Toyo Co. Ltd. has released its financial results for the fiscal year ending December 31, 2024. The company reported a significant increase in net income, reaching $40.5 million, compared to $9.9 million in the previous year. This marks a substantial improvement from a net loss of $186,839 reported in 2022. Total other income (expenses), net also saw a notable change, increasing to $32.4 million from a negative $2.1 million in the prior year. There was a significant contribution to this result from changes in the fair value of contingent consideration payable, amounting to $35.1 million. Toyo Co. Ltd. commenced commercial production and sales in the latter half of 2023, introducing its brand "TOYO Solar" to the market. The company generated revenues from sales of solar cells and provision of facilitation services, with sales of solar cells beginning in October 2023. The company also benefited from preferential tax treatments, being exempt from income taxes for the year ended December 31, 2024, due to its status as a High and New Technology Enterprise.
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