Swiss solar manufacturer Meyer Burger posted a significant loss in the fiscal year 2023 of 291.9 million Swiss francs ($331.9 million), the company announced on Thursday.
The strong price pressure in the European solar market prevented the company from achieving the targeted sales volumes, it said, adding that almost half of the loss was due to one-off effects.
The company put its turnover for 2023 at 135 million francs - slightly less than the previous year's 147.2 million francs.
"We have had a very challenging year due to the market distortions in Europe," said managing director Gunter Erfurt.
In Germany, there is a lack of recognition that solar is critical infrastructure, while in contrast positive developments are recognizable at European level, he said. "As a company, however, we cannot rely on flowery statements, but are confronted with the harsh reality."
Meyer Burger, headquartered in Thun in Switzerland, announced at the beginning of the year that it would be closing its plant in Freiberg in the eastern German state of Saxony and focusing on the US market. Around 500 people work in Freiberg.
According to Meyer Burger, the production of solar modules in the plant in Saxony is no longer profitable. The company has therefore called for higher subsidies for solar systems manufactured in Europe and argues that solar modules from China, for example, are massively subsidized by the state. However, the German government has not yet been able to agree on a so-called resilience bonus.