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Midsummer continues strong growth

Q3 revenues reach €6m with €1m operating profit

Swedish CIGS solar energy company Midsummer has announced its interim report for the third quarter of 2018. Midsummer's Q3 revenues were nearly €6m (SEK 62 million), with an operating profit of €1m (SEK 11.3 million).

For the first nine months of the year, Midsummer has an order intake of almost €18.7m (SEK 192 million), revenues of €16m (SEK 165 million) and operating profits of €3m (SEK 30.7 million).

The operating margin was just over 18 percent for both Q3 and Q1-Q3.

These figures can be compared to the full year 2017, when Midsummer generated a turnover of €11.2m (SEK 115 million) with a operating profit of €2.4m (SEK 25 million). Midsummer did not report interim reports 2017 since it’s shares were listed on Nasdaq First North Stockholm only in June 2018.

"Midsummer succeeded in producing a strong result for the third quarter, despite our continued rapid growth. We are still seeing a great global interest in our innovative solutions for the production of thin film solar cells and for building-integrated solar panels in general,” said Sven Lindström, CEO of Midsummer.

“The expansion of our organisation continues, although at a slower pace. During Q3, we have focused on strengthening our subcontractor network to ensure increased production capacity without increasing the number of employees proportionally”.

"It is extremely satisfying to see that our customers now start developing products with unique features for our technology. This opens a market potentially much larger than today's market for solar energy”.

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