Toyo Co (TOYO) investor relations material

Executive summary

• Delivered 1.6 GW of solar cells in H1 2025, up from 985 MW year-over-year, reflecting strong operational execution and rapid global expansion, including major new facilities in Ethiopia and the U.S.

• Acquired the VSUN/VESAN brand to unify operations, enhance market presence, and leverage established customer relationships.

• New solar cell facility in Ethiopia reached full 2 GW capacity in April 2025, with plans to double to 4 GW by October 2025, supporting cost structure and technology leadership.

• Commenced module production in Houston, advancing the Made in USA strategy and reinforcing commitment to American manufacturing.

• Focused on vertical integration and global manufacturing to enhance efficiency and cost competitiveness.

Financial highlights

• Revenue for H1 2025 was $139M, a 0.7% increase from $138.1M year-over-year, driven by new Ethiopian production.

• Gross profit margin declined to 16.6% from 19.3% year-over-year due to higher raw material costs and product mix changes.

• Operating expenses rose 219.9% to $30M, mainly from higher sales commissions and costs related to new facilities and public company status.

• Non-GAAP adjusted EBITDA was $23M, down from $33M year-over-year, reflecting increased expenses and lower US sales.

• Net income attributable to shareholders was $4M, down from $19.6M year-over-year; EPS was $0.10 versus $0.40–$0.48.

Outlook and guidance

• Full-year 2025 solar cell shipments expected to reach 4.2–4.4 GW, exceeding previous guidance of 3.5 GW.

• Projected 2025 revenue of $375–$400M and net income of $39–$45M.

• Anticipates gross margin recovery as Ethiopian facility scales and cost structure is refined.

• Houston module facility to ramp up deliveries by year-end; Ethiopian plant to reach 4 GW capacity by October 2025.

• U.S. module production in Houston began trial production in July 2025, with ramp-up expected by year-end.