| Schedule of Basic and Diluted Earnings (Loss) Per Share |
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 | |
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| Schedule of Anti-Dilutive Shares |
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 | |
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