Chinese solar manufacturer Solargiga Energy Holdings has released its unaudited operating statistics for the period from January 1, 2017 to March 31, 2017 showing an 87.3% increase in external shipments and a 22% increase in total revenue compared to Q1 2016.
According to the preliminary statistics, the external shipment of ingots, wafers, cells and modules in Q1 2017 saw a dramatic increase to 576.8 MW, up from 307.9 MW in 2016.
The company’s total Q1 revenue increased from ¥ 816.2 million ($118.5 million) last year to ¥ 995.8 ($144.6 million) this year.
The revenue from its production business went up by 22.5% amounting to ¥ 988.7 ($143.5 million), while sales of electricity generated and other revenue went down by 19.3% to ¥ 7.1 million ($1 million).
The encouraging statistics comes on the heels of a gloomy 2016 financial report that showed a $ 34.7 million net loss, which the company attributed to investments in production capacity, as well as higher R&D spending throughout the year.