Singulus records weak Q3 bookings, losses continue in 2015

A PV equipment supply recovery of sorts may be underway, however it has not returned many European suppliers back into positive financial territory. Germany’s Singulus has recorded a flat Q3, however this has been attributed largely to weak orders from its optical disk equipment sales.

Singulus reported its financial reports for the first nine months of 2015 yesterday, in which revenues of €57.7 million were reported, a year-on-year (Y/Y) increase of €4.9 million. Revenues for Q3 totaled €28,5 million, up €5.8 million. The modest increases would be pleasing for the firm, however it has continued to sustain losses of €13.9 million, although that is more than halved on the €38.7 million lost in the same period in 2014.

New bookings have substantially increased Y/Y in the first nine months of 2015, coming in at €84.4 million, almost a doubling Y/Y of €48.4 million.

Unfortunately for the firm, optical disk – primarily Blu-ray – equipment sales have not increased in Q3, as was anticipated by the firm, and bookings of only €11.3 million were achieved, an €11.9 million Y/Y decrease. The Blu-ray disk equipment supply business can be dependent on the vagaries of film studios’ release schedules.

Unlike compatriot equipment supplier Manz, Singulus’ solar segment has been a positive contributor to its revenues and bookings in 2015. While Manz’s solar segment has continued to perform poorly, Singulus’ PV manufacturing equipment sales have been buoyed by orders for both its CIGS equipment, from Hanergy, and wet chemistry tooling, which is primarily targeted at heterojunction (HJT) cell production. The company reports it has received some bookings for PERC upgrade processes.

By contrast, Manz has not been able to sell on its CIGSfabs and informed pv magazine yesterday that it is either looking for a strategic investor or purchaser for its solar technology portfolio or, failing that, at winding up the segment.

Cash flow for Singulus for the first nine months of 2015 is negative, with the company seeing its available cash and cash equivalents decrease from €35.8 million in December 2014, to €16.6 million by the end of Q3 2015.

Singulus previously anticpated achieving break even in 2015.