TOYO Co., Ltd. (NASDAQ:TOYO) is one of the High Growth Penny Stocks That Are Profitable in 2025. On May 15, TOYO Co., Ltd. (NASDAQ:TOYO) provided updates to its financial report for 2024.

Management noted that it had filed its full annual report with the SEC on May 12, 2025. The company reported its operating expenses growing sharply from $4.7 million in 2023 to $13.0 million in 2024. Moreover, the selling and marketing expenses also rose from $0.02 million a year ago to $1.6 million in 2024. This was due to the higher freight, handling, and sales commissions.

TOYO Co (TOYO) Released its Updated Financial Report for 2024

A technician in a cleanroom holding vials of high purity metallurgical and solar grade silicon.

On the bright side, TOYO Co., Ltd. (NASDAQ:TOYO) significantly grew its net income from $9.9 million in 2023 to $40.5 million. As a result, the EPS also went up to $1.09 from $0.24 a year ago. The company had cash and restricted cash of around $17.1 million at the end of 2024, which is slightly less than the $19.0 million at the end of 2023.

TOYO Co., Ltd. (NASDAQ:TOYO) is a solar solutions company that designs, manufactures, and sells solar cells and photovoltaic modules.

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Disclosure: None. This article is originally published at Insider Monkey.