GT Solar backlog and sales fall: looking for acquisitions to expand business

November 10, 2009
Facebook
Twitter
LinkedIn
Reddit
Email

Sales in GT Solar’s second quarter FY2010 declined to US$104.2 million, compared to sales in the first quarter of US$140.2, highlighting the lumpiness in revenue generation of its furnace business as its order backlog stood at US$1.03 billion, down from US$1.115 billion in the previous quarter. New orders received in the quarter were US$20.1 million. De-booking was US$10.6million. Deferred revenue on equipment already shipped stood at US$472 million. Total new booking for the year stood at US$66.5 million.

“In the second quarter, we received new orders of $30.7 million including the first for our new SDR-400 reactor and for engineering services in our new silane business, as well as an order for our multi-crystalline furnaces from a new customer that has historically been a mono-crystalline wafer manufacturer,” noted Tom Gutierrez, GT Solar, President and Chief Executive Officer. “We are also seeing continued evidence that our reputation for quality, performance and industry-leading efficiencies is providing strong differentiation in the marketplace.”

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

During a conference call with financial analysts, GT Solar noted that the SDR-400 reactor would be shipped around mid-2010 to a new customer, which wasn’t identified. The company said that the SDR-400 reactor had 50% lower energy consumption over other systems and at a capacity of 400MT is its largest reactor.

New order intake is significantly below previous years due to the slowdown in many PV manufacturers’ ingot expansion plans and the current ramp of polysilicon plants rather than new plants coming on stream. However, the company noted that it was successful in renegotiating contracts with both Trina Solar and Russian-based polysilicon producer, Nitol that led to the shipment of previously backlogged orders.

GT Solar said that it was intentionally trying to reduce the lead times on shipments to reduce the backlog, especially in its PV segment.

Read Next

February 4, 2026
'The market is evolving,' said Daniel Machuca on the topic of traditional financing models and their suitability for use in modern renewables.
February 4, 2026
Energy Corporation of NSW (EnergyCo) has submitted an Environment Protection and Biodiversity Conservation Act (EPBC) referral for the New England Renewable Energy Zone (REZ) transmission infrastructure project in Australia.
Premium
February 4, 2026
The latest edition in our NEM Data Spotlight series delves into solar PV data from January 2026 and how it hit a daily peak of 222GWh.
February 3, 2026
Tonic Group has obtained federal environmental clearance for a 75MW solar-plus-storage development in Western Australia within four weeks.
February 3, 2026
The Philippines’ solar and energy storage trade body has warned that diplomatic tensions with China could disrupt the solar industry.
February 3, 2026
The US and India have announced a trade deal under which Washington will cut reciprocal tariffs on Indian goods to 18% from 25%.

Upcoming Events

Upcoming Webinars
February 18, 2026
9am PST / 5pm GMT
Solar Media Events
March 24, 2026
Dallas, Texas
Solar Media Events
April 15, 2026
Milan, Italy
Solar Media Events
June 16, 2026
Napa, USA
Solar Media Events
October 13, 2026
San Francisco Bay Area, USA