Spain's Soltec narrows net loss in Q1, markets assets in Colombia narrows net loss in Q1, markets assets in Colombia

• Spanish solar trackers manufacturer and project developer Soltec Power Holdings SA (BME: SOL) posted a net loss of EUR 9.6 million (USD 10.5 m) for the first quarter of 2023, compared to a loss of EUR 15.5 million in the same period a year back, the team said in the quarterly earnings record on Thursday.

Adjusted EBITDA was an unfavorable EUR 4.6 million, shrinking from a EUR-13.0-million loss a year prior. Total revenues at team level stopped by 21.6% year-on-year to EUR 76.8 million.

Lower volumes recorded by Soltec's commercial division, that makes and provides solar trackers, were behind the revenue decline, the company said.

Soltec Industrial reserved revenues of EUR 71.3 million, down by 39.1% year-on-year, and checked adjusted EBITDA loss to EUR 3.2 million, contrasted to a EUR-7.5-million loss in the first quarter of 2022.

Discussing the outcomes by the seasonality of business, Soltec claimed that it anticipates the industrial department to return to form in terms of volumes as well as margins in the second half of the year.

Soltec Development, the division that establishes solar projects till shovel-ready prior to offering them to third parties or Soltec Assets, recorded a EUR-2.1-million loss of adjusted EBITDA, down from EUR 2.1 in the black a year prior.

The development department sold 130 MW of early-stage solar projects in Colombia this May, with Soltec claiming that even more asset turning transactions in different regions result from comply with in the coming quarters.

Soltec Development now has some 14.2 GW of projects in various stages in eight countries-- Spain, Italy, Denmark, Romania, Brazil, Colombia, Mexico and the United States, the business stated.

Ultimately, the relatively newer Soltec Assets department made revenues of EUR 3 million as well as adjusted EBITDA of 2.3 million. The division presently operates 2 solar farms in Brazil and one in Spain for a total of 225 MW. It likewise has 25 MW of solar projects under construction, every one of them in Spain.

As for guidance, the Soltec group expects to annual EBITDA to get here in between EUR 45 million as well as EUR 60 million, it claimed.