Midsummer’s quarterly report for Q1 2020

Solar energy technology company  Midsummer announced its quarterly report for Q1 2020. Net revenues for the group were SEK 42.8m with an operating profit of SEK 4.1m. In Q1, Midsummer received a new order for a DUO system from Rusnano. A Business Development Manager was hired with a focus on Europe and the company launched new product sites for Midsummer WAVE, Midsummer SLIM och Midsummer BOLD.

Midsummer announces net revenues of SEK 42.8m for the 1st quarter 2020 (SEK 26.9m in Q1 2019) and an EBITDA of SEK 12.7m (SEK 14m. The group’s operating profit for the first three months was SEK 4.13m (SEK 8.07m).

Midsummer’s CEO Sven Lindström comments:
”The first week of January I visited potential new clients and existing clients in China. Foremost, I wanted to secure deliveries of solar panels from our existing equipment customers to support our own production of solar panels in Sweden. Ever since the end of 2019 we have experienced an increasing interest for our solar panels and our local Swedish production capacity couldn’t meet the demand. Our Chinese customers also had full order books but we were promised 500 kW per month as soon as production was up and running again after the Chinese New Year.”

”However, the start of production in China was much delayed due to the outbreak of the corona virus and we cannot count on any major deliveries from China until 2021. This strengthens our beliefs that we should focus on production in Europe going forward.”

New business in the quarter
”Despite travel restrictions, we were pleased to receive an order for a DUO system from Russia, the first under a framework agreement with the state-owned Rusnano Group. The objective of the collaboration is to develop the market for light weight building integrated solar panels in Russia and the Eurasian region. This contract secured a positive financial result for the first quarter, which is no given matter in these trying times.”

“The interest for our solar panels continues to be strong and we see an increasing number of visitors in our sales channels. Sales of solar panels were eight times higher in the first quarter this year than during the comparable period last year, and accounted for 8.4 per cent of net revenues.”

Green conversion in Europe
”The market for building integrated photovoltaics is growing much faster than the solar cell market in general and is expected to expand by 40 per cent per year in the coming years. Demand in Europe exceeds our production capacity by far in our existing facilities.”

”We believe that solar energy should be produced where it is consumed. Now is the time to expand from our local production in Järfälla, Sweden to multiple facilities in Europe. In March we employed a Business Development Manager to focus on new European factories.”

”We see fantastic possibilities to grow our own production as part of the green conversion that has already started. We also see additional possibilities when the EU must get the economical wheels rolling again and adapt to a new reality post-corona.”

”We saw exactly the same thing happen in China after the financial crisis in 2009-2010 when the global production capacity for solar cells multiplied. Juncker’s investment plan and local support will benefit us. Midsummer has a unique solution and is well positioned to become an important player to get Europe back on its feet with environmentally friendly manufacturing.”

”We are on our way and have received splendid response for our plans to establish a presence in several regions in Europe. We are now negotiating with organizations and authorities to find the best possible solution. This will, together with the order in December, multiply our European supply capacity in 2021.”

Important events January – March 2020

  • Midsummer hires Business Development Manager.
  • New product web sites for Midsummer WAVE, Midsummer SLIM and Midsummer BOLD
  • Midsummer sells its first production line under the framework agreement with Rusnano of Russia

The quarterly report can be found in its entirety in Swedish at Midsummer’s IR page under Finansiella Rapporter.

This is an English edition of the Swedish press release first published May 15 2020. If there is any inconsistency or ambiguity between the English version and the Swedish version, the Swedish version shall prevail.

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