v3.26.1
Earnings Per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

15. EARNINGS PER SHARE

 

The Company had 13,000,000 unvested Earnout Shares outstanding for the period from January 1, 2025 through May 14, 2025. The Earnout Shares contain a non-forfeitable right to dividends and hence are considered as participating securities. The two-class method was applied to compute basic earnings per share attributable to ordinary shareholders.

 

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025:

 

    For the Three Months Ended
June 30,		     For the Six Months Ended
June 30,		  
    2026     2025     2026     2025  
Net income   $ 17,409,564     $ 6,720,233     $ 45,820,768     $ 3,467,011  
Less: Net loss attributable to holders of earnout shares     —       (1,036,198 )     —       (764,178 )
Net income attributable to TOYO Co., Ltd.’s shareholders   $ 17,409,564     $ 5,684,035     $ 45,820,768     $ 2,702,833  
                                 
Weighted average number of ordinary share outstanding– basic     38,193,043       34,480,116       37,937,402       34,040,373  
                                 
Earnings per share – basic   $ 0.46     $ 0.16     $ 1.21     $ 0.08  
Weighted average number of ordinary share outstanding– diluted     38,535,995       34,480,116       38,116,031       34,040,373  
Earnings per share –diluted   $ 0.45     $ 0.16     $ 1.20     $ 0.08  

 

Pursuant to ASC 260, Earnings Per Share, the Company has retroactively restated all shares and per share data for all periods presented. For the three months and six months ended June 30, 2026, the Public Warrants, Private Warrants, Other Warrants and AMI Warrants were dilutive securities and were included in the calculation of diluted net earnings per ordinary share under the treasury stock method. The RDO warrants were excluded from the calculation of diluted net earnings per ordinary share, as their inclusion would have been anti-dilutive. For the three and six months ended June 30, 2025, the outstanding warrants, including Public Warrants, Private Warrants, Other Warrants and AMI Warrants, were excluded from the calculation of diluted net loss per ordinary share, as their inclusion would have been anti-dilutive.

 

The number of incremental shares included in diluted earnings per share for the three months ended June 30, 2026 was computed using the average market prices during the three months. The number of incremental shares included in diluted earnings per share for the six months ended June 30, 2026 was determined by computing a year-to-date weighted average of the number of incremental shares included in each quarterly diluted EPS computation.

 

The weighted-average number of potentially anti-dilutive shares excluded from calculation of dilutive earnings per share are as follows:

 

    For the Three Months Ended
June 30,		     For the Six Months Ended
June 30,		  
    2026     2025     2026     2025  
Public Warrants     —       4,600,000       —       4,600,000  
Private Warrants     —       212,240       —       212,240  
Other Warrants     —       157,767       —       157,767  
RDO Warrants     4,545,456       —       4,545,456       —  
AMI Warrants     —       50,000       —       33,880  
Total     4,545,456       5,020,007       4,545,456       5,003,887