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TOYO

TOYO Co., Ltd.

TOYO

TOYO Co., Ltd. • NASDAQ
$6.26 ▼ -0.16% (-0.01)
Market Cap $221.16 M
52w High $8.39
52w Low $2.57
Dividend Yield 0%
P/E 8.35
Volume 21.69K
Outstanding Shares 35.33M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $69.553M $6.705M $1.734M 2.492% $0.051 $10.993M
Q1-2025 $69.553M ▲ $6.705M ▲ $1.734M ▼ 2.492% ▼ $0.051 ▼ $10.993M ▲
Q4-2024 $19.44M $4.423M $10.475M 53.885% $0.34 $-1.005M
Q3-2024 $19.44M ▼ $4.423M ▲ $10.475M ▲ 53.885% ▲ $0.34 ▲ $-1.005M ▼
Q2-2024 $69.039M $2.096M $9.775M 14.159% $0.24 $17.053M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $28.192M $353.623M $283.381M $67.009M
Q1-2025 $28.192M ▲ $353.623M ▲ $283.381M ▲ $67.009M ▲
Q4-2024 $13.654M $239.8M $180.36M $59.24M
Q3-2024 $13.654M ▼ $239.8M ▼ $180.36M ▲ $59.24M ▼
Q2-2024 $41.67M $241.444M $168.034M $73.411M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.734M $20.023M $-23.598M $13.324M $0 $-3.541M
Q1-2025 $1.734M ▼ $20.023M ▲ $-23.598M ▼ $13.324M ▲ $0 $-3.541M ▼
Q4-2024 $10.475M $12.354M $-13.726M $-11.791M $0 ▲ $-1.372M
Q3-2024 $10.475M ▲ $12.354M ▲ $-13.726M ▼ $-11.791M ▼ $-44.387M ▼ $-1.372M ▼
Q2-2024 $9.775M $10.899M $-8.296M $10.746M $44.387M $2.603M

Five-Year Company Overview

Income Statement

Income Statement TOYO looks like a very small, early‑stage solar business that has only recently begun to scale up. Sales were almost non‑existent a few years ago but have started to build, and profits have moved from roughly breakeven to clearly positive. Margins appear fairly healthy for such a young company, suggesting decent pricing or cost control on the projects it has won so far. That said, everything is happening off a tiny base, so results can swing a lot from year to year. A single project delay or cost overrun could quickly change the picture. Profitability is a positive sign, but it is still fragile and highly dependent on continued growth and good execution.

Balance Sheet

Balance Sheet The balance sheet is light and simple, which is typical for a young, project‑driven company. Total assets are modest, equity is thin, and debt has risen, indicating the company is starting to lean more on borrowing to fund its activities. Cash on hand is low, leaving only a small cushion against shocks. This structure can work during growth phases, but it does limit financial resilience. If projects are delayed or markets tighten, the company has less room to absorb setbacks and may need to refinance, raise capital, or slow its plans.

Cash Flow

Cash Flow Cash flow has improved, with the core business now generating cash rather than consuming it, which is an encouraging shift. However, the company is still spending heavily on investments and project build‑out, so free cash is tight and has recently hovered around break‑even at best. In practical terms, TOYO is in the stage where it must keep investing to grow, while the business is only just starting to fund itself. This creates an ongoing need to carefully balance growth ambitions with the ability to finance those investments without overstretching.

Competitive Edge

Competitive Edge Based on the financials, TOYO appears to be a very small player in the solar space, operating in an industry dominated by much larger, better-capitalized competitors. Its size likely means limited bargaining power with suppliers and customers, and revenue could be concentrated in a small number of projects. The separate research provided on other “TOYO” entities (measurement solutions, engineering, tires, precision machinery) highlights strong positions in their own niches, but those are different companies and cannot be assumed to apply to this specific solar firm. For TOYO Co., Ltd., the available data do not yet show a clear, durable competitive edge; its main advantages, if any, are likely to be speed, focus on niche projects, or local relationships rather than scale or brand strength.

Innovation and R&D

Innovation and R&D The detailed innovation discussion largely relates to other TOYO-branded companies in different industries (measurement equipment, large‑scale engineering, tires, precision machinery). Those groups are active in advanced areas like next‑generation energy, digital engineering, and materials science, but there is no clear evidence that this specific solar company directly shares or controls those capabilities. For TOYO Co., Ltd., the accounts do not show a distinct R&D profile. It likely behaves more like a project developer or integrator than a deep technology house, focusing on deploying existing solar technologies rather than inventing new ones. Any innovation edge would probably come from how it designs, finances, or executes projects, not from proprietary solar technology—though the information is too limited to be definitive.

Summary

Overall, TOYO looks like a very early‑stage, small solar company that has successfully moved from almost no activity to modest, profitable operations in a short time. The income statement shows encouraging growth and improving profitability, but from a very low base and with the potential for volatility. The balance sheet and cash flows paint a picture of a business that is investing ahead of itself, with limited capital buffers and growing reliance on debt, even as operating cash generation improves. This makes execution risk and financing risk important to watch. The broader “TOYO” ecosystem described in the research contains several strong, innovative industrial and technology businesses, but these are distinct entities. For this particular TOYO Co., Ltd., the data available suggest a small, project‑focused solar player with emerging strengths but no clearly established moat yet. Its future will likely hinge on its ability to win projects consistently, control costs, secure funding on reasonable terms, and navigate an increasingly competitive renewable energy market.

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