Struggling solar manufacturer Meyer Burger has postponed its annual report by the end of May 2025 as it published preliminary losses for 2024.
Although due to be published on 15 April 2025, the company has postponed the publication of its full annual report until 31 May 2025 at the latest, after the approval from the Swiss Stock Exchange authority SIX Exchange Regulation. If the company does not publish and submit its annual report for 2024 by the end of May, SIX Exchange Regulation will suspend trading in securities of Meyer Burger.
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This is not the first time the company has delayed its financial results; it did the same last year when it delayed results for the first half of 2024.
For the fiscal year of 2024, the company registered earnings before interest, taxes, depreciation, and amortisation (EBITDA) of negative CHF210.4 million (US$257 million), way down from the CHF163.6 million EBITDA registered in 2023.
Sales have nearly halved between 2023 and 2024 from CHF135 million to CHF69.6 million. These preliminary financial results are unaudited and subject to changes, said the company.
The struggling manufacturer continues its sale process, while at the same time it relies on continuously extending the bridge facility to cover its short-term liquidity.
2024: a year of hurdles
The company had a troubled year in 2024 which started with the closure of its German module assembly plant. At the time of the announcement, Meyer Berger said the decision was to focus on its US manufacturing footprint. A footprint which saw a setback in August 2024, when the manufacturer cancelled its proposed 2GW solar cell manufacturing plant in Colorado.
Less than a month after cancelling plans to build a solar cell processing plant in Colorado, the company announced job cuts – from 1,050 to 850 employees by the end of 2025 – and the departure of its then-CEO, Gunter Erfurt. Less than a week after this announcement, the company named Franz Richter as its new CEO.
In November, US developer D.E. Shaw Renewable Investments (DESRI) terminated a 5GW supply agreement in the US, for which Meyer Burger said it was negotiating a new master agreement at the beginning of 2025.
