GCL Technology reported revenue of RMB 14.43 billion for FY2025, down 4.5% YoY due to weaker wafer sales volumes and prices
Its adjusted EBITDA turned positive at RMB 2.8 billion, while the company’s net loss narrowed to RMB 2.9 billion from RMB 4.75 billion in 2024
Solar materials remained its core business driver as the company targets global expansion and positions perovskite technology as a future growth area
GCL Technology Holdings Limited reported revenue of RMB 14.43 billion for the fiscal year ended December 31, 2025, down 4.5% from RMB 15.10 billion in FY2024. The company attributes the decline mainly to lower wafer sales volumes and prices, adding that it was partially offset by higher polysilicon sales during the year.
Its adjusted EBITDA turned positive at approximately RMB 2.8 billion, compared with negative RMB 1.4 billion a year earlier. Meanwhile, its net loss narrowed 39.6% to RMB 2.9 billion from RMB 4.75 billion in the previous year (see GCL Technology Suffers RMB 4.75 Billion Net Loss In 2024).
The solar materials segment, which manufactures and sells polysilicon and wafer products, remained the main revenue driver with RMB 14.3 billion. The company also operates solar farm businesses in the US and China.
GCL reported an overall gross profit margin of 9.3% in 2025, up from a negative 16.6% in 2024, with gross profit of RMB 1,336 million, compared to a gross loss of RMB 2,510 million a year earlier. The solar materials business margin improved to 9.4% from a negative 16.9%, mainly due to lower polysilicon production costs.
However, the solar farm business margin declined sharply from 16.9% to -22.5%, largely because of reduced renewable energy tariff subsidy income in China.
The company produced 22.3 GW of wafers in 2025, including 11.47 GW of OEM wafers, down 30.7% YoY, and sold 23.9 GW, down 28.6% year-over-year. The latter includes OEM wafer sales of over 12 GW.
While the company did not disclose total granular polysilicon sales volume for 2025, its largest customer purchased 59,500 MT during the year. The remaining customers among its top 5 procured 59,300 MT, 33,200 MT, 26,300 MT, and 23,600 MT, respectively.
Last year, the average external selling price of granular silicon was approximately RMB 35.4/kg. In comparison, its average cash manufacturing cost, including R&D, was RMB 25.12/kg, down 25.1% from RMB 33.52/kg in 2024.
At the end of 2025, GCL’s polysilicon production capacity stood at 480,000 MT, annual mono-silicon crystal pulling capacity at 10 GW, while annual wafer production capacity reached 35 GW. The company also reported filing 253 new patent applications during 2025.
GCL Chairman Zhu Gongshan said, “In 2025, the company strictly controlled capital expenditure, rejected blind expansion, and focused on technological cost reduction and efficiency improvement. We optimized cash flow management, and our polysilicon business took the global lead in achieving positive EBITDA growth, becoming the ballast for GCL Technology’s cash flow.”
In response to the industry shifting from rapid scale expansion to value-driven competition, Gongshan added that the company is prioritizing innovation in core materials, strengthening overseas expansion, and pursuing new growth areas to build resilience.
Perovskite solar technology will be its ‘second-growth curve’ in 2026, as it scales to achieve full-scale volume growth and GW-scale production lines to operate at full capacity. Improving tandem module efficiency will also be a focus area (see China Solar PV News Snippets).
The company stated that granular polysilicon will continue to be its core business, where it seeks expansion globally.
“In 2026, GCL Technology will accelerate the layout of global production capacity and markets. Leveraging technological advantages in granular polysilicon and perovskite, we will prioritize expanding in key markets including the United States, Europe, the Middle East and Africa, build a global supply chain and service system, and form a “multi-regional, multi-node, localized” supply chain network,” added Gongshan.
It plans to actively utilize bilateral agreements between China and countries co-building the Belt and Road Initiative and cooperate with multilateral financial institutions and policy-based insurance institutions to effectively manage political and trade risks, stated the Chairman.
Speaking of perovskites, on April 22, 2026, TaiyangNews will host a Virtual Conference on Next-Generation PV Technology where the focus will be on Perovskite Tandem Solar Technology Status & Outlook – Assessing Commercialization Roadmaps. Registrations are free and open here.