In 2023, GCL Technology reported a decline in revenue and profits. The company attributed this decline to losses on certain assets, increased financing costs, and higher spending on research and development. GCL Technology’s revenue dropped by 6.2% to CNY 33.70 billion ($4.65 billion) compared to CNY 35.93 billion in the previous year, while profit attributable to owners decreased by 84.3% year on year to CNY 2.51 billion.
Despite these challenges, GCL Technology highlighted its operational capacity, with 12 GW of ingot and 58.5 GW of wafer capacity. The company is also actively developing perovskite tandem technology, achieving reported efficiencies of 19.04% for a single-junction module and 26.34% for a tandem module.
In response to the decline in performance, GCL Technology announced plans for a share buyback and cancellation program of up to CNY 680 million in 2024. The company explained that the decline was mainly due to losses on asset holdings, higher financing and administrative costs, and a rise in R&D spending, which reached CNY 1.87 billion, marking an 11.1% increase from the previous year.
