Toyo Co., Ltd · NASDAQ:TOYO
Toyo — Q2 2026 Earnings Presentation
18 slides from Toyo's earnings presentation, Aug 19, 2026
Slide 1: Second Quarter & First Half 2026 Financial Results
TOYO SOLAR TOYO SOLAR Second Quarter & First Half 2026 Financial Results Scaling an integrated, non-FEOC solar manufacturing platform across global cells and U.S. modules. $261.0M 2.6 GW 32.5% $123.4M H1 REVENUE CELL DELIVERIES GROSS MARGIN CASH + RESTRICTED AUGUST 2026 NASDAQ: TOYO | OTC: TOYWF
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: Today's Executive Presenters
TOYO SOLAR 02 H1 & Q2 2026 EARNINGS PRESENTATION Today's Executive Presenters Takahiko Onozuka Rhone Resch Yasunari Harada CHAIRMAN & CHIEF EXECUTIVE CHIEF STRATEGY OFFICER CHIEF FINANCIAL OFFICER OFFICER DISCUSSION TOPICS DISCUSSION TOPICS DISCUSSION TOPICS ● Key messages / H1 2026 highlights ● Sec
Slide 4: Scale translated into stronger earnings and liquidity
H1 2026 03 Scale translated into stronger earnings and liquidity $261.0M GROSS PROFIT GAAP NET INCOME $84.7M $45.8M 32.5% gross margin vs. $2.5M in H1 2025 TOTAL REVENUE +87.6% year over year ADJUSTED NET INCOME DILUTED EPS 2.61 GW cells and 191.5 MW modules delivered in the first half. $46.0M $1.20
Slide 5: Revenue growth held while profitability expanded
Q2 2026 04 Revenue growth held while profitability expanded $118.2M GROSS MARGIN OPERATING INCOME 31.3% $22.6M Q2 REVENUE +10.4 pts vs. Q2 2025 vs. $10.9M in Q2 2025 +35.0% YoY Growth versus $87.6M in Q2 2025 GAAP NET INCOME DILUTED EPS $17.4M $0.45 vs. $6.2M in Q2 2025 vs. $0.16 in Q2 2025 DISCIPLI
Slide 6: Cell deliveries lead; U.S. module output accelerated in Q2
OPERATING SCALE 05 Cell deliveries lead; U.S. module output accelerated in Q2 Solar cell shipments (GW) Solar module shipments (MW) 5 300 4.3 250 250 4 200 3 150 135.8 2 1.74 1.45 100 1.16 56 55.7 1 50 0.32 0 0 0 2023 2024 2025 Q1 2026 Q2 2026 2023 2024 2025 Q1 2026 Q2 2026 H1 2026 CELLS H1 2026 MOD
Slide 7: Capital, market access and U.S. manufacturing advanced together
STRATEGIC PROGRESS 06 Capital, market access and U.S. manufacturing advanced together APR JUN JUN JUL ATM program Registered offering Russell inclusion CFO appointment ~$5.5M net proceeds $50.0M gross / ~$47.1M net Russell 3000® and Microcap® Yasunari Harada U.S. MANUFACTURING PLATFORM 45X qualifica
Slide 8: Recent Corporate & Strategic Developments
TOYO SOLAR 07 CORPORATE MILESTONES Recent Corporate & Strategic Developments 1 2 3 4 Registered Offering At-The-Market Program Russell Index Inclusion CFO Appointment Closed June 25, 2026 with ~$5.5M net proceeds raised Added to the Russell 3000® and Yasunari Harada appointed CFO institutional inves
Slide 9: Traceability spans polysilicon through U.S. modules
SUPPLY-CHAIN INTEGRITY 08 Traceability spans polysilicon through U.S. modules 01 02 03 04 POLYSILICON INGOTS & WAFERS SOLAR CELLS SOLAR MODULES 100% non-Chinese for U.S Non-FEOC sourcing 6.0 GW capacity 2.0 GW Houston Supply Chain 70% of Ethiopia-U.S Poly Southeast Asia today; U.S. BOM in 4 GW Ethio
Slide 10: Humble HJT cell facility brings advanced technology onshore
09 U.S. MANUFACTURING EXPANSION Humble HJT cell facility brings advanced technology onshore TOTAL INVESTMENT INITIAL CAPACITY $357M 1.5 GW Advanced HJT equipment High-efficiency cells PILOT PRODUCTION WORKFORCE Q1 2028 ~400 20-month timeline Direct high-tech jobs SECTION 45X Eligible for federal pro
Slide 11: Executive Management Commentary
TOYO SOLAR 10 LEADERSHIP COMMENTARY Executive Management Commentary Takahiko Onozuka Rhone Resch Chairman & Chief Executive Officer Chief Strategy Officer We are very pleased with our first-half 2026 results, which TOYO supports building a secure, competitive American reflect the continued strength
Slide 12: Strong H1 operating performance with full non-GAAP reconciliation
Strong H1 operating performance with full non-GAAP reconciliation 11 H1 & Q2 2026 Consolidated Results & Non-GAAP Reconciliations Income Statement Summary In Millions (USD) GAAP to Non-GAAP Reconciliation For the Six Months Ended June 30 In Million (USD) H1 '26 REVENUE H1 '26 ADJ. EBITDA Line Item (
Slide 13: Balance sheet and cash flow summary as of and for H1 2026
FINANCIAL DETAIL 12 Balance sheet and cash flow summary as of and for H1 2026 BALANCE SHEET SUMMARY H1 CASH FLOW SUMMARY Balance Sheet ($M) Jun 30 '26 Dec 31 '25 Cash Flow ($M) H1 2026 H1 2025 Cash $103.5 $51.6 Net cash from operating activities $61.4 $40.0 Total Current Assets $272.2 $171.8 Net cas
Slide 14: Questions & Answers
NASDAQ: TOYO | OTC: TOYWF Questions & Answers H1 & Q2 2026 earnings presentation
Slide 15: Detailed financial statements
APPENDIX Detailed financial statements Unaudited consolidated results for the periods ended June 30, 2026.
Slide 16: Unaudited consolidated statements of income
APPENDIX | FINANCIAL STATEMENTS Unaudited consolidated statements of income Three and six months ended June 30, 2026 and 2025 · Stated in US$ 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 20
Slide 17: Unaudited condensed consolidated balance sheets
APPENDIX | FINANCIAL STATEMENTS Unaudited condensed consolidated balance sheets As of June 30, 2026 and December 31, 2025 · Stated in US$ ASSETS Jun 30, 2026 Dec 31, 2025 LIABILITIES & EQUITY Jun 30, 2026 Dec 31, 2025 Cash 103,467,022 51,634,374 Short-term bank borrowings 25,674,455 30,648,493 Restr
Slide 18: Unaudited consolidated statements of cash flows
APPENDIX | FINANCIAL STATEMENTS Unaudited consolidated statements of cash flows Six months ended June 30, 2026 and 2025 · Stated in US$ H1 2026 H1 2025 Net cash provided by operating activities 61,439,429 40,045,122 H1 CASH Cash flows from investing activities: FLOW Purchase of property and equipmen