Meyer Burger expects its H1 2024 to have settled around CHF 48.7 million
Of this, over 89% of sales came from solar modules
It will publish the final H1 results latest by October 31, 2024
European heterojunction (HJT) solar cell and module manufacturer Meyer Burger Technology AG has released its preliminary financial results for H1 2024 stating CHF 48.7 million in sales, reflecting a drop of almost 50% year-on-year (YoY).
These numbers comprise CHF 43.4 million from the sale of solar modules. At the end of June 30, 2024, the company had cash and cash equivalents of CHF 158.6 million on a consolidated basis.
These are unaudited figures as the company has secured permission from the SIX Exchange Regulation to delay its H1 report which will now be published by October 31, 2024. Failing this deadline would mean that the exchange can suspend trading in Meyer Burger’s securities.
In comparison, Meyer Burger sold 207 MW of solar modules in H1 2023, earning CHF 96.9 million in sales with a YoY increase of 70.8% (see Meyer Burger Produced 302 MW Modules In H1/2023).
The company with Swiss origins is currently undergoing a tough time for which it has consistently blamed low-priced Chinese PV modules flooding Europe and the lack of financial and policy support from policymakers.
It recently announced restructuring with job cuts to achieve profitability. It has also decided to sell its technology and equipment to strategic customers to generate additional revenue. Meanwhile, the company also announced the departure of its CEO Gunter Erfurt and CFO Markus Nikles (see Gunter Erfurt Leaves Meyer Burger As Company Initiates Restructuring).