Spire Corp., a solar company providing capital equipment and turnkey manufacturing lines to produce photovoltaic modules; engineering, procurement and construction integration services for solar systems; and other services, says it recorded $22.1 million in 2012 revenue.
However, the company also reports a net loss of $1.9 million and an 81% decrease in revenues from continuing operations for the fourth quarter of 2012. The decrease was primarily due to non-recurring solar systems revenue of $8.3 million, coupled with continued softness in manufacturing expansion resulting in reduced solar equipment revenues of $7.6 million.
"Although we are seeing growth in PV systems on a global basis, the continued oversupply of PV modules as it relates to market demand has resulted in a reduced demand for PV manufacturing equipment, which is expected to continue until the module supply/demand imbalance is resolved,’ explains Roger G. Little, chairman and CEO.
‘There is virtually no expansion of current module manufacturers,’ Little continues. ‘In addition, many module manufacturers have gone out of business resulting in a flood of used equipment on the market.’
"Based on current industry forecasts, the company expects the PV equipment market to exhibit a recovery and expansion cycle beginning in late 2013 or the first half of 2014, with the expected increase in global demand extending through at least the next several years,’ he adds.
Market opportunities at that point are expected to include equipment retooling, the growth of regional PV module manufacturing, and PV module supply chain transactions.