German systems integrator Phoenix Solar AG reports its was able to increase its revenue by 40% to €13.8 million ($15.0 million) in the first quarter of 2017. The revenue growth, the company explained, was mainly due to the U.S. market, which contributed to 90% of the quarterly revenue.
Meanwhile, the company’s project pipeline increased from 330 MW to 350 MW, while its projects that are close to completion currently have a combined capacity of 90 MW.
The company’s Ebit loss for the quarter was €4 million, down from a loss of €2.5 million in the same period of 2016. Ebit margin was below expectations at -28.7%. Net loss increases year-on-year from €3.7 million to €5.1 million.
At the end of the latest quarter, Phoenix Solar has an order backlog of €60.6 million. This compares to €142.1 million in the first quarter of 2016 and €55.8 million at the end of 2016.
Total orders increased year-or-year from €186.4 million to €209.6 million.
Looking forward, the company said it confirms its outlook for full fiscal year 2017, for which it expects revenue to reach between €160 million and €190 million, and Ebit to be positive in the range of €2 million to €3 million.
By Petra Hannen
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