Just a few days after revealing that it expects to post an overall loss for 2017, Singulus has announced a reduction to its expected revenue for the year. The company now expects to see turnover in the range of €90 to 100 million, and an EBIT result between +€2 million and -€3 million.
Singulus was keen to stress that the new figures still represent a significant increase over the previous year, when revenue amounted to €68.8 million. Previously, the company had predicted that this would double, on the assumption that the majority of existing supply contracts could be completed on schedule.
A Chinese customer which had placed a large order for CIGS production equipment from Singulus notified the company that outstanding payments would take place at the end of the year. This meant that the start of construction of the fab would be delayed, and the work will not begin in time contribute to 2017 revenue figures. Lack of further sales also affected the result, however Singulus still hopes to hang on to a positive EBIT for the current year, after posting +€1.1 million for the first half of the year.
Despite the forecast reduction, Singulus remains bullish about the prospects for its solar division. The company states that it expects benefit from a protracted investment cycle for CIGS thin-film production.
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