TOYO Co., Ltd, a solar solution company, reported its financial results for the first half of 2025, highlighting several significant changes compared to the same period in the prior year. The company reported revenues of approximately $139 million, marking a 0.7% increase from $138.1 million in the previous year. This uptick was attributed to the commencement of operations at their new solar cell facility in Ethiopia, which began in April 2025. Net income attributable to TOYO's shareholders was approximately $4 million for the first half of 2025, a decrease from $19.6 million in the prior year, largely due to increased operating expenses aimed at supporting future growth. Earnings per share, both basic and diluted, were reported at $0.10, down from $0.48 in the same period of the previous year. The company's Non-GAAP Adjusted EBITDA stood at approximately $23 million, a decline from $33 million in the previous year, reflecting reduced sales volume to the U.S. market and changes in fair value of contingent consideration payable related to earnout shares. In terms of business operations, TOYO successfully commissioned its first 2 GW solar cell plant in Ethiopia in April 2025 and has commenced production of an additional 2 GW of solar cells at this facility, with expectations to reach full capacity by October 2025. The company has raised its outlook for shipments, revenues, and net income for the full year of 2025, indicating optimism about its future performance. As of June 30, 2025, TOYO had approximately $30 million in cash and current restricted cash, up from $15.5 million as of December 31, 2024.