Toyo Co., Ltd · NASDAQ:TOYO
Toyo — Investor Presentation (August 2024)
29 slides from Toyo's investor presentation, Aug 23, 2024
Slide 1: August 2024 Investor Deck
August 2024 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 “
Slide 3: Powering the world with green, clean energy through solar solutions
Powering the world with green, clean energy through high - quality solar solutions at a competitive scale and cost. 3
Slide 4: Trusted Japanese brand. Made in Vietnam. Soon in the USA.
Trusted Japanese brand. Made in Vietnam. Soon in the USA. 3 GW N - TOPCon Cell Manufacturing in Vietnam Japanese Headquarters Customers Customers Customers 2GW Capacity Module Manufacturing Plant* * Reached the final stage of negotiations to build a 2GW solar module manufacturing plant in the United
Slide 5: Management team
Chief Executive Officer & Chairman Mr. Ryu has nearly 20 years of experience in the solar solution industry and has been the director, representative or joint representative of several affiliates including, Abalance Corporation, WWB Corporation, Vietnam Sunergy Joint Stock Company (“VSUN”), Fuji Sol
Slide 6: Investment highlights
Continuing efforts toward technology advancements driven by industrial scientists Proven operational and engineering expertise from largest non - China brand with TOPCon production Balanced production strategy to achieve organic economic merits for solar power 1 2 4 5 Fast Growing Solar Provider Ram
Slide 7: Proven Capability in TOPCon Solar Cell Production
Proven Capability in TOPCon Solar Cell Production 7 TOYO owns one of the largest, non - Chinese N - type cell manufacturing bases in the world. For the first six months of 2024, 985 MW TOYO cells were utilized mainly to power U.S. - based projects.
Slide 8: Advantages of TOPCon Technology
No Light - Induced Degradation High Conversion Efficiency Front Efficiency ≥ 25.3% Bifacial Efficiency ≥ 85% Excellent Anti - PID Performance (Potential – induced degradation) Strong Low - Light Performance Relative conversion efficiency of ≥ 97% under 200W/m2 low light conditions Low Temperature Co
Slide 9: Manufacturing Excellence
Manufacturing Excellence DCI Environmental Management System Certificate DCI Quality Management Certificate DCI Occupational Health & Safety Management Certificate ZRK Certificate of Conformity TOYO is dedicated to adhering to the highest standards of quality manufacturing and employee health and sa
Slide 10: State-of-the-Art Automated Guided Vehicles
10 State - of - the - Art Automated Guided Vehicles Automated Guided Vehicles (AGVs) provided numerous benefits including a decreased cost of labor, allowing for faster expansion. 04 01 Improves workplace safety 02 03 05 06 Reduces utility costs Increases productivity Enhances consistency and reliab
Slide 11: Award Winning Research and Development
Accomplished engineers, Dr. Aihua Wang, Ph.D., the Chief Technical Officer, and Dr. Jianhua Zhao, Ph.D., as Chief Technical Advisor of TOYO, lead the research and development efforts at TOYO, overseeing a large team. Together, they’re dedicated to the research and development of higher efficiency an
Slide 12: Leveraging the Brand and Customers of Our Affiliates
Leveraging the Brand and Customers of Our Affiliates Largest Japanese Solar Module Producer Tokyo Stock Exchange: 3856.T Japanese Management System Market Cap: JPY 20.2 billion Established: 2000 Select VSUN U.S. Customers Customer locations U.S. Customer Locations Established Bankability Rating ESG
Slide 13: VSUN Recognition from Reputable Financial Institutions
Vsun Recognition from Reputable Financial Institutions Selected Major VSUN Customers Insured by Munich RE Leveraging the Brand and Customers of Our Affiliates — VSUN
Slide 14: U.S. solar market and installations
Natural Gas Source: SEIA/Wood Mackenzie Solar Market Insight Report Q2 2024, U.S. Energy Information Administration • Projected solar installations for 2024 are just shy of 40 GW dc • Cumulative deployment by 2029 is expected to install more than 250 GW dc of capacity • The Inflation Reduction Act c
Slide 15: Substantial Global Market Opportunity
Substantial Global Market Opportunity Global Solar Industry to Grow Another 29% in 2024 Historical new build by year and BNEF’s mid - scenario forecast India Europe Mainland China Central and South America North American and Caribbean Other Asia Middle East and North Africa Sub - Sahara Africa Buffe
Slide 16: Plans to raise $100 million to construct plant
Plans to raise $100 million to construct plant Outlay Policy Benefits Enable 70% Return in the First 12 Months after Pilot Production TOYO plans to raise $100 million to invest in its US 2GW PV Module plant, and due to the Inflation Reduction Act (IRA), it can quickly recoup its investment. First 12
Slide 17: Strategic Development Plan
Strategic Development Plan Enhancing operational efficiency through vertical integration We are working to integrate: • the upstream production of wafer slicing • midstream production of solar cells • downstream production of PV modules Streamlining processes, reducing costs, and improving efficienc
Slide 18: 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 19: Summary
Summary Strengthened by Affiliates Abalance & VSUN Addressable Market Offers Substantial Opportunity TOPCon Technology & Automated Guided Vehicles All Materials are 100% Traceable Inflation Reduction Act Incentives to Boost Results Rapid Revenue Growth & Strong Margins 19
Slide 20: First Half 2024 Financial Results
First Half 2024 Financial Results TOYO Co., Ltd (NASDAQ: TOYO)
Slide 21: Key Metrics
Key Metrics 3 GW Manufacturing Capacity First Six Months 2024 21 $138.1M Revenues 985 MW Solar cells shipped $19.6M Net Income
Slide 22: First Six Months 2024 Financial Results
First Six Months 2024 Financial Results (USD in millions, except per share amounts) 1H2023 1H 2024 - 138.1 Revenues - 26.6 Gross Profit - 19.3% Gross margin 1.8 4.2 Operating expenses (loss) (1.9) 19.6 Net income (loss) (0.05) 0.48 Net diluted income (loss) per share
Slide 23: Balance Sheet & Cash Flow Statement
Balance Sheet & Cash Flow Statement (USD in millions, except per share amounts) December 31, 2023 June 30, 2024 19.0 44.4 Cash and cash equivalents 108.7 124.9 Total debt 40.0 27.2 Inventories (12.5) 21.8 Cash flow from operations (114.2) (16.6) Net cash used in investing activities 146.1 21.5 Cash
Slide 24: Recent Developments
Recent Developments Completed business combination with Blue World Acquisition Corp, and the ordinary shares of TOYO began trading on the Nasdaq stock market on July 2, 2024. Signed global cooperation agreement with OCI, a major non - Chinese silicon material supplier to offer our customers trustwor
Slide 25: Business outlook
Business outlook Deliveries Production TOYO expects to deliver over 1.G GW in orders during 2024. Selection of a location to build a 2 GW solar module manufacturing plant.
Slide 26: Appendix
26 Appendix
Slide 27: Unaudited Condensed Consolidated Balance Sheet
Unaudited Condensed Consolidated Balance Sheet(Expressed in U.S. dollars) December 31, 2023 June 30, 2024 (unaudited) ASSETS Current Assets $ 18,035,405 $ 41,669,523 Cash 82,195 129,635 Restricted cash — 121,118 Accounts receivable – a related party 149,304 229,992 Prepayments 24,400,798 27,048,348
Slide 28: Unaudited Condensed Consolidated Statement of Operations
Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (Expressed in U.S Dollars) For the Six Months Ended June 30, 2023 2024 $ — $ 112,287,775 Revenues from related parties — 25,790,220 Revenues from third parties — 138,077,995 Revenues — (84,435,258) Cost of reven
Slide 29: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Expressed in U.S Dollars) For the Six Months Ended June 30, 2024 2023 Net cash provided by (used in) operating activities $ 21,798,732 $ (1,860,902) Cash flows from investing activities: Purchase of property and equipment Purchase of property and equipment from