Still waiting for an upturn in solar module equipment orders, Spire Corporation reported third quarter revenue of US$4.2 million, slightly up from US$3.6 million reported in the second-quarter and up from US$2.6 million in the first quarter of 2013.
However, the company divested the majority of its ownership in its biomedical business in the quarters, which was acquired by N2 Biomedical for US$10.5 million.
As of September 30, 2013, Spire had US$5.9 million of unrestricted cash and cash equivalents, up from US$1.7 million at the end of the second quarter.
The company reported a loss of US$2.2 million for the quarter, inline with previous quarters.
Roger G. Little, Chairman and CEO said, “With the divestiture of the Biomedical business unit, the Company was able to monetize its value on a standalone basis resulting in a cash infusion while still owning a portion of its equity. We can now concentrate resources on other opportunities.”
“While the global market for PV systems continues to expand, we continue to experience low demand for module manufacturing equipment as a result of overcapacity in the industry. Many analysts believe that in 2014 this overcapacity will be absorbed and new capacity will be brought on line ending more than a two year drought,” added Little.
Sales in its solar business unit decreased 56% in the first nine months of 2013 to US$5.8 million, compared to US$13.2 million in the same period a year ago.