TOYO (NASDAQ: TOYO) plans $357M Texas HJT cell plant and secures $185.6M U.S. solar orders
Rhea-AI Filing Summary
TOYO Co., Ltd. is accelerating its U.S. solar strategy with a planned 1.5 GW heterojunction (HJT) cell plant in the Houston area, a project sized at about $357 million and expected to create roughly 400 manufacturing jobs over a 20‑month build.
The company also signed two master supply agreements with major U.S. developers for around $185.6 million of cumulative solar module purchase orders. Operationally, unaudited Q1 2026 revenue reached $142.8 million with net income of $28.4 million, supported by a global manufacturing base of 6 GW cell capacity and 2 GW U.S. module capacity.
Positive
- Strong revenue and earnings inflection: Unaudited Q1 2026 revenue of $142.8 million and net income of $28.4 million show profitable growth versus the prior-year quarterly loss.
- Large contracted backlog: Two new U.S. master supply agreements add approximately $185.6 million in cumulative purchase orders, supporting visibility for commercial and utility-scale projects.
- Strategic U.S. manufacturing build-out: A planned $357 million, 1.5 GW HJT cell facility in the Houston area deepens domestic vertical integration and targets around 400 new manufacturing jobs.
Negative
- None.
Insights
TOYO pairs aggressive U.S. manufacturing expansion with strong order momentum and rising profitability.
TOYO plans a $357M, 1.5 GW HJT cell facility in the Houston area, targeting pilot output about 20 months after project start and about 400 new jobs. This builds on existing 2 GW U.S. module capacity and 6 GW global cell capacity across Ethiopia and Vietnam.
The company has executed two U.S. supply agreements totaling about $185.6M in purchase orders, reinforcing demand for its high‑efficiency modules. Unaudited Q1 2026 revenue of $142.8M and net income of $28.4M indicate profitable scale, supported by an Adjusted EBITDA of about $48.3M. Future returns from the expansion depend on execution, regulatory approvals, and maintaining Section 45X production credit eligibility through 2030.
Key Figures
Key Terms
heterojunction (HJT) solar cell technical
production tax credits financial
Section 45X regulatory
non-FEOC regulatory
Adjusted EBITDA financial
master supply agreements financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2026
Commission File Number: 001-42153
TOYO Co., Ltd
16F, Tennoz First Tower
2-2-4, Higashi-Shinagawa, Shinagawa-ku
Tokyo, Japan 140-0002
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release dated June 8, 2026 – TOYO Co., Ltd. Announces Strategic Expansion into U.S. Cell Manufacturing with Planned 1.5 GW HJT Solar Cell Facility in Houston Metropolitan Area | |
| 99.2 | Press Release dated June 10, 2026 – TOYO Co., Ltd. Secures Two Major Supply Agreements Totaling $185.6 Million in Cumulative Purchase Orders for U.S. Market | |
| 99.3 | Investor Presentation |
1
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TOYO Co., Ltd | ||
| By: | /s/ Takahiko Onozuka | |
| Name: | Takahiko Onozuka | |
| Title: | Director and Chief Executive Officer | |
Date: June 22, 2026
2
Exhibit 99.1
TOYO Co., Ltd. Announces Strategic Expansion into U.S. Cell Manufacturing with Planned 1.5 GW HJT Solar Cell Facility in Houston Metropolitan Area
| ● | Co-locating cell production with existing module site secures an integrated domestic footprint, optimizing supply chain insulation and capital efficiency. |
| ● | Projected $357 million investment targets completion within 20 months, positioning TOYO as a competitive domestic partner for FEOC-compliant, high-efficiency solar technology. |
| ● | Facility projected to create approximately 400 direct manufacturing jobs in Houston metropolitan area, reinforcing TOYO’s commitment to domestic workforce development and American energy independence. |
TOKYO, June 8, 2026 /PRNewswire/ -- TOYO Co., Ltd. (Nasdaq: TOYO) (OTC: TOYWF), (“TOYO” or the “Company”), a solar manufacturing company, today announced its strategic decision to expand its U.S. manufacturing platform by building a 1.5 GW heterojunction (HJT) solar cell manufacturing facility. The state-of-the-art facility will be co-located at the Company’s existing solar module site in Houston metropolitan area, Texas, creating an integrated manufacturing hub expected to generate approximately 400 direct full-time manufacturing jobs.
The expansion represents a total projected capital investment of approximately $357 million. Engineering, facility design, and procurement planning are already underway, with full project completion and initial pilot production expected within 20 months.
By co-locating the 1.5 GW cell line with its module operations, TOYO expects to achieve operational synergies, reduce localized logistics costs, and shorten the production cycle from raw wafer processing to finished, U.S.-made solar modules. The facility will produce next-generation HJT cells, utilizing a technology that delivers enhanced conversion efficiencies and temperature coefficients compared to legacy solar architectures.
The execution of the project timeline for the new facility will be carried out in structured phases to ensure strict compliance with local regulatory frameworks and permitting timelines. TOYO intends to fund the expansion through an optimized capital structure, combining internal cash flow and non-dilutive project financing with potential strategic partnerships and value-accretive equity financing.
“Expanding into domestic cell manufacturing is the natural next step in our commitment to creating an integrated onshore solar supply chain from polysilicon to panels,” said Takahiko Onozuka, Chairman and Chief Executive Officer of TOYO. “Co-locating 1.5 GW of HJT cell capacity at our Houston module site significantly optimizes our capital allocation and infrastructure spend. Beyond the financial and strategic merits, we are proud to be potentially creating 400 good-paying manufacturing jobs in Houston metropolitan area and investing in the long-term economic future of this community.”
“The new cell plant reflects TOYO’s long-term strategy to build a fully FEOC-compliant domestic manufacturing platform focused on serving the needs of the U.S. utility-scale solar market,” said Rhone Resch, TOYO’s Chief Strategy Officer. “By producing premium solar products in the United States, we will be well positioned to meet the market’s evolving domestic content requirements while strengthening supply chain security and reliability. Looking ahead, we believe HJT is the optimal technology platform for integrating next-generation perovskite solar cells, which we expect will drive the next major advancement in solar conversion efficiency and support TOYO’s long-term technology roadmap.”
Strategic Drivers and Market Positioning
| ● | The HJT Performance Advantage: HJT technology establishes a new benchmark for power density by combining industry-leading conversion efficiencies with very low annual degradation rates. Engineered for maximum yield, HJT cells feature superior bifaciality and an optimal temperature coefficient, ensuring high power production even in extreme heat. |
| ● | Offsetting U.S. Balance-of-System Costs: In the U.S. market—where fixed infrastructure, land, labor, and installation costs are inherently high—maximizing efficiency is critical. TOYO’s high-density HJT technology dilutes these fixed upfront expenses by generating more megawatt-hours per acre, directly improving project returns for developers. |
| ● | Supply Chain Optimization and FEOC Compliance: TOYO’s decision to build a domestic cell facility reflects the Company’s foundational commitment to directly support the U.S. manufacturing reshoring initiative while fully satisfying evolving FEOC compliance standards. |
| ● | Maximizing Inflation Reduction Act (IRA) Incentives: Under current U.S. framework guidelines, domestic cell manufacturing qualifies for direct Advanced Manufacturing Production Credits (Section 45X of the IRA), which provide $0.04 per watt for domestically produced solar cells. At full 1.5 GW capacity, this represents a potential annual benefit of up to $60 million in production tax credits. |
| ● | Operational Synergies: Utilizing the existing Houston site infrastructure mitigates greenfield development risks, streamlines local permitting processes, and allows the Company to leverage its existing regional management team and labor pool. |
| ● | Job Creation and Local Economic Impact: The new facility is expected to create approximately 400 direct full-time manufacturing jobs in the Houston metropolitan area, with an estimated 1200 additional jobs across the regional supply chain. TOYO is committed to prioritizing local hiring and workforce development partnerships. |
About TOYO Co., Ltd.
TOYO is a solar manufacturing company that is committed to becoming a vertically integrated solar manufacturer 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 and modules at a competitive scale and cost.
2
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 build-out of TOYO’s U.S. manufacturing platform, including a potential domestic cell plant, estimated number of newly created job opportunities, potential annual benefit in production tax credits and the Company’s broader U.S. supply chain strategy. 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. These include the risks that: we will be unable to implement our planned U.S. manufacturing expansion, we will be unable to receive any benefit from any production tax credits and that U.S. federal supply chain strategy may shift significantly in such a way that poses a material adverse effect to our business operations. Although TOYO believes that it has a reasonable basis for each forward-looking statement contained in this press release, TOYO cautions 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 Securities and Exchange Commission. 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. 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.
IR@toyo-solar.com
Crocker Coulson
Email: crocker.coulson@aumadvisors.com
Tel: (646) 652-7185
3
Exhibit 99.2
TOYO Co., Ltd. Secures Two Major Supply Agreements Totaling $185.6 Million in Cumulative Purchase Orders for the U.S. Market
| ● | New commitments from major U.S. developers validate TOYO’s market positioning as a trusted, high-efficiency solar module provider. |
TOKYO, June 10, 2026 /PRNewswire/ -- TOYO Co., Ltd. (Nasdaq: TOYO) (OTC: TOYWF), (“TOYO” or the “Company”), a solar manufacturing company, today announced that it has officially executed two master supply agreements with two major U.S. solar energy developers, for cumulative purchase orders of approximately $185.6 million.
Under the terms of the separate agreements, TOYO will supply its high-efficiency solar modules to back a portfolio of commercial and utility-scale projects across the United States.
The multi-million-dollar commitments highlight growing commercial demand for TOYO’s solar modules, which are engineered to offer superior power output, low degradation rates, and optimized levelized cost of energy for large-scale assets.
“Securing $185.6 million in cumulative new orders from two major U.S. renewable energy players is a validation of our operational credibility and commercial strategy,” said Takahiko Onozuka, Chairman and Chief Executive Officer of TOYO. “Utility-scale buyers are increasingly prioritizing transparency, execution track record, and strict regulatory compliance. As a manufacturer structured from inception to meet rigorous U.S. standards, TOYO is well-positioned to serve as a long-term, assured partner to the domestic solar sector.”
Delivery and Compliance Overview
| ● | Project Deployment: The solar modules supplied under the two agreements will be deployed across multiple project sites located in Texas, New York and Maine, supporting the expansion and regional diversification of utility-scale clean solar energy generation. |
| ● | Assured Supply Chain Integrity: All modules delivered under these contracts will utilize TOYO’s established non-Chinese wafer sourcing channels. This strategy significantly mitigates supply chain risk by reducing exposure to geopolitical volatility and evolving tariff frameworks. |
| ● | FEOC-Compliant Manufacturing: Production will be executed across TOYO’s designated manufacturing footprint, supporting customer compliance requirements and positioning the final products to align with evolving domestic content and FEOC (Foreign Entity of Concern)-compliance guidelines favored by U.S. project financing sources. |
Regarding financial impact, the Company notes that the revenue associated with the purchase orders will be recognized as physical product deliveries are completed, in accordance with GAAP revenue recognition standards.
About TOYO Co., Ltd.
TOYO is a solar manufacturing company that is committed to becoming a vertically integrated solar manufacturer 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 and modules 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 expected growth of TOYO, supply agreements, purchase orders, TOYO’s manufacturing expansion plan, and strategies for 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 cautions 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 Securities and Exchange Commission. 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. 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.
IR@toyo-solar.com
Crocker Coulson
Email: crocker.coulson@aumadvisors.com
Tel: (646) 652-7185
Exhibit 99.3
June 2026 (NASDAQ: TOYO) TOYO Co., Ltd 1 Investor Deck
Forward-Looking Statements This presentation 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 Co., Ltd ("TOYO"), the expected order delivery of TOYO, TOYO's construction plan for manufacturing and TOYO's strategies for building up an integrated value chain in the U.S. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of TOYO's management and are not predictions or guarantees of actual performance or future results. These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different 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 presentation, 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 TOYO's filings with the Securities and Exchange Commission (the "SEC"), including without limitation under the heading "Risk Factors" in the Company's annual report on Form 20-F filed with the SEC on March 31, 2026(the "Annual Report"). 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 presentation 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 described in TOYO's filings with the SEC, including without limitation under the heading "Risk Factors" in the Annual Report. 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 presentation 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 presentation represent the views of TOYO as of the date of this presentation. 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 presentation. Except as may be required by law, TOYO does not undertake any duty to update these forward-looking statements. Certain information contained in this presentation was obtained from various sources, including third parties, and has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, correctness or reasonableness of the information or the sources presented or contained herein. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 2 Safe Harbor
Powering the world with green, clean energy through high-quality solar solutions at a competitive scale and cost. 3 OUR MISSION
$142.8M ^^Q1 2026 Revenue 1.45 GW Solar cells shipped globally Q1 2026 ^2.0 GW U.S. module capacity Houston, Texas 6 GW Cell capacity 2GW Vietnam & 4GW Ethiopia 10+ **Years solar manufacturing experience Founded in 2022 ➢Listed on Nasdaq in 2024 after rapid scale- up Award-Winning Technology ➢Proprietary solar cell technology. ➢R&D team member honored with Queen Elizabeth Award for Engineering Allied-Nation Investment ➢Headquartered in Japan ➢Investment in U.S. solar reshoring, aligned with Japan's broader government commitment to U.S. partnerships Non-FEOC ➢Designed and structured as a FEOC- compliant manufacturer across our production footprint. *Non-FEOC: Refers to entities or operations that are not classified as Foreign Entity of Concern (FEOC) under applicable regulatory definitions ^1 GW already installed, additional 1GW to be completed by 2026 **10+ years manufacturing experience by Vietnam Sunergy Joint Stock Company, an affiliate of TOYO ^^ Q1 2026 financial figures are unaudited 4 TOYO at a Glance
Track record of rapid growth & profitability as one of the leading non-FEOC solar manufacturers Leveraging established relationships with U.S. utility-scale customers 1 2 4 3 Proven manufacturing excellence delivers world- class technology at a highly competitive cost Rapidly expanding manufacturing footprint to meet customer demand in a dynamic policy environment 5 Investment Highlights
One of the major Japan –headquartered solar module suppliers to the U.S. market ^Peak revenue: $1.3 billion, of which $1.2B from U.S. Trusted by leading North American solar developers VSUN brand is well recognized in the market through the recent awards granted to VSUN Co as the following: Acquisition of VSUN Brand to Extend Integrated Value Chain Strategic Benefits of the VSUN Brand Acquisition Enhanced market access through established VSUN relationships Acquisition of VSUN brand provides access to an established customer base, including top-tier U.S. utility-scale developers, and positions TOYO to meet surging "Made in USA" solar demand. Accelerated U.S. Expansion Strengthens TOYO's U.S. market presence, complementing 6 GW solar cell capacity in Vietnam and Ethiopia with a domestic module assembly footprint. Revenue & Market Share Growth VSUN's proven track record includes ~11.7 GW supplied to the U.S. utility-scale market since inception. The acquisition expands TOYO's revenue potential and competitive position. Synergies & Manufacturing Leadership Combines VSUN's market credibility with TOYO's world-class solar cell manufacturing — a large-scale global manufacturing platform — to enhance efficiency, scale, and cost competitiveness in a shifting policy landscape. 6 VSUN Brand was acquired from *VSUN Co. in September 2025. *VSUN Co. an affiliate of TOYO ^Peak revenue of sales related to VSUN brand by VSUN Co. before brand acquisition Strategic Realignment Unlocking Growth
7 0.315 1.743 4.3 1.45 5.5-5.8 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 GWs 0 0 0.056 1-1.3 0 0 0 1 1 1 1 1 GWs 0.25 Solar Cell Shipments Solar Module Shipments Revenue 62.4 177 142.8 0 50 100 150 200 250 300 350 400 450 2023 2024 2025 Q12026 $ in million 427.4 Rapid Growth in Shipment • Q1 2026 financial figures are unaudited
8 9.9 6 90-100 0 20 40 60 80 100 120 2023 2024 2025 2026E $ in million 52.2 Adjusted Net Income (Non-GAAP) • Adjusted Net income in 2024 does not include a $35.1 million change in fair value of contingent consideration payable for 13 million earnout shares • Adjusted Net income in 2025 includes a one-time share based compensation of approximately $13.7 million • Q1 2026 financial figures are unaudited Net Income 9.9 40.5 28.4 0 5 10 15 20 25 30 35 40 45 2023 2024 2025 Q1 2026 $ in million 37.2 Profitability: Fueling Future Growth
POLYSILICON OCI (Korea) + Major U.S. domestic polysilicon producer INGOTS & WAFERS South East Asia sources; U.S. BOM* in development. CELLS • U.S (in final planning phase) • Ethiopia 4GW • Vietnam 2GW MODULES Houston, TX 2 GW capacity 1st GW Operational CUSTOMERS U.S utility-scale developers, solar distributors, commercial & rooftop EPC FEOC COMPLIANT MANUFACTURER Polysilicon Longstanding supply agreement with OCI (South Korea). January 2026 agreement with a major U.S. domestic polysilicon producer. Proprietary Technology Solar cell technology developed and owned by TOYO's award-winning R&D team (Queen Elizabeth Award for Engineering). Japan-Controlled Ownership TOYO is a Nasdaq-listed, Japan headquartered company subject to U.S. disclosure requirements. 9 *BOM-Bill of Material End-to-End FEOC-Compliant
November 2022 TOYO Solar founded October 2024 Announced Ethiopia Facility July 2024 Listed on Nasdaq (TOYO) November 2024 Announced Texas Acquisition September 2025 Acquired VSUN Brand April 2025 Commenced 1st 2GW Ethiopia Production November 2023 Vietnam 2 GW Factory Complete Building toward an integrated FEOC-compliant value chain from polysilicon to module assembly October 2025 Texas Plant Commercial Operations 2022 2023 2024 2025 2026 2026 U.S. R&D Center in planning phase February 2024 OCI Supply Agreement (Global) September 2025 2nd 2GW Ethiopia went online 10 2026 2.0 GW U.S. Module Capacity January 2026 U.S. Polysilicon Supply Agreement 2026 U.S Cell Expansion in planning phase Strategy for Vertical Integration & Expansion
TOYO's state-of-the-art solar cell manufacturing facility in Ethiopia now substantially allocated • 4.0 GW annual solar cell production facility strategically located in Hawassa, Ethiopia • Confirmed orders substantially cover capacity from Ethiopia through end of 2026 Location Hawassa, Ethiopia Total facility size (sq ft) 339,063 Expected job creation Approximately 1800 Solar cell production capacity 4 GW 11 Ethiopia's Solar Cell Line 4 GW Annual Capacity
MODULE FACILITY 2 GW Total module capacity by 2026 (1GW today) OCT 2025 Commercial operations began 567,140 ft² Facility size, Humble TX $0.07/W Section 45X credit eligible through 2030 FEOC Compliant CELL FACILITY · PLANNED *HJT Planned cell technology U.S.A Proximity to module facility $0.04/W Section 45X cell credit eligible U.S. BOM Domestic bill of materials in dev. TARGET Domestic U.S. supply chain *HJT= Heterojunction solar cells 12 America's Solar Manufacturing Hub Upon completion, this establishes TOYO as a highly integrated, domestic solar manufacturer in the United States.
Why HJT Technology? Efficiency & Economics 01 HJT: Next-Generation Cell Efficiency ―――――――――――――――― Industry-leading conversion efficiency of 25%+^ HJT cells combine crystalline silicon with amorphous thin-film layers, achieving higher output per watt than conventional PERC or TOPCon cells. Superior bifacial performance & low degradation Lower temperature coefficient means better performance in hot climates; lower degradation rate improves lifetime energy yield for project developers. The Preferred Platform for Perovskite Tandem Solar Cells HJT is widely recognized as the optimal silicon foundation for next- generation perovskite tandem solar cells. The low-temperature manufacturing process, superior surface passivation, and symmetric cell architecture of HJT enable seamless integration with perovskite layers, allowing tandem devices to achieve conversion efficiencies well beyond the theoretical limits of conventional silicon technologies. Industry roadmaps increasingly point to HJT-perovskite tandem architectures as the most commercially viable path toward 30%+ cell efficiencies, positioning HJT as the technology platform best positioned to sustain future gains in solar performance. TOYO's investment in HJT technology therefore not only delivers industry- leading performance today but establishes a clear pathway to the next generation of ultra-high-efficiency solar products. 02 Why Efficiency Wins in U.S. Manufacturing ―――――――――――――――― Higher fixed cost base demands higher output per watt U.S. labor, land, and compliance costs are structurally higher than Asian peers. HJT's superior watt-per-panel output spreads those fixed costs over more energy, preserving competitive economics. Lower installation cost per watt of capacity Higher-efficiency panels reduce balance-of-system costs: fewer panels, fewer racks, less wiring, and less land per MW installed — critical advantages at utility scale. Section 45X credit amplified by higher wattage IRA Section 45X credits are paid per watt produced. Higher- efficiency HJT cells generate more watts per unit area, directly increasing credit value per panel manufactured. Proven 6 GW Scale & Elite Execution Track Record TOYO's current 6 GW footprint is led by an elite operations team and an in-house R&D team featuring Queen Elizabeth Prize laureates. Pairing multi-gigawatt manufacturing experience with world-class scientific precision ensures a stable, low-risk commercial scale-up of the 1.5 GW domestic U.S. facility. 13 ^ Research-Cell Efficiency Chart | Photovoltaic Research | NLR
New Advanced Manufacturing Texas HJT Cell Facility Brownfield retrofit and expansion of an existing TOYO facility in Humble, Texas expected to add a 1.5 GW HJT solar cell production line $357M Total Investment 1.5 GW Initial Capacity Q1 2028 Pilot Production 20 mo. Construction Timeline ~400 Direct Mfg. Jobs HJT Cell Technology Project Element Description* Project Location Humble, Texas — Brownfield retrofit of TOYO's existing Houston-area facility Cell Technology Heterojunction (HJT) – one of the highest efficiency cell technologies Initial Capacity 1.5 GW per year of high-efficiency HJT solar cells (≥25% conversion efficiency) Timeline 20-month construction; pilot production targeted for Q1 2028 Workforce Approximately 400 direct manufacturing jobs at full operation, plus construction and supplier jobs during build-out U.S. Supply Chain Polysilicon from U.S. domestic producer (Jan 2026 agreement) and OCI Korea; non-FEOC bill of materials in development Federal Programs Section 45X cell production credit eligibility ($0.04/W through 2030); contributes to closing the U.S. cell-to- module capacity gap *The timelines, capacity figures and other relevant information are indicative, based on current plans, and subject to change
Vietnam 2 GW Solar Cells Redirected to India/Taiwan Tokyo, Japan Headquarters Houston, TX *2 GW Modules + 1.5 Cells (planned) · ^Expected Section 45X eligible Hawassa, Ethiopia 4 GW Solar Cells 15 *1 GW module facility operational; additional 1 GW completing by 2026. Total global cell capacity: 6 GW across Ethiopia and Vietnam. ^45X eligible, subject to formal qualification Global Manufacturing Footprint
Accomplished engineers, Dr. Aihua Wang, Ph.D., the Chief Technical Officer, and Dr. Jianhua Zhao, Ph.D., as Chief Technical Advisor, lead the research and development efforts at TOYO. Dedicated to the research and development of higher efficiency and quality solar cells. SEM PL Dr. Jianhua Zhao, Ph.D. and Dr. Aihua Wang, Ph.D are winners of the 2023 Queen Elizabeth Award for Engineering 16 Award-Winning Solar R&D
Dr. Wang boasts over 30 years of solar innovation and is a globally recognized leader in PV technology. She has served as head of research and vice president at a prominent solar company and as chief engineer at CEEG (Nanjing) PV-Tech Co. In Australia, she pioneered PERL cells as a scientist at the University of New South Wales' Photovoltaics Centre. Her groundbreaking work in advanced cell architectures has directly contributed to the commercialization of high-efficiency solar solutions used worldwide today. Takahiko Onozuka brings over 40 years of expertise in international finance and energy infrastructure. Having held senior leadership roles at JBIC and Sumitomo Corporation, he has directed major cross-border renewable and power projects across Asia, Europe, and Africa. An expert in structured finance, risk management, and energy systems, he leverages a deep technical and financial background to position TOYO for disciplined global expansion and decarbonization leadership. Chief Executive Officer & Chairman Takahiko Onozuka With 20+ years of solar leadership, Rhone Resch was CEO of the Solar Energy Industries Association (SEIA) from 2004 to 2016. At TOYO, Rhone leads global strategy, focusing on manufacturing expansion, strengthening partnerships, and navigating the regulatory dynamics essential to our high-performance solar technology. His expertise at the intersection of policy and capital formation is central to TOYO next phase of growth. Chief Strategy Officer Rhone Resch Mr. Chung has over twenty years' experience within the financial industry, encompassing roles in investment banking and infrastructure investor. Serving as the vice president of asset finance for Nomura Securities for 9 years and managing partner for Golden Equator Capital for 6 years, Mr. Chung advised and invested in equity & debt financing on different type of structured transaction related to solar and wind power projects. Chief Financial Officer & Director Taewoo "Raymond" Chung Chief Technology Officer & Director Dr. Aihua Wang, Ph.D. 17 Global Leadership Team
Stringent Controls TOYO is dedicated to adhering to the highest standards of quality manufacturing, while ensuring its components are efficiently priced to remain competitive in all regions. World Class Globally Competitive Rapid Efficient Expansion Entrenched controls ensure top-tier quality and reliable metrics. Rapid expansion & continuous cost improvements in modules, cells, wafers. Competing with major global solar manufacturers. 18 Track Record of Scalable Manufacturing
19 Deploying AGVs and robotics builds operational resilience, streamlining workflows and ensuring consistent quality while allowing for more agile scaling across the organization Improves workplace safety Agility and Scalability Increases productivity Enhances consistency and reliability Increase efficiency and quality Creates systems flexibility & adaptability 01 06 02 05 03 04 Advanced Automation Standards
• Projected utility scale solar installations for 2026 is appx. 43.4 GW compared to 34.7 GW in 2025 • Growth of AI, data centers, electric vehicles, and manufacturing drives demands on the grid, partially offset by labor shortages and interconnection delays • Domestic production of solar cells and wafers is minimal • Near term domestic solar cell production projected to decline at ~7% from 2025 to 2027 and then increase by 3% between 2028 and 2030. U.S. PV Installation Historical and Forecast by Segment: 2014 - 2036 Neutral Demand Outlook Constrained Domestic Supply Source: Solar Market Insight Report 2025 Year in Review – SEIA EIA: Solar and Battery Drive Record US Grid Expansion in 2026 20 U.S. Solar Module Supply Chain Capacity 20 Capturing Opportunities in the U.S. Solar Market Demand
Inflation Reduction Act (IRA) currently offers attractive incentives for U.S.-based module production Anti-dumping (AD) and countervailing duties (CVD) investigations disrupted imports from SE Asia in 2H 2024, as well as India, Indonesia and Laos as of Feb 2026 Balanced strategy for a range of policy outcomes • Anticipate that IRA incentives will be viewed as energy security issue • Domestic manufacturers remain highly dependent on policy support • TOYO Houston strategy expected to receive $0.07 per watt tax incentives under Section 45X (through 2030) • Individual AD rate for Vietnam is approximately 79.92% and CVD is approximately 124.57% • Vietnam cells serve non-U.S. high-growth markets • Supplying US market from Ethiopian 4 GW solar cell plant & other non-AD/CVD affected production lines Inflation Reduction Act Construct Incentive Wafer Cell Module $12 / m2 $0.04 / watt $0.07 / watt 21 Why TOYO Now? Favorable Global Platform Optimized for US Utility Scale Customers
TOYO is focused on further developing the clean energy industry, adhering to a responsible global supply chain strategy, and contributing to the sustainable development of human beings with more professional, efficient and cleaner products. Social Responsibility High Level of Material Traceability 22 Committed to Environmental Stewardship
Why Invest in TOYO Five reasons TOYO is positioned to lead the non-FEOC solar transition 01 Large-scale non- FEOC Solar Cell Manufacturer 4.5 GW shipped globally · FY2025 02 Scaling U.S. Module Production 2 GW Houston · Expected Section 45X eligible 03 Planned Domestic Cell Manufacturing Moving toward an integrated supply chain 04 ~82% Shipment CAGR 2024–2026E $427M revenue · 7× growth in two years 05 Strong & improving Profitability $90-100 M in expected adjusted net income in 2026 23
24 Summary Financials
Key Metrics 1.45 GW Solar cells shipped Q1 2026 (unaudited) 25 $142.8M Revenues 55.9 MW Solar modules shipped $28.4M Net Income *Q1 2025 and 2026 figures are unaudited
Use of Non-GAAP Financial Measure Some of the financial information and data contained in this press release, such as EBITDA, Adjusted EBITDA and Adjusted Net Income have not been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). TOYO believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to TOYO's financial condition and results of operations. TOYO's management uses these non-GAAP measures for trend analysis and for budgeting and planning purposes. TOYO believes that the use of these non-GAAP measures provides an additional tool for investors to evaluate projected operating results and trends, as well as compare TOYO's financial measures with those of other similar companies, many of which also present similar non-GAAP financial measures to investors. Management of TOYO does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses such as share-based compensation and changes in fair value of contingent consideration and income that are required by GAAP to be recorded in TOYO's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. You should review TOYO's audited financial statements, which are presented in the most recent annual report on Form 20-F filed with the SEC on March 31, 2026, and not rely on any single financial measure to evaluate TOYO's business.
Q1 2026 Financial Summary** (USD in millions, except per share amounts) 1Q 2026 1Q 2025 Revenues 142.8 51.5 Gross Profit 47.8 4.8 Operating expenses 11.5 6.1 Net income/(Net Loss) 28.4 (3.7) Earnings (Loss) per share 0.75 (0.07) **Unaudited and unreviewed * Changes in fair value of contingent consideration is related to changes in fair value of earn-out shares
Reconciliation of GAAP to Non-GAAP Measures** (Stated in US dollars) ** **Unaudited and unreviewed * Changes in fair value of contingent consideration is related to changes in fair value of earn-out shares Reconciliation of non-GAAP measures Q1 2026 Q1 2025 Net income (loss) 28,411,204 (3,715,975) Income tax 5,534,330 1,104,459 Interest expenses, net 785,260 579,049 Depreciation and amortization 12,643,752 4,778,459 Amortization of right-of-use assets 731,753 (391,271) Amortization of long-term prepaid expenses 41,032 42,251 EBITDA (Non-GAAP) 48,147,331 2,396,972 Adjustments Share-based compensation 154,900 9,000 Changes in fair value of contingent consideration* — 400,030 Adjusted EBITDA (Non-GAAP) 48,302,231 2,806,002
29 Appendix
CONSOLIDATED BALANCE SHEETS (Currency expressed in United States Dollars ("US$"), except for number of shares) • The share information is presented on a retroactive basis to reflect the reorganization effected on February 27, 2024 (Note 1).
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Currency expressed in United States Dollars ("US$"), except for number of shares) • The shares and per share information are presented on a retroactive basis to reflect the reorganization effected on February 27, 2024 (Note 1).
UNAUDITED CONSOLIDATED STATEMENTS CASH FLOWS (Currency expressed in United States Dollars ("US$"), except for number of shares)