TOYO Co., Ltd

Ladies and gentlemen, thank you for standing by. My name is Krista and I will be your conference operator today. At this time, I would like to welcome you to the ToyoCo Limited second half and full year results financial results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at that time, Simply press star, then the number 1 on your telephone keypad. And if you'd like to withdraw your question, press star 1 again. Thank you. I would now like to turn the conference over to Crocker Colson, Investor Relations. Please go ahead.

Thank you, Krista. Hello, everyone. Thank you for joining us to review Toyo's 2025 second half and fiscal year results. This morning, Toyo posted both the earnings release and a related investor presentation to our website, and you can find it in the investor relations section, investors.toyosolar.com. With us on the call today are Mr. Onizuka, Toyo's chief executive officer, Raymond Chung, the company's chief financial officer, and Ron Resch, Toyo's chief strategy officer, whose appointment was announced just this morning. We also have Simon Shee, who will be available during the Q&A portion. After the prepared remarks are concluded, we'd like to open this call up for your questions. But before we begin, I want to make you aware that some statements in this teleconference are forward-looking within the meaning of federal securities laws. Although we believe the statements are reasonable, we can provide no assurance that they will prove to be accurate because they're perspective in nature. During this call, we'll also discuss certain non-GAAP financial measures. such as adjusted net income and adjusted EBITDA. We believe these measures provide meaningful supplemental information regarding our operational performance by excluding non-cash items and one-time charges that may not be indicative of our core business. Please refer to the reconciliation tables in our press release and SEC filings for the most directly comparable GAAP measures. Actual results could differ materially from those we discussed today, and therefore we encourage you to carefully review the most recent report on Form 20F and other SEC filings for risk factors that could materially impact our results. As I mentioned, the earnings release is available today on our website at investors.toyo-solar.com. With those formalities now out of the way, it's my great pleasure to turn this call over to Onozuka-san, our Chief Executive Officer. Onozuka-san, please go ahead. Thank you, Koka.

2035 was the year of decisive action for Toyo. We doubled our operational scale by navigating one of the most volatile trade environments in recent memory. By strengthening our position as a particularly integrated solution provider, we have built a resilient foundation capable of navigating persistent market headwinds and a rapidly shifting regulatory landscape. Our record-breaking revenue of over $427 million, a 142% increase over 2024, is a clear validation of our strategic pivot toward high-demand, compliant manufacturing hubs. The primary engine of this growth was the rapid ramp-up of our 4-gigawatt Ethiopia SELC facility, which was completed in October 2025 and is now running at full nameplate capacity. During fiscal year 2025, We successfully shipped 2.3 gigawatts from Ethiopia to our U.S. end customers, while an additional 1.9 gigawatts of solar cells were dispatched from our Vietnam facility to international markets. As we enter 2026, Ethiopia has provided our U.S. utility-scale partners with high efficiency policy-compliant solar cell technology, and we are on track to deliver a full 4 gigawatts of solar cells from this facility in the coming year. In the fourth quarter of 2025, we launched commercial operations at our new 1 gigawatt module facility in Houston. Last year, we delivered 249 megawatts of module inclusive of American-made module and those supplied by our OEM facility overseas. By scaling our domestic module production while maintaining our global reach, we ensure that Toyo can provide a right mix of products our customers require, from the right location with zero lead time friction Our intent is to scale up production continuously in 2026 and invest to expand capacity in Houston to 2 gigawatts by 2026. In September 2025, we acquired the well-established V-Sun brand from our sister company, a strategic move to streamline, and unified Toyo operation by bringing by V-SAN brand fully under our umbrella. We have successfully migrated the V-SAN sales and marketing team, IT, brand, and certification to Toyo, and we are now novating all existing customers to become direct customers of Toyo, as we complete qualifications. Acquiring the vSAN plan has allowed us to accelerate Toyo's growth and gives our clients the flexibility to choose the sourcing that best fits their individual needs. This acquisition was made without any dilution to Toyo's shareholders, while the production assets remain with vSAN. Looking ahead, we will continue to work closely with our industry partners to migrate the sourcing of key components to the U.S. wherever possible. Try to strengthen our supply chain and reinforce our commitment to American manufacturing. I will now turn the call over to our CSO, Ron Blesky, to review our strategy for 2026.