Enfield solar encapsulant provider STR Holdings said its second-quarter losses more than doubled, due to lower sales volume and the effects of a stronger U.S. dollar on its product prices.
STR lost $3.3 million, or 18 cents per share, during the quarter ended June 30, up from a loss of $1.6 million, or 19 cents, in the second quarter last year.
Net sales fell from $11.2 million to $8.5 million.
The company said it has hired an investment bank to help it evaluate a “transformative transaction” in what it now sees as the more profitable downstream portion of the renewable energy sector.
STR said it believes profits in its industry shave shifted from upstream manufacturers to service providers and solar project owners.
Robert Yorgensen, CEO, president and chairman, said in a statement that STR still aims to focus on the growth of its encapsulant business in China, but that the company feels it needs to diversify into more lucrative areas.
The company also reported that it has received a noncompliance notice from the New York Stock Exchange because its share price is too low.
STR’s average share price fell below the minimum requirement of $1 over the 30-day period ending Aug. 5. Under NYSE rules, the company has six months to increase its share price, or it could face a suspension and delisting.
STR said it isn’t planning a reverse stock split to attempt to raise its value, but rather hopes to improve its financial performance and business prospects.
The company announced last month that it was closing its Malaysia facility.