US Market News
1月前
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
US Market News
3月前
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
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