SunEdison posted a loss of US$112.1 million in the third quarter of 2013, yet its Solar Energy segment revenue soared to US$441 million, a 75% increase over the previous quarter.
The company said that its Solar Energy segment recognized non-GAAP revenue related to 75MW of solar energy systems, interconnected 55MW and ended the quarter with 558MW under construction, while its project business pipeline increased to 3.1GW, up 231MW from the prior quarter.
Ahmad Chatila, Chief Executive Officer of SunEdison said, “Relative to last quarter, our Solar Energy segment generated improved results and grew our solar project pipeline and backlog. I am very encouraged by the near-term trends in our solar project business.”
SunEdison reported total GAAP revenue of US$611.5 million and a non-GAAP revenue of US$672.0 million.
Solar Energy segment GAAP revenue was driven primarily by higher solar wafer sales, offset partially by lower solar project and solar module sales. The sequential revenue increase was driven primarily by higher sales of solar projects and solar materials.
However, third quarter revenue included US$22.0 million from the termination of a supply contract with Taiwan-based Gintech as well as revenue of US$37.1 million from the termination of a supply contract with Conergy.
Its Solar Energy segment recognized GAAP revenue from solar projects totalling 42MW, compared to 14 MW in the 2013 second quarter and 48 MW in the same quarter a year ago.
SunEdison said that it expected fourth quarter solar energy systems total non-GAAP sales volume to be in the range of 234MW to 264MW as part of a major ramp of projects that are expected to deliver around 1GW of project installations in 2014.
The full-year, SunEdison said that solar energy systems total non-GAAP sales volume would be in the range of 405MW to 435MW. Solar energy systems MW retained on the balance sheet would be between 100MW and 105MW.