Arise Technologies has completed its financial review for 2010, which resulted in a strong increase in revenue and shipments for the company. Revenues in 2010 amounted to US$76.07 million (CAN$73.9 million), compared with the US$32.63 million (CAN$31.7 million) the company recorded in 2009. Arise shipped 58.3MW of PV cells in 2010, a definite increase from the 15.7MW shipped in 2009. Sales for their PV cells made up 93.3% of 2010’s revenues with a US$5.04 million (CAN$4.9 million) balance coming from the company’s systems division.
Arise reports that gross loss for the full year was US$30,882 (CAN $0.03 million), a large step down from 2009’s US$25.73 million (CAN$25.0 million). Net loss was amounted to US$17.8 million (CAN$17.3 million), which was also lower from 2009’s US$42.5 million (CAN$41.3 million). Its operating expenses were calculated to have decreased by 11% to US$18.73 million (CAN$18.2 million) from 2009’s US$20.99 million (CAN$20.4 million).
Focusing on solely the fourth quarter of 2010, Arise saw revenue for the quarter reach US$19.96 million (CAN$19.4 million), up from US$11.63 million (CAN$11.3 million) in Q4 2009. Gross loss for the quarter was finalized at US$1.13 million and operating expenses were down to US$3.29 million from US$5.24 million (CAN$5.1 million) in 2009.
“In 2010, customer demand for our products remained strong, allowing us to dramatically increase our PV cell shipments over the prior year,” said Dan Shea, president and CEO of Arise. “During the year, we ramped up production on Line Two at our German plant, which increased its annual operating capacity to 85MW.”
“During the fourth quarter of 2010, we completed a US$12.86 million (CAN$12.5 million) equity financing, to help fund the purchase of equipment for a third production line (Line Three), which is expected to increase our capacity to 145MW per year,” continued Shea. “In order to move forward with this project, we need to meet certain financing requirements and secure an extension to our facilities with our German banker, Commerzbank. We are continuing to negotiate with all parties involved in this arrangement and hope to have an agreement soon.”
Shea concluded by stating, “With respect to our silicon technology, we have concluded discussions previously announced on November 16, 2010, with the European based alternative energy company, and have mutually decided not to move forward together. We are however, continuing to hold active discussions with more than one party to advance the silicon project. In particular, we are pleased to announce that we have entered into a strategic partnership with Core Business Developers who will assist us in the commercialization of our proprietary silicon technology using their deep expertise in large-scale polysilicon project management and production.”