Full Year 2024 TOYO Co Ltd Earnings Call
Operator: Thank you for standing by.
Thank you for standing by my name is Tina and I will be your conference operator today.
Tina: My name is Tina and I will be your conference operator today.
Tina: At this time, I would like to welcome everyone to the Toyo full year 2024 fiscal results call. All lines have been placed on mute to prevent any background noise.
At this time I would like to welcome everyone to the total full year 2020 for fiscal results call. All lines have been placed on mute to prevent any background noise.
Tina: 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 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again.
After the Speakers' remarks, there will be a question and answer session.
Crocker Coulson: I 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 Crestar. One again I would now like to turn the call over to Crocker Coulson Investor Relations. Please go ahead.
Crocker Colson: I would now like to turn the call over to Crocker Colson investor relations. Please go ahead. Thank you, Tina.
Speaker Change: Thank you gena.
Crocker Colson: Hello, everyone, and thank you for joining us to review Toyo's second half and full year 2024 results. The Earnings Press release with those results should be posted on PR Newswire momentarily. And we will also have an investor presentation that's been updated that you can find at our investor website at investors.toyo.com.
Speaker Change: Hello, everyone and thank you for joining us to review <unk> second half and full year 2024 results.
Speaker Change: The earnings press release with those results should.
Speaker Change: It should be posted on PR newswire momentarily.
Speaker Change: And we also have a investor presentation. That's been updated there you can find at our investor website at investors Dot toy O.
Crocker Colson: at www.solar.com.
Speaker Change:
Speaker Change: Solar Dot com.
Crocker Colson: With me on the call today are Mr. Junse Ryu, Toyo's Founder and Chief Executive Officer, Raymond Chung, Toyo's Chief Financial Officer, and as well, Simon Sheet, President of Toyo. After the prepared remarks are concluded, we're going to open up this call to your questions. But before we begin, some statements in this teleconference are forward-looking within the meaning of federal securities laws. Although we believe these statements are reasonable, we can provide no insurance that they will prove to be accurate because they are perspective in nature. Actual results could differ materially from those we discussed today. We also encourage you to review the company's annual report on Form 20-F that will be filed and other SEC filings to see risk factors that could materially impact our results.
Raymond John: With me on the call today are Mr. Gen say Ru Triad is founder and Chief Executive Officer, Raymond John <unk>, Chief Financial Officer, and as well Simon sheet President of Tri Ed.
Raymond John: After the prepared remarks, I conclude that we're going to open up this call to your questions.
Raymond John: Before we begin some statements in this teleconference are forward looking within the meaning 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 prospective in nature.
Raymond John: Actual results could differ materially from those we discussed today.
Raymond John: We also encourage you to review the company's annual report report on form 20-F that will be filed and other SEC filings.
Raymond John: The risk factors that could materially impact our results.
Crocker Colson: As I mentioned, the earnings release will shortly be available on the IR section of toyosolar.com.
Raymond John: As I mentioned the earnings release will shortly be available.
Speaker Change: The IR section of <unk> Dot com.
Crocker Colson: Now with those formalities out of the way, it's my pleasure to turn this call over to Mr. Junse Ryu, Chief Executive Officer. Satya Katori of AUM will be translating for Mr. Ryu. Ryu-san, please go ahead. Thank you. Good morning everyone. We're glad you joined us.
John: Now with those formalities out of the way, it's my pleasure to turn this call over to Mr. John said real Chief Executive Officer, Sochi, Coke Rytary will.
Speaker Change: Will be translating for Mr. Bruce Broussard. Please go ahead.
Speaker Change: Thank you.
Bruce Broussard: Good morning, everyone.
Bruce Broussard: Without the Euro Judd joined us.
Bruce Broussard: Uh huh.
Junse Ryu: From here, I'm going to use the Japanese. Ehh... Porsche or what?
Bruce Broussard: Yeah.
Bruce Broussard: Bye.
Bruce Broussard: Japan.
Bruce Broussard: Pushout law.
You said you're young men.
Bruce Broussard: What do you I mean, each year are cool.
Bruce Broussard: It's my belief that she made.
Junse Ryu: 2024年度売上1億7千7百万ドルで締め付く売り 前年都議席184%做,都有五百萬人投不來呢。 it home. By the U.S. Department of Defense and the International Attack Committee, Han Tai-Bing KANZE OYOBI SOUSASU KANZE NO TEKIYO NIYORI Nokia We closed fiscal year 2024 with $177 million in revenue, representing a 184% year-on-year increase. Despite the strong top-line growth, our margins were adversely affected by the imposition of anti-dumping and countervailing duties by the U.S. Department of Commerce and the International Trade Commission. These regulatory actions disrupted our delivery times and pricing models, resulting in compressed margins.
Speaker Change: Ken Denman Doggie, how can how do you feel about that neutral or you'll have them up.
Bruce Broussard: Yeah.
Bruce Broussard: Oh like St Joe puppet Sonesta.
Bruce Broussard: You bought it.
Bruce Broussard: Vehicle group shows you, where you'll be Cougars, okay got it.
Bruce Broussard: Okay.
Bruce Broussard: Hi.
Bruce Broussard: Hi.
Bruce Broussard: Great.
Bruce Broussard: So I think you'll you'll be sometimes it happens or not picky on yodlee.
Bruce Broussard: Nokia where you'll be.
Bruce Broussard: And your old shows you could even throw up I'm sorry.
Speaker Change: We closed fiscal year 'twenty 'twenty, four with 177 million in revenue, representing 184% year on year increase.
Speaker Change: Despite the strong top line growth our margins were adversely affected by the imposition of anti dumping and countervailing duty by the U S Department of Commerce, and the International Trade Commission.
Speaker Change: These regulatory reaction instructed our delivery time and pricing model, resulting in compressed margins.
Junse Ryu: kyō koshi wa kankyo no moto ni oite 当社は、将棋ビジョンに基づき、 君を着実に精神してまいります。 As a major achievement, we were able to start the process of improving the physical fitness of the Japanese-speaking population in Ethiopia. 現在,同工場は一部過渡しており、 Now, the factory is partially closed.
Speaker Change: Of course, the Concho normal totally.
Speaker Change: Most of our children.
<unk> modeled skewed junior.
Speaker Change: Cumulatively the new patients.
Speaker Change: Mr.
Speaker Change: Okay I'll take other state.
Speaker Change: You'll get it.
Speaker Change: Got you all know power you will see the cultural hub location.
Speaker Change: Yes.
Speaker Change: But the old code you'll work your team a couple of Sidoti.
Speaker Change: Hong Kong no two youll come about and you see it.
Junse Ryu: 今後の重要拡大について、2025年、 Hachigatsu made seisan no ryoku wo. the 改造させていきたいと考えております。 Nonetheless, we have remained committed to our long-term vision, a key milestone with successful commissioning of our 2 gigawatt solar cell facility in Ethiopia, which is now partly operational. Driven by strong customer demand, we have decided to strategically scale operations and double our production capacity to 4 gigawatts by the end of August 2025. In addition, even in a harsh industrial environment, we have strengthened our business foundation. We have implemented important measures to promote growth. The Vietnamese factory went through a lot of sales for the non-American market of Kosejo.
Speaker Change: I need your clothing.
Hudson: Hudson absolutely.
Speaker Change: No no.
Speaker Change: You won't you don't love it.
Speaker Change: Right.
Speaker Change: Congratulations.
Speaker Change: Nonetheless, we remain committed to our long term vision.
Speaker Change: A key milestone with successful commissioning of a two gigawatt solar cell facility in Ethiopia, which is not part of the operation.
Speaker Change: And by strong customer demand, we have decided to strategically scale operation.
Speaker Change: Double our production capacity to four gigawatts by the end of August 23 times.
Speaker Change: <unk> yogurt Articulately walk on it you have table.
Speaker Change: Youll keep I'll kill guys.
Speaker Change: Thanks, Joseph wishing you well get about jewelry on a cycle.
Speaker Change: So of course, they might have missed that.
Speaker Change: But I'm of course.
Speaker Change: 'cause it you'll know she I'm really kind of a joke okay.
Speaker Change: Bye bye.
Speaker Change: Got that.
Junse Ryu: Thank you. to America. Despite industry challenges, we've used advanced strategies to strengthen resilience and stable growth. We redirected our Vietnam cell factory to serve high-growth, non-U.S. markets. Our sales team has done a great job developing these new markets in short order. In Vietnam, we anticipate selling 1.5 gigawatts over two gigawatt nameplate capacity to non-U.S. markets with the primary focus on India and Taiwan.
Speaker Change: How have you gotten that shooting she's Yo Kai back rule.
Speaker Change: Cause somebody to achieve on a cool game that will keep tens of people now who call you'll do it can you give us.
Speaker Change: You got home cheat Echo.
Speaker Change: Thank God, you got Okemo will you'll be Taiwan Horseshoe machine for Scott.
Speaker Change: Maybe you guys can jump in here.
Speaker Change: Keep up with it.
Speaker Change: Despite industry challenges.
Speaker Change: Dan.
Speaker Change: <unk> intrinsic value.
Speaker Change: Yep.
Speaker Change: Please do we directed our Vietnam factory to serve high growth non U S market.
Speaker Change: Our sales team has done a great job developing these new markets in short order.
Speaker Change: In Vietnam, we anticipate selling one five gigawatts over a two gigawatt nameplate capacity to non U S markets with a primary focus on India and Taiwan.
Junse Ryu: Also, the expansion of the Chiyobiya factory... 米国官政の影響を鑑賞し、 国外竞争力の向上にも大きく寄与してまいります。 2025年版の生産能力はすでに1000両割当て積みです。 I can say the same again, and I understand it США.
Speaker Change: Hi, Bob.
Bob: Hello, gentlemen, how good you are.
Speaker Change: Hello.
Speaker Change: Hello, Barak you also don't know or do you have any more waukegan curious it might be.
Speaker Change: Yes, I need you will remember as well.
Speaker Change: Any single one out there.
Speaker Change: To meet this.
Speaker Change: Well, if we kind of weird so your comp guidance.
Speaker Change: Thank you.
Speaker Change: Yeah.
Speaker Change: How are you going to the board.
Speaker Change: All tie genuine critical beauty.
Junse Ryu: For your team, I don't... to do some offensive data. Our expansion has helped offset tariffs and enhance global competitiveness with our 2025 capacity already fully allocated. Bringing our Ethiopia solar cell factory online with advanced automation in just six months is a powerful testament to the strength and agility of Toyo's team. Ichiwa-bya no nigi ga koujuu houkenzai.
Speaker Change: Hello Yoshimoto.
Speaker Change: Got it.
Speaker Change: You don't get all your questions.
Speaker Change: Got a thought on guidance.
Speaker Change: Or is the European expansion has helped to offset tariffs and inherent global competitors.
Speaker Change: With a 2025 capacity really fully allocated.
Speaker Change: Bringing our Ethiopia Fool yourself the factory online with advanced automation and just six months is a powerful testament to the strength and agility of Korea.
Jeremy: Hey, Jeremy I know, you've got coal would you Hawkins.
Speaker Change: In Germany, although it's Tony.
Junse Ryu: 順調に稼働をしております。 2025年4月までは… How did you make that show? Noguchi March-June 2020.
Jeremy: You can't meet your Goldman Yeah.
Jeremy: Good luck.
Jeremy: How did you need to go to.
Jeremy: No no.
Jeremy: Okay.
Jeremy: Hi, Bonnie.
Jeremy: Going out to Colorado, how can you get it.
Junse Ryu: Thank you. 150から200メガヘット本格的に I desire to hear about it. Japanese Interpreter 顧客関係の強化を大きく貢献するものと考えております。 Our 2 gigawatt solar cell facility in Ethiopia is operating smoothly with over 80 megawatts scheduled for customer delivery by the end of April 2025. We are on track to ramp up to a full monthly production capacity of 150 to 200 megawatts by May to June 2025. This facility represents a critical asset in our global expansion strategy. Strengthening our ability to meet growing demand, maintain margin discipline, and build deeper, longer-term customer relationships.
Jeremy: James I'm not okay.
Jeremy: Second going to your color Yeah, I got you.
Jeremy: So that would be neat.
Jeremy: John do.
You want me to.
Jeremy: Polish horizontal global 10.
Speaker Change: Joe May be Giuliana, she thought though not the only one.
Jeremy: Hi.
Jeremy: Sure so huge chunky thanks, Matt.
Jeremy: Okay cool.
Jeremy: Okay cool can suitable ducommun.
Jeremy: Yes.
Yeah.
Speaker Change: Our two gigawatt solar cell facility in Ethiopia is operating smoothly.
Speaker Change: Over 80 megawatts scheduled for customer delivery by the end of April 2025.
Speaker Change: We are on track to ramp up to a full monthly production capacity of 150 to 200 megawatts by me to June 25.
Speaker Change: This facility represents a critical asset and our global expansion strategy.
Speaker Change: Strengthening our ability to meet growing demand maintain margin discipline.
Speaker Change: And built deeper longer term relation a couple of years.
Speaker Change: Chip.
Speaker Change: Great.
Junse Ryu: The plebeians' first production capacity of 2 Giga is already paralyzed. 現在強い受注、勢いを受けて、 通貨の2GBの拡張を迅速に。 準備して参ります。 次のフェーズの拡張により、今後の工作需要に対応するとともに、 Good morning! We believe that we can further enhance our competitiveness and friendliness in the supply chain. The initial 2 gigawatt capacity in NPOVIA is already fully allocated. Given the strong order momentum, we're swiftly executing a second 2 gigawatt expansion at our site. This next phase positions us to capitalize on sustained customer demand and further enhance our competitive positioning in the global solar supply chain.
Speaker Change: I'm Gonna show Keybanc.
Sydney.
Speaker Change: Maybe what are the give.
Speaker Change: To me this.
Speaker Change: Sure.
Speaker Change: Joel Gibney please.
Speaker Change: So this envelope you got no could you walk him so clinique.
Steve Madden: Jody Steve Madden.
Speaker Change: <unk>.
Speaker Change: Hello.
Speaker Change: No comment you really Couldnt go no go check, which youll need harvesting a thorny.
Speaker Change: But all of them.
Speaker Change: But.
Speaker Change: You'll get a Polish I think Joe So you should see how come it will not be in adults.
Speaker Change: Okay.
Speaker Change: Can you just didn't.
Speaker Change: Gigawatt capacity in Npls, yet it's already fully allocated.
Speaker Change: Given the strong order momentum.
Speaker Change: With be executing a second two gigawatt expansion at our site.
Speaker Change: This next phase positions us to capitalize on sustained customer demand and further enhance our competitive positioning in the global supply chain.
Junse Ryu: In the U.S., Keston City's solar module factory is doing well.
Speaker Change: Hey.
Speaker Change: Just a question I know slow language you recall, Joe Joe journey, So let me.
Speaker Change: Oh, Hi, Jamie if I need to go there.
Junse Ryu: 強い需要を駆け抜き、2025年後半、 We are scheduled to begin on the buildinghibout for this year. 米国の顕著な市場で多様化されたサプライチェンは当社の競争有意を支えている。 In order to further strengthen the long-term commitment to the U.S. market, we will continue to accelerate the expansion of production and manufacturing. In the U.S., our Houston metropolitan area solar module plant is on track to commence production by mid-2025 with strong customer interest. Our diversified supply chain gives us a strong edge in a robust U.S. utility market. We are accelerating our manufacturing expansion to deepen our long-term commitment to the U.S. market.
Speaker Change: Uh huh.
Speaker Change: Color shortly and below.
Speaker Change: Kidney care to know Oh, Google lawsuit Kashi, how do you want me to.
Speaker Change: Okay.
Speaker Change: Good morning, Ken Joyce Zhou.
Speaker Change: Are your southern power.
Speaker Change: Jim.
Speaker Change: Florsheim <unk>.
Speaker Change: Okay.
Speaker Change: Global vehicle this is Joanne joakima.
Speaker Change: For me demand.
Speaker Change: Sure.
Speaker Change: No.
Speaker Change: Could you Oh cost of mystic.
Speaker Change: Sure.
Speaker Change: In the U S. Our Houston Metropolitan area Solar module plant is on track to commence production.
Speaker Change: By mid 2025 with strong customer interest.
Speaker Change: Our diversified supply chain gives us a strong ed.
Speaker Change: Robust U S utility market.
Speaker Change: We're accelerating our manufacturing expansion to deepen our long term commitment to the market.
Speaker Change: Okay.
Speaker Change: Yes.
Junse Ryu: Due to the change in the current U.S. election policy, Shijou kankyou no futoumei sa wo mashite masu. 人材、技術、戦略の各方面への競争力を発揮し、 The U.S. market is rapidly expanding.
Speaker Change: Joe Chemo big local counter cyclic northern cotulla.
Speaker Change: Thank you Joe.
Speaker Change: Mustang Mustang.
Speaker Change: James.
Speaker Change: Soon after will talk me Sunoco sort of what you see.
Speaker Change: Ladies geology Youll talk about.
Junse Ryu: 確実に応じて参ります。 Sore dewa koko de, CFO no Raymond Chen ni higitsukan tsudzumasu. Raymond, onegaishimasu. While recent U.S. tariff shifts have disrupted the market landscape, our confidence remains unwavering. We have the talent, technology, and strategy to meet the rising demand of the U.S. solar market head-on.
Speaker Change: Well it's good.
Speaker Change: So is there a couple of things.
Chad: Well no they won't but Chad could you just kind of thinking about lemon.
Speaker Change: On the next few months.
Speaker Change: Well, we thank you as parents chip has disrupted the market landscape our confidence remains unwavering.
Speaker Change: We have the talent technology and strategy to meet the rising demand of the U S solar market at all.
Raymond Chung: I will now turn the call over to our Chief Financial Officer, Raymond Chun. Thank you Ryu-san. I will review our second half and full year 2024 financial highlights before we take your questions. So in terms of Toyota financial update, in the second half of the financial year, 2024, we delivered 758 megawatts of solar cells. In terms of revenues, we generated $38.9 million in the second half of 2024, a decrease of 37.7% from $62.4 million for the second half of 2023. The decrease was primarily due to the impact of anti-dumping and countervailing duties and customer adjustment to focus on non-U.S.
Speaker Change: I will now turn the call over to our Chief Financial Officer, Brandon Shang.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Thank you for your Sam I'll review, our second half and full year 2024 financial highlights before we take your question.
Speaker Change: So in terms of a Toyota financial updates in the second half for financial year 2024, we delivered 758 megawatts of the solar cells.
Speaker Change: In terms of revenues, we generated $38 9 million in the second half of 2024.
Speaker Change: A decrease of 37, 7% from $62 4 million for the second half of 2023.
Speaker Change: The decrease was primarily due to the impact of anti <unk>.
MP and countervailing duties.
Speaker Change: Custom of adjustment to a focus on non U S customers.
Raymond Chung: customers. Our cost of revenue was $43.6 million for the second half of 2024, which decreased 4.6% compared to $45.7 million for the second half of 2023. Total operating expenses increased to $8.5 million for the second half of 2024 from $2.9 million for the second half of 2023.
Speaker Change: Our cost of revenue was 43 6 million for the second half over 2024, which decreased four 6% compared to $45 7 million for the second half of 2023.
Speaker Change: Total operating expenses increased to $8 5 million for the second half of 2024 well.
Speaker Change: $2 9 million for the second half over 2023.
Raymond Chung: Net income was $21.3 million for the second half of 2024 compared to a net income of $11.8 million for the second half of 2023.
Speaker Change: Net income was $21 3 million for the second half of 2024 compared to a net income of $11 8 million for the second half of 2023.
Raymond Chung: Next, I would like to go through full year 2024 results. Our revenue were $177 million in fiscal year 2024 compared to $62.4 million in 2023. The increase was primarily driven by the completion of the pilot production phase in the second half of 2023 and the ramp-up of sales order as commercial production accelerated. Our cost of revenue was $155.1 million in fiscal year 2024 compared to $45.7 million in fiscal year 2023. Gross profit was $21.9 million in fiscal year 2024 compared to $16.6 million in fiscal year 2023. Gross profit margin was 12.1% in fiscal year 2024 compared to 26.7% in 2023.
Speaker Change: Next I would like to go through full year 2020 results.
Speaker Change: Our revenue were 177 million in fiscal year 2024.
Speaker Change: Compared to 62.
Speaker Change: $1 million in 2023.
Speaker Change: The increase was primarily driven by the completion of the pilot production phase in the second half of 2023 and the ramp up of the sales order as commercial production accelerated.
Speaker Change: Our cost of revenue was 155 1 million in fiscal year 2024.
Speaker Change: Compared to $45 7 million in fiscal year 2023.
Speaker Change: Yes.
Speaker Change: Gross.
Speaker Change: Gross profit was $21 9 million in fiscal year 2024.
Speaker Change: <unk> to $16 6 million in fiscal year 2023.
Speaker Change: Yeah.
Speaker Change: Gross profit margin was 12, 1% in fiscal year 2024, compared to 26, 7% in 2023.
Raymond Chung: The decrease in gross profit margin was related to the customer adjustment made in the second half of 2024 to mitigate risk from EDCBD to non-U.S. end customers with lower average selling price as well as the impact of reduced capacity utilization in Vietnam in the period of market adjustment. Operating expenses were $12.7 million in fiscal year 2024 compared to $4.7 million in fiscal year 2023. representing an increase of 172.7% year-over-year due to expenses related to listing. and land and plant lease expenses in the U.S. and Ethiopia. Net income was $40.9 million in fiscal year 2024 compared to a net income of $9.9 million in the prior year.
Speaker Change: The decrease in gross profit margin was related to the customer adjustment made in the second half of 2024 to mitigate risk from <unk>.
Speaker Change: E D C V D.
Speaker Change: Non U S and customers with lower average selling price as well as the impact of reduced capacity utilization.
Speaker Change: Though in the periodical market adjustment.
Speaker Change: Operating expenses were $12 7 million in fiscal year 2024, compared to $4 7 million in fiscal year 2023.
Speaker Change: Representing an increase of 172, 7% year over year due to expenses related to this thing.
Speaker Change: And the land and planned lease expenses in the U S and <unk>.
Speaker Change: Net income was $40 9 million in fiscal year 2020, compared to net income of $9 9 million in the prior year.
Raymond Chung: Net income in fiscal year 2024 included a $35.1 million. Changes in fair value of contingent considerations payable for $13 million are now shared. Earnings per share, basic and diluted, was $0.13 for fiscal year 2024 compared to earnings per share. basic and diluted of 24 cents for fiscal year 2023. As of December 31st, 2024, we had $15.5 million in cash and restricted cash in total, compared to $19 million as of December 31st, 2023.
Speaker Change: Net income in fiscal year 2024 included.
Speaker Change: 35.1 billion changes in fair value of contingent consideration payable for $13 million or enough shares.
Speaker Change: Okay.
Speaker Change: Our earnings per share are basic.
Speaker Change: Basic and diluted was <unk> one three.
Speaker Change: For fiscal year 2024 compared to earnings per share.
Speaker Change: Basic and diluted of 24 cents for.
Speaker Change: For fiscal year 2023.
Speaker Change: As of December 31st 2024, we had a $15 5 million in cash and restricted cash in total.
Speaker Change: <unk>, two a $19 million as of late.
Speaker Change: Tim burst 31 2023.
Speaker Change: Yeah.
Speaker Change: Yeah.
Raymond Chung: In terms of guidance for 2024, with projected total shipment of approximately 3.5 kilowatts in 2025, we expect to generate $33 million in net income. driven by improved operational efficiency and our strong positioning as a market leader in the global solar industry.
Speaker Change: Okay in terms of our guidance for 2024.
Speaker Change: With projected for full shipment of approximately $3 five two gigawatt in 2025.
Speaker Change: We expect to generate 33 million in net income.
Speaker Change: Driven by improved operational.
Speaker Change: Efficiency.
Speaker Change: Our strong positioning as a market leader in the global solar industry.
Junse Ryu: Now I will return it back to you, sir. Even in the midst of a world-wide severe and changing business environment, we are doing our best to meet the needs of our customers, such as Vietnam, Ethiopia and the United States.
Speaker Change: Now I will turn it back to do so.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Hi.
Speaker Change: Okay, great. Thank you Mitsubishi group.
Speaker Change: Carlo <unk> E G.
Speaker Change: So you can kind of optimal.
Speaker Change: Sure.
Speaker Change: Hey, Joe.
Speaker Change: Big data should generally.
Speaker Change: So I would use about <unk> cool.
Speaker Change: It only months.
Junse Ryu: Come and keep that.
Speaker Change: So looking at that.
Speaker Change: El Cubo.
Junse Ryu: To make a donation Kyuhyuk by turning into red water, we had a natural disaster. How's it going to do to you?
Speaker Change: Jamie if you can have a better shrink your Seo scientific afternoon Bodo.
Speaker Change: But all of them.
Speaker Change: Also pursue a deal.
Junse Ryu: new to the pipeline.
Speaker Change: Neat and take care.
Speaker Change: Sure.
Speaker Change: Sure.
Speaker Change: Q2 pipeline Coca Cola.
Speaker Change: Can you.
Junse Ryu: Chinyo!
Junse Ryu: Chinyo, where are you? Since we are on a clear path towards the expansion of production capacity, we believe that we can achieve sustainable growth and achieve long-term value for all subcontractors. As we navigate a challenging and dynamic global landscape, our strategic execution across key markets – Vietnam, Ethiopia, and the U.S. – underscores our ability to scale with precision, optimize profitability, and meet accelerating demand. With a fully committed order pipeline, operational momentum, and a clear path to expand capacity, we're well positioned to deliver sustained growth and long-term value for our shareholders.
Speaker Change: Oh.
Speaker Change: Thank you Marci.
Speaker Change: Yes.
Speaker Change: And you cannot make up a not just a yield.
Speaker Change: Global color.
Speaker Change: Well talk later.
Speaker Change: Hey, George its Skanky Suppleness, you know Vanessa.
Speaker Change: Joel Chemo.
Speaker Change: <unk> just begun to heat up though.
Speaker Change: With us.
Speaker Change: Yeah.
Speaker Change: As we navigate challenging and dynamic global landscape.
Speaker Change: Our strategic execution across key markets.
Speaker Change: Yeah.
Speaker Change: In the U S.
It underscores our ability to scale with precision.
Speaker Change: Your line profitability.
Speaker Change: Celebrating demand.
Speaker Change: With a fully committed pipeline operational momentum.
Speaker Change: <unk> band capacity.
Speaker Change: We are well positioned to deliver sustained growth and long term value for our shareholders.
Junse Ryu: 結論として、当社東洋は Scandinavian and global Shortland brothel fund fund.
Speaker Change: So most of it.
Speaker Change: Oh sure.
Speaker Change: Human and a global shutdowns.
Speaker Change: <unk>.
Speaker Change: So if we ever do you think he built.
Speaker Change: So it's a big number.
Speaker Change: We use.
Speaker Change: Okay give me a little about the show.
Junse Ryu: オーディン・デビローバーと長年にわたって Thank you. Thank you.
Speaker Change: Update.
Speaker Change: Sure.
Speaker Change: Okay.
Indeed, we will get that high.
Speaker Change: Yoga Journal, neither the meet me, Kevin Beverly Tayo, the queue position on all companies.
Junse Ryu: Japanese interpretation Insanity on the Niva Pusha, she will take you to the door.
Speaker Change: Mike.
Speaker Change: <unk>.
Speaker Change: You bet.
Speaker Change: Porsche cumulative height, you say, though June sale.
Junse Ryu: Do you know how to say okay? It's been a year of trials, but for a team like this, it's important to overcome these challenges and achieve great results. In conclusion, we believe that Toyo is well-positioned to serve the needs of the U.S. utility-scale solar market, given our flexible global sourcing platform, track record of excellent performance and reliability, and deep multi-year relationships with some of the most significant developers in the U.S. market. 2024 tested the resilience and flexibility of our team, and they came through with flying colors.
Speaker Change: On a Saturday night at Keybanc.
Speaker Change: Hello team in Europe.
Speaker Change: Sure Sam.
Speaker Change: On the Nordic waste, all Kian I'll say it again.
Speaker Change: In conclusion, we believe that.
Speaker Change: Well positioned to serve the needs of the U S utility scale solar market, given our flexible global sourcing platform track record of excellent performance and reliability, Indeed multiyear relationship with some of the most significant developer.
Speaker Change: Mike.
Mike: 2020 for testing.
Mike: Flexibility of routine and they came through with flying colors.
Mike: Each of them with the minerals under which the mall.
Tina: 以上をもちまして、皆様からのご質問を受けたいと思います。 Yoroshiku onegai shimasu. With that, we'll be happy to address your questions. At this time, I would like to remind everyone, in order to ask a question, press star then the number one on your telephone keypad. We'll pause for a moment to compile the Q&A roster. And we have no questions at this time. Operator, let's just give it one more chance for people to see if we get any questions. No problem. Again, to ask a question, press star 1. I was going to look at it, but I'll wait a little longer. Okay. Operators, do we still have any questions or not?
Mike: So when we miss it.
Mike: The last months.
Mike: With that we'll be happy to address your questions.
Speaker Change: At this time I would like to remind everyone in order to ask a question Press Star then the number one on your telephone keypad well cost for a moment to compile the Q&A roster.
Mike: Okay.
Mike: Well, we have no questions at this time.
Speaker Change: I will now turn the call back over to Mr. <unk> for closing remarks, operator, let's just give it one more chance for people to see if we've got any questions.
Speaker Change: No problem again to ask a question Crestar one.
Speaker Change: Yes.
Speaker Change: Tristan that's critical.
Speaker Change: Cool.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Do we still have any questions or not.
Speaker Change: There are no questions at this time.
Speaker Change: Okay. So just to let everyone know.
Speaker Change: The earnings press release, I believe is out or it will be out in the next few minutes and we.
Operator: There are no questions at this time.
Speaker Change: Yes, it is out.
Speaker Change: And so people want to have any follow up calls with management after reviewing the earnings.
Speaker Change: Please feel free to contact us and we'll be happy to arrange a follow up call.
Speaker Change: Yeah.
Speaker Change: Okay.
Operator: So at this point, Operator, I think that concludes the call, and we want to thank everybody for their time.
Speaker Change: So at this point operator, I think that concludes the call and we want to thank everybody for their time.
Operator: Ladies and gentlemen, this concludes today's call. Thank you all for joining.
Speaker Change: Ladies and gentlemen, this concludes today's call. Thank you all for joining you may now disconnect.
Operator: You may now disconnect. Thank you. Thank you, everyone.
Speaker Change: Thank you. Thank you everyone.
Speaker Change: [music].
Speaker Change: Yes.
Speaker Change: [music].