TOYO Announces Updated Audited Financial Results for the Full Year 2024
PR Newswire
TOKYO, May 15, 2025
TOKYO, May 15, 2025 /PRNewswire/ -- 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.
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 of building up an integrated value chain in the U.S. These 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.
These statements involve risks, uncertainties, and other factors that may cause actual results, activity levels, 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 caution you that these 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 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.
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" of 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 the 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 as representing the views of TOYO as of any date subsequent to the date of this press release. Except as may be required by law, TOYO does not undertake any duty to update these forward-looking statements.
Contact Information:
For TOYO Co., Ltd.
IR@toyo-solar.com
Crocker Coulson
Email: crocker.coulson@aummedia.org
Tel: (646) 652-7185
TOYO Co., Ltd
CONSOLIDATED BALANCE SHEETS
(Currency expressed in United States Dollars ("US$"), except for
number of shares)
December 31, December 31,
2024 2023
------------ -------------------------
ASSETS
Current Assets
Cash $ 13,654,445 $ 18,035,405
Restricted cash 1,878,267 82,195
Accounts receivable, net 6,913,996 --
Accounts receivable --
related parties 11,840,648 --
Prepayments 392,249 149,304
Prepayments -- a related
party -- 24,400,798
Inventories, net 19,984,094 39,999,992
Other current assets 725,130 85,702
----------- ------------ -----------
Total Current Assets 55,388,829 82,753,396
Non-current Assets
Restricted cash, non-current 1,616,677 879,893
Deferred offering costs -- 2,084,810
Long-term prepaid expenses 7,217,986 7,757,193
Deposits for property and
equipment 9,716,009 1,466,878
Property and equipment, net 129,039,494 142,781,558
Right of use assets 36,627,800 537,032
Other non-current assets 192,905 22,250
----------- ------------ -----------
Total Non-current Assets 184,410,871 155,529,614
----------- ------------ -----------
Total Assets $239,799,700 $ 238,283,010
----------- ------------ -----------
LIABILITIES AND EQUITY
Current Liabilities
Short-term bank borrowings $ 16,126,730 $ --
Accounts payable 17,629,696 37,221,124
Contract liabilities 3,635,144 530,817
Contract liabilities --
related parties 20,098,561 28,815,934
Income tax payable 781,238 --
Due to related parties 56,633,373 96,867,739
Other payable and accrued
expenses 3,392,774 5,606,763
Lease liabilities, current 2,118,900 151,260
Contingent consideration
payable (13,000,000 earnout
shares subject to surrender
and cancel as of December
31,
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