TOKYO, July 21, 2026 /PRNewswire/ -- TOYO Co., Ltd. (Nasdaq: TOYO; OTC: TOYWF) ("TOYO" or the "Company"), a solar manufacturing company, announced today that, based on a compliance analysis of production and sales activity at its Toyo Solar Texas facility conducted by a third-party tax advisory firm engaged by the Company, its U.S. subsidiary, Toyo Solar Texas LLC, expects to be eligible to claim Section 45X Advanced Manufacturing Production Credits for the taxable year ended December 31, 2025.
Section 45X of the Internal Revenue Code provides a per-unit credit for eligible components produced by a taxpayer in the United States and sold in qualifying transactions.
Toyo Solar Texas is a key part of the Company's U.S. manufacturing platform. The expected eligibility represents an important milestone in TOYO's U.S. expansion strategy and reflects progress in establishing the production controls, sales documentation, and product traceability processes needed to support domestic module manufacturing.
"Our expected eligibility for Section 45X credits for 2025 marks an important step in the development of our U.S. manufacturing platform," said Takahiko Onozuka, Chairman and Chief Executive Officer of TOYO. "It reflects the early contribution of Toyo Solar Texas and the work our team has done to establish disciplined production, traceability, and compliance processes. As we continue to develop our U.S. operations, we remain focused on expanding manufacturing capacity and strengthening a reliable domestic solar supply chain."
About TOYO Co., Ltd.
TOYO is a solar manufacturing company that is committed to becoming a vertically integrated solar manufacturer in the global market, integrating the upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells and modules at a competitive scale and cost.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as "estimate," "plan," "forecast," "intend," "will," "expect," "anticipate," "believe," or "target." They include expectations regarding eligibility for Section 45X credits; the completion and validity of tax filings and elections; the amount, accounting treatment, timing, and realization of any credits ultimately claimed; final production and sales data; component and sales eligibility; supporting documentation and tax authority review; changes in tax laws, regulations, or guidance; the ramp-up and expansion of Toyo Solar Texas; and TOYO's U.S. manufacturing and supply chain strategy. These statements are based on management's current expectations and assumptions and are not predictions of actual performance.
These statements involve risks and uncertainties that may cause actual results to differ materially, including differences in final production or sales data; failure of components or transactions to satisfy applicable requirements; incomplete or ineffective elections, records, or supporting documentation; differing positions by tax authorities; changes in law or guidance; differences in accounting recognition or actual realization; and other risks described in TOYO's filings with the United States Securities and Exchange Commission. Except as required by law, TOYO undertakes no duty to update these statements.
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