Energy Conversion Devices, Inc. (ENER), a manufacturer of building-integrated and rooftop photovoltaics, Tuesday, reported a loss for the second quarter, compared to a profit in the same quarter last year, hurt primarily by a sharp decline in revenues.
For the second quarter, the company reported a net loss attributable to shareholders of $39.01 million or $0.92 per share compared to a net profit of $13.05 million or $0.31 per share in the same quarter a year ago.
Results for the quarter were impacted by costs related to the integration of Solar Integrated Technologies and the company's recent workforce reduction. These costs include an inventory write off of $2.5 million, asset impairments of $1.3 million, and restructuring expenses of $2.4 million. In addition, there was a $7.4 million charge related to factory underutilization, the company said.
On average, 19 analysts polled by Thomson Reuters expected the company to report a loss of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.
Total consolidated revenues for the quarter plunged to $52.91 million from $103.11 million in the prior-year quarter. Analysts had a consensus revenue estimate of $48.97 million for the second quarter.
Product and project sales for the quarter fell to $47.20 million from $97.99 million in the same period last year, while revenues from royalties increased to $2.25 million from $1.54 million a year ago.
Revenues from product development agreements for the quarter were $3.01 million compared with $3.08 million in the same period the previous year, while license and other revenues declined to $456 thousand form $500 thousand in the year-ago quarter.
For the six-month period, net loss was $50.77 million or $1.20 per share compared to a net income of $24.86 million or $0.58 per share in the year-ago period. Total revenues plummeted to $95.86 million from $198.87 million in the prior-year period.
Mark Morelli, Chief Executive Officer, said, "We reduced our inventory balances, continued to restructure our company and we've signed more than 35 megawatts of new projects and agreements since the end of the quarter, and we expect to build on this momentum in the second half of the fiscal year."
ENER shares are currently trading on the Nasdaq at $8.89 on a volume of 15,825.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.