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.
IR@toyo-solar.com
Crocker Coulson
Email: crocker.coulson@aummedia.org
Tel: (646) 652-7185
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SOURCE TOYO Co., Ltd