International PV integrator Phoenix Solar reported its fourth year of consecutive losses and lowest revenue in a decade after completing three years of major restructuring.
Phoenix Solar reported 2014 revenue of €33.8 million, down from €141.2 million in 2013 and in contrast to its record year in 2010 when revenue reached €635 million.
Operating earnings (EBIT) was negative €4.6 million, compared to a negative EBIT of €1.4 million in 2013.
The key reason for the further decline in sales was due to delays in rebuilding its sales force in its key US and Asian markets.
However, management said Phoenix Solar would generate revenue in the range of €140 million to €160 million in 2015 as the downsized company focuses on EPC work in the US and Asia.
Management had previously guided that it could return to profitability on around 100MW of project activity per annum and revenue of €120 million with a gross margin of €12 million.
The company noted that in its order book, net of invoiced orders stood at approximately 80MWp.
Since the beginning of 2015, Phoenix Solar noted that it had been awarded a number of EPC contracts in the US, totalling over 50MWp, which included a single project of 25MW as well as a greenfield installation of around 22MWp for a “globally active” project developer. The company also plans to construct as 5.8MWp power plant for the University of Illinois in 2015.
The company had previously said it had an annual project capacity capability of 150MW to 180MW.
The company had at the end of 2014 an order backlog of €37.9 million but has since received further volume production orders, which are expected to support 2015 consolidated revenue of between €70 million to €80 million and EBIT of a break even level.