STR Holdings encapsulant sales precarious in Q1

Facebook
Twitter
LinkedIn
Reddit
Email

PV module encapsulant material supplier, STR Holdings continues to struggle transitioning its business and product portfolio after loosing its major customer, First Solar earlier in 2013.

STR reported first quarter 2014 sales of US$9.3 million, an increase of 40% over the previous quarter but a decline of 17% from the same period a year ago.

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

However, STR benefited from non-recurring sales of encapsulant material from First Solar totalling US$5.1 million in the quarter. Excluding the one-off First Solar revenue, sales would have declined to only US$4 million in the quarter, compared to US$6.7 million in the fourth quarter of 2013. STR had said in its recently released Annual Report that it did not expect any sales from First Solar in 2014.

According to SEC filings, First Solar accounted for US$39.2 million sales (41% of total) of 2012 sales and US$5.7 million (18% of total) of 2013 sales.

STR also noted that it experienced production ramp delays for its revised encapsulant material product portfolio at its contract manufacturer, ZheJiang FeiYu Photo-Electrical Science & Technology Co, in China.

The company increased sales volume by approximately 10% year-on-year but experienced an ASP decline of approximately 24% in the same period. In the first quarter STR increased sales that led by approximately 50% higher volume but experienced a 7% ASP decline. Losses in the quarter increased to US$4.6 million, mainly due to costs associated with volume production increase.

STR ended the first quarter with US$26.5 million of cash and no debt.

Read Next

September 16, 2025
Sunotec has launched Sunotec Nordic to spearhead solar and hybrid renewable project development across the Nordic region.
September 16, 2025
The SPPC has launched a request for qualifications for 5.3GW of new renewable power capacity, of which solar will account for 3.1GW.
September 16, 2025
Chinese polysilicon producer GCL-Tech has entered into a strategic financing agreement with Infini Capital, a globally renowned investment institution backed by a Middle Eastern sovereign wealth fund.
Premium
September 16, 2025
At RE+, industry leaders pointed to the resilience of the US solar sector, despite challenges brought by the 'One Big, Beautiful Bill' Act.
September 16, 2025
IB Solar is investing INR30 billion (US$340 million) in a 4GW TOPCon solar cell and module manufacturing plant in Jewar, Uttar Pradesh.
September 16, 2025
Two of the major European solar trade associations, the European Solar Manufacturing Council (ESMC) and SolarPower Europe (SPE), have called for EU policymakers to take measures supporting European solar manufacturing.

Subscribe to Newsletter

Upcoming Events

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
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA