Struggling solar manufacturer Meyer Burger has announced a delay in the release of its annual report until the end of May 2025, following the disclosure of preliminary losses for 2024.
Despite the report originally being scheduled for release on April 15, 2025, Meyer Burger has postponed the publication of its full annual report until no later than May 31, 2025, pending approval from SIX Exchange Regulation, the Swiss stock exchange regulator.
Failure to publish and submit the 2024 annual report by the end of May will result in a suspension of securities trading by SIX Exchange Regulation.
This is not the first time the company has delayed the release of its financial results; last year, it also postponed the publication of its first-half 2024 performance.
According to the earnings preview, the company reported an EBITDA loss of CHF 210.4 million (approximately USD 257 million) for the fiscal year 2024, significantly lower than the CHF 163.6 million reported in 2023.
Sales decreased by nearly half from CHF 135 million to CHF 69.6 million between 2023 and 2024. These preliminary financial results are unaudited and subject to change.
The financially troubled manufacturer continues to progress with its sale process while relying on extended bridge credit facilities to address its short-term liquidity issues.
The company faced a challenging year in 2024, beginning with the closure of its module assembly plant in Germany at the start of the year. At the time, Meyer Burger stated the move was to focus on its manufacturing operations in the United States.
However, in August of the same year, Meyer Burger canceled its planned 2GW solar cell manufacturing facility in Colorado, a setback for its U.S. business development.
Less than a month after canceling the Colorado solar cell processing plant plans, the company announced job cuts—reducing its workforce from 1,050 to 850 employees by the end of 2025—and the departure of then-CEO Gunter Erfurt. Less than a week after this announcement, the company appointed Franz Richter as its new CEO.
Adding to its challenges, in November, U.S. developer D.E. Shaw Renewable Investments (DESRI) terminated a 5GW supply agreement in the United States, with Meyer Burger stating it was in talks for a new master agreement in early 2025.
