Meyer Burger delivered a clear top-line expansion in QQ2 2023 with revenue CHF 96.86 million, up approximately 70.8% year over year, and a doubling versus the prior quarter. However, the company continued to post material profitability losses as cost of revenue CHF 124.11 million outstripped revenue, resulting in a gross loss of CHF 27.25 million and a net loss of CHF 64.76 million for the quarter. EBITDA was negative at CHF -43.31 million and operating income CHF -55.83 million, underscoring that the business is in a high-capex, early-scale phase where ramping production and achieving meaningful unit economics remains the critical near-term hurdle.
The balance sheet shows a robust liquidity position driven by financing activities, with net debt close to zero (net debt CHF 6.31 million) and cash and cash equivalents of CHF 371.17 million at quarter-end. This liquidity provides optionality to fund capacity expansion and R&D as Meyer Burger works toward scale economies and margin stabilization. Capex stood at CHF 86.24 million during QQ2, contributing to a negative free cash flow of CHF -121.20 million for the quarter. While the operating cash burn remains a key risk, the company’s liquidity cushion and strategic tech roadmap (Heterojunction SmartWire and collaboration with Oxford Photovoltaics) position it to pursue a path toward profitability if volume, yield, and cost-out initiatives converge.
Looking ahead, the QQ2 2023 print implies a bifurcated risk/return profile: (1) continued negative earnings in the near term as the business scales, and (2) meaningful optionality if production ramps, yields improve, and capex-driven capacity transitions to positive unit economics. Investors should monitor execution on cost reductions, capacity utilization, and any formal guidance from management regarding ramp plans, funding needs, and timing of positive cash flow milestones.