Doubts emerge over DayStar Technologies as a going concern

Facebook
Twitter
LinkedIn
Reddit
Email

Copper-indium-gallium-di-selenide (CIGS) thin-film start-up, DayStar Technologies has said that its auditor Hein & Associates LLP of Irvine, California included an audit opinion in its latest SEC financial filings that contained a going concern notice. The company had posted losses of approximately US$26 million in 2008 and acknowledged that it needed to raise further capital to continue development of its CIGS technology and bring the product to market.

DayStar Technologies has made a net loss of approximately US$20 million in 2006 and US$36 million in 2007.

This article requires Premium SubscriptionBasic (FREE) Subscription

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

“As we stated in our conference call on March 16, 2009 and reported in our 10-K filing, our commercialization plans require additional capital to be raised,” said William Steckel, Chief Financial Officer. “In November 2008, we engaged J.P. Morgan Securities to act as our financial advisor to assist us in exploring select strategic transactions, which we believe represent the best source for our capital requirements.”

Hein & Associates noted that the company still required ‘substantial funds beyond its current cash on hand’ to carry-out its plans, raising ‘substantial doubt about the company’s ability to continue as a going concern.’

 

Read Next

September 12, 2025
German trade association BSW-Solar has called the German government for a simplified, standardised and more digitalised grid access for solar PV and energy storage operators.
September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.
Premium
September 12, 2025
Vote Solar's Sean Garren tells PV Tech Premium that Georgia Power's latest IRP is 'skewed so heavily towards fossil fuels'.
September 11, 2025
Founder Group has won a RM10 million (US$2.3 million) engineering, procurement, construction and commissioning contract for a 30MW solar plant in Malaysia.
September 11, 2025
German renewable energy developer ib vogt has signed a 70MW solar PV virtual power purchase agreement (vPPA) in Romania.
September 11, 2025
Madison Energy Infrastructure has raised US$800 million to accelerate the deployment of clean energy assets across the US. 

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines