Press Release: TOYO Co., Ltd Announces Second Half and Full Year 2025 Financial Results

Dow Jones
Mar 31

TOKYO, March 31, 2026 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF), ("TOYO" or the "Company"), a solar solution company, today announced its financial results for the second half and fiscal year ended December 2025.

FY 2025 Financial & Operational Highlights

   -- Revenue: Achieved $427.4 million, surpassing the upper end of the 
      Company's previously updated guidance range of $375--$400 million issued 
      in September 2025. 
 
   -- Solar Cell Shipments: Totalled 4.5 GW, exceeding the full-year target of 
      4.2--4.4 GW. The primary driver was the full utilization of the new 4 GW 
      solar cell facility in Ethiopia, which reached its nameplate capacity in 
      October 2025. 
 
   -- Solar Module Shipments: 249 MW were delivered. 
 
   -- EBITDA (Non-GAAP): Reported $95.8 million, reflecting improved 
      operational efficiencies and a strategic shift toward higher-margin, 
      tariff-compliant supply chains. 
 
   -- Net Income: $37.2 million, which includes a one-time non-cash share-based 
      compensation charge of approximately $13.7 million. 
 
   -- Non-GAAP Adjusted Net Income: $52.2 million, 769% increase from $6 
      million last year. 

Outlook for full year 2026

   -- Solar cell shipments are expected to reach approximately 5.5-5.8 GW for 
      the full year 2026, fueled by continued demand 
 
   -- Solar module shipments are expected to reach approximately 1-1.3GW for 
      the full year 2026 
 
   -- Adjusted net income for the full year 2026 is expected to reach 
      approximately $90-100 million 

Management comments

"2025 was a year of transformative execution for TOYO. By doubling our scale and strengthening our position as a vertically integrated solar solutions provider, we have built a resilient foundation designed to lead through a dynamic global business and policy landscape," said Takahiko Onozuka, CEO and Chairman of TOYO.

"Our record revenues of $427.4 million--a 142% increase over 2024--was underpinned by the rapid ramp-up of our 4 GW cell facility, which is now operating at full capacity to serve our U.S. utility-scale partners with high-efficiency, policy-compliant solar technology. Our production at our Houston module facility is expected to scale fast over the course of 2026 and we are evaluating additional strategic initiatives to create a robust onshore supply chain for U.S. customers using advanced technology and performance standards."

Rhone Resch, Chief Strategy Officer of TOYO, added: "Our outperformance this year is a direct result of our ability to navigate a complex global trade landscape. TOYO has built a resilient, traceable supply chain that the market trusts. As solar continues to drive the majority of new U.S. electricity demand, TOYO is now well positioned with the domestic capacity and policy expertise to contribute to the next phase of the energy transition. We enter 2026 with a robust order book and the financial discipline to continue our trajectory of profitable expansion."

Unaudited Second Half 2025 Results

Revenues for the second half of 2025 were approximately $288.3 million, which increased 641% from $38.9 million in the same period last year. The increase was primarily driven by higher solar cell sales volumes following the successful ramp-up of the new cell manufacturing facility.

The cost of revenues was approximately $215.0 million for the second half of 2025, compared to $43.6 million for the same period in 2024.

Gross profit was approximately $73.3 million for the second half of 2025, compared to ($4.8) million for the same period in 2024.

Total operating expenses increased to approximately $23.9 million for the second half of 2025 from $8.9 million for the same period in 2024.

   -- Selling and marketing expenses were $3.4 million for the second half of 
      2025 compared to $1.3 million for the same period in 2024. The increase 
      in selling and marketing expenses was primarily driven by costs 
      associated with expanding strategic business development initiatives. 
   -- General and administrative expenses were $20.5 million for the second 
      half of 2025, compared to $7.6 million for the same period in 2024. The 
      increase was primarily driven by an increase in land and plant leases for 
      the Company's cell expansion and expenses related to the start-up phase 
      of operations for the solar module plant in Houston metropolitan area, 
      Texas, as well as share-based compensation and fair value of contingent 
      consideration payable in earnout shares. 

Net income was approximately $34.7 million for the second half of 2025, compared to net income of $21 million for the same period in 2024.

Full Year 2025 Financial Results

Revenues were $427.4 million for 2025, representing an 142% year-over-year increase from the prior year. The increase was primarily caused by an increase of approximately $241.6 million in sales of solar cells and an increase of approximately $7.6 million in sales of solar modules.

Cost of revenues was $331 million for 2025, a 113% increase from $155.1 million in the prior year. The increase in cost of revenues was primarily in line with the increase in sales of solar cells. However, the percentage increase in the cost of revenues is lower than the percentage increase in revenues, due to an increase in sales to U.S. end customers with higher average selling prices.

Gross profit was $96.3 million and $21.9 million for 2025 and 2024, respectively, with gross profit margin of approximately 22.5% and 12.4% for 2025 and 2024, respectively. The increase in gross profit margin was primarily driven by the expansion of production capacity for cells which enabled higher-average selling price sales to U.S. end customers.

Operating expenses were $37.3 million for 2025 compared to $13.0 million in the prior year, representing an increase of 186% year-over-year.

   -- Selling and marketing expenses were $5.9 million for 2025 compared to 
      $1.6 million in 2024. The increase was primarily due to an increase of 
      sales commissions which was in line with an increase of revenues. 
   -- General and administrative expenses were $31.4 million for 2025 compared 
      to $11.4 million in 2024. The increase was primarily attributable to 
      $13.7 million in non-cash share-based compensation issued to management, 
      directors, and consultants. Administrative costs also rose as the Company 
      scaled its workforce and infrastructure to support the full activation of 
      our two new manufacturing plants. Additional increases in travel, rental, 
      and office expenses reflect the necessary logistical support for our 
      rapidly expanding global business footprint. 

EBITDA (Non-GAAP) was $95.8 million for 2025, which increased 40% compared to $68.2 million for the same period in the prior year. This was driven by record shipment volumes and enhanced operational scale across our global facilities.

Non-GAAP Adjusted EBITDA excluding share-based compensation and changes in fair value of contingent consideration payable to earnout shares was $110.8 million for 2025, which increased 228% compared to $33.8 million for the same period in the prior year.

Net income for 2025 was $37.2 million, compared to net income of $40.5 million in the prior year.

Adjusted net income excluding share-based compensation and changes in fair value of contingent consideration payable related to earnout shares was $52.2 million for 2025, compared to $6 million in 2024.

Earnings per share, basic and diluted, for 2025 was $0.98 compared to earnings per share, basic and diluted, of $1.09 in the prior year.

Adjusted earnings per share was $1.48 for 2025 compared to adjusted earnings per share of $0.20 in the prior year.

As of December 31, 2025, the Company had $58.9 million in cash and restricted cash in total, compared to $17.2 million as of December 31, 2024.

Business Outlook

"Looking toward 2026, we are positioned to build on this record performance with a strategic goal of positioning TOYO as a supplier of compliant solar solutions that meet evolving customer requirements in the United States. Solar is a critically viable solution to scale up energy production rapidly, at scale, and cost effectively," said Takahiko Onozuka, CEO and Chairman of TOYO.

"We have developed new sourcing relationships for polysilicon and are in advanced planning to bring onshore cell manufacturing to the U.S. to further support our customers who want integrated domestic content. We remain focused on delivering long-term shareholder value by maintaining a business model that prioritizes both operational excellence and financial discipline, as reflected by our expectation to nearly double net income again in 2026 despite very substantial investments in R&D and technology this year."

Conference Call

TOYO will host a webcast and conference call to discuss its second half and fiscal year 2025 results on March 31, 2026, at 8:30 a.m. ET. A live webcast and a slide presentation will be available on TOYO's investor relations website in the "Events" section at investors.toyo-solar.com.

The dial-in numbers for the conference call are as follows:

Participant Toll-Free Dial-In Number: (800) 715-9871

Participant Toll Dial-In Number: +1 (646) 307-1963

Japan - Tokyo: +81.3.4578.9081

Conference ID: 7240281

Live Webcast: https://events.q4inc.com/attendee/197358704

Exchange Rate Information

This announcement contains translations of certain Vietnamese Dong, or VND, amounts into U.S. dollars at a specified rate solely for the reader's convenience. Unless otherwise noted, except for the cash balance made at a rate of VND26,291 to US$1.00, the exchange rate as of December 31, 2025, all translations from VND to U.S. dollars and from U.S. dollars to VND are made at a rate of VND 26,004 to US$1.00, the average exchange rate for the twelve months ended December 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the VND or U.S. dollar amounts referenced could be converted into U.S. dollars or VND, as the case may be, at any particular rate or at all.

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.

IR@toyo-solar.com

Crocker Coulson

Email: crocker.coulson@aummedia.org

Tel: (646) 652-7185

Non-GAAP Measures

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.

 
                            TOYO Co., Ltd 
                CONSOLIDATED STATEMENTS OF OPERATIONS 
                       AND COMPREHENSIVE INCOME 
   (Currency expressed in United States Dollars ("US$"), except for 
                          number of shares) 
 
                              For the Year Ended December 31, 
                       --------------------------------------------- 
                            2025            2024           2023 
                       --------------  --------------  ------------- 
Revenues from related 
 parties               $  171,090,197  $  127,271,262  $  61,504,724 
Revenues from third 
 parties                  256,292,806      49,685,866        872,666 
                        -------------   -------------   ------------ 
Revenues                  427,383,003     176,957,128     62,377,390 
 
Cost of revenues -- 
 related parties        (131,136,988)    (95,904,220)   (35,923,151) 
Cost of revenues -- 
 third parties          (199,908,574)    (59,154,996)    (9,823,709) 
                        -------------   -------------   ------------ 
Cost of revenues        (331,045,562)   (155,059,216)   (45,740,860) 
                        -------------   -------------   ------------ 
Gross profit               96,337,441      21,897,912     16,636,530 
 
Operating expenses 
Selling and marketing 
 expenses                 (5,923,870)     (1,625,724)       (17,573) 
General and 
 administrative 
 expenses                (31,376,223)    (11,412,152)    (4,632,009) 
                        -------------   -------------   ------------ 
Total operating 
 expenses                (37,300,093)    (13,037,876)    (4,649,582) 
                        -------------   -------------   ------------ 
 
Income from 
 operations                59,037,348       8,860,036     11,986,948 
                        -------------   -------------   ------------ 
 
Other (expenses) 
income 
Interest expenses, 
 net                      (3,318,705)     (3,264,646)    (3,261,459) 
Other (expenses) 
 income, net              (1,854,076)         586,167      1,163,666 
Changes in fair value 
 of contingent 
 consideration 
 payable                  (1,341,794)      35,100,000             -- 
                        -------------   -------------   ------------ 
Total other 
 (expenses) income, 
 net                      (6,514,575)      32,421,521    (2,097,793) 
                        -------------   -------------   ------------ 
 
Income before income 
 taxes                     52,522,773      41,281,557      9,889,155 
 
Income tax expenses      (15,370,241)       (781,238)             -- 
                        -------------   -------------   ------------ 
Net income             $   37,152,532  $   40,500,319  $   9,889,155 
Less: net loss 
 attributable to 
 noncontrolling 
 interests                (2,507,366)       (113,851)             -- 
                        -------------   -------------   ------------ 
Net income 
 attributable to TOYO 
 Co., Ltd.'s 
 shareholders          $   39,659,898  $   40,614,170  $   9,889,155 
                        =============   =============   ============ 
 
Other comprehensive 
loss 
Foreign currency 
 translation 
 adjustment               (2,009,848)     (2,689,595)    (3,200,853) 
                        -------------   -------------   ------------ 
Comprehensive income   $   35,142,684  $   37,810,724  $   6,688,302 
Less: net loss 
 attributable to 
 noncontrolling 
 interests                (2,507,366)       (113,851)             -- 
                        -------------   -------------   ------------ 
Comprehensive income 
 attributable to TOYO 
 Co., Ltd.'s 
   shareholders        $   37,650,050  $   37,924,575  $   6,688,302 
                        =============   =============   ============ 
 
Weighted average 
 number of ordinary 
 share 
 outstanding-- basic 
 and   diluted*            35,156,391      30,751,424     41,000,000 
                        =============   =============   ============ 
Earnings per share -- 
 basic and diluted*    $         0.98  $         1.09  $        0.24 
                        =============   =============   ============ 
 
 
 
*  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 BALANCE SHEETS 
  (Currency expressed in United States Dollars ("US$"), except for 
                         number of shares) 
 
                                        December 31,  December 31, 
                                            2025          2024 
                                        ------------  ------------ 
ASSETS 
Current Assets 
Cash                                    $ 51,634,374  $ 13,654,445 
Restricted cash                              714,245     1,878,267 
Accounts receivable, net                  11,253,459     6,913,996 
Accounts receivable -- related parties       494,695    11,840,648 
Prepayments                               25,407,080       392,249 
Prepayments -- a related party                72,264            -- 
Inventories, net                          79,986,077    19,984,094 
Other current assets                       2,282,883       725,130 
                                         -----------   ----------- 
Total Current Assets                     171,845,077    55,388,829 
 
Non-current Assets 
Restricted cash, non-current               6,511,407     1,616,677 
Long-term prepaid expenses                 6,834,162     7,217,986 
Deposits for property and equipment          776,627     9,716,009 
Property and equipment, net              220,648,149   129,039,494 
Right of use assets                       34,354,338    36,627,800 
Deferred tax assets                          178,107            -- 
Other non-current assets                     285,954       192,905 
                                         -----------   ----------- 
Total Non-current Assets                 269,588,744   184,410,871 
                                         -----------   ----------- 
Total Assets                            $441,433,821  $239,799,700 
                                         ===========   =========== 
 
LIABILITIES AND EQUITY 
Current Liabilities 
Short-term bank borrowings              $ 30,648,493  $ 16,126,730 
Accounts payable                          52,376,724    17,629,696 
Accounts payable -- a related party        3,269,212            -- 
Contract liabilities                      27,592,381     3,635,144 
Contract liabilities -- related 
 parties                                  80,348,303    20,098,561 
Income tax payable                        15,386,467       781,238 
Due to related parties                    62,328,287    56,633,373 
Other payable and accrued expenses        15,415,684     3,392,774 
Lease liabilities, current                 2,867,727     2,118,900 
Contingent consideration payable (nil 
 and 13,000,000 earnout shares subject 
 to   surrender and cancel as of 
 December 31, 2025 and 2024, 
 respectively)                                    --     4,617,000 
Long-term bank borrowings, current 
portion                                    5,471,119            -- 
                                         -----------   ----------- 
Total Current Liabilities                295,704,397   125,033,416 
 
Lease liabilities, non-current            34,474,040    34,327,142 
Long-term bank borrowings                         --    20,999,733 
                                         -----------   ----------- 
Total Non-current Liabilities             34,474,040    55,326,875 
                                         -----------   ----------- 
Total Liabilities                        330,178,437   180,360,291 
                                         -----------   ----------- 
 
Commitments and Contingencies 
(Note 17) 
 
Equity 
Ordinary shares (par value $0.0001 per 
 share, 500,000,000 shares authorized, 
   37,758,997 shares and 46,595,743 
 shares issued as of December 31, 2025 
 and   2024, and 36,712,040 shares as 
 of December 31, 2025 and 33,595,743 
 shares   (excluding 13,000,000 
 earnout shares subject to surrender 
 and cancel) outstanding   as of 
 December 31, 2024, respectively)              3,671         3,359 
Additional paid-in capital                28,779,967    14,414,905 
Retained earnings                         89,976,384    50,316,486 
Accumulated other comprehensive loss     (7,504,638)   (5,494,790) 
                                         -----------   ----------- 
Total TOYO Co., Ltd Shareholders' 
 Equity                                  111,255,384    59,239,960 
Non-controlling interest                          --       199,449 
                                         -----------   ----------- 
Total Equity                             111,255,384    59,439,409 
                                         -----------   ----------- 
Total Liabilities and Equity            $441,433,821  $239,799,700 
                                         ===========   =========== 
 
 
                             TOYO Co., Ltd 
                 CONSOLIDATED STATEMENTS OF CASH FLOWS 
         (Currency expressed in United States Dollars ("US$") 
 
                               For the Year Ended December 31, 
                         -------------------------------------------- 
                             2025           2024            2023 
                         -------------  -------------  -------------- 
Cash flows from 
operating activities: 
Net income               $  37,152,532  $  40,500,319  $    9,889,155 
Adjustments to 
reconcile net income 
to net cash provided 
by (used in) 
  operating 
activities: 
Depreciation of 
 property and 
 equipment                  36,551,190     23,235,143       2,607,276 
Loss from disposal of 
 property and 
 equipment                          --             --          13,511 
Amortization of right 
 of use assets               3,042,354        289,198         114,614 
Loss from early 
termination of lease 
agreement                           --         29,186              -- 
Amortization of 
 long-term prepaid 
 expenses                      165,169        171,419         180,192 
Share-based 
compensation to 
employees                    4,703,760             --              -- 
Share-based 
 compensation to 
 nonemployees                9,000,737        609,000              -- 
Changes in fair value 
 of contingent 
 consideration payable       1,341,794   (35,100,000)              -- 
Inventory write down         2,862,847      2,536,668              -- 
Expense of offering 
cost allocated to 
contingent 
consideration 
  payable                           --        359,000              -- 
Deferred tax benefits        (178,107)             --              -- 
Changes in operating 
assets and 
liabilities: 
Accounts receivable        (4,583,417)    (6,138,919)              -- 
Accounts receivable -- 
 related parties            11,179,845   (11,984,896)              -- 
Prepayments               (25,030,650)      (254,223)       (152,023) 
Prepayments -- a 
 related party                (72,264)     23,635,352    (24,845,082) 
Inventories               (63,359,435)     15,882,337    (40,728,301) 
Other current assets       (1,559,891)    (1,427,492)        (87,263) 
Other non-current 
 assets                       (94,770)      (171,353)        (22,655) 
Accounts payable             6,340,244      3,034,220       2,079,725 
Accounts payable -- a 
related party                3,269,718             --              -- 
Contract liabilities        24,038,608      3,183,138         540,481 
Contract liabilities -- 
 related parties            60,250,424    (7,813,425)      29,340,608 
Income tax payable          14,605,229        781,238              -- 
Due to related parties       1,281,905    (1,593,064)       3,267,670 
Other payable and 
 accrued expenses           11,951,150    (2,769,631)       5,404,730 
Lease liabilities              128,959      (486,475)       (131,655) 
                          ------------   ------------   ------------- 
Net cash provided by 
 (used in) operating 
 activities                132,987,931     46,506,740    (12,529,017) 
                          ------------   ------------   ------------- 
 
Cash flows from 
investing activities: 
Purchase of property 
 and equipment            (91,752,076)   (42,501,403)   (114,113,439) 
Purchase of property 
 and equipment from a 
 related party                      --    (1,542,768)       (126,272) 
Payment for 
acquisition of 
non-controlling 
interests                  (6,650,000)             --              -- 
                          ------------   ------------   ------------- 
Net cash used in 
 investing activities     (98,402,076)   (44,044,171)   (114,239,711) 
                          ------------   ------------   ------------- 
 
Cash flows from 
financing activities: 
Capital injection from 
 shareholders                4,000,000         10,000      42,360,581 
Proceeds from private 
placement                           --      6,000,100              -- 
Proceeds from bank 
 borrowings                 56,678,373     65,663,820      12,034,734 
Repayment of bank 
 borrowings               (57,238,753)   (39,546,161)              -- 
Proceeds from 
 borrowings from a 
 related party              12,000,000      5,000,000      93,571,624 
Repayment of borrowings 
 to a related party        (6,000,000)   (38,093,104)              -- 
Deemed distribution 
through purchase of 
trademark                    (340,000)             --              -- 
Payments of offering 
 costs                              --    (1,124,374)     (1,817,310) 
                          ------------   ------------   ------------- 
Net cash provided by 
 (used in) financing 
 activities                  9,099,620    (2,089,719)     146,149,629 
                          ------------   ------------   ------------- 
 
Effect of exchange rate 
 changes on cash           (1,974,838)    (2,220,954)     (2,448,856) 
                          ------------   ------------   ------------- 
Net (decrease) increase 
 in cash                 $  41,710,637  $ (1,848,104)  $   16,932,045 
Cash and restricted 
 cash at beginning of 
 year                       17,149,389     18,997,493       2,065,448 
                          ------------   ------------   ------------- 
Cash and restricted 
 cash at end of year     $  58,860,026  $  17,149,389  $   18,997,493 
                          ============   ============   ============= 
 
Supplemental cash flow 
information 
Cash paid for interest 
 expense                 $   1,954,648  $   3,316,100  $           -- 
Cash paid for income 
 tax                     $     943,119  $          --  $           -- 
 
Noncash investing and 
financing activities 
Operating lease 
 right-of-use assets 
 obtained in exchange 
 for operating   lease 
 liabilities             $   1,916,346  $   3,636,453  $      473,014 
Issuance of ordinary 
 shares to settle of 
 contingent 
 consideration 
   payable               $   5,958,794  $          --  $           -- 
Payables related to 
 purchase of property 
 and equipment           $  37,658,234  $     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                     $  51,634,374  $  13,654,445  $   18,035,405 
Restricted cash                714,245      1,878,267          82,195 
Restricted cash, 
 non-current                 6,511,407      1,616,677         879,893 
                          ------------   ------------   ------------- 
                         $  58,860,026  $  17,149,389  $   18,997,493 
                          ============   ============   ============= 
 
 
     Reconciliation of Non-GAAP to GAAP Measures (Unaudited and 
                            Unreviewed) 
                       (Stated in US dollars) 
 
                                           For the year ended 
                                               December 31, 
                                       --------------------------- 
                                           2025          2024 
                                       ------------  ------------- 
Reconciliation of non-GAAP income 
from operations: 
Net Income                             $ 37,152,532  $  40,500,319 
Income tax                               15,370,241        781,238 
Interest expenses                         3,318,705      3,264,646 
Depreciation and amortization            36,746,255     23,235,143 
Amortization of right-of-use assets       3,042,354        289,198 
Amortization of long-term prepaid 
 expenses                                   165,169        171,419 
                                        -----------   ------------ 
EBITDA                                   95,795,256     68,241,963 
                                        -----------   ------------ 
 
Adjustments: 
Share-based compensation                 13,704,497        609,000 
Changes in fair value of contingent 
 consideration payable                    1,341,794   (35,100,000) 
                                        ===========   ============ 
Adjusted EBITDA                        $110,841,547  $  33,750,963 
                                        ===========   ============ 
 
 
 
 
 
                                            For the year ended 
                                               December 31, 
                                        -------------------------- 
                                           2025          2024 
                                        -----------  ------------- 
Reconciliation of non-GAAP net income 
from operations: 
Net Income                               37,152,532     40,500,319 
 
Adjustments: 
Share-based compensation                 13,704,497        609,000 
Changes in fair value of contingent 
 consideration payable                    1,341,794   (35,100,000) 
                                         ----------   ------------ 
Adjusted Net Income                     $52,198,823  $   6,009,319 
                                         ==========   ============ 
 

View original content:https://www.prnewswire.com/news-releases/toyo-co-ltd-announces-second-half-and-full-year-2025-financial-results-302729837.html

SOURCE TOYO Co., Ltd

 

(END) Dow Jones Newswires

March 31, 2026 06:30 ET (10:30 GMT)

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