GCL Technology warns of significant 2024 loss

GCL Technology Holdings Limited (HKEX: 3800) has issued a profit warning, anticipating a net loss of approximately RMB4.8 billion for the year ended December 31, 2024. This contrasts sharply with the RMB2.5 billion profit reported in 2023. The company attributes the expected loss to a significant decrease in the average selling prices of polysilicon and wafer products, coupled with impairment losses on equipment and trade receivables. In response to market conditions, all executive directors have voluntarily reduced their annual remuneration for 2024 and 2025, with total executive director compensation set to be approximately RMB16.4 million and RMB16.3 million, respectively. The company noted improving cost controls within its solar material business segment, with losses narrowing on a quarter-on-quarter basis since Q2 2024.