Chinese solar wafer and polysilicon manufacturing major GCL Technology Holdings Limited saw its annual revenues for 2024 decline by 55.2%, reporting RMB 15.1 billion ($2.1 billion). The management attributes the year-on-year (YoY) drop to lower selling prices of polysilicon last year, which were partially offset by the increase in sales volumes.

It suffered a net loss of RMB 4.75 billion ($654.5 million) compared to a net profit of RMB 2.51 billion ($346 million) in the previous year, representing a 289.3% decline over the period. Gross loss was also RMB 2.51 billion, an annual decrease of 121.5%. However, the management claims it has achieved sequential reduction in losses since Q2 2024 amid intense industry competition.

The average external selling price (ASP), excluding tax, of granular silicon was approximately RMB 34.2 ($4.71)/kg. It declined to around RMB 31.1($4.29)/kg from January to February 2025.

Its average cash manufacturing cost, including research and development, of granular silicon in 2024 was RMB 33.52 ($4.62)/kg, representing a 10% decrease compared to Q4 2023. The same from January to February 2025 was RMB 27.14 ($3.74)/kg.

GCL’s polysilicon production in 2024 increased by 15.9% to 269,199 metric tons (MT), with granular silicon rising 32.2% YoY to 203,561 MT. Its polysilicon sales also went up by 24.7% YoY to 281,915 MT during the year.

The Chinese manufacturer’s sales to its top 5 customers in 2024 represented 71.2% of the total sales volume of granular silicon.

Last year, GCL’s wafer production was a combined 32,243 MW (includes 11,700 MW of OEM wafers), which declined by 36.9% YoY compared to 51,077 MW it manufactured during the previous year. Its sale of 33,525 MW represented a decrease of 35.4% during the same period of 2023.

Overall, GCL’s solar materials business locked in RMB 14.95 billion ($2.06 billion) in revenues for the group from external customers. This was 55.3% less than its contribution to group revenues in 2023. The remaining contribution to group revenues came from its solar farm business, which it operates in the US and China.

Previously, GCL Technology had issued a profit warning for 9M 2024 with low ASPs of polysilicon and silicon wafers.