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2020-08-13

Profit Warning: Valoe Corporation Lowers Its Financial Guidance for 2020

Valoe Corporation                                                  Inside Information 13 August 2020 at 09.30 (Finnish time)

                                                                                                                                                

Profit Warning: Valoe Corporation Lowers Its Financial Guidance for 2020  

Valoe Corporation (”the Company” or ”Valoe”) lowers its financial guidance for 2020. Valoe estimates that Valoe Group’s net sales for 2020 will be approximately EUR 2.1 million (in 2019: EUR 0.3 million). The Company estimates Valoe Group’s operative cash flow to turn positive on a monthly basis during the first quarter of 2021, provided that Covid-19 does not, directly or indirectly, further delay the start of mass production of solar cells at the Lithuanian plant and the start of full-scale deliveries.  

Travel restrictions related to Covid-19 pandemic and difficulties in the delivery of materials and services due to the pandemic have slowed down Valoe’s module production and have hindered and continue to hinder the start of production of solar cells and the start of deliveries to Valoe’s US and other customers. According to current estimates, deliveries would commence in October-November 2020.

Valoe has previously estimated that Valoe Group’s cash flow turns positive already during the Lithuanian factory’s first year of operation in 2020 and the net sales for 2020 to be several times higher than the net sales for the financial year 2018 (EUR 1.3 million) provided that the company’s delivery agreements materialize as planned and that Covid-19 does not, directly or indirectly, postpone the completion of the Lithuanian factory.

In Mikkeli, 13 August 2020

Valoe Corporation

BOARD OF DIRECTORS

For more information:
CEO Iikka Savisalo, Valoe Corporation
Tel. +358 40 521 6082
email: iikka.savisalo@valoe.com

Distribution:
Nasdaq Helsinki Oy
Main media
www.valoe.com

Valoe Corporation specializes in the clean energy, especially in photovoltaic solutions. Valoe provides automated production technology for solar modules based on the company’s own technology; production lines for modules; solar modules and special components for solar modules. Valoe's head office is located in Mikkeli, Finland.

 

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