Core Insights - TOYO Co., Ltd has signed a sales contract with a U.S. polysilicon manufacturer to secure domestically sourced critical raw materials for its solar manufacturing operations, enhancing its dual-source strategy and ensuring a stable supply [1][2] Group 1: Agreement Details - The sales contract is for one year and aims to strengthen TOYO's ability to meet the growing demand in the U.S. solar market [2] - The partnership establishes a diversified polysilicon supply chain, supporting TOYO's cell manufacturing in Ethiopia and module production in the United States [2][4] Group 2: Strategic Advantages - The U.S. polysilicon supplier is recognized as a leading producer, providing significant scale and reliability [3] - Sourcing polysilicon domestically aligns with U.S. regulatory expectations and supports TOYO's operational and market objectives [3][4] - The combination of U.S.-sourced polysilicon and non-Foreign Entity of Concern (FEOC) overseas supply creates a robust dual-source supply chain to meet U.S. solar demand [4] Group 3: Market Positioning - The agreement enhances TOYO's U.S. expansion by increasing access to domestic materials, positioning the company to deliver cost-effective and sustainable solar solutions [5] - TOYO aims to become a full-service solar solutions provider, integrating various stages of the solar power supply chain [5]

TOKYO, Dec. 8, 2025 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF),  ("TOYO" or the "Company"), a solar solution company, today announced that it has acquired the remaining 24.99% membership interest in its U.S. subsidiary, TOYO Solar LLC, making it a wholly owned subsidiary of the Company. This transaction follows TOYO's recent strategic expansion into U.S.-based manufacturing and underscores the Company's commitment to strengthening its presence in the American solar supply chain. TOYO Solar L ...

Core Points - X-energy has signed a Definitive Supply Agreement with Toyo Tanso for fine-grain graphite components valued at approximately $40 million for the Xe-100 small modular reactor deployment [1][3] - The agreement is a significant milestone for the Long Mott Generating Station project in Texas, in partnership with Dow, Inc., and supported by the U.S. Department of Energy [1][5] - Toyo Tanso will manufacture graphite core structural components using IG-110 fine-grain isotropic graphite for the four Xe-100 reactors [2][4] - X-energy is also in discussions with Toyo Tanso regarding graphite components for the Cascade Advanced Energy Facility in Washington state [2][3] - The agreement supports X-energy's broader efforts to develop a robust SMR supply chain in the U.S. and allied countries [3][4] - X-energy has customer engagements with Amazon and Centrica, potentially totaling over 11 GW across the U.S. and U.K., equivalent to approximately 144 Xe-100 SMRs [3][5] - The company is constructing a fuel fabrication facility in Oak Ridge, Tennessee, to ensure a stable domestic fuel supply for its reactors [5][6] Company Overview - X-energy is a leading developer of advanced small modular nuclear reactors and fuel technology aimed at clean energy generation [7] - The company's SMR design is characterized by enhanced safety, lower costs, and faster construction timelines compared to conventional nuclear reactors [7]

Core Insights - TOYO Co., Ltd has entered a strategic partnership with Voltec Solar, marking its entry into the European market and accelerating its global expansion in low-carbon solar infrastructure [1][4] Group 1: Partnership Details - The signing ceremony for the partnership took place at TOYO's production base in Vietnam, attended by key executives from both companies [2] - Under the agreement, TOYO will serve as the official solar cell supplier for Voltec Solar, utilizing its high-performance, low-carbon cell technology [3] - This collaboration allows Voltec Solar to integrate TOYO's solar cells into its production line, aligning with Europe's sustainability standards [4] Group 2: Company Profiles - TOYO is committed to becoming a full-service solar solutions provider, covering all stages of the solar power supply chain, from upstream production of wafers and silicon to downstream production of photovoltaic modules [5] - Voltec Solar, founded in 2010, focuses on manufacturing high-performance photovoltaic panels and is dedicated to delivering certified, low-carbon solar solutions across Europe [6] Group 3: Strategic Implications - The partnership reflects both companies' commitment to innovation and sustainability, aligning with the EU Net-Zero Industry Act [4] - TOYO's entry into the European market demonstrates its readiness to integrate into global supply chains and support European manufacturers seeking certified solar technologies [4]

Core Insights - The article discusses the challenges and unpredictability of financial markets, emphasizing the difficulty in accurately predicting trends and identifying value opportunities [1]. Group 1: Market Analysis - The author highlights the importance of understanding financial history to make informed predictions about market trends [1]. - There is a suggestion that current market conditions are particularly volatile, making it harder for analysts to forecast future movements [1]. Group 2: Investment Perspective - The article reflects a personal viewpoint on the limitations of traditional investment analysis methods in the current economic climate [1]. - It underscores the necessity for investors to remain cautious and critical of their own assumptions when evaluating potential investment opportunities [1].

Financial Performance - Revenues for the six months ended June 30, 2025, reached $139.11 million, slightly up from $138.08 million in the same period of 2024, indicating a growth of 0.75%[4] - Gross profit decreased to $23.08 million for the first half of 2025, down from $26.65 million in 2024, reflecting a decline of 13.5%[4] - Net income attributable to TOYO Co., Ltd.'s shareholders was $3.47 million for the six months ended June 30, 2025, compared to $19.55 million in 2024, a decrease of 82.24%[4] - The company reported a comprehensive income of $1.79 million for the first half of 2025, down from $16.50 million in the same period of 2024, a decline of 89.2%[4] - For the six months ended June 30, 2025, TOYO reported total revenue of $139,105,223, a slight increase from $138,077,995 in the same period of 2024[42] - For the six months ended June 30, 2025, the net income attributable to TOYO Co., Ltd.'s shareholders was $3,467,011, with earnings per share of $0.10, compared to $19,550,448 and $0.48 for the same period in 2024[143] Assets and Liabilities - Total assets increased to $353.62 million as of June 30, 2025, up from $239.80 million at the end of 2024, representing a growth of 47.5%[1] - Total current liabilities rose to $249.26 million as of June 30, 2025, compared to $125.03 million at the end of 2024, an increase of 99.4%[1] - Shareholders' equity increased to $70.24 million as of June 30, 2025, up from $59.44 million at the end of 2024, a growth of 18.5%[1] - The Company's long-lived assets totaled $228,510,728 as of June 30, 2025, an increase from $182,601,289 as of December 31, 2024[54] - As of June 30, 2025, the Company had a working capital deficit of $131,381,504, which raised substantial doubt about its ability to continue as a going concern[71] Cash Flow and Financing - Cash and cash equivalents increased significantly to $28.19 million as of June 30, 2025, compared to $13.65 million at the end of 2024, an increase of 106.5%[1] - Net cash provided by operating activities for the six months ended June 30, 2025, was $40,045,122, compared to $21,798,732 for the same period in 2024, representing an increase of 83.5%[9] - The company incurred total operating expenses of $13.41 million for the first half of 2025, compared to $4.19 million in 2024, an increase of 219.5%[4] - The company has drawn down approximately $13.6 million from a long-term bank credit facility with BIDV, with an unused line of credit of approximately $76.4 million as of June 30, 2025[82] - The Company is actively seeking financing from outside investors and financial institutions to improve liquidity and support its business plan[75] Inventory and Sales - Revenue from sales of solar cells to third parties reached $114,019,674 for the six months ended June 30, 2025, compared to $25,790,220 for the same period in 2024, indicating a significant growth[42] - Total inventories as of June 30, 2025, reached $53,547,925, up from $19,984,094 as of December 31, 2024, with raw materials accounting for $29,175,156[78] - The company commenced sales of solar cells in the second half of 2023 and began providing facilitation services for solar cell products in the second half of 2024[38][40] Shareholder Information - The company issued 41,000,000 ordinary shares at par value of $0.0001 per share to existing shareholders on a pro rata basis on February 23, 2024[14] - As of July 1, 2024, TOYO had 33,095,743 ordinary shares outstanding, with offering costs capitalized at $2,572,889, reducing additional paid-in capital[23] - The Company issued 41,000,000 ordinary shares on February 23, 2024, as part of its reorganization, with no cash consideration involved[120] - The Company had 4,600,000 Public Warrants outstanding as of June 30, 2025, with an exercise price of $11.50 per share[134] Risk and Provisions - Two customers accounted for 59% and 14% of accounts receivable as of June 30, 2025, indicating a concentration risk in revenue sources[67] - The company maintains an allowance for credit losses but reported no expected credit losses as of June 30, 2025, and December 31, 2024[33] - The Company has a significant concentration of credit risk, primarily with cash deposits in various financial institutions across different countries[63] Capital Expenditures - The company incurred $47,128,016 in capital expenditures for the purchase of property and equipment during the six months ended June 30, 2025, compared to $16,592,618 in the same period of 2024, reflecting a significant increase of 184.5%[9] - Property and equipment, net increased to $169,340,273 as of June 30, 2025, compared to $129,039,494 as of December 31, 2024, driven by machinery and building investments[79] Tax and Interest Expenses - Cash paid for interest expense to a bank was $748,698 for the six months ended June 30, 2025, compared to $1,059,748 for the same period in 2024, showing a decrease of 29.3%[9] - As of June 30, 2025, the company incurred current income tax expenses of $3,296,448, compared to $nil for the same period in 2024[108] - For the six months ended June 30, 2025, interest expenses recognized were $560,132, compared to $532,514 for the same period in 2024[95] Agreements and Commitments - The Company has future minimum capital commitments of $60,648,024 under non-cancellable agreements for construction projects in Vietnam, Texas, and Ethiopia[147] - On July 2, 2025, the company entered into a Module Supply and Purchase Agreement to supply 380,380 photovoltaic modules for approximately $60 million[157] - The Module Supply and Purchase Agreement is set to expire on December 31, 2025, unless terminated earlier[157]

Core Insights - TOYO Co., Ltd has raised its outlook for shipments, revenues, and net income for 2025, projecting solar cell shipments to reach approximately 4.2-4.4 GW, with revenues expected between $375 million and $400 million [3][12]. Business Highlights for 1H 2025 - Revenues for the first half of 2025 were approximately $139 million, a 0.7% increase from $138.1 million in the same period of the previous year, driven by the new solar cell facility in Ethiopia [5][7]. - The company shipped approximately 1.6 GW of solar cells during the first half of 2025 [7]. - Non-GAAP Adjusted EBITDA for the first half of 2025 was approximately $23 million, down from $33 million in the prior year [9][21]. - Net income attributable to TOYO's shareholders was approximately $4 million for the first half of 2025, compared to $19.6 million for the same period in the prior year [10]. Operational Developments - The new solar cell facility in Ethiopia is operating at full 2 GW capacity and is expected to reach 4 GW by October 2025 [4][7]. - A new solar module facility in the Houston metropolitan area has commenced trial production, aligning with the company's "made-in-USA-for-the-USA" strategy [4][7]. - The company has redirected its Vietnam cell capacity to serve high-growth markets outside the U.S., particularly India and Taiwan [7][12]. Financial Performance - The cost of revenues for the first half of 2025 was approximately $116 million, compared to $111.4 million in the same period of the prior year [6]. - Gross profit margin for the first half of 2025 was 16.6%, down from 19.3% in the prior year, primarily due to rising raw material costs [8]. - Total operating expenses increased by 219.9% to approximately $13 million for the first half of 2025, driven by expenses related to new facilities [8][13]. Future Outlook - The company expects to exceed its previous guidance of 3.5 GW in solar cell shipments for 2025, projecting a total of approximately 4.2-4.4 GW [12]. - Projected net income for the full year 2025 is expected to be between $39 million and $45 million, reflecting continued growth and improving margins [12]. - The company plans to scale up production at its Ethiopian facility while expanding U.S. module capacity as it refines its sourcing strategy [12].

Core Viewpoint - TOYO Co., Ltd has announced the acquisition of the VSUN brand from its sister company, Vietnam Sunergy Joint Stock Company, to streamline operations and enhance shareholder value [1][2] Group 1: Acquisition Details - The acquisition of the VSUN brand will accelerate TOYO's growth and expansion, leveraging VSUN's established customer base and proven technology [2][4] - Since 2018, VSUN has delivered over 8 GW of solar modules to the U.S. market, indicating a strong market presence and customer trust [2][6] - The acquisition did not involve any issuance of new equity by TOYO [3] Group 2: Strategic Benefits - The acquisition is viewed as a catalyst for long-term value creation, combining TOYO's manufacturing strength with VSUN's global reach [5] - TOYO gains immediate access to a well-established customer base, positioning itself to meet increasing demand for U.S. solar panels [6] - The acquisition supports TOYO's strategic expansion into the U.S. market, complementing its existing manufacturing footprint in Vietnam and Ethiopia [6] Group 3: Market Recognition and Performance - VSUN has been recognized as a "Top Performer" by PV Evolution Labs for five consecutive years and has maintained Tier 1 status by BloombergNEF since Q3 2019 [6] - VSUN was awarded "Overall Highest Achiever" in the PV Module Index by the Renewable Energy Test Center for 2024 and 2025 [6] - The brand has also received a Bronze Medal from EcoVadis for its Corporate Social Responsibility and ESG management [6] Group 4: Operational Synergies - TOYO operates one of the largest non-Chinese N-type solar cell manufacturing bases globally, which is expected to enhance operational efficiencies and cost competitiveness through the integration of the VSUN brand [6][7] - The acquisition is anticipated to improve TOYO's revenue base and expand its market presence, particularly in the U.S. utility-scale market [6]

Company Overview - TOYO Co., Ltd is a solar solution company aiming to be a reliable full-service provider in the global market, integrating various stages of the solar power supply chain including upstream production of wafers and silicon, midstream production of solar cells, and downstream production of photovoltaic modules [3] Upcoming Events - TOYO's management team will participate in the H.C. Wainwright 27th Annual Global Investment Conference on September 8, 2025, from 1:00pm to 1:30pm ET at the Lotte New York Palace Hotel in New York City, with opportunities for 1x1 meetings [1] - The company will also be present at the RE+ 2025 event scheduled for September 10th - 11th, 2025, at the Venetian Expo & Caesars Forum in Las Vegas, Nevada, encouraging customers and interested parties to request meetings [2]

Market Overview - The Europe Rice Noodles Market was valued at USD 2.18 Billion in 2024 and is projected to reach USD 3.86 Billion by 2030, with a compound annual growth rate (CAGR) of 9.99% [2][9] - The market is experiencing growth due to a shift towards gluten-free and health-conscious dietary options among European consumers [2] Key Market Drivers - The rising popularity of Asian cuisine is a significant driver for the market, as European consumers increasingly explore global flavors, leading to higher demand for rice noodles in both foodservice and home cooking [4] - The convenience-driven demand, influenced by busy lifestyles and a preference for ready-to-eat products, is further propelling market growth [3] Key Market Challenges - The rice noodles market faces strong competition from traditional wheat-based noodles, which are more familiar and often less expensive, making it difficult for rice noodles to capture a larger market share [5] - Cultural preferences and established consumption habits surrounding wheat-based pasta can hinder the adoption of rice noodles in certain regions [5] Key Market Trends - There is an increasing preference for gluten-free and health-conscious foods, with rice noodles being favored as a naturally gluten-free alternative that aligns with the broader wellness trend in Europe [6] - The demand for organic, clean-label, and minimally processed rice noodle offerings is rising to meet the needs of health-conscious consumers [6] Key Players - Notable companies in the Europe Rice Noodles Market include Thai President Foods Public Company Limited, Nongshim Co., Ltd., Toyo Suisan Kaisha, Ltd., and Nissin Foods Co., Ltd. among others [7] Report Scope - The report segments the Europe Rice Noodles Market by product type, distribution channel, and country [8]