Evergreen posts loss after plant closure
Net loss for the quarter was $411 million, or $11.99 per share, compared with a net loss of $98.4 million, or $2.88 per share, in the same period a year ago.
Revenue rose 20 percent to $89.3 million from $74.5 million last year.
The company's average selling prices fell 6 percent to $1.90 per watt from $2.02 per watt in the third quarter.
With the closure of its Devens facility, Evergreen is better positioned to become a supplier of low-cost silicon wafers, Chief Executive Michael El-Hillow said in a statement.
Evergreen, which is based in Marlboro, Massachusetts, last month said it would close its Devens factory and cut 800 jobs to preserve cash. Its products have faced stiff competition from cheaper Chinese rivals, and Evergreen has pursued a strategy to outsource manufacturing to China.
Evergreen's string ribbon silicon wafers use half the polysilicon of traditional products, but are still sold at a premium to peers.
Related News
The Banker Trying to Fix the UK's Electricity Grid
LONDON - During his three decades at investment bank Morgan Stanley, Franck Petitgas developed a reputation for solving problems that vexed others. Fixing the UK’s creaking power grid could be his most challenging task yet.
Earlier this year, Prime Minister Rishi Sunak appointed Petitgas as his chief business adviser, and the former financier has been pushing to tackle the gridlock that’s left projects waiting endlessly for a connection, an issue he sees as one of the biggest problems for industry.
But there are no easy solutions to tackle the years-long queue to get on the grid or the drawn-out planning process for…
