TOYO Co., Ltd. files its annual report as an early-stage solar cell and module manufacturer with rapidly expanding capacity in Vietnam, Ethiopia and Texas. The company reports net income of $9.9 million, $40.5 million and $37.2 million for 2023, 2024 and 2025, respectively, with 2024 boosted by a $35.1 million gain from decreased fair value of contingent consideration and 2025 including $13.7 million of share-based compensation.
Despite recent profitability, TOYO’s auditor highlights substantial doubt about its ability to continue as a going concern due to working capital deficits of $86.4 million, $69.6 million and $123.9 million as of year-end 2023, 2024 and 2025. The business depends heavily on affiliate VSUN for sales and key wafer supplies, faces potential oversupply and price pressure in solar markets, and is exposed to high U.S. anti-dumping and countervailing duty rates on Vietnamese cells. TOYO plans further global expansion but must secure significant additional capital, manage complex regulatory, trade and environmental risks, and build a broader customer base to sustain growth.
TOYO Co., Ltd announced a leadership transition centered on its chief executive role. On March 18, 2026, Junsei Ryu resigned as Chief Executive Officer, director, and member of key board committees, with the company stating his resignation did not arise from any disagreement over operations, policies, or practices. The board appointed Takahiko Onozuka the same day as Chief Executive Officer, director, Chairman of the Board, and member of the compensation and nominating and corporate governance committees, and entered into employment and indemnification agreements with him on standard terms. The filing and an accompanying press release highlight his more than 40 years of experience in international finance, energy infrastructure, and decarbonization, including senior roles at JBIC, Sumitomo Corporation, and Abalance Corporation, as TOYO positions its executive team for its next phase of growth.
TOYO Co., Ltd. furnished an investor presentation and press release outlining a transformative FY2025. Preliminary, unaudited figures show FY2025 revenue of approximately $427 million and net income of about $38 million, driven by rapid growth in solar cell and module shipments and new capacity ramp-up, particularly at its Ethiopian facility. Net income in 2025 includes roughly $14 million of one-time share-based compensation, while 2024 net income excluded a $35.1 million change in fair value of contingent consideration for 13 million earnout shares.
TOYO highlights around 6 GW of solar cell manufacturing capacity across Vietnam and Ethiopia and a U.S. module assembly footprint in Texas targeting up to 2 GW by 2026, supported by U.S. tax incentives of $0.07 per watt under Section 45X through 2030. The company has confirmed orders that cover its 4 GW Ethiopian N-type cell line through 2026 and is leveraging the acquired VSUN brand and customer relationships to deepen its presence in the U.S. utility-scale solar market. TOYO will discuss FY2025 results on an earnings call scheduled for March 31, 2026.
TOYO Co., Ltd. submitted a report attaching trademark agreements and a press release related to the VSUN brand. The filing lists Trademark Purchase Agreements dated September 4, 2025 between the company and Vietnam Sunergy Europe GmbH, and between Toyo Solar Company Limited and Vietnam Sunergy Joint Stock Company. It also lists Trademark License Agreements dated September 12, 2025 between the same parties, plus a press release dated September 4, 2025 titled "TOYO Co., Ltd. Acquires VSUN Brand to Drive Strategic Growth." The filing notes that schedules and annexes have been omitted and provides an officer signature.
No purchase price, financial terms, or detailed schedules are included in the text provided.