Swiss solar products manufacturer Meyer Burger Technology AG has announced a delay in the release of its first-half financial report as it adjusts for the impact of its ongoing restructuring program. The company stated that the financial report will now be issued by October 31, 2024, at the latest, with approval from SIX, the Swiss Stock Exchange regulator.
Meyer Burger explained that it is in the process of incorporating the effects of its strategic realignment into its financial statements for the period from January to June. Preliminary results indicate that the firm generated consolidated sales of CHF 48.7 million (USD 57.9 million/EUR 51.9 million) in the first half of 2024, with CHF 43.4 million attributed to solar module sales. This represents a decline from the previous year's sales of CHF 96.9 million.
The company estimated its cash and cash equivalents for the first half of this year at CHF 158.6 million on a consolidated basis.
Earlier in September, Meyer Burger initiated its restructuring program aimed at achieving profitability. This plan follows the discontinuation of a large solar cell manufacturing project in the United States and the cessation of module production in Germany. As a result of these changes, the company's global workforce is expected to decrease from approximately 1,050 to 850 by the end of 2025.
Meyer Burger also indicated that it is exploring various options to address its remaining financing gap.
