Photon Energy today announced financial results for the first fiscal quarter, ending 31 March 2020, posting all-time high consolidated revenues of EUR 5.316 million, up by 26.6% YoY, and EBITDA of EUR 1.391 million, up by 28.9% YoY.
”We are proud to have successfully navigated an unusual quarter in the history of Photon Energy. With regard to the COVID-19 pandemic, we believe that our strong core of diversified and recurring revenues will reduce the potential negative impact on our business, serving as a solid foundation to weather the difficult times ahead,” said Georg Hotar, CEO of Photon Energy N.V.
Despite the global coronavirus outbreak in Q1 2020 and its impact on business performance across industries, Photon Energy managed to provide uninterrupted service to its customers in this challenging first quarter, while making progress towards goals in key business segments.
The Company commissioned eight PV power plants with a combined capacity of 5.4 MWp in Tata, Hungary, grew its O&M customer base with new contracts topping 33.1 MWp, and – as an independent power producer – saw exceptional figures in electricity generation from its growing portfolio of power plants, increasing to 11.7 GWh, up by 70.9% YoY.
Consolidated revenues rose by 26.6% YoY to EUR 5.316 million. This was driven mainly by a significant increase in electricity production, due to the start of commercial operations at new power plants in Hungary, as well as steady power output from the Company’s power plants in the Czech Republic and Slovakia. Growth in revenues from EPC activities in Australia and O&M services in Europe also contributed to this increase. As a result, this led to a consolidated EBITDA growth of 28.9% YoY to EUR 1.391 million.