First quarter revenue’s for PV module manufacturer SOLON SE fell short of expectations by the company, due to the long harsh winter in Germany and continued lack of project finance for large-scale PV installations. As a result revenue declined by 76% in the first quarter to €38.3 million, compared to Euro €161.6 in Q108.
SOLON reported a net loss of €18.5 million. To reduce inventory levels on expected flat sales for the second quarter, SOLON cut module production to only 18MWp in the first quarter. Production had reached 176MW on an annual basis in 2008.
SOLON also expects a second quarter loss with due to weak demand and a possible write-down on the investment in polysilicon start-up SilPro, which recently went into receivership.
The company expects stronger sales in the second half of 2009, though poor market visibility means it will wait further before giving 2009 revenue guidance.