Toyo Co., Ltd · NASDAQ:TOYO
Toyo — Investor Presentation (April 2026)
32 slides from Toyo's investor presentation, Apr 6, 2026
Slide 1: TOYO Co., Ltd Investor Deck March 2026
TOYO Co., Ltd 1 (NASDAQ: TOYO) Investor Deck March 2026
Slide 2: 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,” “pl
Slide 3: Our Mission
Powering the world with green, clean energy through high - quality solar solutions at a competitive scale and cost. 3 OUR MISSION
Slide 4: TOYO at a glance: FY2025 revenue, shipments and capacity
$427M FY2025 Revenue 4.5 GW Solar cells shipped globally FY2025 ^ 2.0 GW U.S. module capacity Houston, Texas 6 GW Cell capacity 2GW Vietnam & 4GW Ethiopia 10+ **Years solar manufacturing experience Founded in 2022 » Listed on Nasdaq in 2024 after rapid scale - up Award - Winning Technology » Proprie
Slide 5: Investment Highlights
Track record of rapid growth & profitability as one of the leading non - FEOC solar solutions provider Leveraging established relationships with U.S. utility - scale customers 1 2 4 3 Proven manufacturing excellence delivers world - class technology at a highly competitive cost Rapidly expanding man
Slide 6: Acquisition of VSUN Brand to Extend Integrated Value Chain
VSUN Brand was acquired from VSUN Co. in September 2025. Building on the VSUN brand legacy: Cumulatively delivered 11.7 GW to the U.S. market by *VSUN Co. One of the major non - Chinese solar module supplier to the U.S. market Peak revenue: $1.3 billion, of which $1.2B from U.S. Trusted by leading N
Slide 7: Rapid Growth in Shipment
7 0.315 1.743 5.5 - 5.8 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2023 2024 2025 2026E GWs 0 0 1 - 1.3 0 0 0 1 1 1 1 1 2023 2024 2025 2026E GWs 0.25 Solar Cell Shipments Solar Module Shipments 4.5 Revenue 62.4 177 100 50 0 200 150 450 400 350 300 250 2023 2024 2025 $ in million $ 427.4 Rapid Growth in Shipmen
Slide 8: Profitability: Fueling Future Growth
8 9.9 6 $G0 - 100 0 20 40 60 80 100 120 2023 2024 2025 2026E $ in million $52.2 Adjusted Net Income • Adjusted Net income in 2024 does not include a $35.1 million change in fair value of contingent consideration payable for 13 million earnout shares • Adjusted Net income in 2025 includes a one - tim
Slide 9: End-to-End FEOC-Compliant Supply Chain
POLYSILICON OCI (Korea) + Major U.S. domestic polysilicon producer INGOTS & WAFERS Non - FEOC sources; U.S. BOM* in development. CELLS • U.S (in final planning phase) • Ethiopia 4GW • Vietnam 2GW MODULES Houston, TX 2 GW capacity 1 st GW Operational CUSTOMERS U.S utility - scale developers, solar di
Slide 10: Strategy for Vertical Integration & Expansion
November 2022 TOYO Solar founded October 2024 Announced Ethiopia Facility July 2024 Listed on Nasdaq (TOYO) November 2024 Announced Texas Acquisition September 2025 Acquired VSUN Brand April 2025 Commenced 1st st 2GW Ethiopia Production November 2023 Vietnam 2 GW Factory Complete Building toward an
Slide 11: Ethiopia's Solar Cell Line
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 capacity through the end of 2026 Hawassa, Eth
Slide 12: America's Solar Manufacturing Hub
MODULE FACILITY 2 GW Total module capacity by 2026 (1GW today) Commercial operations began Facility size, Humble TX Section 45X credit through 2030 OCT 2025 567,140 ft² $0.07/W FEOC Compliant CELL FACILITY · PLANNED *HJT Planned cell technology Proximity to module facility Section 45X cell credit Do
Slide 13: Global Manufacturing Footprint
Vietnam 2 GW Solar Cells Redirected to India/Taiwan Tokyo, Japan Headquarters Houston, TX *2 GW Modules + Cells (planned) · Expected Section 45X eligible Hawassa, Ethiopia 4 GW Solar Cells 13 *1 GW module facility operational; additional 1 GW completing by 2026. Total global cell capacity: 6 GW acro
Slide 14: 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 PL Dr. Jianhua Zhao, Ph.
Slide 15: Leadership Team
Chief Executive Officer & Chairman Takahiko Onozuka brings over 40 years of expertise in international finance and energy infrastructure. Having held senior leadership roles at JBIC and Sumitomo Corporation, he has directed major cross - border renewable and power projects across Asia, Europe, and A
Slide 16: 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 - tier quality and reliable metrics. R
Slide 17: Advanced Automation Standards
17 Deploying AGVs and robotics builds operational resilience, streamlining workflows and ensuring consistent quality while allowing for more agile scaling across the organization Improves workplace safety Agility and Scalability Increases productivity Enhances consistency and reliability Increase ef
Slide 18: Capturing Opportunities in the U.S. Solar Market Demand
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 manufacturing drives demands on the grid, partially offset by labor shortages and interconnected delays • Domestic productio
Slide 19: Balanced strategy for a range of policy outcomes
Anti - dumping (AD) and countervailing duties (CVD) investigations disrupted imports from SE Asia in 2H 2024, as well as India, Indonesia and Laos as of Feb 2026 Inflation Reduction Act (IRA) currently offers attractive incentives for U.S. - based module production • Anticipate that IRA incentives w
Slide 20: 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 Responsibility High level of Material Traceability 2
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 - FEOC Solar Cell Supplier 4.5 GW shipped globally · FY2025 Scaling U.S. Module Production 2 GW Houston · Expected Section 45X eligible Planned Domestic Cell Manufacturing Moving toward an
Slide 22: Summary Financials
22 Summary Financials
Slide 23: Key Metrics
Key Metrics 4.5 GW Solar cells shipped FY 2025 23 $427.4 M Revenues 249 MW Solar modules shipped $52.2M NON - GAAP Adjusted Net Income *First half 2025 figures are unaudited and unreviewed
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 mea
Slide 25: 2H 2025 Financial Summary
2H 2025 Financial Summary** (USD in millions, except per share amounts) 2H 2024 2H 2025 38.6 288.3 Revenues (4.7) 73.3 Gross Profit 8.6 23.6 Operating expenses 21.0 34.7 Net income **Unaudited and unreviewed
Slide 26: FY 2025 Financial Summary
FY 2025 Financial Summary (USD in millions, except per share amounts) 2024 2025 177.0 427.4 Revenues 21.6 66.3 Gross Profit 12.4% 22.5% Gross margin 13.0 37.3 Operating expenses 40.5 37.2 Net income $1.06 $0.68 Earnings Per Share 6.0 52.2 Non - GAAP Adjusted Net Income** $0.20 $1.48 Non - GAAP Adjus
Slide 27: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non - GAAP Measures** (Stated in US dollars) 2024 2025 Reconciliation of non - GAAP net income from operations 40,500,316 37,152,532 Net (loss) income 781,238 15,370,241 Income tax 3,264,646 3,318,705 Interest expenses 23,235,143 36,746,255 Depreciation and amortization 286
Slide 28: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non - GAAP Measures** (Stated in US dollars) 2024 2025 Reconciliation of non - GAAP net income from operations 40,500,316 37,152,532 Net (loss) income 606,000 13,704,467 Share - based compensation (35,100,000) 1,341,794 Changes in fair value of contingent consideration* 6,0
Slide 29: Appendix
29 Appendix
Slide 30: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (Currency expressed in United States Dollars (“US$”), 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$”), except for number of shares) * The shares and per share information are presented on a retroactive basis to reflect the reorganization effected on February 27, 2024 (Note 1).
Slide 32: Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS CASH FLOWS (Currency expressed in United States Dollars (“US$”), except for number of shares)