Core Insights - TOYO Co., Ltd reported significant financial updates for the fiscal year ended December 31, 2024, including a substantial increase in operating expenses and net income compared to the previous year [1][2][3]. Financial Performance - Operating expenses for 2024 were $13.0 million, a 180.4% increase from $4.7 million in 2023 [2]. - Net income for 2024 reached $40.5 million, up from $9.9 million in 2023, which included a $35.1 million change in fair value of contingent consideration payable for 13 million earnout shares [3]. - Earnings per share (EPS) under US GAAP were $1.09 for 2024, compared to $0.24 in the prior year [3][14]. Shareholder Information - The calculation for earnout shares to be released to initial shareholders is based on an audited net profit of $5.4 million, leading to the expected surrender of 11,287,703 earnout shares [4]. - After the surrender, a total of 35,308,040 ordinary shares will be issued and outstanding [4]. Cash Position - As of December 31, 2024, the company had $17.1 million in cash and restricted cash, a decrease from $19.0 million as of December 31, 2023 [5]. Company Overview - TOYO is positioned as a full-service solar solutions provider, integrating various stages of the solar power supply chain, including the production of wafers, silicon, solar cells, and photovoltaic modules [6].
TOYO Announces Updated Audited Financial Results for the Full Year 2024