TOYO Announces Updated Audited Financial Results for the Full Year 2024

TOYO Co., Ltd (Nasdaq: TOYO) ("TOYO" or the "Company"), a solar solution company, today announced certain updates to its press release issued on April 28, 2025, announcing the Company's second half and fiscal year ended December 2024 financial results. The Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, was filed with the Securities and Exchange Commission ("SEC") on May 12, 2025.The operating expenses, general and administrative expenses, net income, and earnings per share for the fiscal year ended 2024 disclosed in the prior press release are updated and reflected in the audited financial statements as set forth below.Operating expenses were $13.0 million for 2024 compared to $4.7 million in the prior year, representing an increase of 180.4% year-over-year.Selling and marketing expenses were $1.6 million for the fiscal year 2024 compared to $0.02 million in 2023. The increase was primarily due to an increase of approximately $1.2 million in freight and handling expenses and an increase of approximately $0.2 million in sales commissions. General and administrative expenses were $11.4 million for the fiscal year 2024, an increase from $4.6 million in 2023. The increase was primarily attributable to an increase of payroll and welfare expenses of approximately $3.3 million, an increase of audit and consulting expenses of approximately $1.9 million, an increase of approximately $0.6 million in rental expenses, an increase of approximately $0.9 million in depreciation and amortization expenses, and expense of offering cost allocated to contingent consideration payable.Net income was $40.5 million for 2024, compared to a net income of $9.9 million in the prior year. Net income in 2024 included a $35.1 million change in fair value of contingent consideration payable for 13 million earnout shares.Earnings per share under US GAAP, basic and diluted, were $1.09 for 2024 compared to earnings per share, basic and diluted, of $0.24 in the prior year.Earnout shares to be released to initial shareholders would be calculated based on the Company's audited net profit of $5.4 million, which excludes changes in fair value of such earnout shares as of December 31, 2024, divided by the benchmark amount of $41 million multiplied by 13 million earnout shares. 11,287,703 earnout shares are expected to be surrendered to and canceled by the Company, resulting in a total of 35,308,040 ordinary shares issued and outstanding immediately after such surrender.As of December 31, 2024, the Company had $17.1 million in cash and restricted cash in total, compared to $19.0 million as of December 31, 2023.For more information, investors will be able to obtain copies of the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2024 at the SEC' website at www.sec.gov.

TOYO Announces Updated Audited Financial Results for the Full Year 2024

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