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GCL Technology says revenue and profits fell in 2023 due to losses on certain assets, higher financing costs, and an uptick in R&D spending.
GCL Technology Holdings said revenue fell by 6.2% to CNY 33.70 billion ($4.65 billion) in 2023, from CNY 35.93 billion a year earlier. Profit attributable to owners decreased 84.3% year on year to CNY 2.51 billion. The company attributed its performance to losses on certain asset holdings, higher financing and administrative costs, and rising R&D spending, which hit CNY 1.87 billion, up 11.1% from 2022. GCL Technology said it plans a share buyback and cancellation initiative of up to CNY 680 million in 2024. The company has 12 GW of ingot and 58.5 GW of wafer capacity and is working on perovskite tandem technology, with reported efficiencies of 19.04% for a single-junction module and 26.34% for a tandem module.