Meyer Burger postpones half-year results as it seeks financing

ZURICH (Reuters) – Swiss solar panel maker Meyer Burger (SIX:) said on Tuesday it would postpone the publication of its 2024 half-year results until Sept. 16 as it works to obtain additional financing and a strategic partner.

“As previously reported, Meyer Burger is currently working intensively on the securing of an additional financing and the entering into a strategic partnership with a renowned technology partner,” the company said in a brief statement.

As a result, Meyer Burger said it would postpone the results, which had previously been due for publication on Wednesday. It did not give more details.

Earlier this year, the company said it had concluded a capital increase via a rights issue, bringing in gross proceeds of 206.75 million Swiss francs, money due to be used to fund completion of its Colorado and Arizona manufacturing facilities.

Meyer Burger’s financing struggles have put pressure on the company’s shares, which are down by more than 90% in the year to date, and way below peaks scaled in early 2023, LSEG data show.