11:49 AM EST, 11/18/2024 (MT Newswires) -- TOYO (TOYO) said Monday that it expects to ship 1.7 to 1.8 gigawatts of solar cells in 2024, slightly down from an earlier target of 1.9 GW, mainly due to lower deliveries to US customers affected by anti-dumping and countervailing duty investigations by the Department of Commerce and International Trade Commission.

Net income is expected at about $10 million in 2024, the provider of solar products said.

For 2025, the company said it expects to ship 3.5 GW of solar cells, driven by "robust" demand from utility-scale customers and new capacity from its 2 GW manufacturing facility in Ethiopia. Full-year net income is projected to be $33 million.

The 2025 preliminary guidance does not include any potential impact from a planned new module facility in the US, the company said, adding that an update on the facility will be provided in the future.

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