Meyer Burger (MBTN) H1 2024 earnings summary

Executive summary

• Operations shifted from Europe to the U.S., closing German module production and ramping up in Arizona, with cell production continuing in Thalheim, Germany.

• Colorado Springs cell project abandoned due to unviable financing, leading to major restructuring and asset write-downs.

• Comprehensive restructuring program validated by external advisors, targeting profitability by 2026 and a 1.4 GW capacity, with most output secured by long-term contracts.

• Strategic realignment includes workforce reduction, management changes, and a focus on the U.S. market due to favorable tariffs, incentives, and strong offtake agreements.

Financial highlights

• H1 2024 sales were CHF 48.7–49 million, down from CHF 96.9–97 million in H1 2023.

• EBITDA loss for H1 2024 was CHF -123.5 to -124 million, with one-off charges and impairments totaling CHF 197.4 million.

• EBIT for H1 2024 was CHF -321.7 to -322 million, reflecting heavy impairments and restructuring costs.

• Net loss for H1 2024 was CHF 317.3–317 million.

• Cash and cash equivalents at H1 2024 stood at CHF 158.6–159 million.

Outlook and guidance

• Business plan targets CHF 350–400 million in annual revenue and CHF 70 million EBITDA once fully ramped, expected by 2026.

• Ongoing negotiations with bondholders and convertible bondholders aim to close a significant funding gap and secure fresh capital.

• Restructuring includes further workforce reductions, especially in Europe, and potential asset sales to support liquidity.

• U.S. market focus leverages long-term contracts, political support, and contingency plans for potential changes in U.S. subsidy policy.