Photon Energy verifies 2022 projection after record Q3 outcomes
- Amsterdam-based solar energy producer Photon Energy NV (WSE: PEN) on Thursday claimed it booked a third-quarter net profit of EUR 6 million (USD 6m) after losing EUR 1.4 million a year back, thanks to the switching to a vendor approach.
Previously this year, the Dutch firm decided to transform the revenue model for several of its solar farms from feed-in tariffs to vendor in an action that resulted in greater revenues amidst the increasing power prices. In the 3rd quarter of 2022, Photon Energy produced EUR 35.4 million in revenues, or 247.2% more than in the year-ago period, while changed earnings prior to rate of interest, tax obligation, depreciation and amortsiation (EBITDA) jumped by 186.7%.
Revenues from electrical power sales amounted to EUR 15.5 million, noting a 136.1% increase in annual terms as power outcome boosted by 6.6%. The business of trading solar modules, inverters as well as batteries generated EUR 17.8 million, making up a ninefold rise, generally sustained by the higher margins connected to the distribution of batteries.
Commenting on what was the best quarter for the team until now, chief executive officer Georg Hotar stated: "While we have an obligation to continue to be watchful to react to altering company conditions, our company believe that our underlying service strengths and our concentrate on handling for the long term will certainly allow us to continue capturing the strong demand for solar power as well as storage space."
At the end of September, Photon Energy had 91.9 MWp of solar farms spread out across the Czech Republic, Slovakia, Hungary as well as Australia, which produced 37 GWh of power in the third quarter. The business is presently establishing 899 MWp of utility-scale solar PV projects in its Central as well as Eastern European markets as well as Australia, it said.
In view of the solid third-quarter outcomes, Photon Energy confirmed its projection for revenues of EUR 85 million and also EBITDA of EUR 24 million in 2022.