Meyer Burger, a Swiss solar company, has postponed its annual financial report until May 31st, 2025, citing the need for more time to present a solution to concerned shareholders for the company's survival. This follows a similar postponement in August 2024 regarding the publication of the semi-annual financial figures.
Preliminary figures for 2024 reveal a significant downturn. Revenue plummeted to CHF 69.6 million, almost half of the previous year's CHF 135 million. The operating loss reached CHF 210.4 million. The company acknowledges that its continued existence is highly uncertain and dependent on securing substantial new funding and successfully implementing its business plan.
Analyst Eugen Perger believes a turnaround is unlikely and anticipates a total loss for shareholders. He notes that even at a low price, there's little interest in the company due to sufficient existing capacity in the solar market. The company is actively seeking fully financed, binding offers from selected parties.
The main reason behind the crisis stems from the cancellation of orders by major client D. E. Shaw Renewable Investments (Desri). This resulted in the loss of approximately 90% of projected revenue for 2025 and 2026. Despite securing bridge financing in January, the company's underutilization of production capacity remains, and a planned US business relocation did not materialize. The lack of a buyer further complicates the situation.