Strong half year for Midsummer
Swedish CIGS solar energy firm Midsummer has announced its financial results for the period from January to June of 2018. The company has experienced a record high volume of orders received during the first half of the year - about SEK 153m ($16.7m) - and good profits.
Midsummer's revenues in the first half of 2018 were around $11m (SEK103m), with profits of approximately $2M (SEK 19m). There are no comparable numbers for the same period in 2017 since 2018 is the first year when Midsummer, recently listed at Nasdaq First North Stockholm, compiles a half-year report. For the entire financial year 2017, Midsummer's revenues were around $12.6m (SEK115) and its profits $2.7m (SEK 25m).
"Global demand for the company's turnkey equipment for the manufacturing of thin film solar cells is increasing and Midsummer has had a good start to 2018 with record high orders received and strong profits," said Sven Lindström. CEO, Midsummer. "Our organisation is expanding; We have hired 30 new employees this year, most of them engineers."
The financial report for the first six months of 2018 contains the following major developments:
Orders received for the first six months were $16.8 m (SEK 153m), and the order book value as of June 30 was $7.3m (SEK 67m).
Midsummer did a rights issue of approximately $11m (SEK 100m) that was oversubscribed by 400 percent. The company's shares were listed on Nasdaq First North Stockholm on June 21 2018.
Midsummer's flexible solar modules were awarded UL certification with the highest fire code classification in the USA, which means that they can be installed on commercial roofs in forest fire high hazard areas in California.
Launch of a new web site where customers can calculate their own individual energy generation with installation of Midsummer's new building integrated solar cell roof "Clix by Midsummer".
The number of employees has grown from 45 to 75 from the beginning of the year until June 30.
Midsummer's DUO system has taken the position as the most widely distributed manufacturing tool for flexible CIGS solar cells in the world, according to the company.