SUBSCRIBE
PROFILE

TOYO posts $40.5mn net profit in 2024 despite tripled expenses

Solar solutions manufacturer TOYO Co., Ltd released revised financial results for 2024, reporting a significant increase in net profit despite a sharp rise in operating expenses.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90$/month

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99$/year

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

Sign up for free to unlock this article

Japanese company TOYO Co., Ltd has published its audited financial results for the fiscal year ending December 2024, confirming a net profit of $40.5mn, compared to $9.9mn the previous year, according to a filing with the Securities and Exchange Commission (SEC) on May 12. The result came despite a 180% surge in operating expenses, which reached $13mn.

Sharp increase in administrative and logistics costs

TOYO’s general and administrative expenses totalled $11.4mn in 2024, up from $4.6mn in 2023. The increase was driven mainly by a $3.3mn rise in payroll and welfare costs, $1.9mn in consulting and audit fees, and $0.9mn in depreciation and amortisation. Marketing expenses reached $1.6mn, sharply up from $0.02mn in the prior year, largely due to an additional $1.2mn in freight and handling costs.

TOYO stated that the improvement in its net result was largely attributable to a $35.1mn accounting adjustment related to the revaluation of conditional equity compensation (“earnout shares”). Excluding this factor, the company reported an adjusted net profit of $5.4mn, used to determine the number of shares allocated to initial shareholders.

Share count adjustment and financial stability

Following the cancellation of 11.3 million earnout shares, TOYO’s total ordinary shares in circulation stood at 35.3 million. Earnings per share (basic and diluted) were $1.09, up from $0.24 in 2023.

The company ended 2024 with $17.1mn in cash and restricted cash, down from $19mn a year earlier. Despite generating $46.5mn in positive cash flow from operations, TOYO recorded $44mn in net investment outflows, mainly for equipment purchases.

Increased debt and inventory contraction

Short-term bank borrowings reached $16.1mn as of December 31, 2024, compared to no such debt the previous year. Long-term borrowings also rose to $21mn. The company halved its inventory, reducing it from $40mn to $20mn, reflecting tighter supply management.

“The change in fair value of the earnout shares had a material impact on net profit without affecting cash,” the company stated in its regulatory filing with the SEC.

  • Popular on energynews.pro
Hitachi injects $1bn into transformer manufacturing to strengthen US grid interconnection
Baker Hughes to deliver geothermal equipment to Fervo Energy for 300 MW capacity
Brazil requests full membership in the International Energy Agency
Shell halts its biofuels plant in Rotterdam amid strategic trade-off
China redefines electric vehicle strategy around technological innovation
AGCO signs 10-year deal with BRUC for solar supply in Europe
US-based AGCO has signed a ten-year virtual power purchase agreement with BRUC, covering a 100 MW solar project in Spain, to secure part of its European energy consumption.
Innergex secures 85 MW in France with six agrivoltaic solar projects
Canadian developer Innergex has won all six projects of the Grenier des Essences portfolio for a total of 85 MW, strengthening its position in France’s ground-mounted solar sector.
Canadian Solar launches low-carbon modules reaching 285 kg CO₂eq/kW
Canadian Solar unveils its new low-carbon solar modules integrating heterojunction cells and thinner wafers, achieving up to 24.4% efficiency and a peak power output of 660 Wp.
Elmya and Atlantica partner to develop 4 GW of energy projects in the United States
Elmya Energy and Atlantica Sustainable Infrastructure have created a joint venture targeting 4 GW of renewable energy projects in the United States, focused on the ERCOT and WECC markets.
Louth Callan completes deployment of 28 MW solar park in Maine
Louth Callan has completed the Mousam River solar project in Sanford, marking a key milestone in the deployment of utility-scale energy infrastructure across the United States.
Georgia Power receives approval for 1,068 MW of new solar projects in Georgia
The state regulator has approved five new solar power purchase agreements to support growing demand under the CARES programme, targeting industrial and commercial clients.
Ecoener commissions Guatemala’s largest solar plant with 74.7 MWp
With the commissioning of the El Carrizo plant, Ecoener surpasses 500 MW in installed capacity and becomes the most active Spanish investor in Guatemala’s energy sector.
Aspen Power acquires two community solar projects in New Jersey
Aspen Power has finalised the acquisition of two community solar projects totalling over 1 MWdc in New Jersey, developed by Ecogy Energy, with construction expected to begin shortly.
Tenergie begins construction of 5.14 MWp solar plant in Cabrières d’Avignon
French developer Tenergie has started work on a ground-mounted solar plant at a former quarry, with expected annual output of 7.6 GWh from 2026.
Octopus Energy injects 600 MW into solar and storage in Spain
Octopus Energy strengthens its presence in Spain with three new energy projects totalling 600 MW, powering 2.3 million households and accelerating the expansion of its European renewables portfolio.
VSB Italy launches 6.2 MW solar project on agricultural land in Umbria
VSB Italy has obtained authorisation to build a 6.2 MW agrivoltaic plant in Città della Pieve, combining solar power generation and agricultural cultivation on 10.6 hectares.
Ameren Missouri invests in 250 MW solar plant near Callaway nuclear site
Ameren Missouri announces a 250 MW solar project to power 44,000 homes, reducing delays and costs through strategic development on company-owned land.
France: Verso Energy commissions a 580 kWc agrivoltaic plant in Outarville
Verso Energy has inaugurated an experimental solar power plant in Outarville, testing the integration of photovoltaic panels across three hectares of large-scale crops with a 90% self-consumption rate.
R.Power sells 440MW solar portfolio in Poland amid uncertainties
Independent power producer R.Power is selling a 440MW ready-to-build photovoltaic portfolio in Poland, as political uncertainties drive a wave of divestments in the national renewable energy market.
Grenergy sells 10% of Chilean megaproject to CVC DIF for $475mn
Grenergy has finalised the sale of the fourth phase of its hybrid solar-storage project in Chile to CVC DIF, valued at up to $475mn, while retaining operation and maintenance for five years.
Q ENERGY closes financing for seven hybrid solar plants in Spain
Q ENERGY secures financing for 252 MW of solar projects in Spain, marking its first independent power producer operation on the Iberian Peninsula.
Scatec signs 15-year power purchase agreement for a solar plant in Colombia
Norwegian group Scatec has signed a power sales agreement with BTG Pactual for its first solar project in Colombia, representing an estimated $110mn investment.
Global solar capacity jumps to 380 GW in first half of 2025
New solar installations rose 64% year-on-year, driven by China, which accounted for more than two-thirds of global deployed capacity.
Virya Energy launches 7,001 m² solar plant in Toulouse with Tisséo
Virya Energy invests EUR2mn in a photovoltaic plant at the Oncopole park-and-ride in Toulouse, marking a 30-year partnership with Tisséo to strengthen the city’s energy self-consumption.
ACWA Power commits to study 2,500 MW of energy projects in Syria
ACWA Power has signed an agreement with the Syrian Ministry of Energy to assess up to 2,500 MW of solar, wind and storage projects, along with a technical audit of the national grid and existing infrastructure.

Log in to read this article

You'll also have access to a selection of our best content.