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

March 11, 2026
EU member states awarded a record 25.2GW of new solar PV capacity through auctions in 2025, according to SolarPower Europe.
March 11, 2026
The California Court of Appeals has upheld the state's ongoing net energy metering programme, NEM3.0, dealing a setback to rooftop solar.
March 11, 2026
VDE Americas has updated its hail risk model with new wind data, claiming it will improve the accuracy of hail-damage predictions for PV projects.
March 11, 2026
The selling price of several solar PV module technology types in Europe has increased between January and February of this year.
March 11, 2026
Speciality insurer Beazley has reached an agreement to acquire US-based climate insurance provider kWh Analytics.
March 11, 2026
As TOPCon manufacturing expands globally, producers are facing different cost, safety and supply-chain realities – creating an opportunity to rethink technology platforms and prepare for next-generation tandem architectures.

Upcoming Events

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
Solar Media Events
November 3, 2026
Málaga, Spain