Toyo Co., Ltd · NASDAQ:TOYO
Toyo — Investor Presentation (May 2026)
30 slides from Toyo's investor presentation, May 18, 2026
Slide 1: TOYO Co., Ltd Investor Deck
May 2026 (NASDAQ: TOYO) TOYO Co., Ltd 1 Investor Deck
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," "plan," "p
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
$142.8M ^^Q1 2026 Revenue 1.45 GW Solar cells shipped globally Q1 2026 ^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 ➢Propri
Slide 5: Investment Highlight
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 manufact
Slide 6: Major Japanese-headquartered solar module supplier to U.S. market
One of the major Japanese –headquartered solar module suppliers to the U.S. market Peak revenue: $1.3 billion, of which $1.2B from U.S. Trusted by leading North American solar developers VSUN brand is well recognized in the market through the recent awards granted to VSUN Co as the following: Acquis
Slide 7: Rapid Growth in Shipment
7 0.315 1.743 4.3 1.45 5.5-5.8 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 GWs 0 0 0.056 1-1.3 0 0 0 1 1 1 1 1 GWs 0.25 Solar Cell Shipments Solar Module Shipments Revenue 62.4 177 142.8 0 50 100 150 200 250 300 350 400 450 2023 2024 2025 Q12026 $ in million 427.4 Rapid Growth in Shipment Q1 2026 financial figu
Slide 8: Profitability: Fueling Future Growth
8 9.9 6 90-100 0 20 40 60 80 100 120 2023 2024 2025 2026E $ in million 52.2 Adjusted Net Income (Non-GAAP) • 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 on
Slide 9: End-to-End FEOC-Compliant
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 1st GW Operational CUSTOMERS U.S utility-scale developers, solar distrib
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 2GW Ethiopia Production November 2023 Vietnam 2 GW Factory Complete Building toward an int
Slide 11: 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 capacity from Ethiopia through end of 2026 Location Hawassa, Ethiopia Tot
Slide 12: America's Solar Manufacturing Hub
MODULE FACILITY 2 GW Total module capacity by 2026 (1GW today) OCT 2025 Commercial operations began 567,140 ft² Facility size, Humble TX $0.07/W Section 45X credit through 2030 FEOC Compliant CELL FACILITY · PLANNED *HJT Planned cell technology U.S.A Proximity to module facility $0.04/W Section 45X
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: Dr. Wang boasts over years of solar innovation and is a globally recognized leader
Dr. Wang boasts over 30 years of solar innovation and is a globally recognized leader in PV technology. She has served as head of research and vice president at a prominent solar company and as chief engineer at CEEG (Nanjing) PV-Tech Co. In Australia, she pioneered PERL cells as a scientist at the
Slide 16: Track Record of Scalable Manufacturing
Stringent Controls 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 re
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
• 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 interconnection delays • Domestic production of solar cells and w
Slide 19: Policy environment: IRA incentives and AD/CVD duties
Inflation Reduction Act (IRA) currently offers attractive incentives for U.S.-based module production 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 Balanced strategy for a range of polic
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 02 Scaling U.S. Module Production 2 GW Houston · Expected Section 45X eligible 03 Planned Domestic Cell Manufacturing Moving toward a
Slide 22: Summary Financials
22 Summary Financials
Slide 23: Key Metrics
Key Metrics 1.45 GW Solar cells shipped Q1 2026 (unaudited) 23 $142.8M Revenues 55.9 MW Solar modules shipped $28.4M Net Income *Q1 2025 and 2026 figures are unaudited
Slide 24: Use of Non-GAAP Financial Measure
Use of Non-GAAP Financial Measure Some of the financial information and data contained in this press release, such as EBITDA, Adjusted EBITDA and Adjusted Net Income have not been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). TOYO believes these non-GAAP measure
Slide 25: Q1 2026 Financial Summary
Q1 2026 Financial Summary** (USD in millions, except per share amounts) 1Q 2026 1Q 2025 Revenues 142.8 51.5 Gross Profit 47.8 4.8 Operating expenses 11.5 6.1 Net income/(Net Loss) 28.4 (3.7) Earnings (Loss) per share 0.75 (0.07) **Unaudited and unreviewed * Changes in fair value of contingent consid
Slide 26: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures** (Stated in US dollars) ** **Unaudited and unreviewed * Changes in fair value of contingent consideration is related to changes in fair value of earn-out shares Reconciliation of non-GAAP measures Q1 2026 Q1 2025 Net income (loss) 28,411,204 (3,715,975) I
Slide 27: Appendix
27 Appendix
Slide 28: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (Currency expressed in United States Dollars ("US$"), 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 29: Unaudited Consolidated Statements of Operations and Comprehensive Income
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Currency expressed in United States Dollars ("US$"), except for number of shares) • The shares and per share information are presented on a retroactive basis to reflect the reorganization effected on February 27, 2024 (Note 1)
Slide 30: Unaudited Consolidated Statements of Cash Flows
UNAUDITED CONSOLIDATED STATEMENTS CASH FLOWS (Currency expressed in United States Dollars ("US$"), except for number of shares)