For Midsummer, 2016 was a record year, during which revenues and profits doubled compared to 2015. After closing its annual accounts for the 2017 financial year, revenues for 2017 increased by 94% compared with 2016, up from SEK 59 million to SEK 115 million ($14 million; €11.3 million). Annual profits before taxes increased by 135%, from SEK 10.4 million to SEK 24.5 million ($3 million; €2.5 million). The operating margin was 21.7%
The reasons for Midsummer’s strong performance are several new orders for the company’s compact DUO thin film solar cell manufacturing system and a positive market response to its new BIPV business concept.
“Needless to say, we are very pleased with the financial results for 2017,” said Midsummer CEO Sven Lindström. “We see a continued high demand for our products and the order outlook for 2018 is very promising, both for DUO manufacturing systems and for deliveries of solar panels. We expect to double the number of employees in 2018.”
The DUO system is designed as a manufacturing tool for flexible CIGS solar cells. Last year, Midsummer established a strategic production partnership with the Swedish roof manufacturer Clix for the launch of Clixsun, a roofing system with integrated solar panels, which has added a second business area to Midsummer.