ML System had a net loss of PLN 0.46 million, an EBIT loss of PLN 0.36 million in Q1 2021.

ML System recorded PLN 0.46 million of consolidated net loss attributable to shareholders of the parent company in Q1 2021 compared to PLN 1.41 million of profit a year earlier, the company said in its report.

The operating loss was PLN 0.36m, compared to PLN 1.66m profit a year earlier. Consolidated sales revenues reached PLN 26.28 million in Q1 2021 compared to PLN 19.69 million a year earlier.

"In the first quarter, we started the relocation of production lines between our halls in order to optimally adapt them to the implementation of Quantum Glass production. This is to increase the efficiency of operations in the following quarters, in particular after the expected launch of the Quantum Glass line, however, in the first quarter of this year it forced the need for a temporary concentration of production in areas other than BIPV, which adversely affected the profitability of the last quarter. The higher than usual share of revenues from classic photovoltaics contributed to the reduction of the total margins obtained," - commented President Dawid Cycoń.

"We use our R&D potential to the full, as exemplified by the Covid Detector, i.e. a medical device dedicated to the industry new to us. Currently, we are currently striving, on the one hand, to commercialize the device as quickly as possible, and on the other hand, to expand the spectrum of its application" - added the president .

As reported, in the following quarters of this year. the company will focus on further increasing its presence in foreign markets, with particular emphasis on Scandinavia and the Benelux countries. ML System also observes a growing interest in photovoltaic solutions among Polish SMEs that are looking for alternative and ecological energy sources. The company also positively assesses the situation on the BIPV market, which is supported, among others, by legislation promoting positive energy construction, as well as in the classic photovoltaic segment, supported by the "My Electricity" program - edition 3.0 will start on July 1.

"We are pleased with the growing interest in our products on foreign markets, where the innovation and quality of our systems is appreciated, which places us at the forefront of the BIPV industry. On the domestic market, we are effectively expanding the wholesale network, increasing the availability of our products to the end customer. The growing awareness of the high-quality ML System photovoltaic systems is also promising, thanks to which customers are increasingly choosing our Polish product. We made good use of the time in the first quarter of this year to obtain new large contracts, e.g. in Warsaw (Warszawa Zachodnia Station), Malmö (Malmö University Orkanen Library) - this should be reflected in the financial results of the coming quarters "- said the president.

On a standalone basis, the net profit in Q1 2021 amounted to PLN 0.09 million compared to PLN 1.44 million profit a year earlier.

ML System is a specialized technology company offering innovative photovoltaic solutions integrated with the construction industry (BIPV). ML System products are an alternative to traditional building materials. The company has been listed on the WSE main market since 2018.

Source: ISBnews