Aurora Solar Technologies Releases Q3 Results

Auroa Solar Technologies (TSXV:ACU) has announced its third quarter results.

As quote din the press release:

Revenue for the quarter was $337,325, gross margin was 62.9%, resulting in an operating income loss of ($398,959).

Year-to-date for nine months, the Company has recognized $1,903,020 in revenue, an increase of 238% over the same period last year. The operating income (loss) year to date was ($674,983), a reduction of 67.7% from the same period last fiscal year. The Company also confirms, excluding new potential orders, that it has unrecognized revenue from shipments and order backlog of approximately $600,000.

Aurora continues to make excellent progress positioning its infrared quality measurement and control technology as a new global industry standard for the solar cell manufacturing market. Major initiatives accomplished in the third quarter and early 2018 included:

1) Installing the record number of systems shipped in the second quarter in Korea and China. These installations were on high end monocrystalline PERC and bifacial production lines requiring sensitive handling and hands free automated measurement of the quality after the diffusion process, to ensure a faster plant start up and better yield by eliminating inferior quality solar cells early in the process.

2) Delivering and starting up two Decima Gemini systems for a bifacial line with a leading global manufacturer of production equipment to the solar cell market. If this initial project is successful, the Company expects this equipment supplier will integrate Decima Gemini systems as part of their ongoing equipment offerings.

3) Installing and starting up a Decima Gemini measurement system with Veritas process visualization software on a bifacial line for the world’s largest manufacturer of solar cell panels. If this testing evaluation is successful, the company expects significant future order potential to support this customer’s expansion targets

4) The hiring of Dr. Johnson Wong a senior physicist with extensive experience in technology development and process evaluation in the solar cell manufacturing industry.

Click here to read the full press release.