Spire moves to expand EPC business as third-quarter results reflect 57% revenue drop year-on-year

Facebook
Twitter
LinkedIn
Reddit
Email

Reporting on its third-quarter financial results, Spire has revealed that it is responding to a 57% reduction in operating revenues by turning its efforts to bolstering its EPC integration activities. Revenue for the quarter reached US$8.9 million, less than half the US$20.6 million figure for the same quarter in 2010.

However, Spire highlighted that the US$20.6 million figure was amassed during a period that saw non-recurring cell materials revenues of US$2.5 million, as well as a US$7.3 million lump sum that was the result of installation of four solar systems.

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

For the third quarter of 2011, the company reported a net loss of US$1.8 million compared to a net loss of US$915,000 for the same period of 2010. Continuing operations revenue for the first, second and third quarters of 2011 were US$42.0 million, a 32% decrease from US$61.9 million for the same nine-month period in 2010.

Net loss for the same nine months in 2011 came in at US$3.1 million, versus US$208,000 for the corresponding period in 2010. The company also has unrestricted cash and cash equivalents of US$2.3 million.

Commenting on the losses, Roger G. Little, Spire’s chairman and CEO, said, “Third quarter operating results were disappointing as we experienced the worldwide slowdown in capital equipment spending in the solar industry. However, we anticipated the slowdown early in the year and reduced our costs considerably minimizing operational losses.”

He continued, “We have hired new staff to expand our EPC business, taking advantage of recent cost reductions of modules and the fast growing domestic market for systems… Also we have a number of high volume potential customers evaluating our world record efficiency concentrator solar cells.”

Read Next

September 12, 2025
Colombian energy supplier Celsia is seeking more than US$1.2 billion in investment to build wind and solar generation projects in Peru. 
September 12, 2025
German trade association BSW-Solar has called the German government for a simplified, standardised and more digitalised grid access for solar PV and energy storage operators.
September 12, 2025
ACME Venus Urja has secured INR3.8 billion (US$43 million) to develop and construct a solar-plus-storage project in Barmer, Rajasthan.
Premium
September 12, 2025
Vote Solar's Sean Garren tells PV Tech Premium that Georgia Power's latest IRP is 'skewed so heavily towards fossil fuels'.
September 11, 2025
Founder Group has won a RM10 million (US$2.3 million) engineering, procurement, construction and commissioning contract for a 30MW solar plant in Malaysia.
September 11, 2025
German renewable energy developer ib vogt has signed a 70MW solar PV virtual power purchase agreement (vPPA) in Romania.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines