TOYO

Thank you for standing by. My name is Kate and I'll be your conference operator today. At this time, I would like to welcome everyone to the TOYO Co., Ltd first quarter 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. I would now like to turn the call over to Crocker Coulson, investor relations for Toyo. Please go ahead.

Thanks, Kate. Hello everyone, thanks for joining us to review Toyo's first quarter 2026 results. This morning, Toyo posted both the earnings release and a related investor presentation to our website, which you can find at investors.toyo-solar.com. With me on the call today are Takahiko Onozuka, Toyo's Chairman and Chief Executive Officer, Raymond Chung, Toyo's Chief Financial Officer, and Rhone Resch, Toyo's Chief Strategy Officer. We also have Simon Shi, senior board advisor, who will be available during the Q&A portion of this call. After their prepared remarks are concluded, we're gonna open up this call for your questions. Before we begin, the financial results discussed on this call are for the first quarter of 2026 and 2025 are unaudited. Some statements in this teleconference are forward-looking within the meaning of federal securities laws.

Although we believe these statements are reasonable, we can give no assurance that they will prove to be accurate because they are perspective in nature. During this call, we will also discuss certain non-GAAP financial measures such as adjusted net income and adjusted EBITDA. We believe these measures provide meaningful supplemental information regarding our operational performance by excluding non-cash items and one-time charges that may not be indicative of our core business. Actual results could differ materially from those we discussed today, and we encourage you to review the most recent annual report on Form 20-F and other SEC filings for risk factors that could materially impact our results. With those formalities out of the way, it's now my great pleasure to turn the call over to Takahiko Onozuka, TOYO's Chairman and CEO. Takahiko Onozuka, please go ahead.

Thank you, Crocker. I'm very pleased to report that Toyo delivered a strong first quarter over 2026, one that I believe marks a true inflection point in the company's trajectory. We achieved record revenue, record gross profit, and record net income for the company, all in a single quarter. This is a result of years of deliberate investment in our technology, manufacturing capabilities, and our people. It is gratifying to see that work translate into these kind of financial results. Let me walk you through the headline numbers at the high level. Revenue for Q1 2026 was approximately $142.8 million. 177% increase year-over-year from $51.5 million in Q1 2025.

This growth was broader growth-based, driven by significant higher solar cell and module shipment volumes as our expanded manufacturing footprint came fully online. Gross margin expanded to 33.5%, up from 9.3% in the prior year quarter. This reflects the structural improvement in our business model as we have scaled production and improved our cost structure across the board. Net income for the quarter was approximately $28.4 million compared to a net loss of $3.7 million in quarter Q1 2025. Diluted earning per share was $0.75 versus a loss of $0.10 per share in Q1 2025. This swing to profitability is something we are very proud of, and we believe it reflects a sustainable change in the earning power of this business.

Demand for our high efficiency solar solution across the U.S. remains strong, as driven by the accelerating energy transition. We believe that the market is coming to recognize that solar paired with battery energy storage is the fastest and most cost-effective way to add large amount of new power to the grid to meet AI-driven demand while keeping costs manageable for customers. Based on our Q1 performance and our visibility into the remain over the year, we are reaffirming our full year 2026 guidance of solar cell shipment of between 5.5 GW and 5.8 GW, solar module shipment of between 1.0 GW and 1.3 GW. Full year adjusted net income in the range of $19 million to $100 million. We are confident in these targets.

I will now turn the call over to our CSO, Rhone Resch, to review our strategy for 2026.

Thank you, Onizuka San, and good morning, everyone. I'd like to take a few minutes to discuss our near-term expansion plans and what they mean for TOYO's long-term manufacturing footprint in the United States. Our first priority is the expansion of our U.S. module facility in Houston, Texas. We currently operate approximately 1 gigawatt of annual module production and remain on track to increase that to 2 gigawatts by the 3rd quarter of 2026. We are building that out right now as we speak, and it's on track. This expansion is in progress and with additional production capacity expected to come online in phases over the next couple of months. Based on progress we're seeing today, we remain confident in our Q3 2026 timeline.

We believe this expanded footprint positions Toyo to support continued customer demand and provides a strong foundation for growth in 2027 and beyond. Demand for domestically manufactured FEOC-compliant modules continues to accelerate, and this expansion positions us to serve that market at a meaningful scale. Our second initiative is to establish a domestic solar cell manufacturing capacity. We are in the final stages of planning our U.S. solar cell manufacturing facility, which is currently being designed for approximately 1.5 gigawatts of annual production. This will also take place at our Houston facility. We expect to complete the planning process in the near term and begin transitioning from development and site preparation into execution during the second half of this year, 2026.

We are being deliberate and disciplined in our approach, working with local officials on permitting and environmental issues, evaluating sites, capital requirements, equipment sourcing, and the broader supply chain implications. One of the key points here is that we already have the facility. It's a 567,000 sq ft facility where we manufacture our modules, and we'll be expanding at that site. As many of you know, Toyo has a strong record of developing and ramping manufacturing facilities on schedule once we move into execution. We expect to bring the same disciplined approach to our U.S. solar cell facility. We look forward to providing additional details and outlining our broader development plan as we progress through the next stages of the project.

When both of these initiatives are complete, TOYO will have 2 gigawatts of solar module capacity and 1.5 gigawatts of solar cell capacity, all in the same facility, all in the U.S. This is a meaningful and differentiated manufacturing presence, and it would make TOYO one of the most vertically integrated domestic solar producers in the country. We are also committed to bringing next-generation solar technology to the U.S. in support of American energy independence and energy security objectives. As a company from one of America's closest allies, Japan, we believe TOYO can play an important role in helping revitalize advanced U.S. solar manufacturing. That commitment includes plans for a U.S.-based R&D center focused on solar cell engineering and manufacturing excellence, leveraging the expertise of our CTO and our advanced engineering team.

This integrated manufacturing footprint provides our customers with a transparent, domestically produced product and aligns closely with U.S. onshoring and energy security objectives, and gives TOYO greater control over supply chain reliability, manufacturing quality, and long-term execution. We are building this step by step and look forward to providing further updates as we progress. I will now turn the call over to our CFO, Raymond Chung, to review our financial results. Raymond?

Thank you, Rhone. I would like to go over our financial performance of Q1. Revenue for Q1 were approximately $142.8 million, representing year-over-year growth of 177% from $51.5 million in Q1 2025. This growth was primarily driven by significantly higher solar cells and solar module sales volume, underpinned by full ramp-up of our expanded manufacturing capacity. Cost of revenue was approximately $95 million in Q1 2025, compared to $46.7 million in Q1 2025, reflecting the substantially higher production and shipment volume during the period. Gross profit was approximately $47.8 million, an increase of 894.8% from $4.8 million in Q1 2025.

Gross margin quadrupled to 33.5% from 9.3%. The total operating expenses for Q1 2026 were approximately $11.5 million, an increase of 89.4% compared to $6.1 million in Q1 2025. Selling and marketing expenses were $2 million compared to half a million dollars in prior year period. The increase primarily reflects higher sales commissions in line with revenue growth, plus testing, advertising, and head counts. General and administrative expenses were $9.5 million, up by 69.1% compared to $5.6 million in Q1 2025. This increase was primarily driven by the broader operating scale of the business following the commissioning of our new 4-gigawatt cell line and our Houston module facility over the course of 2025.

Non-GAAP EBITDA for Q1 2026 was $48.1 million compared to EBITDA of $2.4 million in Q1 2025, an increase of $45.7 million. Non-GAAP adjusted EBITDA was $48.3 million compared to adjusted EBITDA of $2.8 million in Q1 2025, an increase of $45.5 million. The improvement was driven by revenue scale-up, gross margin increase from 9.3% to 33.5% compared to the prior year quarter, and disciplined operating cost management and production efficiencies. Net income for Q1 2026 was approximately $28.4 million compared to a net loss of $2.7 million in Q1 2025, a year-over-year improvement of approximately $32.1 million.

Diluted earning per share for Q1 2026 were $0.75 compared to a loss per share of $0.10 in Q1 2025. As of March 31st, 2026, the company held $72.2 million in cash and restricted cash, including non-current restricted cash. This compares favorably to $58.9 million as of December 31st, 2025, reflecting solid operating cash generation during the quarter. That concludes the financial review.

Great. Thank you, Raymond. Operator, I think we're now ready to open it up for Q&A. Could you please provide instructions as to how listeners can ask questions? Thanks so much.

We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Amit Dayal with H.C. Wainwright. Your line is open.

Thank you. Good morning, everyone, and congrats on the execution. Just wanted to clarify, you know, the guide for 2026. Are the Section 45X credits, you know, part of the net income guidance, or that could potentially be some upside to the net income for 2026?

Hi, Amit. This is Roan. The Section 45X credits are not in our guidance for 2026, but they do provide an upside, and we're going through the review of our 2025 production from the facility in Houston. Clearly, as we're ramping up the facility in Houston, the Section 45X creates a good opportunity for us. I think what's important to point out is the level of auditing and scrutiny we've gone through to ensure that we are fully compliant with Section 45X. That process does take a little time, but we're playing a very conservative role here in order to not count on Section 45X. Certainly it provides an opportunity for us in the future.

Understood. Thank you for that. Just a follow-up. On the CapEx for, you know, your U.S. expansion plans, is majority of that already implemented? You know, it looks like for the cell production, you may have, you know, some costs around equipment, et cetera. Just wondering if you have a sense of how much CapEx will be needed over the next year to get everything completed and ramped up.

The CapEx that we listed this year is really for both the final payments of Ethiopia and then the build-out of our second gigawatt of module production in Houston. We do have some very detailed analysis on the cell plants, obviously, as we've spent the last six months going into great detail in the planning. We're not ready to announce specifically the details of the cell facility. You're right, there will be some expenses this year, but the majority in 2027.

Understood.

I believe for the expansion of modules, they're looking at $30 million in CapEx this year.

That's right.

which can be easily funded through operating cash flow.

Thank you, Crocker, for that. just last one, guys. You know, the revenue output for 2026, is that majority U.S., or if you could just clarify what's the geographic mix of that revenue?

Liang Shi, do you wanna add? Oh, okay. No, go ahead.

I was just gonna say, in 2026, the majority of our customers are in the United States. Obviously, as we're ramping up, remember our module facility really came on in the 4th quarter of 2025, and now we're expanding it, so the majority of our revenue is coming from U.S. customers. Liang Shi, do you have specific details you wanna share?

Yeah. Yeah, actually, that depends on the movement of the pricing. We believe in terms of volume, at least, over three quarters of our business will be from the U.S. customers. U.S. oriented businesses.

Understood. That's all I have, guys.

I mean, as I think, as you know, the Vietnam cell plant is none of that product comes to the U.S., so that's serving other markets.

Yes, understood. Thank you.

Your next question comes from the line of Colin Rusch with Oppenheimer. Your line is open.

Hey, guys. Can you talk a little bit about the equipment deliveries into Texas and any delays that you might be concerned about or any expediting fees that we might wanna think about as part of the CapEx plan?

Liang Shi, do you wanna take that one?

Yes. Thank you. Yeah, thank you for the question. So far, because we're undergoing both, you know, module production expansion and a potential cell production, you know, implementation in Houston. Neither of the two projects, you know, we're seeing any, you know, material impact, you know, on the equipment, you know, delivery or other things so far. That's how we're taking it at the moment.

Okay, that's super helpful. Then I guess on the marketing side, I just wanna get a sense of the competitive landscape. It seems like you guys have some nice legacy customers in the U.S., and transitioning into the U.S. production should be a pretty compelling sales proposition for them. Just curious about how competitive, you know, your supply agreements are right now and how you see that evolving here over the next couple of years as a couple of folks start to expand capacity in the U.S.

Yeah, since we're moving, you know, towards more, you know, expansion of our production in the U.S. both for module and potentially for cell, actually, we are seeing very strong demand and interest from our existing customer portfolio for the products for the next two years. Even though I don't have any official, you know, information about our cell production plans so far in the U.S., but I will assume there will be a very robust, you know, demand in the U.S. either from our current customer or potential new customer for the products, domestic products.

Perfect. Thanks so much, guys.

Yeah. Just to make it clear, we do expect to have more information on that fairly soon.

I'll now turn the call back over to Crocker Coulson for closing remarks.

Great. Well, we really appreciate the time that everyone took to join us on the call today. I think you can tell that the whole team is very excited about what's ahead for Toyo in the coming years and in 2026 specifically. Feel free to reach out to us with any questions for management that we couldn't cover on today's call, or if you'd like to visit with management on future trips to the U.S., U.K. and Europe to meet with investors. Thanks so much.

Ladies and gentlemen, as that concludes today's call, thank you all for joining. You may now disconnect.

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

Thank you, Krista. Hello, everyone. Thank you for joining us to review TOYO's 2025 second half and fiscal year results. This morning, TOYO posted both the earnings release and a related investor presentation to our website, and you can find it in the investor relations section, investors.toyo-solar.com. With us on the call today are Mr. Onozuka, TOYO's Chief Executive Officer, Raymond Cheung, the company's Chief Financial Officer, and Rhone Resch, TOYO's Chief Strategy Officer, whose appointment was announced just this morning. We also have Simon Shi, who will be available during the Q&A portion. After the prepared remarks are concluded, we'd like to open this call up for your questions. Before we begin, I want to make you aware that some statements in this teleconference are forward-looking within the meaning of Federal securities laws.

Although we believe the statements are reasonable, we can provide no assurance that they will prove to be accurate because they're perspective in nature. During this call, we'll also discuss certain non-GAAP financial measures, such as adjusted net income and adjusted EBITDA. We believe these measures provide meaningful supplemental information regarding our operational performance by excluding non-cash items and one-time charges that may not be indicative of our core business. Please refer to the reconciliation tables in our press release and SEC filings for the most directly comparable GAAP measures. Actual results could differ materially from those we discuss today, and therefore, we encourage you to carefully review the most recent report on Form 20-F and other SEC filings for risk factors that could materially impact our results. As I mentioned, the earnings release is available today on our website at investors.toyo-solar.com.

With those formalities now out of the way, it's my great pleasure to turn this call over to Onozuka-san, our Chief Executive Officer. Onozuka-san, please go ahead.

Thank you, Crocker. 2025 was the year of decisive action for TOYO. We doubled our operational scale while navigating one of the most volatile trade environments in recent memory. By strengthening our position as a vertically integrated solution provider, we have built a resilient foundation capable of navigating persistent market headwinds and adapt to the shifting regulatory landscape. Our record-breaking revenue of over $427 million, a 142% increase over 2024, is a clear validation of our strategic pivot toward high demand and compliant manufacturing hubs. The primary engine of this growth was the rapid ramp-up of our 4-GW Ethiopia cell facility, which was completed in October 2025 and is now running at full nameplate capacity.

During fiscal year 2025, we successfully shipped 2.3 GW from Ethiopia to our U.S. end customers, while an additional 1.9 GW of solar cells were dispatched from our Vietnam facility to international markets. As we enter 2026, Ethiopia has provided our U.S. utility-scale partners with high efficiency, policy compliant solar cell technology, and we are on track to deliver a full 4 GW of solar cells from this facility in the coming year. In the fourth quarter of 2025, we launched commercial operation at our new 1 GW module facility in Houston. Last year, we delivered 249 megawatts of modules inclusive of American-made modules and those supplied by our OEM facility overseas.

By scaling our domestic module production while maintaining our global reach, we ensure that TOYO can provide the right mix of products our customers require from the right location with zero lead time friction. Our intent is to scale up production continuously in 2026 and invest to expand capacity in Houston to 2 GW by 2026. In September 2025, we acquired the well-established BridgeSun brand from our sister company. A strategic move to streamline and unify TOYO operations by bringing the VSUN brand fully under our umbrella. We have successfully migrated the VSUN sales and marketing team, IP, brands, and certification to TOYO, and we are now migrating all existing customers to become direct customers of TOYO as we complete qualification.

Acquiring the VSUN brand has allowed us to accelerate TOYO growth and gives our clients the flexibility to choose the sourcing that best fits their individual needs. This acquisition was made without any dilution to TOYO shareholders, while the production assets remain with VSUN . Looking ahead, we will continue to work closely with our industry partners to migrate the sourcing of key components to the U.S. wherever possible, further strengthening our supply chain and reinforcing our commitment to American manufacturing. I will now turn the call over to our CFO, Rhone Resch, to review our strategy for 2026.

Thank you, Onozuka-san. It's a great honor to be joining TOYO, and I look forward to meeting our shareholders over the coming months and quarters. As you know, this was a challenging year for many solar companies. To be able to more than double our revenue while dramatically increasing gross margins, EBITDA, and adjusted net income validates that TOYO has the right strategy in place, combined with exceptional execution capability. Turning to our strategic roadmap for 2026, TOYO is entering a phase of significant operational scaling, designed to meet the accelerating demand in the U.S. solar market. For the full year 2026, we are initiating shipment guidance of between 5.5 and 5.8 GW for solar cells and 1 to 1.3 GW for solar modules.

This growth is supported by a robust order book and a favorable domestic policy environment that continues to prioritize high-efficiency, traceable technology. Our primary operational focus for 2026 is maximizing our existing infrastructure. Our Ethiopia cell facility is now positioned to run at full nameplate capacity, providing the high-efficiency solar cells that are the backbone of our utility-scale offerings. Simultaneously, our Houston module facility is aggressively ramping up its initial 1 GW of module capacity to meet localized demand. To further solidify our domestic footprint, we plan to add an additional 1 GW of module capacity in Houston during 2026, which will bring our total U.S. module capacity to 2 GW. The next phase of our U.S. expansion involves building out a domestic cell production.

We are currently in the final stages of the planning process and anticipate disclosing further details regarding our operational roadmap in the near future. Financially, we are targeting a 2026 adjusted net income of approximately $90 million-$100 million, despite increasing very substantial investments in R&D and technology this year. These costs are a deliberate choice. They align directly with our core commitment to establish a robust technology leadership position within the United States. We aren't just building capacity. We are building the IP foundation that will define the next generation of American solar energy. TOYO is now uniquely positioned with the domestic capacity, the traceable supply chain, and the technical IP to lead this transition profitably. I will now turn the call over to our CFO, Raymond Chung, to review our financial results. Raymond.

Thank you, Rhone. Okay. For full year 2025, revenues were $427 million, representing 142% year-over-year increase from the prior year. This growth was primarily driven by $241 million increase in solar cell sales and a $7.6 million increase in module sales. For the full year 2025, cost of revenue was $331 million, a 113% increase from $155 million in the prior year. Cost of revenue grew at a slower pace than revenue, driven by a higher mix of sales to U.S. end customers with stronger average selling prices. Gross profit increased by 340% to $96.3 million in 2025, up from $21.9 million in 2024.

Gross profit margin expanded to 22.5% from 12.4% in 2024. Margin expansion was driven by a higher proportion of sales to U.S. end customers with stronger pricing. For full year 2025, operating expenses were $37.3 million compared to $13 million in the prior year, representing an increase of 186% year over year. Selling and marketing expenses were $5.9 million compared to $1.6 million in 2024. The increase was primarily driven by higher sales commissions in line with revenue growth. General and administrative expenses were $31.4 million, an increase from $11.4 million in 2024. The increase was primarily due to $13.7 million in non-cash share-based compensation issued to management, directors and consultants.

Administrative costs also rose as the company scaled its workforce and infrastructure to support the full activation of our Ethiopia and Texas manufacturing plants. EBITDA was $95.8 million in 2025, representing a 40% increase from $68.2 million in the prior year. This was driven by record shipment volume and enhanced operational scale across our global facilities. Non-GAAP adjusted EBITDA, excluding share-based compensation and changes in fair value of contingent consideration payable to earn-out shares, was $110.8 million for 2025, up by 228% compared to $33.8 million for the same period in the prior year. GAAP net income was $37.2 million for 2025, compared to a net income of $40.5 million for the same period last year.

Adjusted net income, excluding share-based compensation in 2025 and changes in fair value of contingent consideration payable related to earn-out shares in 2024, was $52.2 million, compared to $6 million in 2024. Earnings per share, basic and diluted, was $0.98, compared to earnings per share, basic and diluted, of $1.09 in the prior year. Adjusted earnings per share, excluding share-based compensations in 2025 and changes in fair value of contingent consideration payable related to earn-out shares in 2024, was $1.48 per share in 2025 as compared to $0.20 per share in 2024. Turning to our balance sheet.

As of December 31, 2025, the company had $58.9 million in cash and restricted cash in total, compared to $17.2 million as of December 31, 2024. In 2025, TOYO generated cash flow from operations of $133 million, with $92 million of CapEx invested across our Ethiopia cell facility and U.S. module operations. This level of cash generation provides us with a strong financial flexibility to invest in continuing to expand our fully integrated production platform in the U.S. as we expand our Made in America for Americans strategy. For 2026, we expect adjusted net income to reach approximately $90-$100 million. With that, we'll be happy to address your question.

Thank you. If you would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you'd like to withdraw that question, again, press star one. Your first question comes from Amit Dayal with H.C. Wainwright. Please go ahead.

Thank you. Good morning, everyone. I appreciate you taking my questions. A really strong performance in 2025 and, you know, a positive outlook for 2026. Just in the context of gross margins, can you provide any color on how we should think about gross margins now that, you know, a lot of share of revenues could potentially come from the U.S. market?

Satoshi, you want to translate that? I don't know if Simon or Raymond wants to take that question.

はい、私どものこのアラリーリッツについては詳細を申し上げることはできませんか。私どものエチオピア工場、それから昨年のアメリカのモジュール工場、いずれも今期、今年はですね、フル、通年でですね、こういった競争力、我々、特にエチオピアのコストセービングは非常に大きいものと認識しておりまして。これがフルで効いてくるということで、我々としては十分、互角にですね、より一層の競争力を持って、今年は稼働できるというふうに考えております。

We are not currently providing our gross margins provided for the year. As the Ethiopia facility has come to operate at full capacity and our U.S. factory has come online, we believe that we will be able to continue to achieve very competitive margins in the market.

Simon, any color you want to provide on that?

Sure. Thanks, Amit, for the question. I think, for 2025, we achieved a cross-border average gross margin around 25%, and we do hope to at least maintain this gross margin, cross-group, you know, gross margin level going forward. Also, just a remark to our like, you know, our CEO just mentioned, we don't really provide the breakdown of our gross margin for different markets. We think our gross margin level is higher than the overall industry number.

The numbers we have, you know, indicated through our either historical numbers, historical financials and in the 2026 guidance, they are pre the 45X, meaning the $0.07 45X supposed to receive for our Houston manufacturer are actually not taken into account in the guidance or in the historical financials. Thank you.

Yeah, that was.

Thanks, Simon.

I was gonna ask, you know, about the credits in the U.S. market. For 2026, will you potentially be receiving credits for the 1 GW capacity or the potentially 2 GW capacity? Just any color on that would be helpful. Thank you.

Oh, sure. Actually, we are being cautious on giving out a guidance for our Houston production. As mentioned, we are currently running 1 GW capacity over there. We are hoping to achieve, you know, at least a 60%-70% utilization of the capacity in Houston, based on the current nameplate, you know, capacity. The additional 1 GW, as mentioned by our CEO, this is a new investment plan that's happening in progress in our Houston facility. Now, we are hoping to see a pilot production for the extra 1 GW from third quarter or at latest the fourth quarter of this year. So that could be an actual contribution to the delivery from Houston.

However, we are not taking that into account for our guidance for the moment.

Okay. Understood. Just maybe last one from me. Will you be sort of hosting, you know, quarterly earnings calls going forward or just be sort of every six months? How should investors think about sort of, you know, recording and just engagement with the investor community going forward now that, you know, the business is more set in place to, you know, provide a little bit more color to investors more frequently, I guess?

Yeah, sure. Thanks. That's very helpful. Yes, Amit, the short answer is yes. We are planning to report quarterly from this year. Hopefully we can get our first quarter number released, you know, May of this year and going forward, on a going-forward basis where we will continue to report quarterly starting from this year.

Okay. Thank you. Appreciate all your answers, guys. Thank you so much.

Thank you, Amit.

We have no further questions at this time. Crocker, I'd like to turn the conference back over to you.

Yeah, let's just give it one more chance for people to ask questions, operator, and then if we don't have further, I'll wrap it up.

Absolutely. If you would like to ask a question, please press star one on your telephone keypad. We have no questions.

Okay.

We have no questions.

Great. Thanks, Krista. We appreciate everyone taking the time to join us on the call today. As you can tell, the whole team is very excited about what's ahead for TOYO in 2026 and in the years beyond. We're also thrilled to have a strengthened management team going into this year with Rhone Resch joining us, and he'll be based primarily in the U.S. We will be more available to meet with investors going forward.

If you have questions you'd like to ask that you didn't have a chance to get to on this call, please reach out to me and I'm happy to either respond or arrange a follow-up call with management or a visit next time that we have a future trip to the U.S. Thank you everyone, and have a fantastic day.

Ladies and gentlemen, this does conclude today's call. Thank you for joining, and you may now disconnect.