- TOYO's new solar module manufacturing facility in Houston received its Certificate of Occupancy on **October 13, 2025**, officially commencing **full commercial operations**.  **[1985273_20251014CN97254:0]** 
- The facility is designed to produce up to **1 GW of high-efficiency solar modules annually** and anticipates **robust demand** from U.S. clients and utility-scale developers.  **[1985273_20251014CN97254:0]** 
- The Houston Facility is expected to qualify for **Section 45X tax incentives**, providing up to **$0.07 per watt in production credits through 2030**, which will strengthen TOYO's cost competitiveness.  **[1985273_20251014CN97254:0]**

TOYO's Houston Solar Module Facility Commences Commercial Operations

- TOYO Co., Ltd. reported **revenues of $139,105,223** for the six months ended June 30, 2025, a slight increase from **$138,077,995** in the prior year period, but **net income significantly decreased to $2,501,736** from **$19,550,448**.  **[1985273_0001213900-25-086967_ea025685901ex99-2_toyo.htm:4]** 
- The company faces significant liquidity challenges, with a **working capital deficit of approximately $131.4 million** as of June 30, 2025, which raises **substantial doubt about its ability to continue as a going concern**.  **[1985273_0001213900-25-086967_ea025685901ex99-2_toyo.htm:5]** **[1985273_0001213900-25-086967_ea025685901ex99-1_toyo.htm:16]** 
- TOYO Texas entered into a module supply and purchase agreement with New Leaf Energy Buyer, Inc. for approximately **$60 million**, with the term expiring on December 31, 2025.  **[1985273_0001213900-25-086967_ea025685901ex99-2_toyo.htm:0]** **[1985273_0001213900-25-086967_ea025685901ex99-1_toyo.htm:28]** 
- New manufacturing plants in Ethiopia and Texas commenced operations in March and June 2025, respectively, supporting business expansion.  **[1985273_0001213900-25-086967_ea025685901ex99-2_toyo.htm:0]**

TOYO (TOYO)