Although U.S. wafer maker and solar developer SunEdison staunched its operating losses in the first three months of the year, the standout figure from yesterday’s first quarter update was a net loss which had ballooned almost $330 million since the end of 2013.
The St Peters, Missouri-based company reported its net losses expanded from $286.4 million at the end of December to an eye-watering $613.6 million by the end of March.
That was despite operating losses coming in from $184.4 million to $78.1 million over the same period.
The net loss figure comes in dramatically to just $64.2 million when SunEdison’s number-crunchers are allowed to get around generally accepted accounting principles (GAAP) but that is what those annoying GAAP measures are in place precisely to avoid.
In the latest market update, SunEdison CEO Ahmad Chatila was keen to focus on positive future predictions based on the developer’s project pipeline and construction plans, as well as cost reductions and manufacturing efficiencies, but with SunEdison’s net sales coming in slightly as well from $551.2 million to $546.5 million, quarter-on-quarter it is the here and now that may be of greater concern to shareholders.