Toyo Co., Ltd · NASDAQ:TOYO
Toyo — Investor Presentation (September 2025)
29 slides from Toyo's investor presentation, Sep 9, 2025
Slide 1: September 2025 Investor Deck
September 2025 Investor Deck TOYO Co., Ltd (NASDAQ: TOYO)
Slide 2: Safe Harbor Forward-Looking Statements
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 “es
Slide 3: Powering the world with green, clean energy
Powering the world with green, clean energy through high - quality solar solutions at a competitive scale and cost. 3
Slide 4: TOYO Solar at a Glance
TOYO Solar at a Glance Our Background Non - FEOC* Solar Solutions Company Manufacturing Footprint 2022 Founded in Vietnam 2024 Listed on Nasdaq as TOYO 6 GW^ Solar cell manufacturing capacity 1 GW Solar module capacity (trial production) 3 Manufacturing bases Tokyo Stock Exchange : 3856 . T TOYO is
Slide 5: Strategy for Vertical Integration & Expansion
Strategy for Vertical Integration & Expansion November 2022 TOYO Solar founded October 2024 Announced planned Ethiopian cell facility July 2024 Closed Business Combination and began trading on Nasdaq November 2024 Announced planned Texas Acquisition July 2025 Trial production at Texas Manufacturing
Slide 6: Strategic Realignment Unlocking Growth
Strategic Realignment Unlocking Growth VSUN Co, has a track record of exponential growth s significant U.S. market share One of the major solar module suppliers to US market Revenues grew from $20 million to $1.3 billion over seven years ($1.2B from U.S. market) Trusted by leading North American sol
Slide 7: TOYO To Leverage Established VSUN Brand and Sales Channel
TOYO To Leverage Established VSUN Brand and Sales Channel VSUN Recognition from Reputable Financial Institutions Selected Major VSUN Customers 7
Slide 8: TOYO's Global Manufacturing Footprint
TOYO’s Global Manufacturing Footprint 2 GW N - TYPE Cell Manufacturing in Vietnam Headquarters in Japan 1 GW Capacity Module Plant in Houston, Texas** * 2GW commenced production in April 2025, additional 2GW to reach full capacity in October 2025 * * First 1GW trial production has begun 4.0 GW Capac
Slide 9: Ethiopia's N-Type Cell Line Poised to Hit GW Annual Capacity
Ethiopia’s N - Type Cell Line Poised to Hit 4 GW Annual Capacity TOYO’s state - of - the - art solar cell manufacturing facility in Ethiopia now fully allocated • Soon - to - be 4.0 GW annual solar cell production facility strategically located in Hawassa, Ethiopia. • Ethiopia offers favorable inves
Slide 10: US Manufacturing Footprint
US Manufacturing Footprint TOYO acquired U.S. solar module manufacturing facility • 2.5 GW solar production facility in Texas • First 1 GW facility is now in trial production, and is expected to ramp up deliveries of solar modules by end of 2025 Strategic Rationale • Accelerates “Made in America” mo
Slide 11: Rapid Growth in Shipments and Profitability
Rapid Growth in Shipments and Profitability 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2023 2024 2025E GWs - 10,000 0 10,000 20,000 30,000 40,000 50,000 2023 2024 2025E $ in 000’s $3Gm - $45m Solar Cell Shipments Net Income* 11 • Does not include contribution of modules to be produced from U.S. fac
Slide 12: 2025 Outlook
2025 Outlook Solar cell shipments are expected to reach 4.2 - 4.4 GW , fueled by robust demand and new capacity from the Company's manufacturing facility in Ethiopia. Solar cell manufacturing in Vietnam is expected to break even on the operating level. First 1 GW solar module production in the
Slide 13: 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 Investment Highlights 3 3 Proven manufacturing excellence delivers world - class technology at a highly competitive co
Slide 14: Proven N-Type Solar Cell Expertise
Proven N - Type Solar Cell Expertise TOYO owns one of the largest non - Chinese N - Type cell manufacturing bases in the world. TOYO combines rigorous quality standards with competitive pricing strategies, delivering premium products across worldwide markets. 1.6 GW shipped in first half of 2025 com
Slide 15: 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. World Class Globally Competitive Rapid Efficient Expansion Entrenched controls ensure top
Slide 16: Advanced Automation Standards
16 Advanced Automation Standards Extensive use of robotics and Automated Guided Vehicles decreases labor content, allows faster expansion, reduces product defects, and mitigates risks from hiring and training laborers. Improves workplace safety Reduces utility costs Increases productivity Enhances c
Slide 17: 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. TLM SEM PL Award Winning Sol
Slide 18: Capturing Opportunities in the U.S. Solar Market
Solar Wind Natural Gas Coal Storage Other • Projected solar installations for 2025 is appx. 48 GW • Growth of AI, data centers, electric vehicles, and manufacturing drives demands on the grid, partially offset by labor shortages and interconnected delays • High tariffs on Chinese suppliers creates a
Slide 19: Our Strategy in a Dynamic Policy Environment
Our Strategy in a Dynamic Policy Environment Anti - dumping (AD) and countervailing duties (CVD) investigations disrupted imports from SE Asia in 2H 2024 Balanced strategy for a range of policy outcomes Inflation Reduction Act (IRA) currently offers attractive incentives for U.S. - based module prod
Slide 20: Committed to Environmental Stewardship
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 Responsibilit
Slide 21: Summary
Summary Leveraging Established VSUN Brand & Sales Channel Substantial Market Opportunity Leading N - TYPE Technology Balanced Global Manufacturing Strategy Rapid Revenue Growth & Strong Margins
Slide 22: Appendix
22 Appendix
Slide 23: Key Metrics First Half 2025
Key Metrics 4 GW Manufacturing Capacity First Half 2025* 23 $139.1M Revenues 1.6 GW Solar cells shipped $3.5M Net Income attributable to TOYO Co., Ltd.’s shareholders *First half 2025 figures are unaudited and unreviewed
Slide 24: 1H 2025 Financial Summary
1H 2025 Financial Summary** (USD in millions, except per share amounts) 1H 2024 1H 2025 138.1 136.1 Revenues 26.7 23.1 Gross Profit 16.3% 16.6% Gross margin 4.2 13.4 Operating expenses 16.6 3.5 Net income attributable to TOYO Co., Ltd.’s shareholders $0.48 $0.10 Net diluted income per share* **Unaud
Slide 25: Reconciliation of Non-GAAP to GAAP Measures
Reconciliation of Non - GAAP to GAAP Measures** (Stated in US dollars) 1H 2024 1H 2025 Reconciliation of non - GAAP net income from operations 16,550,448 2,501,736 Net (loss) income 11,655,486 13,825,303 Depreciation of property and equipment - 3,266,448 Income tax expenses 1,786,057 2,027,586 Inter
Slide 26: Appendix
26 Appendix
Slide 27: Unaudited Consolidated Balance Sheets
UNAUDITED & UNREVIEWED CONSOLIDATED BALANCE SHEETS (Currency expressed in United States Dollars (“US$”), except for number of shares) June 30, 2025 (unaudited) December 31, 2024 June 30, 2025 (unaudited) December 31, 2024 ASSETS Current Assets Cash $ 28,192,265 $ 13,654,445 Restricted cash 1,876,423
Slide 28: Unaudited Consolidated Statements of Operations and Comprehensive Income
UNAUDITED & UNREVIEWED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Currency expressed in United States Dollars (“US$”), except for number of shares) * The shares and per share information are presented on a retroactive basis to reflect the reorganization effected on February 27,
Slide 29: Unaudited Consolidated Statements of Cash Flows
UNAUDITED & UNREVIEWED CONSOLIDATED STATEMENTS CASH FLOWS (Currency expressed in United States Dollars (“US$”), except for number of shares) For the Six Months Ended June 30, 2025 2024 For the Six Months Ended June 30, 2025 2024 Net cash provided by operating activities $ 40,045,122 $ 21,798,732 Cas