TOYO is an early-stage solar energy manufacturer that makes TOPCon solar cells and, more recently, finished solar PV modules. Solar cells are the building blocks that module manufacturers assemble into finished panels, which are then deployed by utility-scale developers, commercial customers, and residential users to generate electricity. TOYO sells cells primarily to large PV module manufacturers targeting the U.S. market, with its key affiliate VSUN as its largest customer. TOYO's core strategy is to become a vertically integrated solar manufacturer with the U.S. as its primary target market. TOYO operates cell manufacturing in Vietnam (2GW capacity) and Ethiopia (4GW capacity), with Ethiopia serving as its primary source of U.S.-bound cells due to favorable tariff status and low-cost power. TOYO also operates a nascent solar module facility in Texas (1GW capacity, commenced October 2025), which sells finished panels directly to U.S. utility-scale buyers. In September 2025, TOYO acquired the VSUN brand — a Bloomberg NEF Tier 1 manufacturer since 2019 — to enter the U.S. module market using VSUN's existing customer relationships and certifications. TOYO's margins are driven primarily by the share of revenue from U.S.-bound product, which commands significantly higher prices than other markets, as well as production scale and raw material costs. TOYO's U.S. module production also makes it eligible for 45X manufacturing tax credits of roughly $0.07 per watt under the Inflation Reduction Act.