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					</table><p>Germany-based solar energy equipment supplier <a href="https://www.sma.de/" target="_blank" rel="noopener">SMA Solar Technology</a> reported a net income of €5.5 million (~$6.1 million) for the first quarter (Q1) of 2025, a 80% year-over-year (YoY) decrease of €28.5 million (~$32 million), missing analysts’ expectations.</p>
<p>The company’s revenue decreased 9.4% to €328 million (~$368 million), falling short of the estimate of €360.3 million (~$404 million).</p>
<p>The fall can be attributed to decreased sales in home solutions and commercial and industrial sectors.</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 50% YoY to €24.6 million (~$27.6 million) from €49.9 million (~$56.1 million).</p>
<p>The primary reasons for the decrease compared to the previous year were lower sales and lower fixed cost degression in the home solutions and commercial and industrial solutions segments.</p>
<p>In Q1 2025, the company’s home solutions sales stood at €21.9 million (~$24.6 million), a 65% decrease compared to €62.6 million (~$70.4 million) in Q1 2024. In the commercial and industrial solutions segment, sales stood at €26.3 million (~$29.6 million), reducing 62.6% from €70.5 million (~$79.3 million) in the same quarter the previous year.</p>
<p>The large-scale and project solutions sales during the quarter were at €279.5 million (~$314 million), a 22.2% YoY increase from €228.7 million (~$257 million).</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/sma-solar.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-79563 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/sma-solar.png" alt="" width="379" height="349" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/sma-solar.png 379w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/sma-solar-300x276.png 300w" sizes="(max-width: 379px) 100vw, 379px" /></a></p>
<p>Jürgen Reinert, CEO, SMA Solar Technology, said, “We saw a slight improvement in order intake in the home solutions and commercial and industrial solutions segments in the first quarter of 2025.”</p>
<p>He added, “Looking ahead to the coming quarters, we expect order intake to be less volatile overall due to the further normalization of inventories in distribution within these two segments, thereby returning to normal levels compared to the last two fiscal years.”</p>
<p>Kaveh Rouhi, CFO, SMA, said the large scale and project solutions segments contributed to the company’s sales and earnings.</p>
<p>“As planned, the operating performance of the home solutions and commercial and industrial solutions segments was lower than in the same quarter of the previous year. In addition, we are consistently working on implementing our restructuring and transformation program to achieve the planned improvement in earnings gradually,” added Rouhi.</p>
<p>The company’s order backlog was €1,293.9 million as of March 31, 2025. SMA Group’s free cash flow rose to €96.1 million (~$108 million) from a negative €45.7 million (~$51.4 million) in Q1 2024.</p>
<p>The company’s earnings per share stood at €0.16 (~$0.18) in Q1 2025.</p>
<p><strong>Full Year Guidance 2025</strong></p>
<p>Due to the deterioration of the macroeconomic environment and increased uncertainties caused by volatile tariff policies, along with their potential direct and indirect impacts on the company’s business, it expects sales and EBITDA to be in the lower third of the guidance range of €1,500 million to €1,650 million (~$1.6 billion) and €70 million (~$78.7 million) to €110 million (~$123 million).</p>
<p>“Looking ahead to the coming quarters, we expect order intake to be less volatile overall due to the further normalization of inventories in distribution within these two segments, thereby returning to normal levels compared to the last two fiscal years,” said Reinert.</p>
<p>The company’s revenue <a href="https://www.mercomindia.com/lower-home-solution-segment-sales-reduce-sma-solars-revenue-by-20" target="_blank" rel="noopener">declined</a> 19.7% in 2024, primarily due to a significant decrease in sales in the home solutions segment. However, it <a href="https://www.mercomindia.com/sma-solar-revenue-growth-2023" target="_blank" rel="noopener">reported</a> a 79% jump in its 2023 revenue on the back of strong inverter sales.</p>


SMA Solar Technology’s Net Income Falls 80%, Misses Analyst Expectations


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					</table><p>U.S.-based solar tracker systems provider <a href="https://www.ftcsolar.com/" target="_blank" rel="noopener">FTC Solar</a> achieved a revenue of $20.8 million in the first quarter (Q1) of 2025, a 65.3% year-over-year (YoY) increase from $12.58 million.</p>
<p>The increase in revenue can be attributed to higher product volumes.</p>
<p>In Q1, the company’s net loss narrowed to $3.8 million compared to $8.8 million, a 58% decrease from the same quarter of the previous year.</p>
<p>Yann Brandt, President and Chief Executive Officer, FTC Solar, said, “In recent months, we have added multiples of our current annual revenue run rate to our backlog, signed agreements totaling more than 6.5 GW with Tier 1 customers, added incremental liquidity for our balance sheet, strengthened our sales team, further strengthened our product offering and capabilities, and increased our commercial traction with bids on many gigawatts of future projects.”</p>
<p>Brandt said much of the company’s recent momentum was driven by the significant expansion of its 1P tracker line, which includes offerings for high winds of up to 150 mph, terrain-following options, a large stow range, compatibility across module manufacturers and types, and the upcoming 100% domestic content availability.</p>
<p>The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) suffered a loss of $9.8 million in Q1 2025, compared to the same amount in Q4 2024 and $10.7 million in Q1 2024. This loss was calculated by excluding an approximate $5.9 million net gain from the change in fair value of the warrant liability, gain from collecting contingent earnout payment, and other non-cash items.</p>
<p>FTC Solar’s net loss per diluted share stood at $0.58 compared to $0.70 in Q1 2024. The company’s current backlog stands at $482 million.  “I believe our expanded offering and increased bidding activity will support continued backlog additions,” stated Brandt.</p>
<p>The company’s operating expenses were $7.1 million. Explaining the solar market conditions, Brandt said, “The good news is that despite crosswinds, the demand for solar generation is as high as I have ever seen it. Looking at developments nearing the start of the construction phase, it is typical to see a competitive market for investments and acquisitions of those projects. The bigger the project, the bigger the demand to build it.”</p>
<p>Addressing the uncertainty arising from the recent U.S. tariffs, Brandt said, “Our supply chain team is working to ramp up additional capacity and markets that have lower tariffs. We already have a diverse supply chain in addition to a robust capability set here domestically. So, ultimately, we are mitigating everything we can for our customers and projects still want to get built and get on track.”</p>
<p>Project development activity has not slowed, he adds. “I think the market is taking a pause on the negotiations between offtakers and project owners, because it is really hard to understand what the pro forma looks like, both on the CAPEX side with sustained tariff levels, as well as what the energy market is,” Brandt said.</p>
<p><strong>Outlook Q2 2025</strong></p>
<p>FTC Solar expects to earn revenues between $19 million and $24 million in Q2 2025. It also projects an increase in operating expenses between $7.8 million and $8.6 million.</p>
<p>During this period, the company is expected to have an EBITDA loss ranging from $13.3 million to $10 million.</p>
<p>Cathy Behnen, Chief Financial Officer, FTC Solar, said, “Looking beyond Q2, in addition to the second half revenue being larger than the first half, we continue to expect to achieve adjusted EBITDA breakeven quarterly within 2025.”</p>
<p>FTC Solar <a href="https://www.mercomindia.com/ftc-solars-net-loss-widened-by-14-49-due-to-low-product-volume" target="_blank" rel="noopener">reported</a> revenue of $13.2 million in Q4 2024, a 43.1% YoY decline from $23.2 million.</p>


Higher Sales Volume Pushes FTC Solar’s Revenue by 65%


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					</table><p>China-based photovoltaic-grade polysilicon manufacturer <a href="http://www.dqsolar.com/Index.php" target="_blank" rel="noopener">Daqo New Energy Corporation</a> reported a revenue of $123.9 million in the first quarter (Q1) of 2025, a 70% decrease from $415.3 million in the same period last year.</p>
<p>The revenue decline was primarily attributed to a decrease in sales volume.</p>
<p>“In Q1 2025, the solar PV industry faced significant challenges. Overcapacity persisted, and polysilicon prices stayed below cash cost levels. Although this caused Daqo New Energy to sustain quarterly operating and net losses, our losses narrowed, and we maintained a strong, healthy balance sheet with no financial debt,” said Anita Zhu, Deputy Chief Executive Officer, Daqo.</p>
<p>Sales volume dropped to 28,008 MT, down from 42,191 MT in Q4 2024. Similarly, production volume fell from 34,236 MT in Q4 2024 to 24,810 MT in Q1 2025.</p>
<p>“Total production volume at our two polysilicon facilities for the quarter was slightly below our guidance range of 25,000 metric tons to 28,000. However, sales volume reached 28,008 metric tons, exceeding production and enabling us to reduce inventory to a healthier level,” Zhu said.</p>
<p>He added, “We&#8217;ve seen that the overall industry utilization rate is currently at around 40% to 50%. And we actually haven&#8217;t seen any companies completely exiting the market. Most of them are either lowering their utilization rate or undergoing this temporary shutdown.”</p>
<p>Xiang Xu, CEO of Daqo New Energy, commented, “In light of the current market conditions, we expect our total polysilicon production volume in the second quarter of 2025 to be approximately 25,000 MT to 28,000 MT. As a result, we anticipate our full year 2025 production volume to be in the range of 110,000 MT to 140,000 MT.”</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/daqo.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-79103 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/daqo.png" alt="daqo " width="602" height="248" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/daqo.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/daqo-300x124.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/daqo-600x247.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></a></p>
<p>The company’s net loss saw a 60% year-over-year (YoY) decline from $180.2 million to $71.8 million in Q1 of 2025.</p>
<p>In Q1, Daqo reported negative earnings before interest, taxes, depreciation, and amortization of $48.4 million. The company’s earnings per share loss stood at $0.80, compared to $0.55 in the same period last year.</p>
<p>As of March 31, 2025, the company had $791.9 million in cash, cash equivalents, and restricted cash, compared to $1,038.3 million as of December 31, 2024, and $2,689.3 million as of March 31, 2024.</p>
<p>“In total, our quick assets, readily convertible into cash if needed, stood at $2.15 billion, providing us with ample liquidity. With no financial debt, our solid financial position gives us the confidence that we will remain strategically resilient and well-positioned to overcome the current market downturn,” added Xu.</p>
<p>The solar industry continued to show promising prospects, with China’s new solar installations reaching a capacity of 59.71 GW in Q1, a 30.5% YoY growth.</p>
<p>“Looking ahead, Daqo New Energy is well-positioned to capitalize on the long-term growth in the global solar PV market and strengthen its competitive edge by enhancing its higher-efficiency N-type technology and optimizing its cost structure through digital transformation and AI adoption,” said Xu.</p>
<p>The company is also expecting improved profitability and healthier margins.</p>
<p>Xu also stated, “Given the relatively high level of polysilicon inventory held by wafer manufacturers, price increases have yet to materialize in the polysilicon segment fully. Polysilicon prices remained stable at approximately RMB37 (~$5.09)-42 (~$5.78)/kg throughout the quarter. In the medium to long-term, however, we believe current low prices and the market downturn will eventually result in a healthier and more sustainable industry.”</p>
<p>Xu believes that future prices will remain at the current levels due to policy changes in February. He said, “We expect the price level to remain at the current range before the policy cutoff date of May 31st, especially because we expect strong April and May demand at around 55 gigawatts to 65 gigawatts, translating to a total demand of around 125,000. We maintain cautious and expect pricing to be relatively suppressed at the low price range of RMB35 to RMB40 per kilogram throughout the remainder of 2025.”</p>
<p><strong>Guidance for Q2 2025</strong></p>
<p>The company expects to produce approximately 25,000 MT to 28,000 MT of polysilicon during Q2 2025.</p>
<p>It is also expected to produce approximately 110,000 MT to 140,000 MT of polysilicon in the entire 2025 period.</p>
<p>In Q4 2024, Daqo <a href="https://www.mercomindia.com/daqos-q4-2024-revenue-drops-as-polysilicon-asps-fall" target="_blank" rel="noopener">reported</a> a 1.56% YoY drop in revenue to $195.4 million in Q4 2024 from $198.5 million.</p>
<p>The company also <a href="https://www.mercomindia.com/daqo-q2-2024-revenue" target="_blank" rel="noopener">saw</a> a significant decline in revenue to $219.9 million in Q2 2024 due to a drop in polysilicon prices below production costs.</p>


Daqo New Energy’s Revenue Plunges 70% in Q1 2025 as Sales Drop


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					</table><p>Smart energy storage company <a href="https://www.stem.com/" target="_blank" rel="noopener">Stem</a> reported a 27% revenue increase in the first quarter (Q1) of 2025 to $32.5 million, against the expected $31.27 million, from $25.5 million in the same quarter the previous year.</p>
<p>Net loss of $2.5 million was reported in Q1 2025, a 65.4% year-over-year (YoY) improvement from $72.3 million.</p>
<p>Earnings per share (EPS) came in at -$0.15, exceeding the expected -$0.19.</p>
<p>Doran Hole, Chief Financial Officer and Executive Vice President, Stem, said, “The first quarter of 2025 showed strong execution of our strategic initiatives and demonstrates that we are steering Stem in the right long-term direction.”</p>
<p>Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss was $4.6 million, a 62.2% YoY improvement from $12.2 million. The improved EBITDA was driven by margin expansion and continued operating cost discipline.</p>
<p>The company ended Q1 2025 with $58.6 million in cash and cash equivalents compared to $56.3 million at the end of Q4 2024.</p>
<p>Driven by increased solar bookings, Stem’s contracted annual recurring revenue increased 7% quarter-over-quarter to $69.0 million from $64.5 million.</p>
<p>Non-generally accepted accounting principles (GAAP) gross profit margin improved by 46% compared to a 24% improvement in Q1 2024.  “We achieved strong GAAP and non-GAAP gross margins, driven by the strength of our high-margin software, services, and edge device offerings. We achieved another positive milestone this quarter by generating positive cash flow from operations for the first time in our history,” said Hole.</p>
<p>At the end of Q1 2025, Stem’s contracted backlog was $25.3 million, and bookings were $34.5 million.</p>
<p>Arun Narayanan, CEO, Stem, said, “Utility-scale deployments are much larger than C&amp;I, and our market share in this segment is modest, presenting significant growth opportunities. We are seeing momentum in the utility-scale (deployments), with nearly triple the bookings in the first quarter compared to the same period last year. We are also investing in growing our software deployment presence in international markets.”</p>
<p>“Our renewed focus on PowerTrack is driving software revenue growth, and we have taken decisive action to optimize our cost structure and enhance our software development capabilities. Our recently announced targeted workforce reductions are consistent with our software-focused strategy and are expected to generate approximately $30 million in annual cash cost savings, including $24 million expected to benefit this year,” he said.</p>
<p>The company recently announced a reduction of its global workforce of approximately 27% as part of the broader efforts to prioritize investments in software, reduce operating costs, increase efficiency, drive profitable growth, and increase stockholder value.</p>
<p>In Q1 2025, Stem’s storage operating assets under management (AUM) decreased 11% sequentially to 1.6 GWh due to the removal of PowerBidder Pro contracts. Its storage operating AUM of 1.6 GWh rose 100% YoY. The company’s solar operating AUM increased 8% to 32.4 GW, driven by system activations.</p>
<p><strong>Outlook for 2025 </strong></p>
<p>Stem expects to earn revenues between $125 million and $175 million in 2025. It also expects its non-GAAP gross margin to be between 30% and 40%.</p>
<p>The company’s adjusted EBITDA is projected to range between negative $10 million and positive $5 million. The year-end annual recurring revenue is expected to range from $55 million to $65 million.</p>
<p>“Regarding our adjusted EBITDA and operating cash flow outlook, we are on track to meet our targets.  We have recently undergone significant organizational changes, including a difficult but necessary 27% reduction in our workforce,” said Hole.</p>
<p>Stem <a href="https://www.mercomindia.com/reduced-battery-sales-plunge-stems-q4-revenue-by-67" target="_blank" rel="noopener">reported</a> a revenue of $55.8 million in Q4 2024, a 67% YoY decrease from $167.4 million.</p>


q1-2025

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