SPI’s first-quarter results show slight dip in earnings as company transitions to developer status

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

Solar Power, Inc. (SPI) has released its earning figures for the first three months of 2011, which reflect a slight decrease in sales but a corresponding decrease in operating costs and expenses compared to the same period in 2010. In January, the company sold 70% of its shares to LDK Solar, which assumed total manufacturing control of SPI’s former module manufacturing facility in Shenzhen, China.

Net sales came in at US$5.5 million versus US$5.8 million for Q1 2010, while gross profit amounted to US$0.6 million – unchanged since Q1 2010. Guidance of net sales for year ended 2011 remains at its previously publicized figure of US$70 million. The company’s assets include cash and cash equivalents of US$26.3 million as of March 31, 2011 and accounts receivable (net) and costs and estimated earnings in excess of billings of US$9.9 million. SPI’s inventory figure came in at US$6.3 million, while total assets and liabilities amounted to US$51.8 million and US$12.9 million, respectively.

The company has outlined its intention to leave the manufacturing space and become a project developer. Coupled with the cash injection by LDK earlier this year, SPI’s plans to continue down the road of project development are based on the continued benefit of access to LDK’s supply chain.

Overall, despite the slight slowdown in sales for this quarter, SPI has projected that the remainder of 2011 will see the company grow in line with its past projections. SPI has become increasingly involved of late in rooftop and utility-scale installations, with several currently under construction across the US in particular.

1 December 2021
Join this virtual conference on 1-2 December 2021 for expert presentations covering PV Module Technology, Supply & Site Optimisation for Utility-Scale. Delegates can access streamed presentations, session recordings and chat/messaging tools to connect with fellow delegates and speakers. Speakers include leading developers, manufacturers, testing and research institutes, including: NREL, Silicon Ranch, Sonnedix, Heliene, Powertis, LONGi Solar, JinkoSolar, PVEL, Risen Energy, Seraphim, STS, Trina Solar, Eternalsun Spire, QEERI, Fraunhofer, Estuary Capital Partners and VDE
2 December 2021
Intersolar is the world’s leading exhibition & conference series for the solar industry. As part of this event series, Intersolar India in Mumbai is India’s most pioneering exhibition and conference for India’s solar industry. It takes place annually and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. Since 2019, Intersolar India is held under the umbrella of The smarter E India – India’s innovation hub for the new energy world.
9 December 2021
The Smart Energy Council is hosting Australia’s second Virtual Smart Energy Conference and Exhibition on Thursday, 9 December 2021. This event will show that the industry powers on despite COVID-19 and we are standing together undeterred in spirit. Bringing our global community together using the latest technology.
13 January 2022
Intersolar North America and Energy Storage North America “Come Together” for the first time in Long Beach, CA—connecting installers, developers, utilities, technology providers, policy makers, and key stakeholders from around the world to advance the clean energy future. With best-in-class conference programming, integrated exhibits and pavilions, and the live Solar Games installer competition, #isnaesna21 will showcase the industry trends, innovative solutions, and emerging talent transforming the solar, energy storage, and e-mobility markets. Register today to redeem our exclusive offer for PV Tech readers—free expo hall or 20% off full conference pass.
1 February 2022
As Solar Finance & Investment enters its ninth year, we sit on the cusp of a new power market with solar at its heart. The 2022 edition of the event will build on our years of expertise and relationships to bring investors and lenders together with top developers. Connect with leaders in the field and use exclusive insights to drive investment and development decisions for the future. Meet new and existing project partners at the largest gathering of European solar investors and lenders.
23 February 2022
Held annually since 2016, the Energy Storage Summit Europe is the place to be for senior stakeholders in the European storage industry. Designed to accelerate deployment of storage, we examine evolving chemistries, business models, project design, revenue stacks and use cases for storage. The 2022 edition will include exclusive content around longer duration solutions, energy strategies for wide-scale deployment of EVs and "EnTech", the event which sits at the intersection of digitisation, decentralisation and decarbonation of the power system. Come to meet TSOs, DSOs, Utilities, Developers, Investors and Lenders and leave with new contacts, partners and a wealth of information.

Read Next

November 29, 2021
UK developer Elgin Energy is targeting 5GW of solar-plus-storage across its core markets by 2025 after completing a £25 million (US$33.3 million) fundraising round
November 29, 2021
A round-up of the latest project news from across the world, including Masdar’s plans to develop solar in Armenia, TotalEnergies completing its largest project in France and Shikun & Binui expanding its US energy portfolio.
November 29, 2021
The economic viability of deploying thin-film floating solar systems at offshore locations is being explored by a new collaborative study in the Netherlands.
November 29, 2021
Mainstream Renewable Power has secured €90 million (US$101.6 million) in equity funding to support the build-out of a multi-gigawatt pipeline across Latin America, Africa and the Asia Pacific region
November 29, 2021
Austrian utility Verbund is acquiring a 147.6MWp PV project in southern Spain from renewables developer BayWa r.e. as part of the company’s planned solar expansion.
November 26, 2021
Renewables developer and asset owner Grasshopper Energy has signed an agreement that could support the development of up to 1GW of solar in Romania by 2030.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal

Cyber Monday Flash Sale – 50% off our subscriptions

24 hours only