Solar energy technology leader Midsummer, one of the world's leading developers and suppliers of advanced solar solutions, today (11/15) announces its interim report for the third quarter of 2018. For the first nine months of the year, Midsummer has an order intake of almost SEK 192 million [USD 21m; EUR 18.7m], revenues of SEK 165 million [USD 18m; EUR 16m] and operating profits of SEK 30.7 million [USD 3.4m; EUR 3m].
Midsummer's revenues for the third quarter was nearly SEK 62 million, with an operating profit of SEK 11.3 million. For the first nine months of the year, sales amounted to SEK 165.1 million, with an operating profit of SEK 30.7 million. The operating margin was just over 18 percent for both Q3 and Q1-Q3.
These figures can be compared to the full year 2017, when Midsummer generated a turnover of SEK 115 million with a operating profit of SEK 25 million (Midsummer did not report interim reports 2017 since it's shares were listed on Nasdaq First North Stockholm only in June 2018.)
"Midsummers succeeded in producing a strong result for the third quarter, despite our continued rapid growth. We are still seeing a great global interest in our innovative solutions for the production of thin film solar cells and for building-integrated solar panels in general," said Sven Lindström, CEO of Midsummer. "The expansion of our organization continues, although at a slower pace. During Q3, we have focused on strengthening our subcontractor network to ensure increased production capacity without increasing the number of employees proportionally".
"It is extremely satisfying to see that our customers now start developing products with unique features for our technology. This opens a market potentially much larger than today's market for solar energy".
The interim report for the third quarter of 2018 shows, among other things, the following important events during the period:
- Net sales for the first nine months of 2018 amounted to TSEK 165 135, compared to net sales of TSEK 115 009 for the full year 2017. Net sales for the third quarter of 2018 amounted to TSEK 61 878.
- Operating profit for the first nine months of 2018 was TSEK 30,713, compared with TSEK 25,002 for the full year 2017. Operating profit for the third quarter of 2018 was TSEK 11,263.
- Midsummer received a follow-up order for production equipment at existing customer for increased production capacity. Order value approximately 30 MSEK.
- The total order intake for the first nine months of 2018 was TSEK 191,669, and the order book on 30th September was SEK 45,102 thousand.
- Midsummer has hired 12 new employees during the third quarter.
The interim report as a whole is available on the Midsummer IR page under Financial reports
Year-end report 2018 is expected to be published on March 22, 2019.
The application for G & W Small Business Press is available at: https://financialhearings.com
For additional information please contact:
Sven Lindström
CEO, Midsummer AB
Email: sven.lindstrom@midsummer.se
Phone: +46 (0) 8 525 09 610
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. 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 08:45 CET on November 15, 2018.
