SAN JOSE, Calif. Solar cell maker Evergreen Solar Inc. said revenues increased 25 percent to $11.6 million from $9.3 million for the fourth quarter of 2004 and rose 4 percent from $11.1 million for the third quarter of 2005.
Net loss attributable to common stockholders for the fourth quarter of 2005 was $5.0 million, or minus $0.08. This compares with a net loss of $3.8 million, or minus $0.08 per share, for the fourth quarter of 2004 and a net loss of $4.6 million, or minus $0.07 per share, for the third quarter of 2005.
"During the fourth quarter, Evergreen Solar continued to execute on plan as the company delivered record financial results, began the conversion of its Marlboro factory to thin-wafer production and made significant progress with its EverQ venture," said Richard M. Feldt, president and chief executive, in a statement.
"In Thalheim, Germany, EverQ remains on schedule as we began installing equipment at our 30-megawatt facility in November and moved forward aggressively with our hiring plans,” he said. “We currently have about 100 EverQ employees and have given start dates to about 100 more. This aggressive hiring should enable us to ramp production quickly over the next several months."
Last year, Evergreen Solar, a manufacturer of solar power products based on its proprietary, low-cost String Ribbon wafer technology, broke ground on the manufacturing plant in Thalheim. The plant is being constructed by EverQ, a recently-formed strategic partnership between Marlboro, Mass.-based Evergreen Solar and Thalheim-based Q-Cells AG, the world's largest independent manufacturer of crystalline silicon solar cells.
For the twelve months ended Dec.31, 2005, Evergreen’s product revenues were a record $43.6 million, nearly double the $22.2 million reported in 2004. Net loss attributable to common stockholders for 2005 was $17.3 million, or minus $0.29 per share, compared with $22.3 million, or minus $0.67 per share, in 2004.
"In Thalheim, EverQ will commence production in March. We anticipate that the first two quarters of this year will be a period of significant investment for us and our EverQ partners as we work toward a full production ramp by mid-summer 2006,” according to the Evergreen executive. “We also expect revenue for full-year 2006 to more than double from 2005 levels and to increase throughout the year as our EverQ operation ramps production."
In addition, Evergreen has entered a four-year photovoltaic module supply contract worth $88 million with Global Resource Options Inc. (GRO), a Vermont-based solar power distributor and system integrator.