From GlobeNewswire: 2024-05-29 08:50:00

Valoe Oyj’s financial report for January-March 2024 shows a revenue of €0.1 million, a negative operating profit of €0.5 million, a loss of €0.8 million, and a net loss of €1.1 million. The company’s equity ratio, including capital loans, was -41.3% at the end of the period. Valoe filed for corporate reorganization on December 5, 2023, and was approved to proceed with the process on January 22, 2024. The administrator of the reorganization process, Pekka Jaatinen, stated in February 2024 that Valoe has the potential to improve its business operations through the reorganization, subject to finding appropriate financing. Valoe secured financing for the reorganization process and is actively negotiating long-term financing and ownership arrangements with multiple parties. A proposal for the reorganization program must be submitted by June 14, 2024. Despite facing financial challenges, Valoe has maintained the support of its customers, and key projects with major clients continue as usual. The company’s shares have been suspended from trading since December 5, 2023.

CEO Iikka Savisalo highlights the company’s efforts to reduce operational costs and focus on promising customer relationships in response to delayed financial negotiations. Valoe aims to finalize a reorganization program by June, which could significantly impact its financial statements and balance sheet. Despite the challenges posed by the reorganization process, Valoe has retained critical projects and customer relationships. Valoe is making strategic resource allocations to enhance customer engagement while reducing costs.

Valoe’s future outlook is shaped by the evolving solar energy market dynamics, with Chinese manufacturers dominating the sector. Valoe’s focus on projects utilizing its unique strengths, such as OddForm® panels, sets it apart from mainstream solar panel producers. The company has pursued projects in the automotive industry, consumer electronics, and space technology sectors, emphasizing innovation and tailored solutions. Valoe expects to sign its first mass production agreements with current clients in 2024, with production slated to begin in early 2025.

Due to the ongoing reorganization process, Valoe refrains from providing market guidance for fiscal year 2024. The company faces the primary risk of securing adequate and timely financing during the reorganization. Valoe’s negative equity position led to a declaration of own capital loss on May 27, 2024. Failure to obtain necessary funding could result in the suspension of the reorganization process and potential bankruptcy. The company’s future statements are subject to uncertainties and economic fluctuations, as outlined in the annual report released on April 28, 2024. Valoe emphasizes risk factors related to its financial position on its website.

Valoe plans to convene its annual general meeting by the end of June 2024 to address key strategic decisions and corporate governance matters. Despite the challenges posed by the reorganization, Valoe remains committed to leveraging its technological strengths and customer partnerships to drive future growth and innovation in the solar energy industry.



Read more at GlobeNewswire:: Valoe Oyj:n liiketoimintakatsaus 1.1. – 31.3.2024