TOYO Co., Ltd. Acquires Remaining 24.99% Interest in TOYO Solar LLC

Rhea-AI Summary

TOYO Co., Ltd (Nasdaq: TOYO) announced it acquired the remaining 24.99% membership interest in its U.S. unit, TOYO Solar LLC, making the subsidiary wholly owned as of December 8, 2025.

The company said this follows its strategic expansion into U.S. manufacturing and aims to strengthen its presence in the American solar supply chain. TOYO Solar LLC is advancing development of a 2.5GW solar module manufacturing facility in Texas. Management framed full ownership as strengthening operational control and aligning long-term interests for U.S.-made solar production.

Positive

• Acquired remaining 24.99% interest to attain full ownership
• Full ownership strengthens operational control over U.S. operations
• 2.5GW solar module manufacturing facility advancing in Texas

Negative

• None.

Key Figures

Remaining stake acquired 24.99% membership interest Interest in TOYO Solar LLC, making it a wholly owned subsidiary

Texas facility scale 2.5 GW Planned solar module manufacturing capacity in Texas

1H 2025 revenue $139 million First half 2025 financial results

Revenue growth 0.7% Year-over-year revenue growth in first half 2025

Non-GAAP Adjusted EBITDA $23 million First half 2025, down from prior year

Houston module plant 1 GW Annual design capacity of Houston solar module facility

Production credit $0.07 per watt Section 45X U.S. tax incentives through 2030

Shelf registration size $200,000,000 Maximum securities under Form F-3 shelf

Market Reality Check

$6.20 Last Close

Volume Volume 31,765 is 1.88x the 20-day average of 16,930, indicating elevated interest ahead of this update. high

Technical Shares at $7.10 are trading above the 200-day MA of $4.58, reflecting a pre-existing uptrend.

Peers on Argus 1 Up

Solar peers showed mixed moves, with ZEO up 0.8%, SOL up 2.27%, while SPWR and FTCI declined 1.84% and 4.61%. This dispersion, alongside only one momentum peer, points to a company-specific narrative for TOYO.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 03	European partnership	Positive	-3.1%	Strategic partnership with Voltec to supply low‑carbon solar cells in Europe.
Oct 14	Facility launch	Positive	+6.0%	Houston module facility begins 1 GW commercial operations with strong demand.
Sep 08	Earnings update	Positive	-5.1%	First‑half 2025 results with slight growth, lower EBITDA, raised outlook.
Sep 04	Brand acquisition	Positive	-12.9%	Acquisition of VSUN brand to strengthen U.S. utility‑scale solar presence.
Sep 03	Investor events	Neutral	+6.6%	Participation in investment and clean energy conferences to engage investors.

Pattern Detected

Recent history shows TOYO often experiencing negative reactions to otherwise positive strategic or financial news, with occasional strong rallies on operational milestones or investor events.

Recent Company History

Over the last six months, TOYO has reported several key milestones, including commissioning a 2 GW cell plant in Ethiopia, starting a 1 GW Houston module facility, and entering Europe via a Voltec Solar partnership. An earlier VSUN brand acquisition and raised 2025 outlook highlighted expansion and branding efforts. Price reactions have been mixed, with some strategic updates sold off while operational ramp-up and conference participation drew gains. Today’s move to fully own TOYO Solar LLC extends this U.S.-focused buildout.

Regulatory & Risk Context

Active S-3 Shelf Registration 2025-10-20

TOYO has an active Form F-3 shelf, amended on 2025-10-20 via an exhibit-only F-3/A update adding auditor consent. The framework allows potential securities sales from time to time after effectiveness, with specific terms to be detailed in future prospectus supplements.

Market Pulse Summary

The stock moved -5.1% in the session following this news. A negative reaction despite the control-enhancing acquisition would fit prior patterns where positive strategic news preceded declines, such as the VSUN brand deal that saw a -12.94% move. The market may be cautious about integration and capital needs tied to the 2.5 GW Texas project and broader expansion plans. An active Form F-3 shelf also provides a mechanism for future offerings, which some investors may treat as an overhang.

Jargon Translator

form f-3

Form F-3 is a U.S. securities filing that lets eligible foreign companies pre-register and then quickly sell shares or other securities to raise money, because they already meet ongoing reporting and size tests. For investors it signals that the company is up-to-date with regulatory disclosure and has an efficient way to issue new securities — similar to a pre-approved credit line — which can mean faster capital raises but also potential dilution of existing holdings.

schedule 13g

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Shelf registration

Shelf registration is when a company gets permission ahead of time to sell new stocks or bonds over a period of time instead of all at once. It matters to investors because it lets a company raise money quickly when needed, but it can also change the value of existing shares if many new ones are sold.

AI-generated analysis. Not financial advice.

TOKYO, Dec. 8, 2025 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF),  ("TOYO" or the "Company"), a solar solution company, today announced that it has acquired the remaining 24.99% membership interest in its U.S. subsidiary, TOYO Solar LLC, making it a wholly owned subsidiary of the Company.

This transaction follows TOYO's recent strategic expansion into U.S.-based manufacturing and underscores the Company's commitment to strengthening its presence in the American solar supply chain. TOYO Solar LLC is currently advancing the development of a 2.5GW solar module manufacturing facility in Texas.

Junsei Ryu, Chairman and CEO of TOYO, commented: "This acquisition marks a key milestone in our U.S. growth strategy. Full ownership of TOYO Solar LLC strengthens our operational control, aligns our long-term interests, and reinforces our commitment to delivering American-made solar solutions at scale."

About TOYO Co., Ltd.

TOYO is a solar solutions company committed to becoming a full-service solar solutions provider in the global market, integrating 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

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in TOYO's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in TOYO's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. TOYO specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

Contact Information:

For TOYO Co., Ltd.
IR@toyo-solar.com 

Crocker Coulson
Email: crocker.coulson@aummedia.org
Tel: (646) 652-7185

View original content:https://www.prnewswire.com/news-releases/toyo-co-ltd-acquires-remaining-24-99-interest-in-toyo-solar-llc-302635211.html

SOURCE TOYO Co., Ltd

FAQ

What did TOYO (Nasdaq: TOYO) announce on December 8, 2025 about TOYO Solar LLC?

TOYO announced it acquired the remaining 24.99% membership interest in TOYO Solar LLC, making it a wholly owned subsidiary.

How large is the TOYO Solar LLC manufacturing facility mentioned in the TOYO announcement?

TOYO Solar LLC is advancing development of a 2.5GW solar module manufacturing facility in Texas.

Why did TOYO say it bought the remaining interest in TOYO Solar LLC?

The company said full ownership strengthens operational control, aligns long-term interests, and reinforces its U.S. manufacturing commitment.

Does the TOYO press release state TOYO Solar LLC is now wholly owned?

Yes. The announcement confirms TOYO Solar LLC is now a wholly owned subsidiary of TOYO.

What is the strategic significance of TOYO's acquisition of the 24.99% stake in TOYO Solar LLC?

TOYO framed the acquisition as part of its U.S. expansion to strengthen presence in the American solar supply chain and support domestic manufacturing.