With NUMMI closed, solar panel maker Solyndra has emerged as one of Fremont’s highest profile companies. But with Solyndra preparing to go public, the company disclosed to potential investors that its future might not be so bright.
A TCB reader sent me this item from one of the stories, but I’m not sure which one (oops it’s from the Argus):
Solyndra Inc.’s solar panels are about 66 percent more expensive than those made by the Fremont company’s rivals — a cost difference that imperils Solyndra’s revenue growth and market opportunities. The unsettling disclosure came in a regulatory filing by Solyndra, which hopes to stage an initial public offering of its stock.
Solyndra’s solar panels, which are shaped like cylinders, come with an average sales price of $3.24 a watt, compared with an average price of $1.95 per watt for solar panels sold by foes.
Solyndra also warned its accumulated deficit of $557 million, including a 2009 loss that totaled $172.5 million, threaten the solar company’s ability to survive. “The company has suffered recurring losses from operations, negative cash flows since inception,” Pricewaterhouse Coopers, Solyndra’s auditor, wrote in a note contained in the regulatory filing.
The auditor also said the issues “raise substantial doubt” about Solyndra’s “ability to continue as a going concern.”