v3.26.1
Property and Equipment, Net
 6 Months Ended
Jun. 30, 2026
Property and Equipment, Net [Abstract]  
PROPERTY AND EQUIPMENT, NET

6. PROPERTY AND EQUIPMENT, NET

 

Property and equipment, net consisted of the following:

 

    June 30,
2026		     December 31,
2025		  
Construction in progress   $ 7,028,347     $ 8,386,394  
Machinery     179,733,252       172,767,448  
Building     85,963,381       83,343,942  
Leasehold improvement     6,060,439       6,060,439  
Office equipment     6,176,068       4,121,355  
Vehicle     450,756       401,024  
Total property and equipment     285,412,243       275,080,602  
Less: accumulated depreciation     (78,835,120 )     (54,432,453 )
Total property and equipment, net   $ 206,577,123     $ 220,648,149  

 

Depreciation expense was $11,880,017 and $7,532,460, respectively, for the three months ended June 30, 2026 and 2025. Depreciation expense was $24,523,769 and $12,310,919, respectively, for the six months ended June 30, 2026 and 2025.

 

As of December 31, 2025, the Company collateralized all of its buildings in TOYO Solar with a carrying value of $17,213,790, and machinery with a carrying amount of $31,324,354 for the long-term bank credit facility from BIDV (Note 9). In April 2026, the Company fully repaid the outstanding balance to BIDV. As of June 30, 2026, the Company did not release its collateralization of its buildings in TOYO Solar with a carrying value of $13,053,439, and machinery with a carrying amount of $35,752,171.