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5 Companies Capitalizing on Growth in Solar (CSIQ, ASTI, OEG, SPWR, SUNW)

Solar companies have successful Q1, CSIQ, ASTI, OEG, SPWR, and SUNW are companies to watch heading into Q2

With oil prices rising, the spotlight in energy is shifting to renewables such as Solar.   According to Brandessence Market Research, the Solar Panel Market size reached $182.02 Billion in 2021. The same report estimates the market will grow at a robust annual rate (CAGR) of 25.7% and reach a size of $902.55 Billion by 2028.   This report was released prior to the current spike in oil, meaning growth could even exceed these projections.

-Canadian Solar Inc. (Nasdaq: CSIQ) is a leading public company in the solar panel market.   The company recently reported its 2021 FY results.  Highlights include:-28% yoy growth in total module shipments to 14.5 GW.

-52% increase in revenue to $5.3 billion

-Net income (Canadian Solar) of $95 million or $1.46 per diluted share.

-896 MWh in battery storage shipments by the CSI Solar segment.

-2.1 GWp in projects monetized by the Global Energy segment, including 350 MW / 1400 MWh battery storage.

-Global Energy solar project pipeline of 24 GWp and storage pipeline of 27 GWh as of January 2022.

-Carve-out IPO of CSI Solar Co., Ltd. ("CSI Solar" or the "CSI Solar subsidiary") remains on track.

A promising segment of the Solar sector is ‘thin-film PV modules.’   The global value of the market in 2019 was $9.027 billion and is expected to reach a total market size of $11.253 billion in 2025.

Ascent Solar Technologies, Inc. (OTCMKTS: ASTI), is a leader in the space, the company’s modules were named as one of the top 100 technologies by R&D Magazine, and one of TIME Magazine's 50 best inventions.  ASTI has witnessed growth based on space missions with NASA, JAXA and more; and now is planning its expansion in 2022. The company reported full-year financial results for the year ended December 31, 2021 in its 10-K filed on March 14, 2022.

Ascent Solar (OTCMKTS: ASTI) saw major improvements Y-o-Y including:–Revenue increase of 812%

–Improved cash balance from $0.17M to $6M–Aligning with a leading German agrivoltaic thin-film solar tube maker to secure a strategic $2.5M capital infusion in January 2021, as well as a multi-million dollar long-term supply agreement in September 2021

–Completing delivery on a supply contract with a developer of advanced unmanned, helium-filled airships in May 2021;

–Regaining its status as a current public filer with the SEC in May 2021;

–Being recognized for exceptional device stability during space flight experiments while also receiving an Innovation Award at the Defense TechConnect Conference in October 2021

–Completing a strategic capital raise of $10M from the Company’s largest stakeholder between August and November 2021.

Sunworks, Inc. (Nasdaq: SUNW) is a provider of solar energy systems.  The company recently announced its FY 2021 results.  Highlights include:

-Total revenue for the year ended December 31, 2021 was $101.2 million compared to $37.9 million last year. 

-Gross margin for the year was 44.1% compared to 21.1% last year

-Operating expenses for the year were $73.9 million, compared to $23.2 million last year. The year over increase is primarily attributable to selling, marketing and other operating costs associated with a recent acquisition (Solcius) which was also a driver in its improved revenue and margin.

-Due to this the Net loss for 2021 was $26.6 million, or $0.99 per basic and diluted share, compared to net loss of $16.0 million or $1.03 per basic and diluted share in 2020.

While not a pure solar play, Orbital Energy Group (Nasdaq: OEG) also released its FY results.  OEG is a diversified infrastructure services platform, providing engineering, design, construction, and maintenance services to customers in the electric power, telecommunications, and renewable industries.  The company reported record revenues in the 4th quarter of 2021, and improved its revenues over 2020.  However, the company lost more money in 2021 than it did in 2020 as a result.  While being awarded multiple utility-scale solar farm projects was another highlight from 2021 that could improve its bottom line in 2022.

SunPower Corporation (Nasdaq: SPWR) provides solar power residentially, it is positioning itself to boost sales in 2022 after announcing the “SunPower Dealer Accelerator Program.” The program is intended to boost sales through investments that will advance the growth of local solar dealers.

 

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