South Korean-owned solar panel maker Hanwha SolarOne Co. Ltd. (NASDAQ: HSOL) reported fourth quarter and full-year earnings this morning, and the company may have put up the worst numbers yet for any solar maker.
Hanwha SolarOne, formerly known as Solarfun, reported a fourth-quarter earnings loss of $1.57 per ADS, while the consensus estimate called for a loss of $0.32. Revenue fell to $155.4 million, also below expectations of $165 million. Year-over-year, revenue declined by more than 50%.
The company was essentially giving away its products: gross margins were -61.8% compared with 21.9% a year ago. That’s not a misprint. The company lost a ton of money on each panel it sold.
Shares are down more than -7% in the pre-market, at $1.26, but they’ll probably head lower as the day goes on. The stock’s 52-week range is $0.91-$7.80.