Solar tracker maker Soltec Power Holdings swung to a net profit of €14.5 million ($15.1 million) in the third quarter (Q3) of FY 2022, against a loss of €0.1 million ($104,229.5) year-over-Year (YoY).

The company said the results are driven by a strengthened demand, a reduction in global disruptions, and an improvement in logistics conditions at a worldwide level.

The company’s July-September revenue came in at €158.8 million ($165.51 million), a 58.8% YoY jump.

Soltec Power’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at €13.6 million ($14.17 million), from a loss of €3.4 million ($3.5million) YoY.

The Spain-headquartered company said its industrial division maintains positive operating indicators, with a backlog of €308 million ($320.9 million) for 1,537 MW in Latin America, North America, and Europe.

The company said that the pipeline of the project development division reached 13.7 GW at different stages of development, with a presence in 8 countries — Spain, Italy, Denmark, Romania, Brazil, Colombia, the United States, and Mexico.

9M FY 2022 

For the January-September period of 2022, Soltec Power recorded a net profit of €4.5 million ($4.6 million) against a loss of €20.0 million ($20.8 million) YoY.

The company’s total revenue stood at €403.4 million, a surge of 115.8% YoY.

EBITDA was recorded at €8.5million ($8.8 million), from a loss of €22.5 million ($23.4 million).

The company said that as of September, 2022,  it had supplied 14 GW of trackers cumulatively since 2014, having supplied 2.6 GW of solar trackers during the first nine months of the year.

In May 2021, Soltec announced the creation of a new business line specializing in asset management, Soltec Asset Management. Through this division, the firm expects to obtain an additional revenue stream from the sale of energy.

The company maintained its full-year (2022) guidance. Revenue for 2022 expected to be in the range of €450million ($468.7 million) to €550million ($572.8 million). The EBITDA margin’s guidance stands at 2% to 3%.

For the financial year 2021, the company recorded a revenue of €411.8 million (~$456.82 million), a YoY increase of 74% compared to €236.2 million (~$262.02 million) in 2020.

In July 2021, the company’s global solar photovoltaic project development division and Banco de Nordeste do Brasil signed an agreement to finance a new solar PV project in Brazil amounting to €86 million ($89.6 million). The Graviola project is in the municipality of São João do Piauí (Brazil) and will have an installed capacity of 375 MW.