Toyo Co., Ltd · NASDAQ:TOYO
Toyo — Investor Presentation (May 2025)
26 slides from Toyo's investor presentation, May 1, 2025
Slide 1: April 2025 Investor Deck
April 2025 Investor Deck TOYO Co., Ltd (NASDAQ: TOYO)
Slide 2: Forward-Looking Statements
2 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,” “
Slide 3: Powering the world with green, clean energy
Powering the world with green, clean energy through high - quality solar solutions at a competitive scale and cost. 3
Slide 4: Investment Highlights
Track record of rapid growth & profitability as one of the leading suppliers of N - TYPE Solar Cells Leveraging established relationships with U.S. utility - scale customers 1 2 4 Investment Highlights 4 3 Proven manufacturing excellence delivers world - class technology at a highly competitive cost
Slide 5: Our Background
Our Background Tokyo Stock Exchange: 3856.T TOYO is a NASDAQ - listed Solar Company majority owned by Abalance — a leading Japanese renewable energy solutions provider. TOYO founded as a carve - out from Abalance subsidiary VSUN to meet the needs of the U.S. market. Our affiliate, VSUN, has a track
Slide 6: TOYO To Leverage Established VSUN Brand and Sales Channel
TOYO To Leverage Established VSUN Brand and Sales Channel VSUN and TOYO are in negotiation to transfer the VSUN brand and sales channels to TOYO once TOYO Solar Texas LLC’s U.S factory commences production. After such transfer, TOYO expects to: Meet customer demand for “Made in USA” solar panels Dir
Slide 7: Proven N-Type Solar Cell Expertise
Proven N - Type Solar Cell Expertise TOYO owns one of the largest non - Chinese N - Type cell manufacturing bases in the world. TOYO combines rigorous quality standards with competitive pricing strategies, delivering premium products across worldwide markets. In FY 2024, 1.743 GW TOYO cells were shi
Slide 8: Track Record of Scalable Manufacturing
Track Record of Scalable Manufacturing 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
Slide 9: Advanced Automation Standards
9 Advanced Automation Standards Extensive use of robotics and Automated Guided Vehicles decreases labor content, allows faster expansion, reduces product defects, and mitigates risks from hiring and training laborers. Improves workplace safety Reduces utility costs Increases productivity Enhances co
Slide 10: Management and Board of Directors
Chief Executive Officer & Chairman Mr. Ryu has nearly 20 years of experience in the solar solution industry and has been the director, representative or joint representative of several affiliates including, Abalance Corporation, WWB Corporation, Vietnam Sunergy Joint Stock Company (“VSUN”), Fuji Sol
Slide 11: Board of Directors
Han has extensive experience in providing legal counsel to renewable energy companies and manufacturing firms. Until May 2023, she served as Sr Counsel at Renesas Electronics. Until January 2020, she was Sr. Counsel at Trina Solar Japan Energy, overseeing energy projects. Prior to that, she worked i
Slide 12: Award Winning Solar R&D
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. TLM SEM PL Award Winning Sol
Slide 13: Capturing Opportunities in the U.S. Solar Market
Natural Gas Source: SEIA/Wood Mackenzie Solar Market Insight Report Q2 2024, U.S. Energy Information Administration • Projected solar installations for 2025 is appx. 43 GW • Growth of AI, data centers, electric vehicles, and manufacturing drives demands on the grid • Solar + storage becoming cost -
Slide 14: Our Strategy in a Dynamic Policy Environment
Our Strategy in a Dynamic Policy Environment Anti - dumping (AD) and countervailing duties (CVD) investigations disrupted imports from SE Asia in 2H 2024 Balanced strategy for a range of policy outcomes Inflation Reduction Act (IRA) currently offers attractive incentives for U.S. - based module prod
Slide 15: TOYO's Global Manufacturing Footprint
TOYO’s Global Manufacturing Footprint ^2 GW N - TYPE Cell Manufacturing in Vietnam Headquarters in Japan 2.5 GW Capacity Module Manufacturing Plant in Houston, Texas** * 2GW commenced production in April 2025, additional 2GW to be completed by August 2025 * Anticipated First 1GW solar module product
Slide 16: New N-Type Cell Line in Ethiopia Leverages Abundant Green Power
New N - Type Cell Line in Ethiopia Leverages Abundant Green Power TOYO is fitting out a state - of - the - art solar cell manufacturing facility in Ethiopia • 4.0 GW annual solar cell production facility strategically located in Hawassa, Ethiopia • Facility will take advantage of Ethiopia’s green po
Slide 17: Acquisition of Texas Module Facility Accelerates U.S. Production
Acquisition of Texas Module Facility Accelerates U.S. Production Facility Details • The newly leased facility spans 567,140 square feet. It is designed to accommodate an initial solar module manufacturing capacity of 2.5 GW, with plans to scale up to 6.5 GW by 2029. The Phase I construction of the f
Slide 18: Rapid Growth in Shipments and Profitability
Rapid Growth in Shipments and Profitability 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2023 2024 2025E GWs - 10,000 0 10,000 20,000 30,000 40,000 50,000 2023 2024 2025E $ in 000’s Solar Cell Shipments Net Income* • Does not include contribution of modules to be produced from U.S. facility • Net income in 2
Slide 19: Strategy for Vertical Integration & Expansion
Strategy for Vertical Integration & Expansion November 2022 TOYO Solar founded October 2024 Announced planned Ethiopian cell facility July 2024 Closed Business Combination and began trading on Nasdaq November 2024 Announced planned Texas Acquisition Mid – 2025 Est. Commence production at Texas Manuf
Slide 20: Committed to Environmental Stewardship
Committed to Environmental Stewardship 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 Responsibilit
Slide 21: Summary
Summary Leveraging Established VSUN Brand & Sales Channel Substantial Market Opportunity Leading N - TYPE Technology Balanced Global Manufacturing Strategy Rapid Revenue Growth & Strong Margins
Slide 22: Appendix
22 Appendix
Slide 23: Key Metrics Financial Year 2024
Key Metrics 3 GW Manufacturing Capacity Financial Year 2024 $177.0M Revenues 23 1.74 GW Solar cells shipped $40.9M Net Income
Slide 24: Key Metrics Second Half 2024
Key Metrics 3 GW Manufacturing Capacity Second Half 2024 $38.9M Revenues 24 758 MW Solar cells shipped $21.3M Net income
Slide 25: Unaudited Second Half 2024 Financial Summary
Unaudited Second Half 2024 Financial Summary (USD in millions, except per share amounts) 2H 2023 2H 2024 62.4 38.9 Revenues 16.6 4.8 Gross Profit 27% 12% Gross margin 2.9 8.5 Operating expenses 11.8 21.3 Net income
Slide 26: 2024 Financial Summary
2024 Financial Summary (USD in millions, except per share amounts) 2023 2024 62.4 177.0 Revenues 16.6 21.9 Gross Profit 26.7% 12.4% Gross margin 4.7 12.7 Operating expenses 9.9 40.9 *Net income 0.24 0.13 **Net diluted income per share *Net income in 2024 included a $35.1 million change in fair value