Phoenix Solar AG announced earnings results for the first quarter of 2017. In the first three months of 2017, the consolidated revenues of the Group increased by 40% to €13.8 million compared to €9.9 million a year ago. This trend was mainly driven by the US market, the company's core business which accounted for around 90% of the total turnover. Further revenue growth over the coming quarters is expected due to a growing project pipeline. The resulting loss before interest and taxes (LBIT) were therefore €4.0 million for the quarter, down by €1.5 million compared to the pre-year period of €2.5 million. Finally, the consolidated net loss attributable to parent company shareholders amounted to €5.1 million compared to €3.7 million a year ago. Calculated on an average number of 7,372,700 outstanding shares, LPS (loss per share) stood at €0.69 compared to €0.50 a year ago. €4.3 million cash inflow from operating activities was significantly improved as compared to the first quarter 2016 when a cash inflow of €2.9 million occurred. Net debt now amounts to €22.9 million.

Given the uptick in new order intake and a steadily growing project pipeline, the company confirms the full year 2017 forecast: the Group will generate between €160 million and €190 million of revenues in the 2017 financial year and a positive EBIT result between €1 million and €3 million.