PV manufacturing equipment specialist Singulus Technologies expects ongoing improvement in sales after its order backlog exceeded €60 million in the first quarter of 2015.
The company reported preliminary first quarter revenue of €12.6 million, down from €16.7 million in the prior year period due primarily to the low order bookings in 2014.
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Singulus reported a negative EBIT of €5.9 million in the first quarter, compared to a negative EBIT of €5.1 million in the first quarter of 2014. Cash and cash equivalents amounted to €28.8 million.
Stefan Rinck, Singulus CEO, said: ” Singulus Technologies is very well positioned especially for machines for CIGS thin-film modules and expects to receive further contracts from China in 2015 and 2016. Together with the planned capital measures and the realignment of our company, we will achieve the required stability in order to realize the potential in existing and new markets.”
Singulus noted that its order backlog of €62.8 million in the first quarter of 2015 was the highest the company had seen in the last three years. Orders for its Solar segment exceeded €50 million in the first quarter, which included a major order from Hanergy Thin Film Power for CIGS production tools as part of its 600MW expansion in China.