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TOYO Co., Ltd $TOYO went from a $123.9M working capital deficit and a going-concern warning to $29.8M of positive working capital in six months. Here’s the balance sheet: → Cash: $103.5M as of June 30, plus $20.0M of restricted cash, up from $51.6M as of December 31, helped by $52.6M of net proceeds from the June offering and its at-the-market (ATM) program. → Debt: $25.7M of short-term bank loans and $51.4M owed on the VSUN loan, including interest, which VSUN (the Vietnamese panel maker $TOYO was carved out of) extended to June 17, 2028, plus $37.6M of leases. → Working capital: $29.8M, vs. a $123.9M deficit as of December 31 that had drawn the auditor’s going-concern paragraph. The $52.6M of offering and ATM cash and the VSUN extension, which moved the $51.4M loan out of current liabilities, account for $104.0M of the $153.7M improvement, and $TOYO said substantial doubt no longer exists. → Customer prepayments: $114.0M of contract liabilities (products customers have paid for but $TOYO hasn’t delivered), including $64.7M from related parties. Before June 30, current liabilities had exceeded current assets at every balance sheet date since December 2023. The June offering (4,545,456 shares at $11.00) and the ATM (414,495 shares at an average $13.78) also raised $TOYO’s share count 13.1% to 42.7M as of June 30, from 37.8M as of March 31. So the balance sheet is no longer the risk it was in March, but part of the cash is customers’ prepayments, and the $51.4M VSUN loan comes due in June 2028.

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