Toyo Co., Ltd. (TOYO)
NASDAQ (CM) NASDAQ (CM) Primary Summary
TOYO Co., Ltd.: A Vertically Integrated Solar Powerhouse Trading At A Deep Discount
TOYO Co., Ltd. is a vertically integrated solar company with global manufacturing, strong expansion, and stock returns far outpacing major indices. TOYO's strategic acquisitions, U.S. manufacturing ramp-up, and VSUN brand integration create competitive advantages and position TOYO for U.S. market growth. Despite recent margin pressures from expansion, TOYO maintains robust financial health, optimistic 2025 guidance, and a strengthened cash position.
TOYO: A Vertically Integrated Solar Play With Breakout Potential Amid Industry Reset
TOYO posted a 183% YoY revenue growth in FY24, but gross margins halved due to rising related-party costs, signaling potential pricing pressures. Over 80% of FY24 net income came from a non-operating $34.75M fair value gain, making core profitability much lower than headline numbers suggest. TOYO turned operating cash flow positive in FY24, a major turnaround from prior years, and largely self-funded $44M in CapEx for capacity expansion.
Japan's Toyo to produce solar cells in Ethiopia for US plant
Japan's TOYO Co. Ltd on Monday said it will build a 2 gigawatt solar cell factory in Ethiopia that will provide duty-free components to a panel factory it is planning in the United States.
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Toyo Co., Ltd. Profile
| Consumer Staples Distribution & Retail Industry | Consumer Staples Sector | Junsei Ryu CEO | NASDAQ (CM) Exchange | KYG8976D1079 ISIN |
| JP Country | 528 Employees | - Last Dividend | - Last Split | - IPO Date |
Overview
TOYO Co., Ltd., established in 2022 and headquartered in Tokyo, Japan, operates across various stages of the solar power supply chain. The company is involved in the upstream production of wafer and silicon, which are essential components for solar panels, and the midstream production of solar cells, which are the building blocks for solar modules. Additionally, TOYO Co., Ltd. extends its expertise to the downstream production of photovoltaic (PV) modules. Specializing further, it manufactures solar PV modules, contributing to the renewable energy sector by providing essential components for solar power systems.
Products and Services
- Upstream Production of Wafer and Silicon
This involves the initial stages of the solar power supply chain where TOYO Co., Ltd. produces the wafer and silicon, foundational materials used to create the solar cells. This process is crucial for ensuring the quality and efficiency of the solar cells and modules that follow in the production line.
- Midstream Production of Solar Cells
At this production phase, TOYO Co., Ltd. focuses on creating solar cells from the processed wafer and silicon. Solar cells are the key components of solar panels, as they are responsible for converting sunlight into electricity. Through advanced manufacturing processes, the company aims to enhance the efficiency and performance of these cells.
- Downstream Production of Photovoltaic (PV) Modules
In the downstream segment of the supply chain, TOYO Co., Ltd. specializes in assembling the produced solar cells into photovoltaic modules. These PV modules are then ready to be deployed in solar power systems, contributing to the generation of renewable energy. The company's focus on this stage ensures the availability of high-quality solar panels for residential, commercial, and utility-scale applications.
- Manufacturing of Solar PV Modules
Beyond its engagement in the entire solar power supply chain, TOYO Co., Ltd. also directly manufactures solar PV modules. These modules are designed to meet high standards of durability and performance, catering to the global demand for reliable solar energy solutions. The company leverages cutting-edge technology and innovative manufacturing techniques to produce solar modules that excel in efficiency and longevity.
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