TOYO Announces Updated Audited Financial Results for the Full Year 2024

By PR Newswire | May 15, 2025, 8:30 AM

TOKYO, May 15, 2025 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) ("TOYO" or the "Company"), a solar solution company, today announced certain updates to its press release issued on April 28, 2025, announcing the Company's second half and fiscal year ended December 2024 financial results. The Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, was filed with the Securities and Exchange Commission ("SEC") on May 12, 2025.

The operating expenses, general and administrative expenses, net income, and earnings per share for the fiscal year ended 2024 disclosed in the prior press release are updated and reflected in the audited financial statements as set forth below.

Operating expenses were $13.0 million for 2024 compared to $4.7 million in the prior year, representing an increase of 180.4% year-over-year.

  • Selling and marketing expenses were $1.6 million for the fiscal year 2024 compared to $0.02 million in 2023. The increase was primarily due to an increase of approximately $1.2 million in freight and handling expenses and an increase of approximately $0.2 million in sales commissions.
  • General and administrative expenses were $11.4 million for the fiscal year 2024, an increase from $4.6 million in 2023. The increase was primarily attributable to an increase of payroll and welfare expenses of approximately $3.3 million, an increase of audit and consulting expenses of approximately $1.9 million, an increase of approximately $0.6 million in rental expenses, an increase of approximately $0.9 million in depreciation and amortization expenses, and expense of offering cost allocated to contingent consideration payable.

Net income was $40.5 million for 2024, 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 under US GAAP, basic and diluted, were $1.09 for 2024 compared to earnings per share, basic and diluted, of $0.24 in the prior year.

Earnout shares to be released to initial shareholders would be calculated based on the Company's audited net profit of $5.4 million, which excludes changes in fair value of such earnout shares as of December 31, 2024, divided by the benchmark amount of $41 million multiplied by 13 million earnout shares. 11,287,703 earnout shares are expected to be surrendered to and canceled by the Company, resulting in a total of 35,308,040 ordinary shares issued and outstanding immediately after such surrender.

As of December 31, 2024, the Company had $17.1 million in cash and restricted cash in total, compared to $19.0 million as of December 31, 2023.

For more information, investors will be able to obtain copies of the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2024 at the SEC' website at www.sec.gov.

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.

[email protected] 

Crocker Coulson

Email: [email protected]

Tel: (646) 652-7185

TOYO Co., Ltd

CONSOLIDATED BALANCE SHEETS

(Currency expressed in United States Dollars ("US$"), except for number of shares)





December 31,



December 31,



2024



2023

ASSETS











Current Assets











Cash

$

13,654,445



$

18,035,405

Restricted cash



1,878,267





82,195

Accounts receivable, net



6,913,996





Accounts receivable – related parties



11,840,648





Prepayments



392,249





149,304

Prepayments – a related party







24,400,798

Inventories, net



19,984,094





39,999,992

Other current assets



725,130





85,702

Total Current Assets



55,388,829





82,753,396













Non-current Assets











Restricted cash, non-current



1,616,677





879,893

Deferred offering costs







2,084,810

Long-term prepaid expenses



7,217,986





7,757,193

Deposits for property and equipment



9,716,009





1,466,878

Property and equipment, net



129,039,494





142,781,558

Right of use assets



36,627,800





537,032

Other non-current assets



192,905





22,250

Total Non-current Assets



184,410,871





155,529,614

Total Assets

$

239,799,700



$

238,283,010













LIABILITIES AND EQUITY











Current Liabilities











Short-term bank borrowings

$

16,126,730



$

Accounts payable



17,629,696





37,221,124

Contract liabilities



3,635,144





530,817

Contract liabilities – related parties



20,098,561





28,815,934

Income tax payable



781,238





Due to related parties



56,633,373





96,867,739

Other payable and accrued expenses



3,392,774





5,606,763

Lease liabilities, current



2,118,900





151,260

Contingent consideration payable (13,000,000 earnout shares subject to surrender and cancel as of December 31,









2024)



4,617,000





Total Current Liabilities



125,033,416





169,193,637













Lease liabilities, non-current



34,327,142





372,725

Long-term bank borrowings



20,999,733





11,819,527

Total Non-current Liabilities



55,326,875





12,192,252

Total Liabilities



180,360,291





181,385,889













Commitments and Contingencies (Note 16)























Equity











Ordinary shares (par value $0.0001 per share, 500,000,000 shares authorized, 46,595,743 shares issued, and











33,595,743 shares outstanding (excluding 13,000,000 earnout shares subject to surrender and cancel) as of











December 31, 2024 and 41,000,000 shares issued and outstanding as of December 31, 2023, respectively)*



3,359





4,100

Additional paid-in capital



14,414,905





49,995,900

Retained earnings



50,316,486





9,702,316

Accumulated other comprehensive loss



(5,494,790)





(2,805,195)

Total TOYO Co., Ltd Shareholders' Equity



59,239,960





56,897,121

Non controlling interest



199,449





Total Equity



59,439,409





56,897,121

Total Liabilities and Equity

$

239,799,700



$

238,283,010



The share information is presented on a retroactive basis to reflect the reorganization effected on February 27, 2024 (Note 1).

 

 

 

TOYO Co., Ltd

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME

(Currency expressed in United States Dollars ("US$"), except for number of shares)

















For the Period

















from its

















inception on

















November 8,





For the Year Ended



2022 through



December 31,



December 31,





2024





2023



2022



Revenues from related parties

$

127,271,262



$

61,504,724



$



Revenues from third parties



49,685,866





872,666







Revenues



176,957,128





62,377,390



























Cost of revenues – related parties



(95,904,220)





(35,923,151)







Cost of revenues – third parties



(59,154,996)





(9,823,709)







Cost of revenues



(155,059,216)





(45,740,860)







Gross profit



21,897,912





16,636,530



























Operating expenses



















Selling and marketing expenses



(1,625,724)





(17,573)







General and administrative expenses



(11,412,152)





(4,632,009)





(187,422)



Total operating expenses



(13,037,876)





(4,649,582)





(187,422)























Income (loss) from operations



8,860,036





11,986,948





(187,422)























Other income (expenses)



















Interest (expenses) income, net



(3,264,646)





(3,261,459)





583



Other income, net



586,167





1,163,666







Changes in fair value of contingent consideration payable



35,100,000











Total other income (expenses), net



32,421,521





(2,097,793)





583























Income (loss) before income taxes



41,281,557





9,889,155





(186,839)























Income tax expenses



(781,238)











Net income (loss)

$

40,500,319



$

9,889,155



$

(186,839)



Less: net loss attributable to noncontrolling interests



(113,851)











Net income (loss) attributable to TOYO Co., Ltd's shareholders



















$

40,614,170



$

9,889,155



$

(186,839)























Other comprehensive (loss) income



















Foreign currency translation adjustment



(2,689,595)





(3,200,853)





395,658



Comprehensive income

$

37,810,724



$

6,688,302



$

208,819



Less: net loss attributable to noncontrolling interests



(113,851)











Comprehensive income attributable to TOYO Co., Ltd's shareholders



















$

37,924,575



$

6,688,302



$

208,819























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



30,751,424



$

41,000,000



$

41,000,000



Earnings (loss) per share – basic and diluted*

$

1.09



$

0.24



$

(0.00)





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., Ltd

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Currency expressed in United States Dollars ("US$"), except for number of shares)





Attributable to TOYO Co., Ltd's shareholders



















Retained



Accumulated











Ordinary shares



Additional



Earnings



other



Non-







Number of













(Accumulated



comprehensive



controlling



Total



shares*





Amount



paid-in capital



deficit)



income (loss)



interest



Amount

Balance as of its







































inception







































on November 8, 2022



$



$



$



$



$



$

Capital injection from







































shareholders

41,000,000





4,100





7,635,319

















7,639,419

Net loss













(186,839)













(186,839)

Foreign currency







































translation







































adjustments

















395,658









395,658

Balance as of







































December 31, 2022

41,000,000



$

4,100



$

7,635,319



$

(186,839)



$

395,658



$



$

7,848,238

Capital injection from







































shareholders









42,360,581

















42,360,581

Net loss













9,889,155













9,889,155

Foreign currency







































translation







































adjustments

















(3,200,853)









(3,200,853)

Balance as of







































December 31, 2023

41,000,000



$

4,100



$

49,995,900



$

9,702,316



$

(2,805,195)



$



$

56,897,121

Reverse recapitalization

4,425,743





442





(851,791)

















(851,349)

Reclassification of







































earnout shares

(13,000,000)





(1,300)





(39,715,700)

















(39,717,000)

Capitalization of







































offering costs pursuant







































to reverse







































recapitalization









(2,572,889)

















(2,572,889)

Issuance of ordinary







































shares to a private







































placement investor

1,100,000





110





5,999,990

















6,000,100

Capital injection from







































shareholders









10,000

















10,000

Capital injection from







































shareholders









10,000

















10,000

Issuance of ordinary







































shares to independent







































directors

70,000





7





608,993

















609,000

Asset acquisition by







































issuing a subsidiary's







































shares









940,402













313,300





1,253,702

Net income













40,614,170









(113,851)





40,500,319

Foreign currency







































translation







































adjustments

















(2,689,595)









(2,689,595)

Balance as of







































December 31, 2024

33,595,743



$

3,359



$

14,414,905



$

50,316,486



$

(5,494,790)



$

199,449



$

59,439,409



The share information is presented on a retroactive basis to reflect the reorganization effected on February 27, 2024 (Note 1).

 

 

TOYO Co., Ltd

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Currency expressed in United States Dollars ("US$")

















For the Period















from its















inception on















November 8,





For the Year Ended



2022 through





December 31,



December 31,





2024





2023



2022

Cash flows from operating activities:

















Net income (loss)



40,500,319



$

9,889,155



$

(186,839)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

















   Depreciation of property and equipment



23,235,143





2,607,276





16

   Loss from disposal of property and equipment







13,511





   Amortization of right of use assets



289,198





114,614





1,060

   Loss from early termination of lease agreement



29,186









   Amortization of long-term prepaid expenses



171,419





180,192





29,573

   Share-based compensation



609,000









   Changes in fair value of contingent consideration payable



(35,100,000)









   Inventory write down



2,536,668









   Expense of offering cost allocated to contingent consideration payable



359,000









Changes in operating assets and liabilities:

















   Accounts receivable



(6,138,919)









   Accounts receivable – related parties



(11,984,896)









   Prepayments



(254,223)





(152,023)





   Prepayments – a related party



23,635,352





(24,845,082)





   Inventories



15,882,337





(40,728,301)





  Other current assets



(1,427,492)





(87,263)





   Long-term prepaid expenses











(7,984,714)

   Other non-current assets



(171,353)





(22,655)





   Accounts payable



3,034,220





2,079,725





798,471

   Contract liabilities



3,183,138





540,481





   Contract liabilities – a related party



(7,813,425)





29,340,608





   Income tax payable



781,238









   Due to related parties



(1,593,064)





3,267,670





1,685,008

   Other payable and accrued expenses



(2,769,631)





5,404,730





65,983

   Lease liabilities



(486,475)





(131,655)





2,639

Net cash provided by (used in) operating activities



46,506,740





(12,529,017)





(5,588,803)



















Cash flows from investing activities:

















Purchase of property and equipment



(42,501,403)





(114,113,439)





(243,937)

Purchase of property and equipment from a related party



(1,542,768)





(126,272)





Net cash used in investing activities



(44,044,171)





(114,239,711)





(243,937)



















Cash flows from financing activities:

















Capital injection from shareholders



10,000





42,360,581





7,639,419

Proceeds from private placement



6,000,100









Proceeds from bank borrowings



65,663,820





12,034,734





Repayment of bank borrowings



(39,546,161)









Proceeds from borrowings from a related party



5,000,000





93,571,624





Repayment of borrowings to a related party



(38,093,104)









Payments of offering costs



(1,124,374)





(1,817,310)





Net cash (used in) provided by financing activities



(2,089,719)





146,149,629





7,639,419



















Effect of exchange rate changes on cash



(2,220,954)





(2,448,856)





258,769

Net (decrease) increase in cash

$

(1,848,104)



$

16,932,045



$

2,065,448

Cash and restricted cash at beginning of year



18,997,493





2,065,448





Cash and restricted cash at end of year



















$

17,149,389



$

18,997,493



$

2,065,448



















Supplemental cash flow information

















Cash paid for interest expense

$

3,316,100



$



$

Cash paid for income tax

$



$



$



















Noncash investing and financing activities

















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

$

3,636,453



$

473,014



$

186,950

Payables related to purchase of property and equipment

$

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

$

13,654,445



$

18,035,405



$

2,065,448

Restricted cash



1,878,267





82,195





Restricted cash, non-current



1,616,677





879,893

























$

17,149,389



$

18,997,493



$

2,065,448

 

 

 

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