Toyo Co., Ltd. (Nasdaq: TOYO), a solar solution company, has released its audited financial results for the full year 2024, updating its previously announced financial figures. The company's operating expenses for 2024 were reported at $13.0 million, marking a significant increase of 180.4% compared to $4.7 million in the previous year. Selling and marketing expenses rose to $1.6 million from $0.02 million in 2023, driven primarily by increased freight and handling costs, as well as higher sales commissions. The company achieved a net income of $5.4 million, with earnings per share under US GAAP, both basic and diluted, at $1.09, up from $0.24 in the prior year. As of December 31, 2024, Toyo Co. Ltd. held $17.1 million in cash and restricted cash, compared to $19.0 million at the end of 2023. Further details are available in the company's Annual Report on Form 20-F, accessible via the SEC's website.