TOYO Co., Ltd Announces First Half 2024 Unaudited Financial Results

TOYO Co., Ltd (Nasdaq: TOYO) ("TOYO" or the "Company"), a solar solution company, today announced its financial results for the six months ended June 30, 2024.First Six Months of 2024 HighlightsRevenues of $138.1 million versus $0 revenues in the first half of 2023 Gross Margin of 19.3% Net income of $19.6 million versus a loss of $1.9 million in the first half of 2023 985 MW shipped"We are pleased with our financial and operational achievements in the first half of 2024, highlighting our team's outstanding execution capabilities," said Junsei Ryu, Chairman and CEO of TOYO. "Since we commenced manufacturing in October 2023, our facility has successfully delivered 1.3 GW of solar cells to customers. Customer feedback on the product's technical specifications and quality has been exceptional, and our team showed that they were able to establish high-volume cell manufacturing using advanced automation in the industry in record time. Confident in our ability to replicate this success, we are gearing up and expecting to begin the construction of a 2 GW solar module manufacturing facility in the U.S. in the fourth quarter of 2024."Revenues for the first half of 2024 were $138.1 million, increased from zero in the comparable six months in 2023. The increase was primarily driven by sales as the facility increased its production capacity, which commenced in October 2023.The cost of revenues was $111.4 million for the first six months of 2024, compared to zero for the same period of the last year, reflecting the absence of production in the same period of 2023.Selling and marketing expenses were $0.36 million for the first six months of 2024 compared to zero for the same period of the last year.General and administrative expenses were $3.8 million for the first six months of 2024, compared to $1.8 million for the same period of the last year.Total operating expenses increased to $4.2 million for the first six months of 2024, from $1.8 million for the same period of the last year.Net income was $19.6 million for the first six months of 2024, compared to a net loss of $1.9 million for the same period of the last year.Earnings per share, basic and diluted, was $0.48 for the first six months of 2024, compared to a loss per share, basic and diluted of $0.05 for the same period of the last year3.As of June 30, 2024, the Company had $44.4 million in cash and restricted cash in total, compared to $19.0 million as of December 31, 2023.Recent Developments Completed business combination with Blue World Acquisition Corporation and, the ordinary shares of TOYO started trading on the Nasdaq Stock Market on July 2, 2024 Signed a global cooperation agreement with OCI Company Limited, a major Korean silicon material supplier, to offer our customers trustworthy and verifiable photovoltaic products Reached the final stage of negotiations to build a 2GW solar module manufacturing plant in the United States Business Outlook At the beginning of the year, annual shipments were expected to reach 2.5 GW based on the demands of solar utilities, primarily in the U.S., for advanced N-Topcon solar modules and the strong brand reputation of TOYO Solar's affiliate, Vietnam Sunergy Joint Stock Company. However, due to the U.S. trade investigation into Southeast Asian solar manufacturers, which included TOYO's facility in Vietnam, the Company and its major clients have decided to reduce shipment volumes until the announcement of preliminary investigation results expected to be available between September to November 2024. As a result, the Company currently expects to deliver over 1.9 GW in orders during the full year 2024."The expiration of the two-year tariff exemption period at the beginning of June, combined with the probe into anti-dumping and countervailing duties by the U.S. Department of Commerce and International Trade Commission, have injected near-term uncertainty into pricing and demand for advanced solar products from the U.S., TOYO's primary market," commented Mr. Ryu."While these measures are targeted towards Chinese solar companies with operations in Southeast Asia, they also might apply to TOYO, despite having a Japanese parent company. To address this situation, we are accelerating plans to build out our U.S. manufacturing presence while increasing shipments to customers based in India, the Middle East, and other markets. Our strategy to build an integrated value chain in North America serving our U.S. customers remains unchanged, and we will continue to observe and adapt to dynamic industry conditions."Conference CallTOYO will host a webcast and conference call to discuss its first half of 2024 results on August 21, 2024, at 9:30 a.m. ET. A live webcast and a slide presentation will be available on TOYO's investor relations website in the "Events" section at investors.toyo-solar.com.A webcast replay will be available for one year following the call's completion on the Company's investor relations website at investors.toyo-solar.com.Exchange Rate InformationThis announcement contains translations of certain Vietnamese Dong, or VND, amounts into U.S. dollars at a specified rate solely for the reader's convenience. Unless otherwise noted, except for the ash balance made at a rate of VND25,455 to US$1.00, the exchange rate as of June30, 2024, all translations from VND to U.S. dollars and from U.S. dollars to VND are made at a rate of VND 24,962 to US$1.00, the average exchange rate for period of six months ended June 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the VND or U.S. dollar amounts referenced could be converted into U.S. dollars or VND, as the case may be, at any particular rate or at all.

TOYO Co., Ltd Announces First Half 2024 Unaudited Financial Results

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