- After several postponements, Meyer Burger has presented its audited half-year figures.
- According to the company’s announcement, in the months January to June 2024 the operating loss before interest, taxes, depreciation and amortization (EBITDA) totals 123.5 million francs.
- In the same period last year the loss was 43.3 million francs.
In view of the debt and the speed with which financial resources are being used up, there is an urgent need to implement the restructuring and financing measures initiated quickly in order to continue business operations, it is said. There is no guarantee that this will be possible or on attractive terms for Meyer Burger or its shareholders.
Additional liquidity is also to be secured through the sale of solar modules from inventory. In addition, assets that are no longer needed should be sold in order to financially support operations. The financing gap is currently in the high double-digit millions.
Cautious optimism for the second half of the year
Meyer Burger is in advanced negotiations to raise fresh capital. Meanwhile, production in Goodyear in the USA is ramping up and a continuously increasing number 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 still expects sales in the range of 350 to 400 million francs, and EBITDA should be around 70 million.
Sales figures halved due to realignment
The company communicated its provisional sales figures at the end of September after two postponements. Sales almost halved in the first six months to just 48.7 million francs. The main reason for the decline is the company’s reorientation towards the US market. In addition, production in Europe was partially stopped and the new factory in the USA has only just begun production.
There have already been several setbacks in the realignment. The company had to briefly abandon its plans for a cell factory in the USA due to financing difficulties.
A solar module in the German Meyer Burger factory in Freiberg – when it was still in operation. The factory had to close in spring 2024.
KEYSTONE/EPA/CLEMENS BALANCE
Meyer Burger now wants to take countermeasures with a new restructuring program and focus more on its core business. The program is expected to cut 200 jobs, primarily in Europe. In addition, the previous CEO and CFO have also resigned. For the time being, the Chairman of the Board of Directors, Franz Richter, will be responsible for operational business – in addition to his previous position.
Swiss
