TOYO SOLAR COMPANY LIMITED

TOYO SOLAR COMPANY LIMITED (CÔNG TY TNHH TOYO SOLAR)
Business ID: 2601084657
Head Office: Cam Khe Industrial Park, Cam Khe Commune, Phu Tho Province, Vietnam

Established on 08 November 2022, TOYO SOLAR COMPANY LIMITED is a foreign-invested enterprise operating in the manufacturing of photovoltaic cell panels and batteries. The company is 100% owned by TOPTOYO INVESTMENT PTE. LTD., Singapore, and employs approximately 600 workers.

Most Critical Financial Highlights

The financial structure of TOYO SOLAR COMPANY LIMITED shows rapid scale expansion combined with liquidity pressure.

Total sales surged dramatically to USD 174.13 million, increasing 182.61% year-on-year, as shown in the financial table on page 3. This indicates aggressive market expansion within a short operating history.

However, total assets declined significantly to USD 184.38 million, down 21.94% year-on-year. Despite asset contraction, owner’s equity increased to USD 67.52 million, up 17.93%, strengthening the capital base.

Profit remained stable at USD 9.76 million, slightly decreasing 2.51% year-on-year, suggesting margin normalization after the prior year’s strong results.

Critical Risk Indicator

The most striking figure is negative working capital of USD -33.86 million. This indicates short-term liabilities exceed short-term assets, a potential liquidity stress point. In manufacturing, especially capital-intensive solar production, negative working capital may reflect heavy reliance on supplier credit or short-term financing.

Financial Perspective

• Extremely strong revenue growth

• Asset contraction but equity strengthening

• Stable profitability

• Significant short-term liquidity risk

For lenders and suppliers, the key issue is liquidity management rather than profitability. Monitoring cash flow cycles, receivables turnover, and financing structure is essential for evaluating the financial resilience of TOYO SOLAR COMPANY LIMITED.