CIGS thin-film start-up, DayStar Technologies reported a first quarter loss of US$7.7 million, with US$6.5 million in cash and cash equivalents remaining. DayStar had total liabilities of US$16.0 million, and total stockholders’ equity was US$37.0 million. The company had US$10 million of purchase orders for equipment outstanding. The company said in its SEC 10Q filing that it would be forced to curtail operations as it had not been able to raise new funds to date.
In the SEC filing, DayStar noted that should further efforts to raise funds in the near-term be unsuccessful it would need to enter Chapter 11 bankruptcy.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The company had previously said that it would need significant new capital to enable it to begin volume production of its thin-film CIGS technology.