Thin-film firm, Dyesol has reported increased annual losses primarily on the back of reduced revenue and higher developments costs associated with its major shift to develop solid state perovskite-based solar cells.
The company reported losses of A$12.5 million (US$10.9 million) for its 2014 financial year, up from losses of A$12.5 million (US$10.9 million) in the previous year.
Dyesol management noted in the latest annual report that sales of liquid-based dye sensitised materials to mainly universities developing DSC thin-film technologies fell from A$953,438 to A$709,454 in 2014. This was said to be a direct result of the decision to stop liquid phase material and product development and shift to perovskite-based solid state materials. However, the report noted that sales of perovskite materials had expanded rapidly.
One-off items also impacted losses, including an impairment of A$3.5 million on its metal strip product development, associated with the collapse of its Tata Steel BAPV program using liquid-based DSC thin-film laminates with steel roof sheeting.
Discussions and potential agreements on perovskite based products were ongoing but little tangible evidence of deal was mentioned in the Dyesol report.
Cash and cash equivalents remained relatively (A$5.1 million) flat year-on-year, primarily due to a major AUS$10 million cash infusion from the National Industrialisation Company of Saudi Arabia, Tasnee.
On the perovskite development front, Dysol expects a successful production of a prototype thin-film device in 2016.