Half Year 2024 TOYO Co Ltd Earnings Call

August 21, 2024

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Operator: Good morning everyone, and welcome to today's Toyo Company Ltd first half 2024 financial results. At this time, all participants are in the listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. You may register to ask a question at any time by pressing star one on your telephone keypad. You may withdraw yourself from the queue by pressing star two. Today's call is being recorded.

Speaker Change: Good morning, everyone and welcome to today's toy Company L. T. D first half 'twenty 'twenty four financial result at this time all participants are in a listen only mode. Later, you will have the opportunity to ask questions. During the question and answer session. You May Register to ask a question at any.

Operator: Good morning, everyone, and welcome to today's Toyo Company LTD First Half 2024 Financial Result.

Operator: You may disconnect at any time.

Operator: Good morning, everyone, and welcome to today's Toyo Company LTD First Half 2024 Financial

Operator: Result.

Operator: At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session.

Operator: At this time, all participants are in a listen-only mode.

Operator: Later, you will have the opportunity to ask questions during the question-and-answer session.

Operator: You may register to ask a question at any time by pressing Star 1 on your telephone keypad.

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Speaker Change: Today's call is being recorded I would now.

Operator: Today's call is being recorded.

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Speaker Change: I will be standing by should you need any assistance. It is now my pleasure to turn the conference over to Crocker Coulson Investor Relations for Toyota.

Crocker-Colson: It is now my pleasure to turn the conference over to Crocker-Colson, Investor Relations for Toyo. Please go ahead.

Operator: It is now my pleasure to turn the conference over to Crocker Coulson, Investor Relations for Toyo.

Crocker Coulson: Please go ahead.

Operator: Please go ahead.

Crocker-Colson: Thank you, operator.

Operator: Please go ahead.

Crocker Coulson: Thank you operator Hello.

Crocker Coulson: Thank you, operator.

Crocker-Colson: Hello everyone. Thank you for joining us to review Toyo's 2024 first half results. This morning, Toyo posted both the earnings release and related investor presentation to its website, which you can find at investors.toyo-solar.com. With us on the call today, are Mr. Yunsee Roo, Toyo's founder and chief executive officer, and Mr. Raymond Chung, Toyo's chief financial officer. The senior management team is in New York today in advance of Toyo's market ceremony at the Nasdaq market site tomorrow. After the prepared remarks are concluded, we will open up this call to your questions.

Crocker Coulson: Hello, everyone. Thank you for joining us to review Toyotas 'twenty 'twenty four first half results.

Speaker Change: Toyota posted both the earnings release and related Investor presentation to its website, which you can find that investors got toy Oh, gosh solar dot com.

Crocker Coulson: Hello, everyone.

Speaker Change: With us on the call today are Mr. UNC Ru, Toyotas, founder and Chief Executive Officer, and Mr. Raymond Cheung Chief Financial Officer.

Speaker Change: Senior management team is in New York today in advance of Toyotas market.

Speaker Change: Ceremony at the NASDAQ market site Tomorrow.

Speaker Change: After the prepared remarks are concluded we'll open up this call to your questions, but before we get begin some statements. In this teleconference are forward looking within the meaning of the federal Securities laws. Although we believe these statements are reasonable we can provide no assurance that they will prove to be accurate because they're prospective in nature.

Crocker-Colson: But before we begin, some statements in this teleconference are forward-looking within the meaning of the 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. Act results could differ materially from those we discussed today. In addition, we encourage you to review the most recent Form F4, Form 20-F, and subsequent filings for risk factors that could materially impact our results. As I mentioned, the earnings release is available today on our website.

Speaker Change: Actual results could differ materially from those we discuss today.

Speaker Change: In addition, we encourage you to review the most recent.

Speaker Change: Form F. Four form 20-F, and subsequent filings for risk factors that could materially impact our results.

Speaker Change: As I mentioned in earnings release is available today.

Speaker Change: On our website.

Crocker Coulson: Thank you, operator.

Crocker-Colson: With that, it's now my pleasure to turn the call over to Mr. Yunsee Roo, Chief Executive Officer. Ruzon, please go ahead.

Crocker Coulson: Thank you for joining us to review Toyo's 2024 First Half results. This morning, Toyo posted both the earnings release and related investor presentation, to its website, which you can find at investors.toyo-solar.com.

Speaker Change: With that it's now my pleasure to turn the call over to Mr. UNC Roux, Chief Executive Officer.

Speaker Change: Please go ahead.

Speaker Change: Yeah.

Yunsee Roo: Thank you.

UNC Roux: Thank you okay.

Crocker Coulson: With us on the call today are Mr. Yun-Shi Ryu, Toyo's founder and chief executive officer, and Mr. Raymond Chung, Toyo's chief financial officer. The senior management team is in New York today in advance of Toyo's market ceremony, at the NASDAQ market site tomorrow.

Yunsee Roo: Good morning, everyone. Where do you join us? It's a great honor to address our first earnings report at Nasdaq Business Company. And we look forward to our market ceremony tomorrow afternoon at the Nasdaq Stock Market. We started there, yeah, with that month team and our new solar cell bus tech. But most of the facilities in Vietnam had 11% of the results since it went into mass production in October 2023. To that, we have developed 1.3 gigabas in soil cells. Our team's ability to get a brand new soil cell effectively up in the land with woodglass.

Crocker Coulson: Hello, everyone.

Speaker Change: Good morning, everyone.

Speaker Change: We're glad you joined us.

Crocker Coulson: After the prepared remarks are concluded, we will open up this call to your questions.

Speaker Change: It's a good add on that U S. Yes.

Speaker Change: Uh huh.

Speaker Change: As you think about it.

Crocker Coulson: Thank you for joining us to review Toyo's 2024 first half results.

Speaker Change: And then we look forward to Oh, Buckhead set them on time all of us at all at the NASDAQ stock market.

Crocker Coulson: But before we begin, some statements in this teleconference are forward-looking within, the meaning of the federal securities laws.

Speaker Change: We started the year.

Speaker Change: So that well.

Speaker Change: One team and Oh, a new solar cell.

Speaker Change: Uptake.

Speaker Change: Uh huh.

Speaker Change: I think the T <unk> red hat.

Speaker Change: You've never supposed to Joe the thoughts since its.

Speaker Change: Once you're into mess.

Production in a couple of them in Tennessee.

Speaker Change: So that way.

Speaker Change: We have.

Speaker Change: He lived mine plans three.

Speaker Change: You saw sales.

Speaker Change: Our team's ability to get at.

Speaker Change: But in the new solar sale.

Speaker Change: Actually in the non res.

Speaker Change: Class one class.

Yunsee Roo: Woodglass automation is a huge element to the soil's talent. I'm pleased to note that Toyo has been a perfect table since commencing production. And the profits continued to expand in the first and sixth months of 2024. Despite the unfairness, change to U.S. polyfill tools and have disrupted market conditions. We are confident that we have the light team and standard pitch to serve the gloss U.S.

Speaker Change: Automation is a huge thing.

I kind of meant to us.

Speaker Change: Hello.

Crocker Coulson: This morning, Toyo posted both the earnings release and related investor presentation, to its website, which you can find at investors.toyo-solar.com.

Speaker Change: And.

Speaker Change: I'm, Chris it's true that Toyota has been.

Well I'll take the first.

Speaker Change: Table since.

Cutbacks in production.

Speaker Change: And the profits.

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Speaker Change: My cats conditions.

Speaker Change: We are.

Speaker Change: Coffee beans.

Speaker Change: We have the right team and.

Speaker Change: So tender touch too so that get us close.

Speaker Change: U S solar market.

Yunsee Roo: soil market.

Raymond Chung: I will now hand this cell over to our Chief Financial Officer of the Lemom Chow.

Speaker Change: I mean, no 10, this says well all that too.

Speaker Change: Chief Financial office offset.

Lemme Charles.

Speaker Change: Yeah.

Raymond Chung: Thank you, Yuzha.

Crocker Coulson: With us on the call today are Mr. Yun-Shi Ryu, Toyo's Founder and Chief Executive Officer, and Mr. Raymond Chung, Toyo's Chief Financial Officer. The senior management team is in New York today in advance of Toyo's market ceremony at the NASDAQ market site tomorrow.

Jessa: Thank you Jessa.

Crocker Coulson: 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. Actual results could differ materially from those we discussed today.

Raymond Chung: Good morning, everyone. I will review our first half operational updates and financial highlights before taking any questions. So on Toyo's updates, as Ruzha mentioned, we are extremely pleased with the operational achievements of Toyo's team during our first nine months of manufacturing and with the potential shown by our six months results for this year. We are confident that the underlying end-up technology and production quality are at high level and the perfectly back from our customer has validated this. We believe we have the right approach and the right team to meet the needs of the utility scale market in U.S.A.

Speaker Change: Good morning, everyone I will review, our first hospital operational.

Crocker Coulson: In addition, we encourage you to review the most recent Form F-4, Form 20-F, and subsequent, filings for risk factors that could materially impact our results.

Speaker Change: And the financial highlights before taking any questions.

Speaker Change: So on <unk> a bit as Michel mentioned, we are extremely pleased with the operational achievements over Toyota team doing our first nine months of manufacturing and with the potential shown by our six months results for this year.

Speaker Change: We are confident that the.

Speaker Change: The underlying end top context apology and production and quality are at high level and the terrific feedback from our customer has validated this.

Speaker Change: We believe we have the right approach and the right team to meet the needs of the utility scale market in U S O U S H.

Raymond Chung: Despite the market uncertainties, we believe solar will supply a large portion of the growing energy demand in the U.S. and that Toyo can deliver the product the market demands. Our product efficiency has also improved significantly. A great yield has rising from around 85% last year to current 95%. The finished product efficiency has increased to over 26.4% in June this year. Additionally, our unique cost has decreased from 15.8 cents per watt last year to 11.56 cents per watt in this year, for example, this year. So, in February this year, Toyo, we signed a global corporation agreement with OCI Company Limited, a major Korean silicon material supplier, to offer our customers, Chosuote and verifiable PV products.

Speaker Change: Despite the market uncertainties, we believe polo will supply a large portion of the growing energy demand in the U S and that Toyo can deliberate product the market demands.

Speaker Change: Our product efficiency has also improved significantly.

Speaker Change: A great yield as wide a rising from around 85% last year to 95%.

Speaker Change: The finished product efficiency has increased to over 26, 4%.

Speaker Change: In June this year.

Speaker Change: Additionally, our unit cost has decreased from 15 eight cents per watt last year to 11.56 cents per watt in.

Speaker Change: And this year first half of this year.

Speaker Change: So in February this year.

Speaker Change: For you, while we signed a global cooperation agreement with OCI Company limited.

Speaker Change: Our major Korean this could become material supplier to offer our customers chose to loyalty and 40 fireball PV products.

Speaker Change: Manufacturing products using non Chinese silicone materials results in a cost increase of all took smitley 50%.

Raymond Chung: Manufacturing products using non-Chinese silicon materials results in a cost increase of approximately 50% compared to Chinese silicon products. However, due to supply chain compliance and transparency, these products have gained recognition from our customers.

Speaker Change: Paired to Chinese silicon products.

Speaker Change: However, due to supply chain compliance and transparency.

Speaker Change: These products have gained recognition from our customers.

Speaker Change: Okay.

Raymond Chung: Moving into the second half of this year, we see challenges ahead as the US Department of Commerce will decide if it has grounds to initiate anti-dumping and countervailing duties, ADCVD, on solar products coming from Southeast Asia, namely Thailand, Malaysia, Cambodia, and Vietnam, before the end of this year. The US government's decision to suspend the tariff exemption for the bifacial solar products and initiate the investigation followed extensive robbing by companies with a US manufacturing base who claimed that Chinese solar manufacturers were using Southeast Asian assembly plans to evade tariffs on Chinese solar products. While Toyota's parent company is a Japanese and Toyota has no manufacturing assets in China, we have unfortunately been swept up in this pool now.

Moving into the second half of this year, we see challenges so it had.

Speaker Change: The U S Department of Commerce will decide if it has the Guam to initiate antidumping and countervailing duties.

Speaker Change: H E CVD on solar products coming from Southeast Asia, namely, Thailand, Malaysia, Cambodia and Vietnam.

Speaker Change: Before the end of this year.

Speaker Change: The U S government's decision to suspend the tariff exemption for the bifacial solar products and initiate the investigation followed the extensive robbing by companies with a U S manufacturing base, who claimed that Chinese solar manufacturers words.

Speaker Change: Using southeast Asian Assembly plants to ebay tariffs on Chinese solar products.

Speaker Change: While <unk> parents company, he said Japanese and Toyota has no manufacturing assets in China.

Speaker Change: Unfortunately been swapped in this for now.

Raymond Chung: Prior to the government's action, our products were very sought after by American utility scale solar companies due to our advanced technology quality and brand reputation of our affiliated company, Nissan. During the agency's investigation, our end customers are reluctant to place volume orders until the full impact of any tariffs and duties becomes clear. While we work through this period, we are focusing on adjusting cost structures, optimizing production capacity, and aligning customer-focused and proportion to ensure positive cash flows. To mitigate the risk from government policy uncertainty, we are accelerating our pre-existing plan to establish a reliable PV supply chain in the US.

Prior to the government government's action our products were very sought after by American utility scale solar companies.

Speaker Change: Due to our advanced technology quality and brand reputation of our affiliated company Pizza.

Speaker Change: During the agency's investigation.

Speaker Change: Our end customers are reluctant to place volume orders until the full impact of any tariffs and duties become clear.

Speaker Change: While we work through this period, we are focused on the just adjusting cost structures optimizing production capacity and aligning customer focus and proportion to ensure positive cash flow.

Speaker Change: <unk>.

Speaker Change: To mitigate the risk from government policy uncertainty.

Speaker Change: We are accelerating our pre existing plan to establish a reliable P. B supply chain in the U S.

Raymond Chung: We aim to expedite the establishment of a two gigawatt PV module facility in the US by integrating our effort with local R&D and supply chains. In the long run, we plan to build a made in the USA solar products supply chain with inherent economic competitiveness, rather than relying solely on subsidies.

Speaker Change: We aim to expedite the establishment of a two gigawatt PV module facility in the U S by integrating our household with Goldcorp go call R&D and supply chain.

Speaker Change: In the long run we plan to build a made in the U S. C solar products supply chain with inherent economy competitiveness, rather than relying solely on subsidies.

Raymond Chung: In the coming month, we plan to announce the groundbreaking of our two gigawatt solar module factory, followed by another two gigawatt solar cell factory in the coming quarters. Our solar module and cell facilities are expected to continue the business foundation established by our affiliate visa that has been serving prestigious US clients for years. The initial two gigawatt factory will be leased, and we are finalizing commercial terms with the local government and owners. We currently estimate that the cost of gigawatt will be 100 million dollars. We expect to be able to commence production in the middle of next year, 2025.

Speaker Change: In the coming months, we plan to announce the groundbreaking of our two Gigawatts solar module factory.

Speaker Change: Hello via another two gigawatt of solar cell factory in the coming quarters.

Speaker Change: Our solar module and cell facilities are expected to continue the business Foundation established by our affiliate Pizza.

Speaker Change: That has been serving a prestigious U S clients full yes.

Speaker Change: The initial two gigawatt factory will be leased and we are finalizing commercial Thompson with double Coke Oklahoman and owners.

Speaker Change: We currently estimate that the cost of outfitting the facility and initial working capital requirements for the module facility will be.

Speaker Change: $100 million.

Speaker Change: We expect to be able to commence production in the middle of next year 2025.

Raymond Chung: We aim to make further announcements as soon as we have finalized negotiations with the site owner and local and state governments.

Speaker Change: We aim to make further announcements as soon as we have finalized negotiations with the site owner and local and state governments.

Raymond Chung: On the research and development front, we are actively negotiating cooperation of opportunities with major owners of the end-top corn cell patent. The globally renowned industry science lead our R&D team, and we intend to establish a technology research center in the US. In terms of our financials, in the first six months of this year, we have delivered 985 megawatts of solar cells, up from 327 megawatts last year since the trial production in August 2023. In terms of revenue, we generated 138.1 million in the first half of this year compared to zero revenue in the first half of last year.

Speaker Change: On the research and development front we.

Speaker Change: We are actively negotiating cooperation opportunities with major owners Socal and popcorn cell patent.

Speaker Change: Globally, we now in the industry science.

Speaker Change: Indeed, our.

Speaker Change: R&D team.

And we intend to establish and to close your research centre in the U S.

Speaker Change: Now in terms of the financials.

Crocker Coulson: As I mentioned, the earnings release is available today on our website.

Speaker Change: In the first six months of this year, we have delivered 985 megawatts of the solar fills up from 327 megawatts last year since the trial production in August.

Crocker Coulson: With that, it's now my pleasure to turn the call over to Mr. Yun-Shi Ryu, chief executive officer.

Yun-Shi Ryu: Ruizhan, please go ahead.

Speaker Change: 'twenty 'twenty suite.

Yun-Shi Ryu: Thank you, Carlos.

Speaker Change: In terms of revenue, we generated $138 1 million in the first half of this year compared to zero revenue in the first so vocal last year.

Raymond Chung: Our cost of revenue in the first half was 111.4 million, in line with revenue growth, and total operating expenses increased to 4.2 million dollars for the first six months of 2020. From 1.4 million dollars for the same period of the last year, mainly due to the ramping of our production. The income was 19.6 million dollars for the first six months of this year compared to a net loss of 1.9 million in the first half of the last year. Turning to our balance sheet, we had $44.4 million in cash and then restricted cash in total as of June 30th, this year, 2024.

Speaker Change: Our cost of revenue in the first half was $111 $4 million in line with revenue growth.

And total operating expenses increased to $4 $2 million for the first six months of 2024.

Speaker Change: From $1.8 million for the same period of the last year.

Speaker Change: Mainly due to the ramping up of production.

Speaker Change: Okay.

Speaker Change: Net income was $19 6 million for the first six months of this year compared to a net loss of a one 9 million in the first half of the last year.

Speaker Change: Turning to our balance sheet we.

Yun-Shi Ryu: Good morning, everyone.

We had $44 million in cash and then we should keep cash in total as of June 30th D. C 2024.

Raymond Chung: Due to the potential impact of the US imposing ADC-VD duties, when our signature compliance have decided to reduce shipment volumes until the preliminary investigation results are announced in between September to November 2024. As a result, we extract the deliver over 1.9 gigawatts in orders during the full year of 2024. We plan to provide more detailed guidance as the impact of the trade investigation becomes clearer. In the long run, our technological and operational strategy aims to achieve an economic balance in which renewable energy prices from solar, including battery storage, are cost-competitive with conventional energy prices.

Speaker Change: Due to the potential impacts of the U S. Imposing a D C V D duties.

Speaker Change: And our significant clients have decided to reduce shipment volumes until the preliminary investigation results are announced in between September to November.

Speaker Change: 2024.

Speaker Change: As a result, we expect to deliver over 1.9 gigawatt in orders.

Speaker Change: During the full year 2024.

Speaker Change: We plan to provide more detailed guidance as the impact of the trade investigation becomes clear leader.

Speaker Change: In the long run our technological and operational strategy aims to achievement economic valleys in which a renewable energy prices from solar including battery storage are cost competitive with conventional energy prices.

Raymond Chung: With that, we'll be happy to address your questions. Thank you at this time. If you would like to ask a question, please press star one on your telephone keypad. You may remove yourself from the queue by pressing star two. Once again, that is star one to ask a question, and we'll pause for just a moment to allow everyone an opportunity to signal for questions. And once again, that is star one for questions.

Speaker Change: With that we'll be happy to address your questions.

Crocker Coulson: After the prepared remarks are concluded, we will open up this call to your questions.

Crocker Coulson: But before we begin, some statements in this teleconference are forward-looking within the meaning of the Federal Securities Law.

Crocker Coulson: 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. Actual results could differ materially from those we discussed today.

Crocker Coulson: In addition, we encourage you to review the most recent.., form F4, form 20F, and subsequent filings for risk factors that could materially impact our results.

Crocker Coulson: As I mentioned, the earrings release is available today, on our website.

Crocker Coulson: With that, it's now my pleasure to turn the call over to Mr. Yuen C. Ryu, Chief Executive Officer.

Speaker Change: Okay.

Speaker Change: Thank you at this time, if you would like to ask a question. Please press star one on your telephone keypad, you may remove yourself from the queue by pressing star tail. Once again that is star one to ask a question and we'll pause for just a moment to allow everyone an opportunity that's taking up for questions.

Operator: Please stand by, your program is about to begin.

Operator: Please stand by, your program is about to begin. If you need assistance during your conference today, please press star zero.

Operator: If you need assistance during your conference today, please press star zero.

Speaker Change: And once again that is star one quick question.

Operator: Good morning everyone and welcome to today's Toyo company LTD First half 2024 Financial Results. At this time, all participants are in the listen only mode.

Operator: Good morning everyone and welcome to today's Toyo company LTD First half 2024 Financial Results. At this time, all participants are in the listen only mode. Later you will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing star one on your telephone keypad. You may withdraw yourself from the queue by pressing star two. Today's call is being recorded. I would now, I will be standing by, should you need any assistance.

Speaker Change: Okay.

Operator: And at this time, we have no questions in the queue.

Speaker Change: And at this time.

Operator: Later you will have the opportunity to ask questions during the question and answer session.

Speaker Change: We have no questions in the queue I will now turn the program back over to your presenters for any additional or closing remarks.

Crocker-Colson: I will now turn the program back over to your presenters for any additional or closing remarks.

Operator: You may register to ask a question at any time by pressing star one on your telephone keypad. You may withdraw yourself from the queue by pressing star two. Today's call is being recorded.

Operator: If it is on, please go ahead.

Crocker-Colson: Great.

Speaker Change: Great well, we wanted to thank everybody for joining the call and if.

Yun-Shi Ryu: We're glad you have joined us.

Crocker-Colson: Well, we want to thank everybody for joining the call. If you have any follow-up questions, please feel free to email us. And we look forward to coming back to you in future quarters. Thanks so much.

Yun-Shi Ryu: Thank you.

Yun-Shi Ryu: It's a great honor to address our first earnings report at NASDAQ Leasing Company.

Yun-Shi Ryu: Good morning, everyone.

Yun-Shi Ryu: And we look forward to our market ceremony tomorrow afternoon at the NASDAQ Stock Market.

Yun-Shi Ryu: We're glad you joined us.

Yun-Shi Ryu: We started the year with a slight momentum, and our new solar cell MAP-30 facility in, Vietnam had 11,000 results since it went into mass production in October 2023. We have delivered 1.3 gigawatts in solar cells.

Yun-Shi Ryu: It's a great honor to address.

Yun-Shi Ryu: Our team's ability to get a brand, new solar cell factory up and run with world-class automation is a huge testament to Toyo's talent.

Yun-Shi Ryu: Hva er første lille prat?

Raymond Chung: Good morning, everyone.

Yun-Shi Ryu: I'm pleased to note that Toyo has been profitable since commencing production, and the profits continued to expand in the first six months of 2024.

Yun-Shi Ryu: It's not like this thing combines.

Raymond Chung: I will review our first half operational update and financial highlights before taking any questions. On Toyo's updates, as Lucia mentioned, we are extremely pleased with the operational achievements of Toyo's team during our first nine months of manufacturing and with the potential shown by our six-month results for this year. We are confident that the underlying end-top-con technology and production quality are at a high level, and the terrific feedback from our customers has validated this.

Operator: Once again, that is star 1 to ask a question, and we'll pause for just a moment to allow everyone an opportunity to signal for questions.

Yun-Shi Ryu: We have an unfortunate chance to U.S. participate first and have disrupted market conditions.

Yun-Shi Ryu: And we look forward to our market ceremony tomorrow afternoon at the NASDAQ stock market.

If you have any follow up questions.

Raymond Chung: We believe we have the right approach and the right team to meet the needs of the utility-scale, market in the U.S.

Operator: And once again, that is star one for questions.

Yun-Shi Ryu: We are confident that we have the right team and the strength to serve the global U.S.

Yun-Shi Ryu: We stop it there, yeah?

Raymond Chung: Despite the market uncertainties, we believe solar will supply a large portion of the growing energy demand in the U.S. and that Toyo can deliver the product the market demands.

Operator: And at this time, we have no questions in the queue.

Yun-Shi Ryu: solar market.

Yun-Shi Ryu: That mom, One team and our new solar cell.

Raymond Chung: Our product efficiency has also improved significantly. A-grade yield has risen from around 85% last year to a current 95%. The finished product efficiency has increased to over 26.4% in June this year. Additionally, our unit cost has decreased from $0.158 per watt last year to $0.1156 per watt in the first half of this year.

Operator: I will now turn the program back over to your presenters for any additional or closing remarks.

Yun-Shi Ryu: I will now turn this over to our Chief Financial Officer, Lemon Cho.

Yun-Shi Ryu: Buff, take.

Speaker Change: Please feel free to email us.

Raymond Chung: In February this year, Toyo signed a global cooperation agreement with OCI Company Limited, a major Korean silicon, material supplier, to offer our customers trustworthy and verifiable PV products.

Operator: Great.

Raymond Chung: Thank you, Joseph.

Yun-Shi Ryu: You know, this is the job they thought, since it, production in October 2023.

Raymond Chung: Manufacturing products using non-Chinese silicon materials results in a cost increase of approximately, 50% compared to Chinese silicon products. However, due to supply chain compliance and transparency, these products have gained recognition, from our customers.

Operator: Well, we want to thank everybody for joining the call.

Yun-Shi Ryu: We have delivered 1.3 gigabytes in software.

Raymond Chung: Moving into the second half of this year, we see challenges ahead as the U.S. Department, of Commerce will decide if it has the ground to initiate anti-dumping and countervailing duties, ADCBD, on solar products coming from Southeast Asia, namely Thailand, Malaysia,

Operator: If you have any follow-up questions, please feel free to email us.

Operator: I would now, I will be standing by, should you need any assistance.

Yun-Shi Ryu: Our team's ability to get a brand-new solar cell factory up and run with, Word graph class.

Speaker Change: And we look forward to coming back to you in future quarters. Thanks, so much.

Raymond Chung: Cambodia, and Vietnam before the end of this year.

Operator: We look forward to coming back to you in future quarters.

Yun-Shi Ryu: Word class.

Raymond Chung: The U.S. government's decision to suspend the tariff exemption for the bifacial solar, products and initiate the investigation followed extensive robbing by companies with a U.S, manufacturing base who claimed that Chinese solar manufacturers were using Southeast Asian assembly plants to evade tariffs on Chinese solar products.

Yun-Shi Ryu: Automation is a huge, a tenement to Toyota's talent.

Raymond Chung: While Toyo's parent company is Japanese and Toyo has no manufacturing assets in China, we have unfortunately been swapped up in this war now.

Yun-Shi Ryu: I'm pleased to announce that Toyo has been, Profit table.

Raymond Chung: Prior to the government's action, our products were very sought after by American utility-scale, solar companies due to our advanced technologies, quality, and brand reputation of our affiliated company, Visa.

Operator: Thanks so much.

Yun-Shi Ryu: Thanks so much.

Yun-Shi Ryu: Since.

Raymond Chung: During the agency's investigation, our end customers are reluctant to place volume orders, until the full impact of any tariffs and duties become clear.

Operator: It is now my pleasure to turn the conference over to Crocker-Colson, investor relations for Toyo.

Crocker-Colson: It is now my pleasure to turn the conference over to Crocker-Colson, investor relations for Toyo. Please go ahead. Thank you operator. Hello everyone. Thank you for joining us to review Toyo's 2024 First Half Results. This morning, Toyo posted both the earnings release and related investor presentation to its website, which you can find at investors.toyo-solar.com.

Yun-Shi Ryu: Commencing production.

Raymond Chung: While we work through this period, we are focused on adjusting cost structures, optimizing, production capacity, and aligning customer focus and proportion to ensure positive cash flows.

Yun-Shi Ryu: And the profit, continue to expand in the first six months of 2024.

Raymond Chung: To mitigate the risk from government policy uncertainty, we are accelerating our preexisting, plan to establish a reliable PV supply chain in the U.S. We aim to expedite the establishment of a two-gigawatt PV module facility in the U.S, by integrating our effort with local R&D and supply chains.

Operator: And this concludes today's conference. We thank you for your participation. You may disconnect at any time.

Operator: And this concludes today's conference.

Speaker Change: And this concludes today's conference. We thank you for your participation you may disconnect at any time.

Yun-Shi Ryu: Despite the, Enfant.

Operator: And this concludes today's conference.

Raymond Chung: In the long run, we plan to build a made-in-the-U.S. solar product supply chain with inherent economic, competitiveness rather than relying solely on subsidies.

Yun-Shi Ryu: Unfortunately, China's U.S. tariffs have disrupted market conditions.

Raymond Chung: In the coming month, we plan to announce the groundbreaking of our two-gigawatt solar module, factory, followed by another two-gigawatt solar cell factory in the coming quarter.

Operator: We thank you for your participation.

Yun-Shi Ryu: We are confident, that we have the right team and the strength to serve the Guilin, Close U.S. solar market.

Raymond Chung: Our solar module and cell facilities are expected to continue the business foundation established, by our affiliate, Visa, that has been serving prestigious U.S. clients for years.

Yun-Shi Ryu: I will now turn this server over.

Raymond Chung: The initial 2GW factory will be leased, and we are finalizing commercial terms with the, local government and owners. We currently estimate that the cost of outfitting the facility and initial working capital requirements, for the module facility will be $100 million. We expect to be able to commence production in the middle of next year, 2025.

Operator: You may disconnect at any time.

Operator: Please go ahead.

Yun-Shi Ryu: You are, a chief financial officer.

Raymond Chung: We aim to make further announcements as soon as we have finalized negotiations with the, site owner and local and state governments.

Raymond Chung: 레몬 초, Thank you, Yoosa.

Raymond Chung: On the research and development front, we are actively negotiating cooperation opportunities, with major owners of N-Popcorn cell patent.

Raymond Chung: Good morning, everyone.

Crocker-Colson: Thank you operator.

Raymond Chung: Globally renowned industry science leads our R&D team, and we intend to establish a technology, research center in the U.S. Now in terms of our financials, in the first six months of this year, we have delivered, 985 megawatts of solar cells, up from 327 megawatts last year since the trial production in August 2023. In terms of revenue, we generated $138.1 million in the first half of this year, compared, to zero revenue in the first half of last year.

Raymond Chung: I will review our first half operational update and the financial highlights before taking any, So on Toyo's updates, as Lucia mentioned, we are extremely pleased with the operational achievements of Toyo's team during our first nine months of manufacturing and with the potential shown by our six-month results for this year. We are confident that the underlying end-to-end technology and production quality are at high level, and the terrific feedback from our customers has validated this.

Hum.

Raymond Chung: Our cost of revenue in the first half was $111.4 million, in line with revenue growth, and total operating expenses increased to $4.2 million for the first six months of 2024, from $1.8 million for the same period of the last year, mainly due to the ramping up of production.

Raymond Chung: We believe we have the right approach and the right team to meet the needs of the utility scale market in USA.

Crocker-Colson: Hello everyone.

Raymond Chung: Net income was $19.6 million for the first six months of this year, compared to a net, loss of $1.9 million in the first half of last year.

Speaker Change: [music].

Raymond Chung: Despite the market uncertainties, we believe solar will supply a large portion of the growing energy demand in the U.S. and that Toyota can deliver the product the market demands. Our product efficiency has also improved significantly. A-grade yield has risen from around 85 percent last year to current 95 percent. The finished product efficiency has increased to over 26.4% in June this year. Additionally, our unit cost has decreased from $0.158 per watt last year to $0.1156 per watt in this year, first half of this year.

Crocker-Colson: Thank you for joining us to review Toyo's 2024 First Half Results.

Raymond Chung: Turning to our balance sheet, we had $44.4 million in cash and restricted cash in total, as of June 30th, this year, 2024. Due to the potential impact of the U.S. imposing ADCVD duties, we and our significant clients, have decided to reduce shipment volumes until the preliminary investigation results are announced in between September to November 2024.

Raymond Chung: So, in February this year, Toyo, we signed a global cooperation agreement with OCI Company Limited, a major Korean silicon material supplier, to offer our customers trustworthy and verifiable PV products.

Raymond Chung: As a result, we expect to deliver over 1.9 gigawatt in orders during the full year 2024.

Raymond Chung: Manufacturing products using non-Chinese silicon materials results in a cost increase of approximately 50% compared to Chinese silicon products.

Raymond Chung: We plan to provide more detailed guidance as the impact of the trade investigation becomes, clearer.

Raymond Chung: However, due to supply chain compliance and transparency.

Raymond Chung: In the long run, our technological and operational strategy aims to achieve an economic balance, in which renewable energy prices from solar, including battery storage, are cost-competitive with conventional energy prices.

Raymond Chung: These products have gained recognition from our customers.

Raymond Chung: With that, we'll be happy to address your questions.

Crocker-Colson: This morning, Toyo posted both the earnings release and related investor presentation to its website, which you can find at investors.toyo-solar.com.

Raymond Chung: Moving into the second half of this year, we see challenges ahead as the U.S. Department of Commerce will decide if it has the ground to initiate anti-dumping and countervailing duties. ADCVD on solar products coming from Southeast Asia, namely Thailand, Malaysia, Cambodia, and Vietnam, before the end of this year.

Raymond Chung: Thank you.

Raymond Chung: The U.S. government's decision to suspend the tariff exemption for the bifacial solar products and initiate the investigation followed extensive robbing by companies with a U.S. manufacturing base who claimed that Chinese solar manufacturers were using Southeast Asian assembly plants to evade tariffs on Chinese solar products.

Operator: At this time, if you would like to ask a question, please press star 1 on your telephone keypad.

Raymond Chung: While Toyo's parents' company is a Japanese and Toyo has no manufacturing assets in China, We have unfortunately been swapped up in this poll now.

Operator: You may remove yourself from the queue by pressing star 2.

Raymond Chung: Prior to the government's action, our products were very sought after by American utility scale solar companies, due to our advanced technologies, quality, and brand reputation of our affiliated company Vsun.

Operator: Once again, that is star 1 to ask a question, and we'll pause for just a moment to allow, everyone an opportunity to signal for questions.

Raymond Chung: During the agency's investigation, our end customers are reluctant to place volume orders until the full impact of any tariffs and duties become clear.

Operator: And once again, that is star 1 for questions.

Raymond Chung: While we work through this period, we are focused on adjusting cost structures, optimizing production capacity, and aligning customer focus and proportion to ensure positive cash flows.

Operator: And at this time, we have no questions in the queue.

Raymond Chung: To mitigate the risk from government policy uncertainty. We are accelerating our pre-existing plan to establish a reliable PV supply chain in the U.S.

Operator: I will now turn the program back over to your presenters for any additional or closing remarks.

Raymond Chung: We aim to expedite the establishment of a 2 gigawatt PV module facility in the U.S. by integrating our effort with local R&D and supply chain.

Yun-Shi Ryu: Great.

Raymond Chung: In the long run, we plan to build a made-in-the-USA solar product supply chain with inherent economic competitiveness rather than relying solely on subsistence.

Yun-Shi Ryu: Well, we want to thank everybody for joining the call.

Raymond Chung: In the coming month, we plan to announce the groundbreaking of our 2 gigawatt solar module factory, followed by another 2 gigawatt solar cell factory in the coming quarter.

Yun-Shi Ryu: And if you have any follow-up questions, please feel free to email us, and we look forward, to coming back to you in future quarters.

Raymond Chung: Our solar module and cell facilities are expected to continue the business foundation established by our affiliated VISA, that has been serving prestigious U.S. clients for years.

Speaker Change: Hum.

Raymond Chung: The initial two gigawatt factory will be leased and we are finalizing commercial terms with the local government and owners. We currently estimate that the cost of outfitting the facility and initial working capital requirements for the module facility will be $100 million. We expect to be able to commence production in the middle of next year, 2025.

Raymond Chung: We aim to make further announcements as soon as we have finalized negotiations with the site owner and local and state governments.

Speaker Change: Mhm.

Raymond Chung: On the research and development front, we are actively negotiating cooperation opportunities with major owners of end-popcorn cell pay-per-view.

Crocker-Colson: With us on the call today, our Mr. Yunsee Roo, Toyo's founder and chief executive officer and Mr. Raymond Chung, Toyo's chief financial officer. The senior management team is in New York today in advance of Toyo's market ceremony at the Nasdaq Market site tomorrow.

Raymond Chung: Globally renowned industry science lead our R&D team and we intend to establish a technology research center in the U.S.

Speaker Change: [music].

Raymond Chung: Now, in terms of our financials...

Raymond Chung: In the first six months of this year, we have delivered 985 megawatts of solar cells, up from 327 megawatts last year since the trial production in August 2023.

Raymond Chung: In terms of revenue, we generated $138.1 million in the first half of this year, compared to zero revenue in the first half of last year. Our cost of revenue in the first half was $111.4 million in line with revenue growth, and total operating expenses increased to $4.2 million for the first six months of 2024, from $1.8 million for the same period of the last year, mainly due to the ramping up of production.

Raymond Chung: Net income was $19.6 million for the first six months of this year, compared to a net loss of $1.9 million in the first half of last year.

Raymond Chung: Turning to our balance sheet, we had $44.4 million in cash and then restricted cash in total as of June 30th this year, 2024.

Raymond Chung: Due to the potential impact of the U.S. imposing ADCVD duties, we and our significant clients have decided to reduce shipment volumes until the preliminary investigation results are announced in between September to November.

Raymond Chung: 2024.

Raymond Chung: As a result, we extracted deliver over 1.9 gigawatt in orders, during the full year of 2024.

Raymond Chung: We plan to provide more detailed guidance as the impact of the trade investigation becomes clearer.

Speaker Change: Uh huh.

Raymond Chung: In the long run, our technological and operational strategy aims to achieve an economic balance in which renewable energy prices from solar, including battery storage, are cost-competitive with conventional energy prices.

Speaker Change: [music].

Raymond Chung: With that, we'll be happy to address your questions.

Raymond Chung: Thank you.

Operator: At this time, if you would like to ask a question, please press star 1 on your telephone keypad.

Operator: You may remove yourself from the queue by pressing star 2.

Crocker-Colson: After the prepared remarks are concluded, we will open up this call to your questions. But before we begin, some statements in this teleconference are forward looking within the meaning of the federal securities loss.

Crocker-Colson: 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. Act results could differ materially from those we discussed today.

Crocker-Colson: But before we begin, some statements in this teleconference are forward looking within the meaning of the federal securities loss. 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. Act results could differ materially from those we discussed today. In addition, we encourage you to review the most recent form F4, form 20F, and subsequent filings for risk factors that could materially impact our results. As I mentioned, the earnings release is available today on our website.

Speaker Change: Hum.

Speaker Change: Okay.

Speaker Change: [music].

Crocker-Colson: In addition, we encourage you to review the most recent form F4, form 20F, and subsequent filings for risk factors that could materially impact our results.

Speaker Change: Right.

Speaker Change:

Speaker Change: Hum.

Crocker-Colson: As I mentioned, the earnings release is available today on our website.

Crocker-Colson: With that, it's now my pleasure to turn the call over to Mr. Yunsee Roo, chief executive officer.

Yunsee Roo: With that, it's now my pleasure to turn the call over to Mr. Yunsee Roo, chief executive officer. Ruzon, please go ahead. Thank you. Good morning, everyone. Where do you join us? It's a great honor to address our first earnings report at Nasdaq Business Company. And we look forward to our market ceremony tomorrow afternoon at the Nasdaq Stock Market. We started there, yeah, with that month team and our new solar cell bus tech.

Yunsee Roo: Ruzon, please go ahead.

Yunsee Roo: Thank you.

Yunsee Roo: Good morning, everyone.

Yunsee Roo: Where do you join us?

Yunsee Roo: It's a great honor to address our first earnings report at Nasdaq Business Company.

Yunsee Roo: And we look forward to our market ceremony tomorrow afternoon at the Nasdaq Stock Market.

Yunsee Roo: We started there, yeah, with that month team and our new solar cell bus tech.

Yunsee Roo: But most of the facilities in Vietnam had 11% of the results since it went into mass production in October 2023.

Yunsee Roo: But most of the facilities in Vietnam had 11% of the results since it went into mass production in October 2023. To that, we have developed 1.3 gigabas in soil cells. Our team's ability to get a brand new soil cell effectively up in the land with woodglass. Woodglass automation is a huge element to the soil's talent. I'm pleased to note that Toyo has been a perfect table since commencing production. And the profits continued to expand in the first and sixth months of 2024. Despite the unfairness, change to U.S, polyfill tools and have disrupted market conditions. We are confident that we have the light team and standard pitch to serve the gloss U.S, soil market.

Yunsee Roo: To that, we have developed 1.3 gigabas in soil cells.

Yunsee Roo: Our team's ability to get a brand new soil cell effectively up in the land with woodglass.

Yunsee Roo: Woodglass automation is a huge element to the soil's talent.

Yunsee Roo: I'm pleased to note that Toyo has been a perfect table since commencing production.

Yunsee Roo: And the profits continued to expand in the first and sixth months of 2024.

Yunsee Roo: Despite the unfairness, change to U.S, polyfill tools and have disrupted market conditions.

Yunsee Roo: We are confident that we have the light team and standard pitch to serve the gloss U.S, soil market.

Raymond Chung: I will now hand this cell over to our Chief Financial Office of the Lemom Chow.

Raymond Chung: I will now hand this cell over to our Chief Financial Office of the Lemom Chow. Thank you, Yuzha. Good morning, everyone.

Raymond Chung: Thank you, Yuzha.

Raymond Chung: Good morning, everyone.

Raymond Chung: I will review our first half operational updates and financial highlights before taking any questions. So on Toyo's updates, as Ruzha mentioned, we are extremely pleased with the operational achievements of Toyo's team during our first nine months of manufacturing and with the potential shown by our six months results for this year. We are confident that the underlying end-up technology and production quality are at high level and the perfectly back from our customer has validated this.

Raymond Chung: We believe we have the right approach and the right team to meet the needs of the utility scale market in U.S.A.

Raymond Chung: We believe we have the right approach and the right team to meet the needs of the utility scale market in U.S.A. Despite the market uncertainties, we believe solar will supply a large portion of the growing energy demand in the U.S, and that Toyo can deliver the product, the market demands. Our product efficiency has also improved significantly. A great yield has rising from around 85% last year to current 95%. The finished product efficiency has increased to over 26.4% in June this year.

Raymond Chung: Despite the market uncertainties, we believe solar will supply a large portion of the growing energy demand in the U.S, and that Toyo can deliver the product, the market demands.

Raymond Chung: Our product efficiency has also improved significantly. A great yield has rising from around 85% last year to current 95%.

Raymond Chung: The finished product efficiency has increased to over 26.4% in June this year. Additionally, our unique cost has decreased from 15.8 cents per watt last year to 11.56 cents per watt in this year, for example this year.

Raymond Chung: Additionally, our unique cost has decreased from 15.8 cents per watt last year to 11.56 cents per watt in this year, for example this year. So, in February this year, Toyo, we signed a global corporation agreement with OCI company limited a major Korean silicon material supplier to offer our customers, Chosuote and verifiable PV products. Manufacturing products using non-Chinese silicon materials results in a cost increase of approximately 50% compared to Chinese silicon products. However, due to supply chain compliance and transparency, these products have gained recognition from our customers.

Raymond Chung: So, in February this year, Toyo, we signed a global corporation agreement with OCI company limited a major Korean silicon material supplier to offer our customers, Chosuote and verifiable PV products.

Raymond Chung: Moving into the second half of this year, we see challenges ahead as the US Department of Commerce will decide if it has a ground to initiate anti-tomping and counterbelling duties, ADCVD, on solar products, coming from Southeast Asia, namely Thailand, Malaysia, Cambodia and Vietnam, before the end of this year. The US government's decision to suspend the tariff exemption for the bifacial solar products and initiate the investigation followed extensive robbing by companies with a US manufacturing base who claimed that Chinese solar manufacturers were using Southeast Asian assembly plans to evade tariffs on Chinese solar products.

Raymond Chung: The US government's decision to suspend the tariff exemption for the bifacial solar products and initiate the investigation followed extensive robbing by companies with a US manufacturing base who claimed that Chinese solar manufacturers were using Southeast Asian assembly plans to evade tariffs on Chinese solar products.

Raymond Chung: While Toyota's parents company is a Japanese and Toyota has no manufacturing assets in China, we have unfortunately been swept up in this pool now.

Raymond Chung: While Toyota's parents company is a Japanese and Toyota has no manufacturing assets in China, we have unfortunately been swept up in this pool now. Prior to the government's action, our products were very sought after by American utility scale solar companies due to our advanced technology quality and brand reputation of our affiliated company, Nissan. During the agency's investigation, our end customers are reluctant to place volume orders until the full impact of any tariffs and duties become clear.

Raymond Chung: During the agency's investigation, our end customers are reluctant to place volume orders until the full impact of any tariffs and duties become clear.

Raymond Chung: While we work through this period, we are focusing on adjusting cost structures, optimizing production capacity, and aligning customer-focused and proportion to ensure positive cash flows. To mitigate the risk from government policy uncertainty, we are accelerating our pre-existing plan to establish a reliable PV supply chain in the US. We aim to expedite the establishment of a two gigawatt PV module facility in the US by integrating our effort with local R&D and supply chains. In the long run, we plan to build a made in the USA solar products supply chain with inherent economic competitiveness, rather than relying solely on subsidies.

Raymond Chung: To mitigate the risk from government policy uncertainty, we are accelerating our pre-existing plan to establish a reliable PV supply chain in the US. We aim to expedite the establishment of a two gigawatt PV module facility in the US by integrating our effort with local R&D and supply chains.

Raymond Chung: In the long run, we plan to build a made in the USA solar products supply chain with inherent economic competitiveness, rather than relying solely on subsidies.

Raymond Chung: In the coming month, we plan to announce the groundbreaking of our two gigawatt solar module factory, followed by another two gigawatt solar cell factory in the coming quarters.

Raymond Chung: In the coming month, we plan to announce the groundbreaking of our two gigawatt solar module factory, followed by another two gigawatt solar cell factory in the coming quarters. Our solar module and cell facilities are expected to continue the business foundation established by our affiliate visa that has been serving prestigious US clients for years. The initial two gigawatt factory will be leased and we are finalizing commercial terms with the local government and owners. We currently estimate that the cost of gigawatt will be 100 million dollars. We expect to be able to commence production in the middle of next year, 2025.

Raymond Chung: Our solar module and cell facilities are expected to continue the business foundation established by our affiliate visa that has been serving prestigious US clients for years.

Raymond Chung: We expect to be able to commence production in the middle of next year, 2025.

Raymond Chung: We aim to make further announcements as soon as we have finalized negotiations with the site owner and local and state governments.

Raymond Chung: On the research and development front, we are actively negotiating cooperation of opportunities with major owners of the end-top corn cell patent.

Raymond Chung: The globally renowned industry science lead our R&D team and we intend to establish a technology research center in US.

Raymond Chung: The globally renowned industry science lead our R&D team and we intend to establish a technology research center in US. In terms of our financials, in the first six months of this year, we have delivered 985 megawatts of solar cells, up from 327 megawatts last year since the trial production in August 2023. In terms of revenue, we generated 138.1 million in the first half of this year compared to zero revenue in the first half of last year.

Raymond Chung: In terms of our financials, in the first six months of this year, we have delivered 985 megawatts of solar cells, up from 327 megawatts last year since the trial production in August 2023.

Raymond Chung: In terms of revenue, we generated 138.1 million in the first half of this year compared to zero revenue in the first half of last year.

Raymond Chung: Our cost of revenue in the first half was 111.4 million in line with revenue growth and total operating expenses increased to 4.2 million dollars for the first six months of 2020.

Raymond Chung: Our cost of revenue in the first half was 111.4 million in line with revenue growth and total operating expenses increased to 4.2 million dollars for the first six months of 2020. From 1.4 million dollars for the same period of the last year, mainly due to the ramping of our production. The income was 19.6 million dollars for the first six months of this year compared to a net loss of 1.9 million in the first half of the last year.

Raymond Chung: From 1.4 million dollars for the same period of the last year, mainly due to the ramping of our production.

Raymond Chung: The income was 19.6 million dollars for the first six months of this year compared to a net loss of 1.9 million in the first half of the last year.

Raymond Chung: Turning to our balance sheet, we had $44.4 million in cash and then restricted cash in total as of June 30th, this year, 2024.

Raymond Chung: Turning to our balance sheet, we had $44.4 million in cash and then restricted cash in total as of June 30th, this year, 2024. Due to the potential impact of the US imposing ADC-VD duties, when our signature compliance have decided to reduce shipment volumes until the preliminary investigation results are announced in between September to November 2024. As a result, we extract the deliver over 1.9 gigawatts in orders during the full year of 2024. We plan to provide more detailed guidance as the impact of the trade investigation becomes clearer.

Raymond Chung: As a result, we extract the deliver over 1.9 gigawatts in orders during the full year of 2024.

Raymond Chung: We plan to provide more detailed guidance as the impact of the trade investigation becomes clearer.

Raymond Chung: With that, we'll be happy to address your questions.

Raymond Chung: Thank you at this time.

Operator: If you would like to ask a question, please press star one on your telephone keypad.

Operator: If you would like to ask a question, please press star one on your telephone keypad. You may remove yourself from the queue by pressing star two. Once again, that is star one to ask a question, and we'll pause for just a moment to allow everyone an opportunity to signal for questions. And once again, that is star one for questions.

Operator: You may remove yourself from the queue by pressing star two.

Operator: Once again, that is star one to ask a question, and we'll pause for just a moment to allow everyone an opportunity to signal for questions.

Operator: And once again, that is star one for questions.

Operator: And at this time, we have no questions in the queue.

Raymond Chung: I will now turn the program back over to your presenters for any additional or closing remarks.

Crocker-Colson: I will now turn the program back over to your presenters for any additional or closing remarks. Great.

Raymond Chung: Great.

Raymond Chung: Well, we want to thank everybody for joining the call.

Raymond Chung: If you have any follow-up questions, please feel free to email us.

Raymond Chung: And we look forward to coming back to you in future quarters.

Raymond Chung: Thanks so much.

Operator: And this concludes today's conference.

Operator: And this concludes today's conference. We thank you for your participation. You may disconnect at any time.

Operator: We thank you for your participation.

Operator: You may disconnect at any time.

Half Year 2024 TOYO Co Ltd Earnings Call

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