TOYO Co., Ltd

Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Toyoko Limited Second Quarter 2026 Earnings 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 during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Crocker Colson, Investor Relations for Toyo. Mr. Colson, please go ahead.

Thank you, Carly. Hello, everyone. Thank you so much for joining us to review Toyo's second quarter and first half 2026 results. This morning, Toyo posted both the earnings release and a related investor presentation covering those results to our website, which you can find at investors.toyo-solar.com. I'm pleased to say that with us on the call today, we have Mr. Takahiko Onozuka, Toyo's Chairman and Chief Executive Officer. We have Rhone Resch, the company's Chief Strategy Officer. and we also have Mr. Yasunari Harada, TOYO's Chief Financial Officer. After the prepared remarks are concluded, we're going to open up the floor for any questions that you have today. But before we begin, I'd like to point out the financial results discussed on this call for the second quarter of 2026 and first half of 2026 and the corresponding periods in 2025 are unaudited and some of the statements in this teleconference are forward-looking. within the meanings of federal securities laws. Although we believe these statements are reasonable, we can provide no assurance that they will prove to be accurate because they are perspective in nature. During this call, we're also going to discuss certain non-GAAP financial measures, such as EBITDA, adjusted EBITDA, and adjusted net income. 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 performance. Actual results could differ materially from those we discussed today. We therefore encourage you to review our most recent annual report on Form 20F, 6K, and other SEC filings for risk factors that could materially impact our results. With those formalities now out of the way, it's my great pleasure to turn this call over to Onozuka-san, Toyota's Chairman and CEO. Onozuka-san, please take it away.

Thank you, Kuroka. We are very pleased with our first half of 2026 results, which reflects the continued strength of our global manufacturing platform and the growing demand we are seeing across our market. Let me walk you through the headline numbers at high level. Revenue for the first half of 2026 was approximately $261.0 million, and increase of 87.6% year-over-year from $139.1 million in the first half of 2025. The increase was primarily driven by high-end solar cells and high solar module cells together with commencement OEM services. Revenue from end customers in the United States increased 153.9% to approximately $210.5 million and represented 80.7% of first half revenue. Growth margin for the first half of 2026 expanded to 32.5% up from 16.6% in the prior year period, reflecting expanded production capacity improved production efficiency and greater mix of higher average selling price US sales. Net income for the first half of 2026 was approximately 45.8 million USD compared to 2.5 billion USD in the first half of 2025. Earning per share, basic and diluted