The CPV solar cell business segment of Emcore accounted for US$19.1 million or 51% of the company's total revenue in its FY2012 first quarter, representing a decline of US$2 million from the prior quarter. However, Emcore reported a CPV cell order backlog of approximately US$51.7 million, an increase from US$43.5 million in the prior quarter. The order increase was due to the first order from its China-based JV CPV module operations, Suncore, which is starting assembly operations to meet a US$100 million project contract in the country.
However, Emcore continued its losing ways with a consolidated operating loss of US$11.7 million, which represented an US$8.9 million increase in operating loss when compared to the prior year and a US$2.7 million decrease in operating loss when compared to the preceding quarter.
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On a GAAP basis, the consolidated net loss for the first quarter was $14.2 million, flat with the prior quarter.
Consolidated gross margins for the CPV segment was 22.7%, an increase from the 21% reported in the September 2011 quarter. Higher production utilization rates and improved yield of its Gen 3 cells contributed to the increase.
Emcore noted that its satellite and US Government contracts enabled CPV cell production to be running close to record high levels.
Overall, as of December 31, 2011, cash, cash equivalents and restricted cash totaled US$23.8 million and working capital totalled US$18.9 million.
