TOYO TOYO Co., Ltd

Quick one here and then back to work: $TOYO - really important news re. The dropping of the TopCon case. HJT is their future but TopCon is the present. DOC clarity moves this violently to the upside but the downside has been overly priced in. $VICR - Going to start a position here today and add to it. Their patent portfolio makes this a potential 10-20x play, their core business puts in a decent floor $ANRGF - should see clarity on the majority shareholder's takeout of the founder at 3 CAD very soon (this month). That's a 23% premium over current price. $DAVE - getting a lot of love from analysts and pundits but the stock is stuck at present. Bought some more in the low 300s. Rates and inflation helps them far more than it hurts them with the quality of their model and ridiculous operating leverage. I'm overall cautious on the markets through midterms with energy elevated, rates higher for longer and the bond market doing wonky things. 80% cash in my funny money accounts.

Been on the road for work the past 3 weeks just catching up now. $TOYO - Hugely impressive analyst day presentation. Rhone remains a compelling and articulate voice for the company. They are managing and addressing policy headwinds professionally and transparently which is what you want to see. The market is forward looking but they are being valued for the next 3 months not the next 2-3 years. That to me is the opportunity for those with patience. $ARQ i'm back in with a decent position on this name. Another that is a much better company than is reflected in their valuation. $VICR Core in tact, sold my swing. Will re add that on any further downside. They are making yummy noises to the market and their upside is tremendous. $ANRGF Been volatile relatively speaking but i have a full position here. $DAVE Swing trades here. Regular 10-15% moves over 3 week timeframes Have a few positions that I'm building and inverse etfs on quantum for cash. Ireland last stop then home.

$TOYO I am also extremely impressed that Toyo has hired Ana B. Hinojosa to advise them on their detention problem. She is the Former Executive Director, Trade Remedy and Law Enforcement, U.S. Customs and Border Protection (CBP), Office of Trade, and worked there for over 21 years. She also advises for Oritain, which is essentially a forensic supply-chain verification company. Its job is to determine whether a product or raw material really came from the place a company says it came from. At times it uses isotopes and trace elements in the material to create a digital fingerprint to verify geographic origin. Not saying that this is necessarily what is happening here, but when she says “We are very optimistic that the resolution of the detentions is a day to a week away. So we’re very, very optimistic about that …” I think this carries even more weight than Toyo’s management itself asserting this.

$TOYO Same reaction here. I went in with a list of questions and came out with the funding plan on a slide, the supply chain spelled out country by country, and the trade issues handled head-on instead of hidden in a footnote. This is a company that treats its own risks as agenda items. I’m even more confident and more bullish today.

$TOYO Jeffrey Kessler, the Under Secretary for Industry and Security, came to the ribbon cutting, and the next morning the company put his words on the wire: TOYO is "investing hundreds of millions of dollars to expand its Texas factory, onshoring overseas production, and committing to use exclusively US polysilicon." His department runs 232.

$TOYO $FSLR First Solar is withdrawing its ITC Section 337 complaint against TOPCon manufacturers. TOYO was a named respondent, and First Solar was seeking an exclusion order that could have blocked covered TOPCon products from entering the U.S. That ITC import-ban risk is now off the table for the time being. First Solar is continuing its existing district-court cases against Canadian Solar, Jinko, T1 Energy and Trina. TOYO isn’t among those cases. Sector today: First Solar -3%, Nextracker -3%, Enphase -2.5%, T1 Energy -1.3%. TOYO +0.7%. The withdrawal is without prejudice, so First Solar can come back later. But as things stand today, one real overhang on TOYO just got removed. Next catalysts: second Texas line expected this month. Investor Day Oct. 6.

$TOYO Added. Been sitting sideways in this $4.20-4.50 channel for about a month and a half. See if the bottom holds again. Position 80% full!!👊 Still holding on to that $25PT 🎯As always, very

$TOYO Mark your calendars, on October 6 we're flying. I hope they are smart enough to have someone fluent and elaborate speak to investors and analysts this time. It has all the great news and the scale behind it, all that needs to be done is explaining where TOYO is and what the future looks like. Cheers and talk to you in 2 weeks!

$TOYO so to generate over a 10% cost of equity we need only to generate around 20 million in net income based on current pieces. Over the long term we just need to survive for this to double as the benchmark now is so low. Waiting for news now on the detentions. Hopefully today is our day.

$TOYO The completed facility at Houston has a capacity of 2 GW. Doing very high level math a full name plate the facility can generate up to 760 million in revenue at the new minimum price floor of 38 cents per module watt. If we assume a conservative 50% utilisation that would still equate to 380 million in revenue. At roughly 20 % margin that equates to 76 million plus 70 million in 45x. Combining the two gets us over 140 million in net income before tax. Before Ethiopia, before vietnam and before HJT expansion. Obviously cells are in higher demand but the business in my view is overly discounted at these prices and patience will pay dividends! Risk resides in the inquiry outcome but at these prices more than baked in in my view.

$TOYO on good news such as certification and duty offsets not only do funds buy back but roughly 4 million short seller shares will need to cover. That’s a lot of sellers that will need to appear straight after a positive announcement and volumes right now are looking pretty low compared to those figures.

$TOYO told yaz. Toyo filed a request for extension of deadline with commerce today as I thought they might given how onerous the requirements were. While not accepted by commerce yet, they usually do grant these requests. New date to watch is November 10th. GLTA

$TOYO bull case in a nutshell: • Tiny effective float = moves can get violent fast • ~4.3M shares short + high days-to-cover = serious squeeze fuel • ~$240M in binding U.S. solar module orders announced recently • Market cap is still only around ~$190M • Revenue base is much larger than current market cap • Stock is massively off its highs, so sentiment/valuation already washed out • Any strong volume + break above key resistance could trigger FOMO + short covering Low float + heavy short interest + real fundamental catalyst = explosive setup if momentum shows up. 🚀 $TOYO

$TOYO Wow! A+ rating from Intertek CEA! According to Rhône Resch, with Paul Wamser present at Investor Day from CEA. I’m not sure anyone is aware of how rare this is! Only 2% of companies in 2025 got an A, while 27% got B and 67% got C. Sirius PV USA got an A in 2025 and said that no one had ever gotten an A+ and they wanted to be the first. T1 got an A this year. But our TOYO got the extremely rare A+!!! Perhaps the only one ever?

$TOYO released its analyst-day investor presentation accompanying the ribbon-cutting of its new Humble, Texas facility.

$TOYO this may turn into a GME style squeeze soon enough if retail owners keep holding. i am not selling until $10-11 per share.

$TOYO Strange one here. Commerce have responded and given them a partial extension only, not the full wazoo. New date to watch is 30th October for both Toyo and VSUN. GLTA

$TOYO I had to miss the presentation. judging by the comments i should be encouraged it seems. hopefully a extended recovery is on the horizon. the shorts could not have been happy.

$TOYO from the scanner in case others didn't see. Phillip Shen seems to be much more realistic than the Wainwright guys in my opinion so anything bullish from him holds extra weight in my opinion

$TOYO the market is modeling H2 wrong H1 did $261M rev, $45.8M net income, 32.5% gross margin. Stock trades at $4.30. That's ~0.35x sales and ~2x annualized earnings. Why it got crushed: Q2 missed consensus by 42%, guidance withdrawn, CBP detaining Ethiopian shipments. Fair reasons. But look at what's landing in H2. Texas hits 2 GW this month. Second 1 GW module line at Humble starts production September. H1 modules were only ~191 MW. Q4 runs 300-350 MW at 60-70% utilization. Section 232 with a ~$0.38/W import floor. US-made modules don't pay the duty but price under the floor. H1 module ASP was ~$0.25-0.28. That gap is pure margin. Duty-free cells. 100% US poly sourcing targeted by Q4 = Ethiopian cells import duty-free while competitors pay. My model: Q3 ~$155M Q4 ~$215M FY26 ~$631M vs $568M consensus Q4 gross margin could hit 38-42%. That's ~$85M gross profit in one quarter vs $84.7M for all of H1.