Photovoltaics Meyer Burger presents deep red figures for the first half of the year

After several postponements, Meyer Burger has finally presented its half-year figures. As expected, the loss in the first half of 2024 was significant. The restructuring and financing measures that have been initiated must now be implemented quickly.

In the months from January to June 2024, Meyer Burger's operating loss (EBITDA) amounted to CHF 123.5 million, following a loss of CHF 43.3 million in the same period of the previous year, as the company announced on Friday. The bottom line was a net loss of CHF 317.3 million (previous year: CHF -64.8 million).

Restructuring must be implemented quickly

In view of the debt and cash burn, it is imperative that the restructuring and financing measures initiated are implemented quickly in order to continue business operations, the statement continued. There is no guarantee that this will be possible or at attractive conditions for Meyer Burger or its shareholders.

Additional liquidity is also to be secured through the sale of solar modules from inventories. In addition, assets that are no longer required are to be sold in order to financially support operations during the ramp phase. The financing gap is currently in the high double-digit millions. Meyer Burger is in advanced negotiations with the holders of the convertible bond to raise fresh capital.

Meanwhile, production in Goodyear in the USA is being ramped up and a continuously increasing volume of solar modules is expected for the second half of the year. Due to the existing long-term purchase agreements, the solar modules produced can be sold immediately and will have a positive impact on sales in the second half of the year.

For 2026, the company continues to expect sales in the range of CHF 350 to 400 million, with EBITDA of around CHF 70 million.

Turnover halved

The company announced its provisional sales figures at the end of September following two postponements. Sales almost halved in the first six months to just CHF 48.7 million.

The main reason for the decline is the company's reorientation towards the US market. To this end, production in Europe has also been partially discontinued and the new plant in the USA has only just started production.

There have already been several setbacks during the realignment. For example, the company had to bury its plans for a cell factory in the USA at short notice due to financing difficulties. Meyer Burger now wants to take countermeasures with a new restructuring program and focus more strongly on its core business.

As part of the program, 200 jobs are to be cut, primarily in Europe. In addition, the previous CEO and CFO have also resigned. For the time being, Chairman of the Board of Directors Franz Richter will manage the operational business in addition to his previous position.

SDA