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TOYO Co Ltd (TOYO) is a Nasdaq-listed leader in vertically integrated solar solutions, driving innovation across photovoltaic research, production, and global distribution. This dedicated news hub provides investors and industry stakeholders with timely updates on financial performance, technological breakthroughs, and strategic initiatives shaping the renewable energy sector.
Access authoritative coverage of earnings announcements, manufacturing expansions, and product innovations from a company renowned for its end-to-end control of solar cell production. TOYO's TÜV SÜD and CSA-certified operations ensure all updates reflect rigorous quality standards and market-leading sustainability practices.
Discover how TOYO's global manufacturing footprint – including facilities in strategic U.S. and African locations – influences industry trends and clean energy adoption. Regular updates on partnership developments and operational milestones offer critical insights for evaluating the company's position in competitive solar markets.
Bookmark this page for consolidated access to verified TOYO disclosures, analyst-reviewed financial data, and objective reporting on photovoltaic advancements. Stay informed about the solar industry leader combining Japanese precision with worldwide renewable energy impact.
TOYO (Nasdaq: TOYO) has released updated audited financial results for FY2024. The company reported a net income of $40.5 million in 2024, up from $9.9 million in 2023, including a $35.1 million change in fair value of contingent consideration. Operating expenses increased by 180.4% to $13.0 million, while earnings per share rose to $1.09 from $0.24 year-over-year. The company's cash position decreased to $17.1 million from $19.0 million in 2023. Based on the audited net profit of $5.4 million, 11,287,703 earnout shares will be surrendered and canceled, leaving 35,308,040 ordinary shares outstanding.
TOYO Co., (NASDAQ: TOYO) reported its FY2024 financial results, showing a 184% revenue increase to $177.0 million from $62.4 million in 2023. The company shipped 1.743 GW and achieved a net income of $40.9 million, up from $9.9 million in 2023. However, gross profit margin declined to 12.4% from 26.7%.
Second half 2024 performance was impacted by U.S. anti-dumping duties, with revenues declining 37.7% to $38.9 million and gross profit margin falling to -12.2%. The company has responded by shifting focus to non-U.S. markets and expanding operations, including a new 2GW solar cell facility in Ethiopia and planned 1GW solar module production in Houston, Texas.
For 2025, TOYO projects 3.5 GW in solar cell shipments and expects net income of $33 million. The company plans to double its Ethiopia capacity to 4GW by August 2025, with the facility already fully allocated for 2025 production.
TOYO (Nasdaq: TOYO) has initiated production at its new 2GW solar cell facility in Ethiopia in early April 2025. The company plans to deliver over 80 MW of solar cells to customers by April's end, with production expected to reach 150-200 MW monthly by May-June 2025.
Due to strong customer demand and requirements from its Houston Texas module facility, TOYO announced plans to expand the Ethiopian plant's nameplate capacity to 4GW. This expansion aligns with the company's strategy to enhance its global solar manufacturing presence and meet growing renewable energy demand.
TOYO Co (Nasdaq: TOYO, OTC: TOYWF), a solar solution company, has scheduled the release of its second half and fiscal year 2024 financial results on Monday, April 28, 2025. The company will host a conference call at 8:30 AM ET to discuss the results.
The earnings release and investor presentation will be accessible on the company's investor relations website at investors.toyo-solar.com before the event. Participants can join via webcast or through various dial-in numbers, including toll-free (800) 715-9871, toll +1 (646) 307-1963, and Japan-Tokyo +81.3.4578.9081, using Conference ID: 7240281.
TOYO Co (Nasdaq: TOYO) hosted Ethiopian Prime Minister Abiy Ahmed Ali at its solar cell production facility in Phu Tho Province, Vietnam on April 15, 2025. The Prime Minister, accompanied by ministerial delegates and local officials, toured TOYO's intelligent solar cell production line.
Key developments include:
- TOYO is expanding its Ethiopian facility in Hawassa from 2 GW to 4 GW capacity
- The expansion project is scheduled for completion by July 2025
- Production at the expanded facility is expected to begin in August 2025
Prime Minister Abiy Ahmed invited Abalance Group, TOYO's parent company, to participate in developing photovoltaic power plants in Ethiopia, aiming to enhance strategic cooperation and advance the country's green energy goals.
The Japan Go IPO Summit, co-hosted by Nasdaq and MarcumAsia, will take place on June 5th, 2025 at the Grand Hyatt Tokyo. The event features Keitaro Ishii, Director of Kura Sushi USA (NASDAQ: KRUS), as keynote speaker discussing successful U.S. public company strategies.
Notable speakers include executives from Coincheck Group (NASDAQ: CNCK) and TOYO Co. (NASDAQ: TOYO). The full-day summit will cover important topics including:
- State of the IPO Market
- Elements of IPO Success
- SPACs: Advantages and Lessons
- Legal, Accounting, and Audit Preparation
- Wall Street Following Development
- Market Tapping Strategies
- M&A as a Public Company
The Japan Go IPO Summit, co-hosted by Nasdaq and MarcumAsia, has announced its speaker lineup for the June 5th, 2025 event at the Grand Hyatt Tokyo. Seitaro Ishii, Director of Kura Sushi USA (NASDAQ: KRUS), will deliver the keynote address on successful U.S. public company operations.
The summit will feature notable speakers including executives from Coincheck Group (NASDAQ: CNCK) and TOYO Co. (NASDAQ: TOYO). The full-day event will focus on IPO readiness, cross-border strategies, and U.S. capital market access.
Key topics include:
- State of the IPO Market
- Elements of IPO Success
- SPACs: Advantages and Lessons Learned
- Legal, Accounting, and Audit Preparation
- Wall Street Following Development
- Market Tapping Strategies
- M&A as a Public Company
TOYO (Nasdaq: TOYO) has announced plans to double its solar cell production capacity in Ethiopia with an additional 2 gigawatts (GW) expansion. This decision follows the successful completion of Phase 1 facility, which also has 2GW capacity and is scheduled to begin production in early Q2 2025.
The Phase 2 expansion key details include:
- Investment of $47 million
- Construction to begin in April 2025
- Completion expected by July 2025
- Production start planned for August 2025
- 28,000 m2 facility in Hawassa, Ethiopia
The company is currently in negotiations for the Phase 2 facility lease, which will be adjacent to Phase 1's automated cell production site. The existing infrastructure from Phase 1 will support the expansion, enabling a faster timeline.
TOYO Co (Nasdaq: TOYO) recently hosted a delegation from Ethiopia's Industrial Park Development (IPDC) and Ethiopia's Ambassador to Japan at its facilities in Vietnam and Japan. The visit followed the Japan-India-Africa Business Forum on February 26, 2025.
The company is currently constructing a 2 GW solar cell manufacturing plant within Ethiopia's IDPC industrial park, scheduled to begin production by end of March 2025. The meeting emphasized potential collaboration opportunities in establishing a solar supply chain, aligning with Ethiopia's industrial infrastructure and environmental sustainability goals.
TOYO's CEO Junsei Ryu highlighted Ethiopia's supportive business environment and access to green power as key advantages for the facility. IPDC's CEO Feseha Yetagesu expressed appreciation for TOYO's commitment to sustainable investments in Ethiopia.
TOYO Co., (Nasdaq: TOYO), a solar solution company, announced that its warrants will commence trading on the OTCQB under the ticker symbol TOYWF starting February 24, 2025. CEO and Chairman Mr. Junsei Ryu expressed excitement about this milestone, highlighting the enhanced market presence and additional liquidity for investors. The trading of TOYO's warrants on OTC Markets aims to provide greater flexibility and access for shareholders and a broader base of investors interested in the company's growth.
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