Home PV Manufacturing Midsummer year-end report shows continued strong growth
Midsummer year-end report shows continued strong growth

Midsummer year-end report shows continued strong growth

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Stockholm, Sweden: Solar energy technology leader Midsummer AB (publ), one of the world’s leading developers and suppliers of advanced solar solutions, today announced its year-end report for 2018. In that year, Midsummer had revenues of MSEK 218 [USD 23.7m; EUR 20.9m], and an operating profit of MSEK 36 [USD 3.9m; EUR 3.45m]. The order book stood at MSEK 265 [USD 29m; EUR 25.4m] on Dec 31, 2018.

Midsummer’s revenues in 2018 amounted to MSEK 218, which is a 90 percent increase from 2017, when revenues were MSEK 115. The operating profit 2018 of MSEK 36 is an increase of approximately 43 percent from 2017, when the operating profit was MSEK 25. 

For the fourth quarter of 2018, net sales amounted to MSEK 53. (Midsummer made no interim reports in 2017, as the company was first listed on Nasdaq First North Stockholm in June 2018.) Booked orders in 2018 amounted to MSEK 265.

“2018 was our best year so far!,” said Sven Lindström, CEO of Midsummer. “We’ve had a fantastic order intake and can present our best sales and result figures ever. The expansion of our organization continues, and during the first quarter of the year we have begun moving in production equipment in our new premises near the existing premises near Stockholm, Sweden. This opens up space for increased production of our DUO machines and for our in-house manufacturing of cells and modules.”

The year-end report 2018 shows, among other things, the following important events in the period October-December 2018:

·       Net sales for 2018 were TSEK 218,156, which can be compared with net sales of TSEK 115,009 for 2017. Net sales for the fourth quarter of 2018 amounted to TSEK 53,021.

·       Operating profit for 2018 was TSEK 35,749, which can be compared with TSEK 25,002 for the full year 2017. Operating profit for the fourth quarter of 2018 was TSEK 5,037.

·       Follow-up order for production equipment at existing customer for expanded production capacity. Order value approximately MSEK 64.

·       The total order intake for 2018 was TSEK 264,540.

The year-end report as a whole is available on the Midsummer IR page under Financial reports

The interim report for Q1, 2019 is expected to be published on May 15, 2019.

 

Presentation of year-end report – press invitation

Midsummer’s presentation of the year-end report is being held on Thursday March 28 at. 15.00 at Midsummer´s premises, Elektronikhöjden 6, Järfälla, Sweden. Please register for the presentation via email to: Linda Sjölander at linda.sjolander@midsummer.se

About Midsummer

Midsummer is a leading developer and supplier of advanced solar energy technology solutions for the production and installation of thin film solar panels. Its business offering includes equipment for cost-effective manufacturing of thin film solar cells as well as building-integrated photovoltaic (BIPV) solutions for the application of thin film solar cells on buildings (facades, roofs etc.). Midsummer’s thin film solar modules are light, flexible, durable and highly efficient and therefore ideal for distributed renewable energy projects. Midsummer’s proprietary technology is based on a rapid process for the production of flexible thin film solar cells using sputtering of all layers of the solar cell. The Company’s share (MIDS) is traded on Nasdaq First North Stockholm with G & W Fondkommission as Certified Adviser, phone: +46 (0)8-503 000 50, email: ca@gwkapital.se. For more information, please visit: www.midsummer.se

IMPORTANT INFORMATION

This information is information that Midsummer AB (publ) is obliged to disclose under the EU Market Abuse Regulation. The information was provided, through the contact of the above contact person, for publication at 08:30 CET on March 22, 2019.

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Anand Gupta Editor - EQ Int'l Media Network