6-K
TOYO Co., Ltd (TOYO)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16 UNDERTHE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2025
Commission File Number: 001-42153
TOYO Co., Ltd
Tennoz First Tower, F16
2-2-4, Higashi-Shinagawa, Shinagawa-ku
Tokyo, Japan 140-0002
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
A copy of the investor presentation of TOYO Co., Ltd (“TOYO”), a Cayman Islands exempted company, used in the conference call held by TOYO to discuss its second half 2024 and full fiscal year 2024 financial results held on April 28, 2025, is being furnished as Exhibit 99.1 with this Report on Form 6-K.
A copy of the press release of TOYO published on April 28, 2025 relating to its second half 2024 and full fiscal year 2024 financial results is being furnished as Exhibit 99.2 with this Report on Form 6-K.
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | Investor Presentation dated April 28, 2025 |
| 99.2 | Press Release dated April 28, 2025 |
| 101.INS | XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
1
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TOYO Co., Ltd | |
|---|---|
| By: | /s/ Junsei Ryu |
| Name: | Junsei Ryu |
| Title: | Director and Chief Executive Officer |
Date: April 30, 2025
2
Exhibit 99.1
April 2025 Investor Deck TOYO Co., Ltd (NASDAQ: TOYO)
2 Forward - Looking Statements This presentation 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 Co . , Ltd (“TOYO”), the expected order delivery of TOYO, TOYO’s construction plan for manufacturing and TOYO’s strategies for building up an integrated value chain in the U . S . These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of TOYO’s management and are not predictions or guarantees of actual performance or future results . These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different 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 presentation, 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 TOYO’s filings with the Securities and Exchange Commission (the “SEC”), including without limitation under the heading “Risk Factors” in the prospectus included in the registration statement on Form F - 1 (File No . 333 - 283617 ) (the “Form F - 1 ”) . 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 presentation 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 described in TOYO’s filings with the SEC, including without limitation under the heading “Risk Factors” in the prospectus included in the Form F - 1 . 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 presentation 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 presentation represent the views of TOYO as of the date of this presentation . 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 presentation . Except as may be required by law, TOYO does not undertake any duty to update these forward - looking statements . Certain information contained in this presentation was obtained from various sources, including third parties, and has not been independently verified . No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reasonableness of the information or the sources presented or contained herein . This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction . Safe Harbor
Powering the world with green, clean energy through high - quality solar solutions at a competitive scale and cost. 3
Track record of rapid growth & profitability as one of the leading suppliers of N - TYPE Solar Cells Leveraging established relationships with U.S. utility - scale customers 1 2 4 Investment Highlights 4 3 Proven manufacturing excellence delivers world - class technology at a highly competitive cost Rapidly expanding manufacturing footprint to meet customer demand in a dynamic policy environment 4
Our Background Tokyo Stock Exchange: 3856.T TOYO is a NASDAQ - listed Solar Company majority owned by Abalance — a leading Japanese renewable energy solutions provider. TOYO founded as a carve - out from Abalance subsidiary VSUN to meet the needs of the U.S. market. Our affiliate, VSUN, has a track record of exponential growth s significant U.S. market share One of the major solar module suppliers to US market Revenues grew from $20 million to $1.3 billion over seven years ($1.2B from U.S. market) Trusted by leading North American solar developers Bankability assured through BloombergNEF Tier 1 supplier status Customer locations U.S. Customer Locations ^ Per VSUN’s internal estimates using conversion formula 5 U.S. Customer Highlights ~8 GW PV modules installed in the U.S cumulatively Equal to ~6 million homes powered by VSUN’s modules annually ^ Equal to ~19 million tons of carbon emission saved cumulatively ^
TOYO To Leverage Established VSUN Brand and Sales Channel VSUN and TOYO are in negotiation to transfer the VSUN brand and sales channels to TOYO once TOYO Solar Texas LLC’s U.S factory commences production. After such transfer, TOYO expects to: Meet customer demand for “Made in USA” solar panels Direct access to VSUN’s North America end customers including top developers Take advantage of the brand that is already recognized by reputable financial institutions and insured by Munich RE Revenues from VSUN customers in North America will flow to TOYO in the future 4 2 1 3 VSUN Recognition from Reputable Financial Institutions Selected Major VSUN Customers 6
Proven N - Type Solar Cell Expertise TOYO owns one of the largest non - Chinese N - Type cell manufacturing bases in the world. TOYO combines rigorous quality standards with competitive pricing strategies, delivering premium products across worldwide markets. In FY 2024, 1.743 GW TOYO cells were shipped. 7
Track Record of Scalable Manufacturing TOYO is dedicated to adhering to the highest standards of quality manufacturing, while ensuring its components are efficiently priced to remain competitive in all regions. World Class Globally Competitive Rapid Efficient Expansion Entrenched controls ensure top - tier quality and reliable metrics. Rapid expansion & continuous cost improvements in modules, cells, wafers. Competing with major global solar manufacturers. 8
9 Advanced Automation Standards Extensive use of robotics and Automated Guided Vehicles decreases labor content, allows faster expansion, reduces product defects, and mitigates risks from hiring and training laborers. Improves workplace safety Reduces utility costs Increases productivity Enhances consistency and reliability Reduces wage expenses Creates systems flexibility & adaptability 01 06 02 05 03 04 9
Chief Executive Officer & Chairman Mr. Ryu has nearly 20 years of experience in the solar solution industry and has been the director, representative or joint representative of several affiliates including, Abalance Corporation, WWB Corporation, Vietnam Sunergy Joint Stock Company (“VSUN”), Fuji Solar Co., Ltd, VALORS Corporation, Birdy Fuel Cells LLC, and Japan Photocatalyst Center Corporation. Japanese National Board of Directors Junsei Ryu Chief Financial Officer & Director Mr. Chung has over twenty years’ experience within the financial industry, encompassing roles in investment banking and infrastructure investor. Serving as the vice president of asset finance for Nomura Securities for 9 years and managing partner for Golden Equator Capital for 6 years, Mr. Chung advised and invested in equity & debt financing on different type of structured transaction related to solar and wind power projects. U.S. national Raymond Chung Dr. Wang, has achieved over 30 years of solar innovation and is recognized as a top scientist and innovator in PV tech. In Australia, she focused on PERL cells and associated technologies as a professional officer and scientist at the Photovoltaics Special Research Centre of the University of South Wales. She is a 2023 Winners of the Queen Elizabeth Award for Engineering Australian National Chief Technology Officer & Director Dr. Aihua Wang, Ph.D . 10
Han has extensive experience in providing legal counsel to renewable energy companies and manufacturing firms. Until May 2023, she served as Sr Counsel at Renesas Electronics. Until January 2020, she was Sr. Counsel at Trina Solar Japan Energy, overseeing energy projects. Prior to that, she worked in global law firms specializing in finance and energy. She holds a JD degree from NY Law School and a bachelor's degree from UCLA. Korean National Mr. Hickey has over 20 years of experience in the cruise industry and has served as an outside director of BWAQ since February 2022. Since 2020, he has been the Managing Partner of Global Distribution Solutions, which operates river cruises on the Danube and Rhine rivers in Europe. From February 2000 to June 2020, he held senior VP positions at multiple major cruise companies, including Princess Cruises. U S National Independent Director Board of Directors (Independent Directors) Alfred “Trey” Hickey Dr. Karlsson holds 30 years of experience in science and technology policy and over 10 years in the renewable energy sector. Since 2012, he has served as VP at Elsevier, overseeing the Asia - Pacific region. Previously, he was a Science Counselor at the Embassy of Sweden in Japan. He also served as the Chair of the Japan Chapter of the International Association of Scientific, Technical, and Medical Publishers. Swedish National Independent Director Dr. Anders Karlsson, Ph.D. Mr. Tahara founded the boutique M&A firm Core Competence Corporation in July 2003 and has served as its President and CEO ever since. Prior to that, he was engaged in investment banking, primarily in the M&A sector, for over 25 years. From February 1998 to June 2003, he focused on M&A transactions at Nikko Securities Co., Ltd. Before that, he worked at Yamaichi Securities Co., Ltd. from April 1975 to January 1998. Japanese National Independent Director Hiroyuki Tahara Independent Director June Han 11
Accomplished engineers, Dr. Aihua Wang, Ph.D., the Chief Technical Officer, and Dr. Jianhua Zhao, Ph.D., as Chief Technical Advisor, lead the research and development efforts at TOYO. Dedicated to the research and development of higher efficiency and quality solar cells. TLM SEM PL Award Winning Solar R&D 2023 Winners of the Queen Elizabeth Award for Engineering Professor Andrew Blakers; Dr. Jianhua Zhao, Ph.D.; Dr. Aihua Wang, Ph.D.,; Professor Martin Green 12
Natural Gas Source: SEIA/Wood Mackenzie Solar Market Insight Report Q2 2024, U.S. Energy Information Administration • Projected solar installations for 2025 is appx. 43 GW • Growth of AI, data centers, electric vehicles, and manufacturing drives demands on the grid • Solar + storage becoming cost - competitive source of baseload power • High tariffs on Chinese suppliers creates an attractive pricing environment • Domestic production of solar cells and wafers is minimal • Current domestic cell production is less than 10 GW • Chinese manufacturers may exit U.S. manufacturing, anticipating additional policy restrictions U.S. PV Installation Historical and Forecast by Segment: 2014 - 2029 Solar Wind Other Storage Coal Residential Non - residential Utility New U.S. Electricity - Generation Capacity Additions: 2010 – Q1 2024 Capturing Opportunities in the U.S. Solar Market Demand Attractive Demand Outlook Constrained Domestic Supply 13
Our Strategy in a Dynamic Policy Environment Anti - dumping (AD) and countervailing duties (CVD) investigations disrupted imports from SE Asia in 2H 2024 Balanced strategy for a range of policy outcomes Inflation Reduction Act (IRA) currently offers attractive incentives for U.S. - based module production • Anticipate that IRA incentives will be viewed as energy security issue • Incumbent domestic manufacturers would struggle to survive absent subsidies • TOYO strategy considers range of incentive and tariff outcomes under new administration • Individual AD rate for Vietnam is in the range of 54.46% - 271.28% and preliminary CVD is 2.85% • TOYO successfully diverted all Vietnam capacity to non - US market • To supply US market with cells from Ethiopia and other non - AD/CVD affected production lines Inflation Reduction Act Construct Incentive $12 / m 2 Wafer $0.04 / watt Cell $0.07 / watt Module 14
TOYO’s Global Manufacturing Footprint ^2 GW N - TYPE Cell Manufacturing in Vietnam Headquarters in Japan 2.5 GW Capacity Module Manufacturing Plant in Houston, Texas** * 2GW commenced production in April 2025, additional 2GW to be completed by August 2025 * Anticipated First 1GW solar module production to start in mid - 2025 ^2 GW cell manufacturing capacity in Vietnam as of FY 2024 4.0 GW Capacity Solar Cell Manufacturing Facility in Ethiopia* 15
New N - Type Cell Line in Ethiopia Leverages Abundant Green Power TOYO is fitting out a state - of - the - art solar cell manufacturing facility in Ethiopia • 4.0 GW annual solar cell production facility strategically located in Hawassa, Ethiopia • Facility will take advantage of Ethiopia’s green power supply to advance TOYO’s goal of reducing its carbon footprint across the supply chain • Initial 2GW commenced production in April 2025, additional 2 GW capacity to be completed by August 2025. • $60 million project investment for first GW, and $47 million for the additional 2 GW Strategic Rationale • Enables us to rapidly scale up solar cell production to meet needs of planned module facility in the U.S. • Ethiopia offers favorable investment policies and ample hydropower supply. • Ethiopia is exempt from U.S. tariffs for bifacial solar cells • Diversifies supply chain Solar Cell Manufacturing Facility Asset to lease Hawassa, Ethiopia Location 339,063 Total facility size (sq ft) ~ 880 Expected job creation 2 GW (Commenced April 2025) 2 GW (August 2025) Solar cell production capacity (GW) Phase 1: Phase 2: 16
Acquisition of Texas Module Facility Accelerates U.S. Production Facility Details • The newly leased facility spans 567,140 square feet. It is designed to accommodate an initial solar module manufacturing capacity of 2.5 GW, with plans to scale up to 6.5 GW by 2029. The Phase I construction of the facility has been completed, and key equipment for production is expected to arrive in early 2025. Production Timeline • Mid - 2025: The facility will commence its initial production with a capacity of 1GW. • End of 2025: Production capacity will ramp up to 2.5 GW to meet anticipated demand from U.S. customers, driven by significant order volumes. Strategic Significance • This milestone marks a significant step forward in TOYO's strategy to establish a manufacturing base in the United States. Our goal is to provide advanced, highly reliable, and cost - competitive solar solutions to end customers. TOYO is committed to building a robust global solar supply chain that efficiently and competitively serves the U.S. market and other regions while adapting to evolving policy landscapes. Solar Plus Technology’s U.S. Solar Module Plant Asset acquisition 6115 Greens Rd, Humble, TX 77396 Location 567,140 Total facility size (sq. ft.) 313,000 Phase 1 planned sq. ft. Phase 1: 1.0 Phase 2: 1.5 Solar module production capacity (GW) Mid - 2025 Estimated start of production 500 for 2.5GW Staff 17
Rapid Growth in Shipments and Profitability 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2023 2024 2025E GWs - 10,000 0 10,000 20,000 30,000 40,000 50,000 2023 2024 2025E $ in 000’s Solar Cell Shipments Net Income* • Does not include contribution of modules to be produced from U.S. facility • Net income in 2024 included a $35.1 million change in fair value of contingent consideration payable for 13 million earnout shares 18
Strategy for Vertical Integration & Expansion November 2022 TOYO Solar founded October 2024 Announced planned Ethiopian cell facility July 2024 Closed Business Combination and began trading on Nasdaq November 2024 Announced planned Texas Acquisition Mid – 2025 Est. Commence production at Texas Manufacturing Plant April 2025 Commenced 2GW production at Ethiopian Solar Cell Facility November 2023 Completed first 3 GW phase of Vietnam factory TBD Ramp production to 8.5 GW modules, 8 GW cells, and 8 GW wafers 2H 2025 Est. Transfer of VSUN brand to TOYO 2022 2023 2024 2025 Beyond TBD Establish RCD center in the U.S. February 2024 Signed global OCI agreement Enhancing operational efficiencies through vertical integration of upstream wafer slicing production; midstream production of solar cells ; and downstream production of PV modules August 2025 Begin production from 2 nd 2GW line at Ethiopian Solar Cell Facility 19
Committed to Environmental Stewardship TOYO is focused on further developing the clean energy industry, adhering to a responsible global supply chain strategy, and contributing to the sustainable development of human beings with more professional, efficient and cleaner products. Social Responsibility 100% Material Traceability 20
Summary Leveraging Established VSUN Brand & Sales Channel Substantial Market Opportunity Leading N - TYPE Technology Balanced Global Manufacturing Strategy Rapid Revenue Growth & Strong Margins
22 Appendix
Key Metrics 3 GW Manufacturing Capacity Financial Year 2024 $177.0M Revenues 23 1.74 GW Solar cells shipped $40.9M Net Income
Key Metrics 3 GW Manufacturing Capacity Second Half 2024 $38.9M Revenues 24 758 MW Solar cells shipped $21.3M Net income
Unaudited Second Half 2024 Financial Summary (USD in millions, except per share amounts) 2H 2023 2H 2024 62.4 38.9 Revenues 16.6 4.8 Gross Profit 27% 12% Gross margin 2.9 8.5 Operating expenses 11.8 21.3 Net income
2024 Financial Summary (USD in millions, except per share amounts) 2023 2024 62.4 177.0 Revenues 16.6 21.9 Gross Profit 26.7% 12.4% Gross margin 4.7 12.7 Operating expenses 9.9 40.9 *Net income 0.24 0.13 **Net diluted income per share *Net income in 2024 included a $35.1 million change in fair value of contingent consideration payable for 13 million earnout shares ** Net diluted income per share excludes a $35.1 million change in fair value of contingent consideration payable for 13 million earnout shares
Exhibit 99.2
TOYO Co., Ltd Announces Second Half and FullYear 2024 Financial Results
TOKYO, Japan, April 28, 2024 – TOYO Co., Ltd (Nasdaq: TOYO) (“TOYO” or the “Company”), a solar solution company, today announced its financial results for the second half and fiscal year ended December 2024.
FY 2024 Highlights
| ● | 1.743 GW shipped |
|---|---|
| ● | Revenues increased 184% to $177.0 million compared<br>to $62.4 million in 2023 |
| --- | --- |
| ● | Gross profit margin of 12.4% compared to 26.7%<br>in 2023 |
| --- | --- |
| ● | Net income of $40.9 million in 2024 compared<br>to $9.9 million in 2023 |
| --- | --- |
2H2024 Highlights
| ● | 758 MW shipped |
|---|---|
| ● | Revenues were $38.9 million compared to $62.4<br>million for the same period in the prior year |
| --- | --- |
| ● | Gross profit margin of -12.2% compared to 26.7%<br>for the same period in the prior year |
| --- | --- |
| ● | Net income of $21.3 million compared to net income<br>of $11.8 million for the same period in the prior year |
| --- | --- |
Outlook for 2025
| ● | Solar cell shipments are expected to reach<br>3.5 GW, fuelled by robust demand and new capacity from the Company’s manufacturing facility in Ethiopia. |
|---|---|
| ● | First 1 GW solar module production in Houston<br>metropolitan area, Texas is expected to commence in mid-2025. |
| --- | --- |
| ● | Net income expected to reach $33 million,<br>reflecting continued growth and improved margins |
| --- | --- |
Management comments
“In 2024, while our revenues surged by 184% year-over-year, our margins in the second half of the year were severely impacted by the anti-dumping (AD) and countervailing duties (CVD) imposed by the U.S. Department of Commerce and the International Trade Commission on solar manufacturers operating in Vietnam,” said Junsei Ryu, Chairman and CEO of TOYO.
“These measures disrupted our delivery schedules and pricing structure as our end customers awaited clarity on the final tariffs and market pricing. Despite these headwinds, we’ve remained focused on laying the groundwork for sustainable long-term growth and a return to profitability in 2025. We successfully launched a 2GW solar cell facility in Ethiopia, which is now operational. In response to robust customer demand, we’ve made the strategic decision to double this capacity, targeting a total of 4GW by end of August 2025.”
“Our expansion into Ethiopia has not only allowed us to offset tariff impacts but also reinforced our global competitiveness, with that capacity fully allocated for 2025. The first 1GW of capacity at our solar module plant in Houston metropolitan area, Texas, is expected to come online by mid-2025, supported by strong demand from customers in the U.S. Our diversified supply chain positions us very well to serve the U.S. market, where utility-scale demand remains robust, given the speed and cost competitiveness of solar. Looking forward, we remain deeply committed to the U.S. market and are accelerating the expansion of our manufacturing footprint across all solar cell and module facilities.”
Unaudited Second Half 2024 Results
Revenues for the second half of 2024 were $38.9 million, which decreased 37.7% from $62.4 million in the same period last year. The decline was primarily due to customer order delays and adjustments, as the Company shifted its focus to non-U.S. markets to mitigate the impact of anti-dumping and countervailing duties.
The cost of revenues was $43.6 million for the second half of 2024, which decreased 4.6% compared to $45.7 million for the same period last year.
Total operating expenses increased to $8.5 million for the second half of 2024 from $2.9 million for the same period last year.
| ● | Selling and marketing expenses were $1.3 million<br>for the second half of 2024 compared to $0.02 million for the same period last year. The increase was attributable to commercial production,<br>which only started in Q3 2023, and the shift in sales from affiliated to third-party customers. |
|---|---|
| ● | General and administrative expenses were $7.2<br>million for the second half of 2024, compared to $2.9 million for the same period last year. The increase was primarily driven by an increase<br>in expenses related to the U.S. listing, as well as land and plant leases for the Company’s U.S. and Ethiopia expansion and expenses<br>related to the start-up phase of operations for the solar module plant in Houston metropolitan area, Texas. |
| --- | --- |
Net income was $21.3 million for the second half of 2024, compared to a net income of $11.8 million for the same period last year.
Full Year 2024 Financial Results
Revenues were $177.0 million for 2024, representing an 184% year-over-year increase from the prior year. The increase was primarily driven by shifting into commercial-scale production at the Vietnam cell facility in the second half of 2023, along with sales to alternate markets.
Cost of revenues was $155.1 million, a 239% increase from $45.7 million in the prior year. The increase in cost of revenue was approximately in line with the increase of sales in solar cells.
Gross profit was $21.9 million, compared to $16.6 million in the prior year. Gross profit margin was 12.4% in fiscal year 2024 compared to 26.7% in the same period of 2023. The decrease in gross profit margin was related to the customer adjustments made in the second half of 2024 to mitigate risk from AD/CVD to non-US end customers with lower Average Selling Prices, as well as the impact of reduced capacity utilization in Vietnam in the period of market adjustment.
Operating expenses were $12.7 million compared to $4.7 million in the prior year, representing an increase of 172.7% year-over-year.
| ● | Selling and marketing expenses **** were<br>$1.6 million compared to $0.02 million in 2023. The increase was primarily attributable to an increase in freight and handling expenses,<br>as well as sales commissions as the Company shifted from primarily selling its solar cells from affiliated customers to third-party customers. |
|---|
| ● | General and administrative expenses **** were<br>$11.1 million, an increase from $4.6 million in 2023. The increase was primarily attributable to increased expenses related to listing,<br>land, and plant lease expenses in the U.S. and Ethiopia and an increase in depreciation and amortization expenses. |
|---|
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Net income was $40.9 million, compared to a net income of $9.9 million in the prior year. Net income in 2024 included a $35.1 million change in fair value of contingent consideration payable for 13 million earnout shares.
Earnings per share, basic and diluted, excluding 13 million earnout shares, was $0.13 compared to earnings per share, basic and diluted, of $0.24 in the prior year.
As of December 31, 2024, the Company had $15.5 million in cash and restricted cash in total, compared to $19.0 million as of December 31, 2023.
Business Outlook
“Navigating global trade headwinds with agility and foresight, we have proactively realigned our Vietnam manufacturing operations to focus on non-U.S. markets. This strategic shift has enabled us to maintain shipment stability and significantly reduce exposure to tariff-related risks,” said Mr. Ryu.
“Simultaneously, our expansion into Ethiopia marks a transformative move toward long-term growth. Our new 2GW solar cell facility is fully operational, with over 80MW scheduled for customer delivery by the end of April 2025. This site is a strategic anchor in our global growth roadmap, enabling us to serve high-demand markets while preserving margin integrity and deepening customer partnerships.”
“With approximately 3.5GW in projected shipments for 2025, we expect to generate $33 million in net income, driven by enhanced operational efficiency and our position as one of the market leaders in the solar sector with a substantial market share in utility-scale U.S. solar installations,” he concluded.
Conference Call
TOYO will host a webcast and conference call to discuss its second half and fiscal year 2024 results on April 28, 2025, 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) 715-9871
Participant Toll Dial-In Number: +1 (646) 307-1963
Japan - Tokyo: +81.3.4578.9081
Conference ID:7240281
Live Webcast: https://events.q4inc.com/attendee/370740443
Exchange Rate Information
This 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 VND25,056 to US$1.00, the exchange rate as of December 31, 2024, all translations from VND to U.S. dollars and from U.S. dollars to VND are made at a rate of VND 25,488 to US$1.00, the average exchange rate for the twelve months ended December 31, 2024, 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.
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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.com
Crocker Coulson
Email: crocker.coulson@aummedia.org
Tel: (646) 652-7185
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