PV equipment specialist, Spire Corporation reported second-quarter 2013 sales of US$3.6 million, up slightly from US$2.6 million in the prior quarter.
Sales were down 46% from US$6.6 million for the same quarter of 2012. Net loss for the second-quarter of 2013 was US$1.8 million. Spire had US$1.7 million of unrestricted cash and cash equivalents at the end of the second quarter.
Echoing several other PV equipment suppliers, Spire noted that PV module overcapacity continues to reduce demand for capacity expansions though supply/demand conditions are improving.
Roger G. Little, Chairman and CEO at Spire said, “The global market for PV systems continues to expand driven in part by low cost modules that have resulted from overcapacity in the industry. With the demise of many manufacturers and the growth of the market, we expect this overcapacity of module manufacturing to be absorbed by mid-2014. Once absorbed, we expect module prices to rise. Higher prices will improve the financial performance of the surviving manufacturers, as well as the rest of the value chain, and stimulate capacity expansion likely in late 2014. We have made substantial cost reductions and have put effort into our EPC business to sustain our solar equipment operations until module manufacturing expansion recovers. We recently completed the installation of 228 kilowatts of systems, for example. From late 2014 on, we expect the growth of the industry to continue but on a much healthier financial footing.”
The company was recently de-listed from NASDAQ.