TOYO Co., Ltd
What Do They Do?
Manufactures and sells solar cells to solar-module manufacturers and solar modules to utility and business customers.
20-F for FY2025, filed Apr 1, 2026We are headquartered in Japan. Currently, we have established two solar cell plants located in Vietnam and Ethiopia. To date, our cell…View ↗
We are preparing ourselves for the manufacturing of solar PV modules for sales in the United States, allowing our affiliate VSUN to focus…View ↗
For our solar module plant in Texas, U.S., we intend to target large strategic customers in the U.S. market, which offers high margins but…View ↗
Utility-scaled. Strategic customers are approached through direct sales by top management, and pricing is determined based on production…View ↗
Commercial and Industrial. These customers are valuable for demonstration purposes and are approached through direct sales. Prices for this…View ↗
How Do They Make Money?
Solar-cell and module buyers prepay part of the price, with remaining balances due after delivery; facilitation commissions are earned after end customers accept the products and the selling customer collects payment.
20-F for FY2025, filed Apr 1, 2026Customers are generally required to make prepayment ranging between 30% and 100% of contract value. Payments received in advance from…View ↗
The related party customer is required to make prepayment of 10% of contract value. Payments received in advance from customers are…View ↗
The Company provided facilitation services for customers’ solar cell and solar module products. The Company is an agent in facilitation…View ↗
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20-F for FY2025, filed Apr 1, 2026
FY2025 revenue by product or service ↗
$427.4M
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20-F for FY2025, filed Apr 1, 2026
$427.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Related Parties
Sold outright
20-F for FY2025, filed Apr 1, 2026 |
40% |
Related Parties, FY2025
$171.1M Sources
|
Sold outright |
|
Third Parties
Sold outright
20-F for FY2025, filed Apr 1, 2026 |
60% |
Third Parties, FY2025
$256.3M Sources
|
Sold outright |
Who Are Their Customers?
Solar-cell sales target large solar-module manufacturers under long-term contracts; solar-module sales target utility and business customers directly, while residential sales generally go through distributors.
20-F for FY2025, filed Apr 1, 2026For our solar cell business line, we primarily target large, standalone PV module manufacturers who lack their own solar cell production…View ↗
Utility-scaled. Strategic customers are approached through direct sales by top management, and pricing is determined based on production…View ↗
Commercial and Industrial. These customers are valuable for demonstration purposes and are approached through direct sales. Prices for this…View ↗
Residential. Sales for residential customers are generally conducted through distributors, with prices higher than those for commercial and…View ↗
20-F for FY2025, filed Apr 1, 2026
For the year ended December 31, 2025, one third party customer and one related party customer accounted for 40% and 36% of total revenues…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 9 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.
20-F for FY2025, filed Apr 1, 2026
$59MView ↗
20-F for FY2025, filed Apr 1, 2026
$39.7MView ↗
20-F for FY2025, filed Apr 1, 2026
$41.2MView ↗
How Are They Changing?
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