TOYO Co., Ltd Updates on 2024 Performance, Announces Preliminary Guidance for 2025

TOKYO, Nov. 18, 2024 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) ("TOYO" or the "Company"), a solar solution company, today provided an update on its anticipated business performance for the full year 2024, and announced preliminary guidance for 2025, reflecting the Company's ongoing commitment to growth and innovation in the renewable energy sector.

2024 Performance Updates:

• Projected Shipments: Cell shipments are expected to reach 1.7-1.8 GW in 2024, representing a slight decrease from the previously announced 1.9 GW annual target, mainly due to reduced delivery to U.S customers affected by anti-dumping and countervailing duty investigations by the U.S. Department of Commerce and International Trade Commission
• Expected Net Income: The Company expects to achieve net income of approximately $10 million in 2024.

2025 Financial Guidance:

• Projected Shipments: For the full year 2025, TOYO anticipates solar cell shipments to reach 3.5 GW, fueled by robust demand from utility-scale end customers and new capacity from the Company's 2 GW cell manufacturing facility in Ethiopia.
• Expected Net Income: The Company forecasts net income to reach $33 million, reflecting continued growth and improved margins as operational efficiencies are realized.

The guidance for 2025 does not include any potential contribution from the planned new module facility in the United States. An update on the status of the new facility will be provided in the future.

"Despite the challenges we face in 2024, we believe our investment in the 2GW cell production facility in Ethiopia positions TOYO strongly for future growth," said Junsei Ryu, Chairman and CEO of TOYO.

"Our dedication to delivering competitive solar solutions is set to drive substantial increases in shipments and profitability. As we look ahead to 2025, we are excited about our expansion plans in Ethiopia and the U.S. We are confident in our ability to meet the growing demand for cost-efficient clean energy to meet the growing demands on the grid related to data centers, electric vehicles, and industry."