ASPs continued to decline in the second quarter with module ASPs dropping to 0.75 per watt and wafer ASPs dropping to $0.31 per watt in the second quarter compared to $0.84 per watt and $0.33 per watt respectively in the first quarter. Second quarter revenues were $233 million up 10.2% from $211.5 million in the first quarter as a result of higher module shipments.
Please turn to slide 7 for update on our research and developments.[Foreign Language] R&D remained the central focus in the second quarter. During the quarter, we made progress in the development of our Virtus wafer and modules. We developed a second generation of our Virtus wafer, which uses our newly developed and proprietary in-house manufacturing process, the Virtus A++ process which reduces wafers without the use of monocrystalline seeds. This new manufacturing process results in lower light induced degradation and lower processing costs, which in turn results in a production of more distributed ingots with a greater percentage of high efficiency products. At present, our Virtus A++ processing cost is close to $0.12 per watt, significantly lower than our overall processing cost of $0.17 per watt. We are confident, we can lower this to $0.11 per watt by the end of the year and we’ll continue to invest in Virtus A++ to improve its efficiency. At present, the Virtus A++ method produces wafers with average cell efficiency of 17.5% and Virtus II modules that generate 250 watts to 260 watts of power based on 60 solar cells with a potential to generate as much as 300 watts to 310 watts of power based on 72 solar cells. Read the rest of this transcript for free on seekingalpha.com
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts