TOYO Co., Ltd Reports Promising Half-Yearly Performance

TOYO Co., Ltd Reports Promising Half-Yearly Performance

TOYO Co., Ltd (NASDAQ: TOYO), a notable contender in the solar solutions industry, is excited to share its latest financial performance insights for the first half of 2025. The company has made significant strides in boosting its shipments, revenues, and net income forecasts for this year, solidifying its growth trajectory amidst an evolving energy market.

Key Business Highlights

In the first half of 2025, TOYO achieved much to celebrate:

• Shipped approximately 1.6 GW of solar cells, contributing to the surge in renewable energy solutions.
• Generated revenues of about $139 million, marking a modest increase of 0.7% from the previous year.
• Reported a Non-GAAP Adjusted EBITDA of around $23 million.
• Successfully launched the first 2 GW solar cell plant in Ethiopia and commenced production, aimed at serving expanding markets.
• Achieved full production capacity expectations by October 2025.
• Confirmed orders that extend production capacity to 4 GW through 2026.
• Acquired the VSUN brand to enhance strategic growth and domestic manufacturing in North America.

Full Year Outlook for 2025

Looking ahead to the entire year of 2025, TOYO has ambitious plans:

• Anticipates solar cell shipments to reach around 4.2 to 4.4 GW due to increasing market demand.
• Expectations to ramp up solar module production in the Houston area, aligning with delivery schedules anticipated to be fulfilled by year’s end.
• The forecast for net income is projected to be between $39 million to $45 million, enhanced by increased productivity and profitability.

Management Insights

Junsei Ryu, Chairman and CEO of TOYO, commented, "Even amidst a challenging environment influenced by fluctuating tariffs and market demands, our team has adeptly realigned our production capabilities. Our Ethiopian facility is operational at a capacity of 2GW, with plans to further scale to 4GW by October 2025. This initiative is not only cost-effective but also leverages access to green energy resources."

Mr. Ryu added, "The establishment of our module production in Houston exemplifies our commitment to 'made-in-USA-for-USA' principles. With our acquisition of the VSUN brand, we will synergize avenues with leading utility-scale developers across North America, reinforcing our dual focus on performance and domestic manufacturing benefits."

First Half Financial Overview

The unaudited results for the first half of 2025 show:

• Revenues of approximately $139 million, driven by the new Ethiopian operations.
• A cost of revenue totaling around $116 million, slightly up from last year's figures.
• A gross profit margin of 16.6%, reflecting an adjustment due to material costs and market conditions.
• Operating expenses significantly increased to about $13 million, primarily due to investments in strategic infrastructure and operational scalability.

In terms of profitability, TOYO reported a net income of approximately $4 million, compared to $19.6 million in the previous period, underscoring the transformative phase the company is navigating.

Looking Towards Sustainable Growth

TOYO has set its sights on exceeding the previous shipment guidance of 3.5 GW, substantially increasing the forecast to 4.2 to 4.4 GW. Strategically, the company aims to enhance production at the Ethiopian facility while directing Vietnamese production towards high-demand markets unaffected by U.S. tariffs.

“The optimization of our U.S. module production plan alongside careful sourcing strategies positions us to meet the rising electricity demands efficiently,” concluded Mr. Ryu. "Our upcoming strategies surrounding the VSUN brand and its integration will fortify our operational structure to better serve our customers and drive long-term value."

Conference Call and Engagement

TOYO invites stakeholders to join a live webcast and conference call to discuss its first half 2025 results, scheduled for September 8, 2025. This session promises insights into TOYO's future direction and expected growth in the renewable energy sector.

Frequently Asked Questions

What are the key achievements of TOYO in the first half of 2025?

TOYO reported 1.6 GW in solar cell shipments and $139 million in revenues, with ambitious plans to expand production capacity.

How has TOYO adapted to the current market environment?

TOYO has adjusted its sourcing and production strategies to navigate the changing tariffs and maintain operational efficiency.

What is TOYO's full-year revenue forecast for 2025?

The company anticipates revenues between $375 million to $400 million with a net income target of $39 to $45 million.

Where is TOYO expanding its production facilities?

TOYO is ramping up solar module production in the Houston area and enhancing its Ethiopian facility.

What strategic moves is TOYO making to increase its market share?

Acquiring the VSUN brand and realigning production towards high-demand markets are pivotal to TOYO's growth strategy.

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