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."

About TOYO Co., Ltd.

TOYO is a solar solutions company that is committed to becoming a full-service solar solutions provider in the global market, integrating the upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.

Forward-Looking Statements

This press release 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 "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include but are not limited to, statements regarding the expected growth of TOYO, the expected order delivery of TOYO, TOYO's construction plan of manufactures, and strategies for building up an integrated value chain in the U.S. These forward-looking statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of TOYO's management and are not predictions of actual performance.

The forward-looking statements in this press release involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Although TOYO believes that it has a reasonable basis for each forward-looking statement contained in this press release, TOYO cautions you that these forward-looking statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there are risks and uncertainties described in the documents filed by TOYO from time to time with the Securities and Exchange Commission (the "SEC"). These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements in this press release.

TOYO cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to several risks and uncertainties, including, among others, the outcome of any potential litigation, government or regulatory proceedings, the sales performance of TOYO, and other risks and uncertainties, including but not limited to those included under the heading "Risk Factors" in the filings of TOYO with the SEC. There may be additional risks that TOYO does not presently know or that TOYO currently believes are immaterial that could also cause actual results to differ from those contained in these forward-looking statements. In light of the significant uncertainties in these forward-looking statements, nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. The forward-looking statements in this press release represent the views of TOYO as of the date of this press release. Subsequent events and developments may cause those views to change. However, while TOYO may update these forward-looking statements in the future, there is no current intention to do so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements to represent the views of TOYO as of any date subsequent to the date of this press release. Except as required by law, TOYO does not undertake any duty to update these forward-looking statements.

Contact Information:

For TOYO Co., Ltd.
[email protected] 

Crocker Coulson
Email: [email protected]
Tel: (646) 652-7185