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Soltec Power (SOL) investor relations material
Soltec Power Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenues grew 28% year-over-year to €236.5M in H1 2024, driven by higher tracker sales and project execution, with nearly 80% of revenues from solar trackers.
Net loss widened to €126M, mainly due to asset impairments, non-cash adjustments, and losses in non-core segments.
Strategic shift to focus on core tracker business, discontinuing capital-intensive EPC, construction, and asset management activities.
New CEO, CFO, and COO appointed in mid-2024 to drive transformation, transparency, and operational efficiency.
Transformation plan underway with over 45 actions targeting operational efficiency, profitability, and cash generation.
Financial highlights
H1 2024 consolidated revenues reached €236.5M, up 28% year-over-year.
Adjusted EBITDA was negative €6.3M, improving from negative €10.2M in H1 2023.
Net loss of €126M, including €38M in deferred tax asset write-downs and €62.8M in energy segment losses.
Cash and cash equivalents at end-June 2024 were €25.9M, down from €32M at year start.
Net financial debt increased to €227.5M as of June 30, 2024.
Outlook and guidance
Focus on tracker supply as core business, with project development and O&M as supporting activities.
Discontinuation of construction services and divestment of operating energy assets to reduce debt and enhance value creation.
Transformation plan targets cost optimization, margin improvement, and cash generation.
International expansion prioritized, especially in the US, EMEA, and Latin America.
Business plan to be presented in coming months.
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