TOYO Co., Ltd is a solar cell and solar module manufacturer that designs and produces photovoltaic components for the renewable energy market through facilities in Vietnam, China, Ethiopia, and the United States. The company manufactures solar cells at its Vietnam-based subsidiary and expanded into solar module production through a U.S. facility, while also providing facilitation and original equipment manufacturer services to customers globally. TOYO generates revenue through direct sales of solar cells and modules to both third-party and related-party customers, as well as commission-based facilitation services, with a business model requiring customer prepayments and recognizing revenue upon product shipment or delivery.