Toyo Co., Ltd · NASDAQ:TOYO
Toyo — Investor Day (October 2026)
47 slides from Toyo's investor day presentation, Oct 6, 2026
Slide 1: TOYO Solar Analyst Day & Facility Ribbon-Cutting
NASDAQ: TOYO | OTC: TOYWF TOYO SOLAR Analyst Day & Facility Ribbon-Cutting Scaling an integrated, non-FEOC solar manufacturing platform across global cells and U.S. modules. $261.0M H1 REVENUE 2.6 GW CELL DELIVERIES 32.5% GROSS MARGIN $123.4M CASH + RESTRICTED HUMBLE, TEXAS · OCTOBER 6, 2026 TOYO SO
Slide 2: Welcome & Safe Harbor
SECTION 1 Welcome & Safe Harbor Program overview and forward-looking statements 2
Slide 3: Forward-Looking Statements
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," "p
Slide 4: Today's Agenda
SECTION 1 — WELCOME & SAFE HARBOR Today's Agenda Analyst Briefing & Q&A — 9:30–11:00 AM CT · Webcast · TOYO Solar Texas, Humble, TX Private session for analysts and invited investors; this deck is presented during this 90-minute window. 1 Welcome & Safe Harbor Rhone Resch, Chief Strategy Officer 2 C
Slide 5: Global Leadership Team
TOYO SOLAR Global Leadership Team Takahiko Onozuka CHAIRMAN & CHIEF EXECUTIVE OFFICER Takahiko Onozuka was appointed Chairman and CEO effective March 18, 2026. He brings more than 40 years of experience in international finance, energy infrastructure, and decarbonization, spanning JBIC, Sumitomo, an
Slide 6: CEO Opening
SECTION 2 CEO Opening Vision, strategic update, and the U.S. solar market backdrop 6
Slide 7: Why Today, Why Humble
SECTION 2 — CEO OPENING Why Today, Why Humble The Houston module ramp sets the foundation Sept 2025 Houston Phase I module line operational Oct 2025 VSUN brand acquired, extending U.S. market access 2026 $357M Humble HJT investment announced; 2nd Houston module line completed Oct 6, 2026 TODAY: Humb
Slide 8: TOYO Overview
TOYO Overview TOYO is executing a strategy to become a large-scale, non-FEOC manufacturing platform, anchored by U.S. investment and backed by an allied-nation ownership structure. Large-Scale Cell Manufacturer 6 GW cell capacity across Ethiopia and Vietnam Scaling U.S. Module Production 2 GW Housto
Slide 9: U.S. Solar Market: Supply & Structural Constraints
SECTION 2 — CEO OPENING U.S. Solar Market: Supply & Structural Constraints STRUCTURAL CONSTRAINTS ●Wafering — not polysilicon or cells — is the tightest link in the U.S. supply chain ●U.S. wafer capacity is just ~5 GW against ~3.2 GW of actual production ●Uses only ~20% of the polysilicon capacity s
Slide 10: U.S. Solar Value Chain: Demand vs. Supply, Next 5 Years
SECTION 2 — CEO OPENING U.S. Solar Value Chain: Demand vs. Supply, Next 5 Years Module capacity exceeds annual demand — wafer and cell are the binding constraints on a fully domestic chain. 21 GW Polysilicon 5 GW Wafer 3.2 + 34 GW Cell 75.4 GW Module ANNUAL U.S. DEMAND, 2026–2031E: ~43 GW Supply: SE
Slide 11: Global Manufacturing Footprint & Track Record
OPERATIONS Global Manufacturing Footprint & Track Record Tokyo, Japan Headquarters Houston, Texas, USA *2 GW Modules + ^1.5 GW HJT Cells (planned) Vietnam 2 GW Solar Cells Hawassa, Ethiopia 4 GW Solar Cells ^ 1.5 GW HJT cells to commence production by Q1 2028 TRACK RECORD OF SCALABLE MANUFACTURING W
Slide 12: Financial Update
SECTION 3 Financial Update H1 2026 results, balance sheet, and capital raised to date 12
Slide 13: Scale translated into stronger earnings and liquidity
Scale translated into stronger earnings and liquidity $261.0M TOTAL REVENUE +87.6% year over year 2.61 GW cells and 191.5 MW modules delivered in the first half. GROSS PROFIT $84.7M 32.5% gross margin GAAP NET INCOME $45.8M vs. $2.5M in H1 2025 ADJUSTED NET INCOME $46.0M Non-GAAP DILUTED EPS $1.20 v
Slide 14: Balance Sheet and Cash Flow Summary
Balance Sheet ($M) Jun 30 '26 Dec 31 '25 Cash $103.5 $51.6 Total Current Assets $272.2 $171.8 Total Assets $537.6 $441.4 Total Current Liabilities $242.4 $295.7 Total Liabilities $327.8 $330.2 Total Shareholders' Equity $209.8 $111.3 Cash Flow ($M) H1 2026 H1 2025 Net cash from operating activities
Slide 15: Capital Raised to Date & Use of Proceeds
SECTION 3 — FINANCIAL UPDATE & CAPITAL PROGRESS Capital Raised to Date & Use of Proceeds Registered Direct Offering $50.0M gross / ~$47.1M net proceeds — closed June 25, 2026 with institutional investors At-The-Market Program ~$5.5M net proceeds raised through June 30, 2026 with Roth Capital and H.C
Slide 16: HJT Build-Out & Projected Major Milestone
SECTION 3 — FINANCIAL UPDATE & CAPITAL PROGRESS HJT Build-Out & Projected Major Milestone $357M total planned investment, Humble, TX HJT facility CAPITAL DEPLOYMENT STRUCTURE • Capital deployment structure reflects TOYO's internal estimates of HJT construction cash-deployment plan (August 2026), pre
Slide 17: HJT Build-Out: Funding Plan
SECTION 3 — FINANCIAL UPDATE & CAPITAL PROGRESS HJT Build-Out: Funding Plan SOURCES OF FUNDS (EXPECTED) Section 45X Credits ~$120M Anticipated; preliminary estimate based on previously announced production plan Debt Financing ~$120M Anticipated and in the planning stages; no definitive documentation
Slide 18: U.S. Policy Is Reshaping the Solar Supply Chain
SECTION 4 U.S. Policy Is Reshaping the Solar Supply Chain Section 232 enforcement and onshoring incentives • Ethiopia supply-chain transition • Traceability • U.S. manufacturing 18
Slide 19: Section 232 Program and Onshoring Path
SECTION 4 • U.S. POLICY AND SUPPLY-CHAIN STRATEGY Section 232 program The program combines near-term import enforcement with company-specific agreements for U.S. manufacturing investment. PROGRAM TIMELINE AUGUST 6, 2026 Program enacted The proclamation established minimum import prices and an onshor
Slide 20: Ethiopia Circumvention Inquiry
SECTION 4 • U.S. POLICY AND SUPPLY-CHAIN STRATEGY Ethiopia circumvention inquiry examines Chinese inputs and Ethiopian production Effective July 17, 2026, Commerce initiated a country-wide Section 781(b) inquiry. TOYO is a mandatory respondent. WHAT COMMERCE IS EXAMINING Should Ethiopia cells made w
Slide 21: TOYO Seeks a Prospective Path for Qualifying Production
SECTION 4 • U.S. POLICY AND SUPPLY-CHAIN STRATEGY TOYO seeks a prospective path for qualifying current production The request would distinguish cells made with U.S. polysilicon and non-China wafers from the inquiry's review of historical entries. TOYO'S ASK Confirm that cells completed in Ethiopia u
Slide 22: CBP Engagement and Supply-Chain Transparency
SECTION 4 — TRADE POLICY & REGULATORY UPDATE CBP Engagement and Supply-Chain Transparency TOYO maintains lot-level traceability and direct agency engagement as part of its operating practices. CBP ENGAGEMENT TRACEABILITY IN PRACTICE ● CBP routinely reviews solar imports under UFLPA and other trade l
Slide 23: De-risking Supply Chain to Support Customers
SUPPLY-CHAIN INTEGRITY De-risking supply chain to support customers 01 POLYSILICON Supply agreement announced for U.S.- bound products 02 INGOTS & WAFERS Non-China sourcing transition Southeast Asian supply today; alternative and U.S. sourcing under development 03 SOLAR CELLS 6 GW operating capacity
Slide 24: Integrated U.S. Supply Chain Creates Domestic-Content Flexibility
SECTION 4 • U.S. POLICY AND SUPPLY-CHAIN STRATEGY TOYO's integrated U.S. supply chain creates domestic-content flexibility TOYO's diversified, non-China supply chain and expanding U.S. manufacturing footprint give customers flexibility to meet domestic-content, supply-chain security and project-econ
Slide 25: Products Support Tax-Credit Eligibility and Domestic-Content Adder
SECTION 4 • U.S. POLICY AND SUPPLY-CHAIN STRATEGY TOYO products support tax-credit eligibility and the domestic-content adder TOYO combines non-PFE sourcing, expanding U.S. manufacturing and project-specific BOM design to help developers protect base-credit eligibility and target the domestic-conten
Slide 26: Manufacturing Quality & Operational Excellence
SECTION 5 Manufacturing Quality & Operational Excellence Independent quality validation and TOYO's manufacturing track record 26
Slide 27: Independent Quality Validation
SECTION 5 — MANUFACTURING QUALITY & OPERATIONAL EXCELLENCE Independent Quality Validation TOYO's Humble, TX module facility completed an independent third-party factory audit conducted by Intertek CEA, a leading global solar quality-assurance provider. Top-Tier Rating Confirmed under Intertek CEA's
Slide 28: Track Record of Scalable Manufacturing
SECTION 5 — MANUFACTURING QUALITY & OPERATIONAL EXCELLENCE Track Record of Scalable Manufacturing World Class Entrenched controls ensure top-tier quality and reliable metrics. Rapid, Efficient Expansion Continuous cost improvements across modules and cells. Globally Competitive Competing directly wi
Slide 29: Technology & Innovation
SECTION 6 Technology & Innovation HJT efficiency and economics, R&D, and space-qualified cell technology 29
Slide 30: Why HJT Technology? Efficiency & Economics
SECTION 6 — TECHNOLOGY & INNOVATION Why HJT Technology? Efficiency & Economics HJT: Next-Generation Cell Efficiency 1 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 TOPCo
Slide 31: Efficiency Trajectory: HJT and the Perovskite Roadmap
SECTION 6 — TECHNOLOGY & INNOVATION Efficiency Trajectory: HJT and the Perovskite Roadmap Cell efficiency drives $/W economics — higher output per cell means fewer panels, less racking. 19.7% Cadmium Telluride (CdTe) thin-film 23% TOPCon (cell) 25% HJT (cell) 34.85% R&D — NOT YET COMMERCIAL HJT + Pe
Slide 32: Humble HJT Cell Facility Brings Advanced Technology Onshore
U.S. MANUFACTURING EXPANSION Humble HJT cell facility brings advanced technology onshore TOTAL INVESTMENT $357M Advanced HJT equipment INITIAL CAPACITY 1.5 GW High-efficiency cells PILOT PRODUCTION Q1 2028 20-month timeline WORKFORCE ~400 Direct high-tech jobs SECTION 45X Eligible for federal produc
Slide 33: Award-Winning Solar R&D
SECTION 6 — TECHNOLOGY & INNOVATION Award-Winning Solar R&D Dr. Aihua Wang, Ph.D. Chief Technology Officer & Director Over 30 years of solar innovation and a globally recognized leader in PV technology. Previously head of research and vice president at a prominent solar company, and chief engineer a
Slide 34: Beyond Terrestrial: Space-Qualified Cell Technology
SECTION 6 — TECHNOLOGY & INNOVATION Beyond Terrestrial: Space-Qualified Cell Technology An internal technology evaluation of how TOYO's HJT platform could extend beyond terrestrial applications — not a disclosed business line. Technology Cell Efficiency (Space, AM0) Radiation Resistance Indicative C
Slide 35: Growth Roadmap
SECTION 7 Growth Roadmap The path to U.S. vertical integration, and what's next 35
Slide 36: Path to U.S. Vertical Integration
SECTION 7 —GROWTH ROADMAP Path to U.S. Vertical Integration 1 Polysilicon Operational Currently, 100% U.S poly for U.S market 2 Ingots & Wafers In Development Southeast Asia today; U.S. supply chain in development 3 Solar Cells Operational + Expanding 4 GW Ethiopia + 2 GW Vietnam operational; 1.5 GW
Slide 37: Long-Term Vision: Scaling U.S. Cell, Ingot & Wafer Capacity
SECTION 7 —GROWTH ROADMAP Long-Term Vision: Scaling U.S. Cell, Ingot & Wafer Capacity HJT CELL CAPACITY 1.5 GW Q1 2028 (Humble, TX) 3 GW Long-Term Vision (+1.5 GW additional) INGOT & WAFER CAPACITY 0 GW Today (not yet built in the U.S.) 6 GW Long-Term Vision "Integrated ingot, wafer, and cell produc
Slide 38: Thank you
NASDAQ: TOYO | OTC: TOYWF Thank you 38
Slide 39: Q&A
Q&A TOYO Analyst Day & Facility Ribbon-Cutting — Humble, Texas — October 6, 2026 NASDAQ: TOYO | OTC: TOYWF 39
Slide 40: Appendix: Backup slides
APPENDIX Backup slides — not presented live 40
Slide 41: Strategic Realignment: Acquisition of VSUN Brand
STRATEGIC PROGRESS Strategic Realignment Unlocking Growth Acquisition of VSUN Brand to Extend Integrated Value Chain VSUN brand was acquired from VSUN Co. in September 2025. One of the major Japan-headquartered solar module suppliers to the U.S. market Peak revenue: $1.3 billion, of which $1.2B from
Slide 42: Detailed financial statements
APPENDIX Detailed financial statements Unaudited consolidated results for the periods ended June 30, 2026. 42
Slide 43: H1 & Q2 2026 Consolidated Results & Non-GAAP Reconciliations
H1 & Q2 2026 Consolidated Results & Non-GAAP Reconciliations Income Statement Summary In Millions (USD) H1 '26 REVENUE $261.0M ↑ +87.6% YoY H1 '26 ADJ. EBITDA $82.3M ↑ +260.2% YoY Metric ($M) Q2 '26 Q2 '25 H1 '26 H1 '25 Revenues $118.2 $87.6 $261.0 $139.1 Gross Profit $37.0 $18.3 $84.7 $23.1 Gross M
Slide 44: Income Statement
Q2 2026 Q2 2025 H1 2026 H1 2025 Revenues from related parties 21,536,529 14,566,338 57,494,243 25,087,488 Revenues from third parties 96,648,366 72,996,313 203,464,110 114,019,674 Revenues 118,184,895 87,562,651 260,958,353 139,107,162 Cost of revenues — related parties (20,885,274) (9,126,165) (49,
Slide 45: Balance Sheet
ASSETS Jun 30, 2026 Dec 31, 2025 Cash 103,467,022 51,634,374 Restricted cash 6,576,827 714,245 Accounts receivable, net 15,406,535 11,253,459 Accounts receivable — related parties — 494,695 Prepayments 10,075,305 25,407,080 Prepayments — a related party — 72,264 Inventories, net 132,128,202 79,986,0
Slide 46: Cash Flow Statement
H1 2026 H1 2025 Net cash provided by operating activities 61,439,429 40,045,122 Cash flows from investing activities: Purchase of property and equipment (27,780,462) (47,128,016) Advances made to a related party — (67,393) Net cash used in investing activities (27,780,462) (47,195,409) Cash flows fr
Slide 47: Full Space-Cell Technology Comparison
APPENDIX — TECHNOLOGY Full Space-Cell Technology Comparison Cell Technology Terrestrial Efficiency Space Efficiency (AM0) Remaining Power (1 MeV e⁻ @ 1×10¹⁵ cm⁻²) Remaining Power (very high dose) Sale Price Suitable Missions Supply III-V Tandem — 30%–34% 90% — $170/W All conditions Limited capacity