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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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

June 27, 2025
Indian solar manufacturer Premier Energies has commissioned its 1.2GW TOPCon solar cell manufacturing line at Fab City, Hyderabad, Telangana.
June 27, 2025
The UK government has decided it will not sign a Contract for Difference (CfD) with Xlinks for the 11.5GW Morroco-UK interconnector project.
June 27, 2025
Renewables investment platform Nexwell Power has signed a round of power purchase agreements (PPAs) with “one of the largest” US tech companies for solar PV capacity to be built in Spain.
June 27, 2025
Statkraft has signed PPAs with Better Energy to purchase energy from two solar power plants in Poland with a total capacity of 64GWh.
June 27, 2025
Solar developer Lightsource bp has signed a power purchase agreement (PPA) with a subsidiary of Taiwanese energy firm HD Renewable Energy (HDRE).
June 27, 2025
PV Tech spoke to Monika Paplaczyk about recent changes in the UK energy mix and opportunities for investors in the solar sector.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico