Toyo Co., Ltd · NASDAQ:TOYO
Toyo — Q1 2026 Earnings Presentation
32 slides from Toyo's earnings presentation, May 18, 2026
Slide 1: TOYO Co., Ltd Investor Deck
TOYO Co., Ltd (NASDAQ: TOYO) Investor Deck March 2026 1
Slide 2: Safe Harbor
Safe Harbor 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: Our Mission
OUR Powering the world with green, clean energy MISSION through high-quality solar solutions at a competitive scale and cost. 3
Slide 4: TOYO at a Glance
TOYO at a Glance $427M 4.5 GW ^ 2.0 GW 6 GW 10+ FY2025 Revenue Solar cells shipped U.S. module capacity Cell capacity **Years solar globally FY2025 Houston, Texas 2GW Vietnam & manufacturing 4GW Ethiopia experience Founded in 2022 Award-Winning Technology ➢ Listed on Nasdaq in 2024 after rapid scale
Slide 5: Investment Highlight
Investment Highlight Track record of rapid growth & profitability as one 1 of the leading non-FEOC solar solutions provider 2 Leveraging established relationships with U.S. utility-scale customers 3 Proven manufacturing excellence delivers world- class technology at a highly competitive cost 4 Rapid
Slide 6: Strategic Realignment Unlocking Growth
Strategic Realignment Unlocking Growth Acquisition of VSUN Brand to Extend Integrated Value Chain Strategic Benefits of the VSUN Brand Acquisition VSUN Brand was acquired from VSUN Co. in September 2025. Enhanced market access through established VSUN relationships Building on the VSUN brand legacy:
Slide 7: Rapid Growth in Shipment
Rapid Growth in Shipment Solar Cell Shipments Solar Module Shipments Revenue 7.0 1 1-1.3 450 $427.4 6.0 5.5-5.8 1 400 350 5.0 4.5 1 300 $ in million 4.0 1 250 GWs GWs 3.0 1 200 177 1.743 150 2.0 0 0.25 100 62.4 1.0 0 0.315 50 0 0 0.0 0 0 2023 2024 2025 2026E 2023 2024 2025 2026E 2023 2024 2025 7
Slide 8: Profitability: Fueling Future Growth
Profitability: Fueling Future Growth Net Income Adjusted Net Income 45 120 40.5 40 $90-100 37.2 100 35 30 80 $ in million $ in million 25 60 $52.2 20 15 40 9.9 10 20 9.9 5 6 0 0 2023 2024 2025 2023 2024 2025 2026E • Adjusted Net income in 2024 does not include a $35.1 million change in fair value of
Slide 9: End-to-End FEOC-Compliant
End-to-End FEOC-Compliant INGOTS & POLYSILICON CELLS MODULES CUSTOMERS WAFERS OCI (Korea) Non-FEOC sources; • U.S Houston, TX U.S utility-scale + Major U.S. U.S. BOM* in (in final planning 2 GW capacity developers, solar domestic polysilicon development. phase) 1st GW Operational distributors, produ
Slide 10: Strategy for Vertical Integration & Expansion
Strategy for Vertical Integration & Expansion Building toward an integrated FEOC-compliant value chain from polysilicon to module assembly 2026 U.S. R&D Center in planning phase January 2026 2026 April 2025 September 2025 U.S Cell November 2022 July 2024 October 2024 Commenced 1stst 2nd 2GW Ethiopia
Slide 11: Ethiopia's Solar Cell Line 4 GW Annual Capacity
Ethiopia’s Solar Cell Line 4 GW Annual Capacity TOYO’s state-of-the-art solar cell manufacturing facility in Ethiopia now substantially allocated • 4.0 GW annual solar cell production facility strategically located in Hawassa, Ethiopia • Confirmed orders substantially cover Ethiopia’s production cap
Slide 12: America's Solar Manufacturing Hub
America’s Solar Manufacturing Hub CELL FACILITY · MODULE FACILITY PLANNED Total module 2 GW *HJT Planned cell capacity by 2026 technology (1GW today) OCT Commercial Proximity to U.S.A 2025 operations began module facility 567,140 Facility size, $0.04/W Section 45X cell ft² Humble TX credit $0.07/W S
Slide 13: Global Manufacturing Footprint
Global Manufacturing Footprint Tokyo, Japan Headquarters Houston, TX *2 GW Modules + Cells Vietnam (planned) · Expected Section 45X 2 GW Solar Cells eligible Hawassa, Ethiopia Redirected to 4 GW Solar Cells India/Taiwan *1 GW module facility operational; additional 1 GW completing by 2026. Total glo
Slide 14: Award-Winning Solar R&D
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. SEM
Slide 15: Global Leadership Team
Global Leadership Team Takahiko Onozuka Rhone Resch Chief Executive Officer Chief Strategy Officer & Chairman With 20+ years of solar leadership, Rhone Resch Takahiko Onozuka brings over 40 years of expertise was CEO of the Solar Energy Industries Association in international finance and energy infr
Slide 16: 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. Entrenched controls Rapid expansion & ensure top-tier Rapid continuous cost quality and r
Slide 17: Advanced Automation Standards
Advanced Automation Standards Deploying AGVs and robotics builds operational resilience, streamlining workflows and ensuring consistent quality while allowing for more agile scaling across the organization Enhances consistency Improves and reliability 06 01 workplace safety Agility and Creates syste
Slide 18: Capturing Opportunities in the U.S. Solar Market Demand
Capturing Opportunities in the U.S. Solar Market Demand U.S. PV Installation Historical and Forecast by Segment: 2014 - 2036 Neutral Demand Outlook • Projected utility scale solar installations for 2026 is appx. 43.4 GW compared to 34.7 GW in 2025 • Growth of AI, data centers, electric vehicles, and
Slide 19: Why TOYO Now: Tariffs Create Structural Advantage
Why TOYO Now: Tariffs Create Structural Advantage Inflation Reduction Act (IRA) currently offers attractive incentives for U.S.-based module production • Anticipate that IRA incentives will be viewed as energy security issue • Domestic manufacturers remain highly dependent on policy support • TOYO H
Slide 20: Committed to Environmental Stewardship
Committed to Environmental Stewardship TOYO is focused on further developing the Social Responsibility clean energy industry, adhering to a responsible global supply chain strategy, and contributing to the sustainable development of human beings with more High level of Material Traceability professi
Slide 21: Why Invest in TOYO
Why Invest in TOYO Five reasons TOYO is positioned to lead the non-FEOC solar transition 01 Large-scale non- 02 Scaling U.S. 03 Planned 04 ~82% Shipment 05 Strong & FEOC Solar Cell Module Domestic CAGR improving Supplier Production Cell 2024–2026E Profitability Manufacturing 4.5 GW shipped 2 GW Hous
Slide 22: Summary Financials
Summary Financials 22
Slide 23: Key Metrics
Key Metrics 4.5 GW 249 MW Solar cells shipped Solar modules shipped FY 2025 $427.4 M $52.2M Revenues NON-GAAP Adjusted Net Income *First half 2025 figures are unaudited and unreviewed 23
Slide 24: Use of Non-GAAP Financial Measure
Use of Non-GAAP Financial Measure 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 measure
Slide 25: 2H 2025 Financial Summary
2H 2025 Financial Summary** (USD in millions, except per share amounts) 2H 2025 2H 2024 Revenues 288.3 38.9 Gross Profit 73.3 (4.7) Operating expenses 23.9 8.9 Net income 34.7 21.0 **Unaudited and unreviewed
Slide 26: FY 2025 Financial Summary
FY 2025 Financial Summary (USD in millions, except per share amounts) 2025 2024 Revenues 427.4 177.0 Gross Profit 96.3 21.9 Gross margin 22.5% 12.4% Operating expenses 37.3 13.0 Net income 37.2 40.5 Earnings Per Share $0.98 $1.09 Non-GAAP Adjusted Net Income** 52.2 6.0 Non-GAAP Adjusted Earnings Per
Slide 27: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures** (Stated in US dollars) Reconciliation of non-GAAP net income from operations 2025 2024 Net (loss) income 40,500,319 37,152,532 Income tax 15,370,241 781,238 Interest expenses 3,318,705 3,264,646 Depreciation and amortization 36,746,255 23,235,143 Amortiz
Slide 28: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures** (Stated in US dollars) Reconciliation of non-GAAP net income from 2025 2024 operations Net (loss) income 37,152,532 40,500,319 Share-based compensation 13,704,497 609,000 Changes in fair value of contingent consideration* 1,341,794 (35,100,000) Non-GAAP
Slide 29: Appendix
Appendix 29
Slide 30: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (Currency expressed in United States Dollars (“US$”), except for number of shares) • The share information is presented on a retroactive basis to reflect the reorganization effected on February 27, 2024 (Note 1).
Slide 31: Consolidated Statements of Operations and Comprehensive Income
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Currency expressed in United States Dollars (“US$”), except for number of shares) * The shares and per share information are presented on a retroactive basis to reflect the reorganization effected on February 27, 2024 (Note 1).
Slide 32: Consolidated Statements Cash Flows
CONSOLIDATED STATEMENTS CASH FLOWS (Currency expressed in United States Dollars (“US$”), except for number of shares)