 2026, at 8:30 a.m. ET. A live webcast and a slide presentation will be available on TOYO's investor relations website in the "Events" section at investors.toyo-solar.com.  The dial-in numbers for the conference call are as follows:Participant Toll-Free Dial-In Number: (800) 715-9871Participant Toll Dial-In Number: +1 (646) 307-1963Japan - Tokyo: +81.3.4578.9081Conference ID: 7240281Live Webcast: https://events.q4inc.com/attendee/197358704Exchange Rate InformationThis announcement contains translations of certain Vietnamese Dong, or VND, amounts into U.S. dollars at a specified rate solely for the reader's convenience. Unless otherwise noted, except for the cash balance made at a rate of VND26,291 to US$1.00, the exchange rate as of December 31, 2025, all translations from VND to U.S. dollars and from U.S. dollars to VND are made at a rate of VND 26,004 to US$1.00, the average exchange rate for the twelve months ended December 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the VND or U.S. dollar amounts referenced could be converted into U.S. dollars or VND, as the case may be, at any particular rate or at all.About TOYO Co., Ltd.TOYO is a solar solutions company that is committed to becoming a full-service solar solutions provider in the global market, integrating the upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected growth of TOYO, the expected order delivery of TOYO, TOYO's construction plan of manufactures, and strategies of building up an integrated value chain in the U.S. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of TOYO's management and are not predictions of actual performance.These statements involve risks, uncertainties, and other factors that may cause actual results, activity levels, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Although TOYO believes that it has a reasonable basis for each forward-looking statement contained in this press release, TOYO caution you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the documents filed by TOYO from time to time with the SEC. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.TOYO cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to several risks and uncertainties, including, among others, the outcome of any potential litigation, government or regulatory proceedings, the sales performance of TOYO, and other risks and uncertainties, including but not limited to those included under the heading "Risk Factors" of the filings of TOYO with the SEC. There may be additional risks that TOYO does not presently know or that TOYO currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of TOYO as of the date of this press release. Subsequent events and developments may cause those views to change. However, while TOYO may update these forward-looking statements in the future, there is no current intention to do so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of TOYO as of any date subsequent to the date of this press release. Except as may be required by law, TOYO does not undertake any duty to update these forward-looking statements.Contact Information:For TOYO Co., Ltd.
IR@toyo-solar.comCrocker Coulson
Email: crocker.coulson @ginkoNon-GAAP MeasuresSome of the financial information and data contained in this press release, such as EBITDA, Adjusted EBITDA and Adjusted Net Income have not been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). TOYO believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to TOYO's financial condition and results of operations. TOYO's management uses these non-GAAP measures for trend analysis and for budgeting and planning purposes. TOYO believes that the use of these non-GAAP measures provides an additional tool for investors to evaluate projected operating results and trends, as well as compare TOYO's financial measures with those of other similar companies, many of which also present similar non-GAAP financial measures to investors.Management of TOYO does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses such as share-based compensation and changes in fair value of contingent consideration and income that are required by GAAP to be recorded in TOYO's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. You should review TOYO's audited financial statements, which are presented in the most recent annual report on Form 20-F filed with the SEC on March 31, 2026, and not rely on any single financial measure to evaluate TOYO's business.  TOYO Co., LtdCONSOLIDATED STATEMENTS OF OPERATIONSAND COMPREHENSIVE INCOME(Currency expressed in United States Dollars ("US$"), except for number of shares)


For the Year Ended December 31,


2025

2024

2023
Revenues from related parties
$171,090,197

$127,271,262

$61,504,724
Revenues from third parties

256,292,806


49,685,866


872,666
Revenues

427,383,003


176,957,128


62,377,390













Cost of revenues – related parties

(131,136,988)


(95,904,220)


(35,923,151)
Cost of revenues – third parties

(199,908,574)


(59,154,996)


(9,823,709)
Cost of revenues

(331,045,562)


(155,059,216)


(45,740,860)
Gross profit

96,337,441


21,897,912


16,636,530













Operating expenses











Selling and marketing expenses

(5,923,870)


(1,625,724)


(17,573)
General and administrative expenses

(31,376,223)


(11,412,152)


(4,632,009)
Total operating expenses

(37,300,093)


(13,037,876)


(4,649,582)













Income from operations

59,037,348


8,860,036


11,986,948













Other (expenses) income











Interest expenses, net

(3,318,705)


(3,264,646)


(3,261,459)
Other (expenses) income, net

(1,854,076)


586,167


1,163,666
Changes in fair value of contingent consideration payable

(1,341,794)


35,100,000


—
Total other (expenses) income, net

(6,514,575)


32,421,521


(2,097,793)













Income before income taxes

52,522,773


41,281,557


9,889,155













Income tax expenses

(15,370,241)


(781,238)


—
Net income
$37,152,532

$40,500,319

$9,889,155
Less: net loss attributable to noncontrolling interests

(2,507,366)


(113,851)


—
Net income attributable to TOYO Co., Ltd.'s shareholders
$39,659,898

$40,614,170

$9,889,155













Other comprehensive loss











Foreign currency translation adjustment

(2,009,848)


(2,689,595)


(3,200,853)
Comprehensive income
$35,142,684

$37,810,724

$6,688,302
Less: net loss attributable to noncontrolling interests

(2,507,366)


(113,851)


—
Comprehensive income attributable to TOYO Co., Ltd.'s
    shareholders
$37,650,050

$37,924,575

$6,688,302













Weighted average number of ordinary share outstanding– basic and
   diluted*

35,156,391


30,751,424


41,000,000
Earnings per share – basic and diluted*
$0.98

$1.09

$0.24


*The shares and per share information are presented on a retroactive basis to reflect the reorganization effected on
February 27, 2024 (Note 1).  TOYO Co., LtdCONSOLIDATED BALANCE SHEETS(Currency expressed in United States Dollars ("US$"), except for number of shares)


December 31,
2025

December 31,
2024
ASSETS





Current Assets





Cash
$51,634,374

$13,654,445
Restricted cash

714,245


1,878,267
Accounts receivable, net

11,253,459


6,913,996
Accounts receivable – related parties

494,695


11,840,648
Prepayments

25,407,080


392,249
Prepayments – a related party

72,264


—
Inventories, net

79,986,077


19,984,094
Other current assets

2,282,883


725,130
Total Current Assets

171,845,077


55,388,829









Non-current Assets







Restricted cash, non-current

6,511,407


1,616,677
Long-term prepaid expenses

6,834,162


7,217,986
Deposits for property and equipment

776,627


9,716,009
Property and equipment, net

220,648,149


129,039,494
Right of use assets

34,354,338


36,627,800
Deferred tax assets

178,107


—
Other non-current assets

285,954


192,905
Total Non-current Assets

269,588,744


184,410,871
Total Assets
$441,433,821

$239,799,700









LIABILITIES AND EQUITY







Current Liabilities







Short-term bank borrowings
$30,648,493

$16,126,730
Accounts payable

52,376,724


17,629,696
Accounts payable – a related party

3,269,212


—
Contract liabilities

27,592,381


3,635,144
Contract liabilities – related parties

80,348,303


20,098,561
Income tax payable

15,386,467


781,238
Due to related parties

62,328,287


56,633,373
Other payable and accrued expenses

15,415,684


3,392,774
Lease liabilities, current

2,867,727


2,118,900
Contingent consideration payable (nil and 13,000,000 earnout shares subject to
    surrender and cancel as of December 31, 2025 and 2024, respectively)

—


4,617,000
Long-term bank borrowings, current portion

5,471,119


—
Total Current Liabilities

295,704,397


125,033,416









Lease liabilities, non-current

34,474,040


34,327,142
Long-term bank borrowings

—


20,999,733
Total Non-current Liabilities

34,474,040


55,326,875
Total Liabilities

330,178,437


180,360,291









Commitments and Contingencies (Note 17)
















Equity







Ordinary shares (par value $0.0001 per share, 500,000,000 shares authorized,
    37,758,997 shares and 46,595,743 shares issued as of December 31, 2025 and
    2024, and 36,712,040 shares as of December 31, 2025 and 33,595,743 shares
    (excluding 13,000,000 earnout shares subject to surrender and cancel) outstanding
    as of December 31, 2024, respectively)

3,671


3,359
Additional paid-in capital

28,779,967


14,414,905
Retained earnings

89,976,384


50,316,486
Accumulated other comprehensive loss

(7,504,638)


(5,494,790)
Total TOYO Co., Ltd Shareholders' Equity

111,255,384


59,239,960
Non-controlling interest

—


199,449
Total Equity

111,255,384


59,439,409
Total Liabilities and Equity
$441,433,821

$239,799,700
  TOYO Co., LtdCONSOLIDATED STATEMENTS OF CASH FLOWS(Currency expressed in United States Dollars ("US$")


For the Year Ended December 31,


2025

2024

2023
Cash flows from operating activities:








Net income
$37,152,532

$40,500,319

$9,889,155
Adjustments to reconcile net income to net cash provided by (used in)
   operating activities:











Depreciation of property and equipment

36,551,190


23,235,143


2,607,276
Loss from disposal of property and equipment

—


—


13,511
Amortization of right of use assets

3,042,354


289,198


114,614
Loss from early termination of lease agreement

—


29,186


—
Amortization of long-term prepaid expenses

165,169


171,419


180,192
Share-based compensation to employees

4,703,760


—


—
Share-based compensation to nonemployees

9,000,737


609,000


—
Changes in fair value of contingent consideration payable

1,341,794


(35,100,000)


—
Inventory write down

2,862,847


2,536,668


—
Expense of offering cost allocated to contingent consideration
   payable

—


359,000


—
Deferred tax benefits

(178,107)


—


—
Changes in operating assets and liabilities:











Accounts receivable

(4,583,417)


(6,138,919)


—
Accounts receivable – related parties

11,179,845


(11,984,896)


—
Prepayments

(25,030,650)


(254,223)


(152,023)
Prepayments – a related party

(72,264)


23,635,352


(24,845,082)
Inventories

(63,359,435)


15,882,337


(40,728,301)
Other current assets

(1,559,891)


(1,427,492)


(87,263)
Other non-current assets

(94,770)


(171,353)


(22,655)
Accounts payable

6,340,244


3,034,220


2,079,725
Accounts payable – a related party

3,269,718


—


—
Contract liabilities

24,038,608


3,183,138


540,481
Contract liabilities – related parties

60,250,424


(7,813,425)


29,340,608
Income tax payable

14,605,229


781,238


—
Due to related parties

1,281,905


(1,593,064)


3,267,670
Other payable and accrued expenses

11,951,150


(2,769,631)


5,404,730
Lease liabilities

128,959


(486,475)


(131,655)
Net cash provided by (used in) operating activities

132,987,931


46,506,740


(12,529,017)













Cash flows from investing activities:











Purchase of property and equipment

(91,752,076)


(42,501,403)


(114,113,439)
Purchase of property and equipment from a related party

—


(1,542,768)


(126,272)
Payment for acquisition of non-controlling interests

(6,650,000)


—


—
Net cash used in investing activities

(98,402,076)


(44,044,171)


(114,239,711)













Cash flows from financing activities:











Capital injection from shareholders

4,000,000


10,000


42,360,581
Proceeds from private placement

—


6,000,100


—
Proceeds from bank borrowings

56,678,373


65,663,820


12,034,734
Repayment of bank borrowings

(57,238,753)


(39,546,161)


—
Proceeds from borrowings from a related party

12,000,000


5,000,000


93,571,624
Repayment of borrowings to a related party

(6,000,000)


(38,093,104)


—
Deemed distribution through purchase of trademark

(340,000)


—


—
Payments of offering costs

—


(1,124,374)


(1,817,310)
Net cash provided by (used in) financing activities

9,099,620


(2,089,719)


146,149,629













Effect of exchange rate changes on cash

(1,974,838)


(2,220,954)


(2,448,856)
Net (decrease) increase in cash
$41,710,637

$(1,848,104)

$16,932,045
Cash and restricted cash at beginning of year

17,149,389


18,997,493


2,065,448
Cash and restricted cash at end of year
$58,860,026

$17,149,389

$18,997,493













Supplemental cash flow information











Cash paid for interest expense
$1,954,648

$3,316,100

$—
Cash paid for income tax
$943,119

$—

$—













Noncash investing and financing activities











Operating lease right-of-use assets obtained in exchange for operating
    lease liabilities
$1,916,346

$3,636,453

$473,014
Issuance of ordinary shares to settle of contingent consideration
    payable
$5,958,794

$—

$—
Payables related to purchase of property and equipment
$37,658,234

$819,599

$34,743,940
Payment of offering costs by a related party
$—

$—

$81,025
Accrual of offering costs
$—

$—

$892,976
Transfer of equity interest of a subsidiary in exchange for asset
   acquisition in Solar Texas
$—

$1,253,702

$—
Reconciliation of cash and restricted cash to the consolidated
    balance sheets











Cash
$51,634,374

$13,654,445

$18,035,405
Restricted cash

714,245


1,878,267


82,195
Restricted cash, non-current

6,511,407


1,616,677


879,893


$58,860,026

$17,149,389

$18,997,493
  Reconciliation of Non-GAAP to GAAP Measures (Unaudited and Unreviewed)(Stated in US dollars)


For the year ended 
December 31,


2025

2024
Reconciliation of non-GAAP income from operations:







Net Income
$37,152,532

$40,500,319
Income tax

15,370,241


781,238
Interest expenses

3,318,705


3,264,646
Depreciation and amortization

36,746,255


23,235,143
Amortization of right-of-use assets

3,042,354


289,198
Amortization of long-term prepaid expenses

165,169


171,419
EBITDA

95,795,256


68,241,963









Adjustments:







Share-based compensation

13,704,497


609,000
Changes in fair value of contingent consideration payable

1,341,794


(35,100,000)
Adjusted EBITDA
$110,841,547

$33,750,963














For the year ended
December 31,


2025

2024
Reconciliation of non-GAAP net income from operations:







Net Income

37,152,532


40,500,319









Adjustments:







Share-based compensation

13,704,497


609,000
Changes in fair value of contingent consideration payable

1,341,794


(35,100,000)
Adjusted Net Income
$52,198,823

$6,009,319
    



View original content:https://www.prnewswire.com/news-releases/toyo-co-ltd-announces-second-half-and-full-year-2025-financial-results-302729837.htmlSOURCE TOYO Co., Ltd

Original: TOYO Co., Ltd Announces Second Half and Full Year 2025 Financial Results

Solar Industry Veteran Mr. Rhone Resch Joins TOYO as Chief Strategy OfficerMarch 31, 2026 6:25 AM
PR Newswire (US)

TOKYO, March 31, 2026 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF),  ("TOYO" or the "Company"), a global solar solution company, today announced the appointment of Rhone Resch as Chief Strategy Officer ("CSO"), a newly created role reporting directly to the CEO.Mr. Resch will lead key elements of the Company's global growth strategy, with a focus on expanding the Company's manufacturing footprint, accelerating its U.S. market expansion, and strengthening partnerships across the solar value chain."Rhone brings a rare combination of industry leadership, commercial insight, and policy expertise," said Mr. Takahiko Onozuka, the CEO of TOYO. "He has been closely involved in the development of the modern solar industry and understands how to scale companies in complex global markets. His experience will be important as we expand our manufacturing platform and grow our presence in the United States. This appointment supports TOYO's next phase of growth, particularly in accelerating its expansion in the U.S. market and strengthening its global manufacturing strategy."Deep Industry Experience and Entrepreneurial LeadershipMr. Resch brings more than two decades of experience across the global solar industry, including leadership roles spanning technology commercialization, market development, and industry growth.In addition to his industry leadership, he has founded and led multiple solar companies in the United States, supporting the commercialization of new technologies, building strategic partnerships, and raising growth capital in competitive markets.Throughout his career, he has worked at the intersection of business strategy, policy, and capital formation, helping companies navigate evolving market conditions and expand into new geographies.A Proven Track Record in Policy and GrowthMr. Resch served as President and Chief Executive Officer of the Solar Energy Industries Association (SEIA) from 2004 to 2016, where he played a central role in the expansion of the U.S. solar industry.During his tenure, he led federal and state advocacy efforts for the solar industry and worked closely with policymakers and industry stakeholders to support the development of market frameworks and incentive programs, contributing to the growth of the U.S. solar industry.Supporting TOYO's Next Phase of GrowthAt TOYO, Mr. Resch will work closely with the CEO and executive team to support the Company's long-term strategy, with a particular focus on:Expanding TOYO's presence in the United StatesStrengthening relationships with developers, utilities, and technology partnersSupporting global manufacturing strategy and supply-chain developmentNavigating evolving trade, regulatory, and market dynamicsHe will also play a key role in positioning TOYO as a trusted provider of high-performance solar technologies as demand for secure and scalable energy solutions continues to grow.Mr. Resch holds a Master of Public Administration in Management from Syracuse University's Maxwell School, a Master of Environmental Science from the State University of New York, and a Bachelor of Arts from the University of Michigan.About TOYO Co., Ltd.TOYO is a solar solutions company committed to becoming a full-service solar solutions provider in the global market, integrating upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in TOYO's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in TOYO's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. TOYO specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.Contact Information:For TOYO Co., Ltd.
IR@toyo-solar.comCrocker Coulson
Email: crocker.coulson @ginko



View original content:https://www.prnewswire.com/news-releases/solar-industry-veteran-mr-rhone-resch-joins-toyo-as-chief-strategy-officer-302729829.htmlSOURCE TOYO Co., Ltd

Original: Solar Industry Veteran Mr. Rhone Resch Joins TOYO as Chief Strategy Officer

TOYO Provides Preliminary, Unaudited and Unreviewed FY2025 Financial ResultsMarch 18, 2026 9:00 AM
PR Newswire (US)

TOKYO, March 18, 2026 /PRNewswire/ --  TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF),  ("TOYO" or the "Company"), a solar solution company, today announced preliminary, unaudited and unreviewed FY 2025 results for the fiscal year ended December 31, 2025. These figures demonstrate solid execution against the Company's raised full-year outlook from September 2025, fueled by capacity expansions and sustained demand in the global renewable energy market.FY2025 Preliminary Performance HighlightsRevenue: Delivering stronger than expected performance, the Company achieved approximately $427 million, beating the previously updated guidance range of $375–$400 million issued in September 2025 and reflecting substantial year-over-year growth. This was driven by increased production volumes and strong orders from utility-scale and commercial customers worldwide.Solar Cell Shipments: Approximately 4.5 GW, surpassing previously announced full-year target of 4.2–4.4 GW. Key contributors included the successful ramp-up and full utilization of the Company's 4 GW solar cell facility in Ethiopia, which began commercial production in 2025.Solar module shipments: Approximately 249MW, since commencing commercial production in October 2025.EBITDA: Approximately $96 million, supported by operational efficiencies, improved margins from scaled production, and cost optimizations across the supply chain.Net Income: Approximately $38 million. Net income includes a one-time share-based compensation of approximately $14 million. These preliminary results underscore TOYO's progress in building a resilient, vertically integrated solar value chain, with strategic facilities in Ethiopia and the United States enhancing supply chain security and competitiveness amid evolving trade dynamics."2025 was a transformative year for TOYO, as we delivered on our elevated guidance and made meaningful strides in global manufacturing scale," said Takahiko Onozuka, Chairman and CEO of TOYO. "The rapid ramp of our Ethiopia cell facility has strengthened our position to meet rising demand for reliable, cost-effective solar solutions. We are focused on further integration, innovation, and sustainable expansion to create long-term value for shareholders and stakeholders in the clean energy transition."Earnings Call ScheduleTOYO will host the FY2025 financial results earnings conference call on March 31st, 2026, 8:30 am ET.  Date: Tuesday, March 31, 2026Time: 8:30 AM ETLive Webcast: https://events.q4inc.com/attendee/197358704The FY 2025 earnings release and related investor deck will be available on the investor relations website at investors.toyo-solar.com prior to the event.The dial in numbers for the conference call will be as follows: Participant Toll-Free Dial-In Number: (800) 715-9871Participant Toll Dial-In Number: (646) 307-1963Japan - Tokyo: +81.3.4578.9081Conference ID: 7240281About TOYO Co., Ltd.TOYO is a solar solutions company committed to becoming a full-service solar solutions provider in the global market, integrating upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in TOYO's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in TOYO's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. TOYO specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.Contact Information:For TOYO Co., Ltd.
IR@toyo-solar.comCrocker Coulson
Email: crocker.coulson @ginko



View original content:https://www.prnewswire.com/news-releases/toyo-provides-preliminary-unaudited-and-unreviewed-fy2025-financial-results-302717439.htmlSOURCE TOYO Co., Ltd

Original: TOYO Provides Preliminary, Unaudited and Unreviewed FY2025 Financial Results

TOYO to Participate in the 38th Annual ROTH Investor ConferenceMarch 16, 2026 8:00 AM
PR Newswire (US)

TOKYO, March 16, 2026 /PRNewswire/ --  TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF),  ("TOYO" or the "Company"), a solar solution company, today announced that it will participate in the 38th Annual ROTH Conference, taking place on March 22-24, 2026 at The Ritz Carlton in Dana Point, California.TOYO management will participate in one-on-one meetings with institutional investors during the conference.Attendance at the conference is by invitation only for ROTH clients. Interested investors should contact their ROTH sales representative to schedule a meeting.About TOYO Co., Ltd.TOYO is a solar company committed to becoming a full-service provider of solar solutions provider in the global market, integrating upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in TOYO's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in TOYO's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. TOYO specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.Contact Information:For TOYO Co., Ltd
IR@toyo-solar.comCrocker Coulson
Email: crocker.coulson @ginko



View original content:https://www.prnewswire.com/news-releases/toyo-to-participate-in-the-38th-annual-roth-investor-conference-302714577.htmlSOURCE TOYO Co., Ltd

Original: TOYO to Participate in the 38th Annual ROTH Investor Conference

TOYWF could be interesting at 4 or 5 cents

6k out, they are getting sued for patent violation.

Dumped the rest, I think there might be something seriously wrong here

Nice news, cashed in a few

TOYO........................................https://stockcharts.com/h-sc/ui?s=TOYO&p=W&b=5&g=0&id=p86431144783

$150 million deal and they manufacture in Vietnam and Ethiopia to get the cheapest labor more profits 

TOYO $5.68 + 96%

I like today's news, another step in the right direction.

Finally going the right direction.

Sitting on my hands for now

I might be nuts, but 2.92 seemed like a good risk

TOYO..............................................https://stockcharts.com/h-sc/ui?s=TOYO&p=W&b=5&g=0&id=p86431144783

TOYO..........................https://stockcharts.com/h-sc/ui?s=TOYO&p=W&b=5&g=0&id=p86431144783

TOYO 10Q due AUGUST 21

Maybe a nibble at 4 bucks

This looks somewhat interesting. Haven't decided yet.

This seems orchestrated

Nice day

TOYO............................https://stockcharts.com/h-sc/ui?s=TOYO&p=W&b=5&g=0&id=p86431144783

$TOYO

New high of day. $3.15

I’m waiting for $5


Ec

$TOYO


https://www.tiktok.com/t/ZTNyMUA5k/



Ec

$TOYO


https://stockcharts.com/h-sc/ui?s=toyo


Ec

$TOYO

Only 46 mil shares outstanding


https://www.otcmarkets.com/filing/html?id=17671118&guid=smO-kKDQe9nLB3h


Ec

$toyo

https://www.toyo-solar.com/about.html

1.15 billion valuation

I wonder how high this will go

Ec