NORTH VANCOUVER, British Columbia, Nov. 20, 2017 (GLOBE NEWSWIRE) -- Aurora Solar Technologies Inc. (“Aurora”) (“Company”) (ACU.V) (AACTF) (A82.F), a leader in inline measurement and control technology for the photovoltaic manufacturing industry, is pleased to announce that it has achieved record revenues of $1,418,176 for the second quarter of the 2017-18 fiscal year. The income from Operating Activities for the second quarter was $178,167 representing the first profitable quarter in the Company’s history.
Year-to-date for the first six months, the Company has recognized $1,565,695 in revenue, an increase of 545% from the same period last year. The operating income (loss) year to date was ($276,024), a reduction of 60% from the same period last fiscal year. The Company also confirms, excluding new potential orders, it has unrecognized revenue from shipments and order backlog of approximately $1,000,000 expected to be realized this fiscal year.
In the past 12 months Aurora's Decima infrared technology and Veritas software has either been purchased for new commercial installations or is being tested by a growing number of global market leaders in China, Korea, Singapore, Taiwan and Europe providing Aurora with rapid revenue growth in the high end monocrystalline PERC and bifacial areas. Both applications require sensitive handling and hands free automated measurement to access quality post diffusion and ensure a faster plant start up and better overall yield by identifying poor quality solar cells early in the process.
The Company is also establishing market inroads in India and the United States where the use of Solar Power and interest in Solar cell manufacturing is expanding. Aurora is active in these markets with new customer opportunities and technology platforms expected to be launched early next year.
Based on current discussions with existing customers and testing partners Aurora is currently tracking a number of large order opportunities representing a range of 36 to 75 systems with order decisions expected within the next 3 to 6 months.
“We shipped a record number of systems in the second quarter and, while near term quarterly shipments are expected to fluctuate, we continue to see strong traction of our systems for monocrystalline PERC and bifacial applications supporting a positive year over year revenue growth outlook,” said Michael Heaven, Aurora’s Chief Executive Officer. “Our goal remains to establish our technology as the global quality measurement standard in the Solar cell manufacturing industry.”
About Aurora Solar Technologies:
Aurora’s mission is to deliver exceptional results to the photovoltaic industry through measurement and control of critical processes during solar cell manufacturing.
We measure and map the results of critical cell fabrication processes, providing real-time visualization of material properties and true production tool performance. Our products provide process engineers and production-line operators with the means to rapidly detect and correct process excursions, material faults, limit variations, and optimize processes, thereby eliminating yield-reducing and profit-killing product variation.
We are creating the standard for quality control systems for the global photovoltaic industry.
Headquartered in North Vancouver, Canada, and founded by experienced leaders in process measurement, semiconductor manufacturing and industrial automation, the Company’s shares are listed on the TSX Venture Exchange and trade under the symbol “ACU”. The Company was formerly “ACT Aurora Control Technologies”. For more information, Aurora’s website is located at www.aurorasolartech.com.
For further information contact:
Michael Heaven, P.Eng., MBA
President & Chief Executive Officer
Aurora Solar Technologies Inc.
Phone: +1 (778) 241-5000
Investor Relations contact:
Phone: +1 (604) 679-9964
Paradox Public Relations
Phone: +1 (514) 341-0408
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. The Company does not assume the obligation to update any forward-looking statement.