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TOYO Co., Ltd Announces First Half 2024 Unaudited Financial Results
TOKYO, Aug. 21, 2024 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) ("TOYO" or the "Company"), a solar solution company, today announced its financial results
About this update from Toyo Co., Ltd
[{"type":"text","content":"TOKYO, Aug. 21, 2024 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (\"TOYO\" or the \"Company\"), a solar solution company, today announced its financial results for the six months ended June 30, 2024.\n\nFirst Six Months of 2024 Highlights\nRevenues of $138.1 million versus $0 revenues in the first half of 2023Gross Margin of 19.3%Net income of $19.6 million versus a loss of $1.9 million in the first half of 2023985 MW shipped\"We are pleased with our financial and operational achievements in the first half of 2024, highlighting our team's outstanding execution capabilities,\" said Junsei Ryu, Chairman and CEO of TOYO. \"Since we commenced manufacturing in October 2023, our facility has successfully delivered 1.3 GW of solar cells to customers. Customer feedback on the product's technical specifications and quality has been exceptional, and our team showed that they were able to establish high-volume cell manufacturing using advanced automation in the industry in record time. Confident in our ability to replicate this success, we are gearing up and expecting to begin the construction of a 2 GW solar module manufacturing facility in the U.S. in the fourth quarter of 2024.\"\nRevenues for the first half of 2024 were $138.1 million, increased from zero in the comparable six months in 2023. The increase was primarily driven by sales as the facility increased its production capacity, which commenced in October 2023.\nThe cost of revenues was $111.4 million for the first six months of 2024, compared to zero for the same period of the last year, reflecting the absence of production in the same period of 2023.\nSelling and marketing expenses were $0.36 million for the first six months of 2024 compared to zero for the same period of the last year.\nGeneral and administrative expenses were $3.8 million for the first six months of 2024, compared to $1.8 million for the same period of the last year.\nTotal operating expenses increased to $4.2 million for the first six months of 2024, from $1.8 million for the same period of the last year.\nNet income was $19.6 million for the first six months of 2024, compared to a net loss of $1.9 million for the same period of the last year.\nEarnings per share, basic and diluted, was $0.48 for the first six months of 2024, compared to a loss per share, basic and diluted of $0.05 for the same period of th...