Gstar Subic Philippines: First N-Type High-Efficiency Module Successfully Launched
N-Type Modules Lead with Intelligent Production
The first module produced by Gstar Subic features N-type 183.75mm cells in a 72-cell bifacial dual-glass format, integrating technologies such as laser non-destructive scribing, SMBB technology, and high-density encapsulation. By narrowing cell spacing and maximizing the active area, the module achieves a peak output of 595W and conversion efficiency of 23.03%. Enhanced bifaciality, a lower temperature coefficient, and better low-light response place it among the top-tier offerings in its class. It is suitable for commercial and industrial use, large-scale power stations, and various 'PV+" scenarios, delivering higher system power generation and lower LCOE, meeting the growing global demand for high-efficiency, high-power solar modules.
Key processes on the module production lines are fully automated. During the design phase, safety, stability, intelligence, and efficiency were comprehensively considered. Following multidimensional optimization, the facility was developed into a smart, integrated factory featuring high safety, automation, low energy consumption, and strong compatibility. The factory supports flexible module type switching while maintaining high output and lower costs, ensuring the large-scale production of high-efficiency modules.
A New Benchmark for the Philippine PV Industry
Gstar has completed the base construction, demonstrating its strong project execution capabilities and operational efficiency. With the first phase of 1GW modules and 1.5GW cells completed, Gstar is accelerating construction of the second phase, a 2GW module project, aiming to create a leading and trusted PV industry hub in the Philippines and across Southeast Asia.
The factory has obtained key international certifications: ISO 9001 for quality management, ISO 14001 for environmental management, and ISO 45001 for occupational health and safety, signifying global-standard operations. Gstar is also actively advancing the registration process for the D-U-N-S® Number to further enhance international credibility, supply chain transparency, and business reputation.
Mass production is expected to begin on May 18. This will bridge the gap in the Philippines' PV module manufacturing, bring in advanced production capabilities to elevate the local solar industry, and offer the global market a more diversified supply chain option.
Global Layout Strengthened with Enhanced Competitiveness
The Philippines, as an emerging market, is experiencing consistent growth in solar installed capacity. According to the Philippine Energy Plan 2020–2040, the country aims to increase its renewable energy share to over 35% by 2030 and over 50% by 2040. The establishment and operation of Gstar's factory will provide a strong impetus for this development.
Gstar employs a '1+N' global strategic layout model, covering a network of manufacturing bases and service centers. Its site selection strategy aligns closely with local market needs and long-term export trade considerations. Gstar's business now spans the U.S., India, Thailand, Indonesia, Laos, the Philippines, UAE and Egypt. The successful launch of the Philippine factory marks another milestone in Gstar's global footprint, further completing its industrial layout, enhancing competitiveness in the global solar industry.
Gstar Showcases at Solar & Storage Live Philippines
While accelerating localized manufacturing, Gstar continues to deepen cooperation with global partners. At the upcoming Solar & Storage Live Philippines (May 19–20), Gstar will showcase its full PV supply chain and system solutions at Booth 1-AA29—including silicon rods, wafers, cells, frames, modules, and energy storage systems. Industry experts, partners, and customers are invited to discuss the latest trends and development opportunities.
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SOURCE Gstar Solar
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affiliates 10 79 477 390 Income (loss) before income taxes 13,168 (2,833 ) (18,629 ) (45,537 ) (Benefit) provision for income taxes (2,302 ) 1,151 1,719 1,858 Net income (loss) $ 15,470 $ (3,984 ) $ (20,348 ) $ (47,395 ) Net income (loss) per common share: Basic $ 0.84 $ (0.22 ) $ (1.11 ) $ (2.61 ) Diluted $ 0.82 $ (0.22 ) $ (1.11 ) $ (2.61 ) Weighted average common shares outstanding: Basic 18,361 18,252 18,314 18,154 Diluted 18,940 18,252 18,314 18,154 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) June 29, 2025 June 30, 2024 ASSETS Cash and cash equivalents $ 22,664 $ 26,805 Receivables, net 75,383 79,165 Inventories 122,929 131,181 Income taxes receivable 5,429 164 Other current assets 9,222 11,618 Total current assets 235,627 248,933 Property, plant and equipment, net 172,923 193,723 Operating lease assets 7,879 8,245 Deferred income taxes 5,535 5,392 Other non-current assets 4,904 12,951 Total assets $ 426,868 $ 469,244 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 37,468 $ 43,622 Income taxes payable 49 754 Current operating lease liabilities 2,368 2,251 Current portion of long-term debt 12,159 12,277 Other current liabilities 18,899 17,662 Total current liabilities 70,943 76,566 Long-term debt 95,727 117,793 Non-current operating lease liabilities 5,614 6,124 Deferred income taxes 1,224 1,869 Other long-term liabilities 3,889 3,507 Total liabilities 177,397 205,859 Commitments and contingencies Common stock 1,836 1,825 Capital in excess of par value 74,095 70,952 Retained earnings 239,049 259,397 Accumulated other comprehensive loss (65,509 ) (68,789 ) Total shareholders' equity 249,471 263,385 Total liabilities and shareholders' equity $ 426,868 $ 469,244 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) For the Fiscal Year Ended June 29, 2025 June 30, 2024 Cash and cash equivalents at beginning of year $ 26,805 $ 46,960 Operating activities: Net loss (20,348 ) (47,395 ) Adjustments to reconcile net 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cash equivalents at end of year $ 22,664 $ 26,805 BUSINESS SEGMENT INFORMATION (Unaudited) (In thousands) Net sales and gross (loss) profit details for each reportable segment of UNIFI are as follows: For the Three Months Ended For the Fiscal Year Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Americas $ 85,009 $ 91,004 $ 347,931 $ 344,256 Brazil 28,810 32,240 118,726 117,783 Asia 24,716 34,208 104,687 120,170 Consolidated net sales $ 138,535 $ 157,452 $ 571,344 $ 582,209 For the Three Months Ended For the Fiscal Year Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Americas $ (5,342 ) $ 2 $ (20,217 ) $ (17,630 ) Brazil 1,316 5,612 16,027 14,755 Asia 2,897 5,177 12,608 19,491 Consolidated gross (loss) profit $ (1,129 ) $ 10,791 $ 8,418 $ 16,616 RECONCILIATIONS OF REPORTED RESULTS TO ADJUSTED RESULTS (Unaudited) (In thousands) EBITDA and Adjusted EBITDA (Non-GAAP Financial Measures) The reconciliations of the amounts reported under U.S. generally accepted accounting principles ("GAAP") for Net income (loss) to EBITDA and Adjusted EBITDA are set forth below. For the Three Months Ended For the Fiscal Year Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Net income (loss) $ 15,470 $ (3,984 ) $ (20,348 ) $ (47,395 ) Interest expense, net 1,942 1,931 8,632 7,726 (Benefit) provision for income taxes (2,302 ) 1,151 1,719 1,858 Depreciation and amortization expense (1) 6,018 6,850 25,064 27,513 EBITDA 21,128 5,948 15,067 (10,298 ) Transition costs (2) 10,585 — 13,485 — Gain on sales of assets (3) (35,807 ) — (40,103 ) — Restructuring costs (4) — — — 5,101 Adjusted EBITDA $ (4,094 ) $ 5,948 $ (11,551 ) $ (5,197 ) (1) Within this reconciliation, depreciation and amortization expense excludes the amortization of debt issuance costs, which are reflected in interest expense, net. However, within the accompanying Condensed Consolidated Statements of Cash Flows, amortization of debt issuance costs is reflected in depreciation and amortization expense. (2) In fiscal 2025, UNIFI incurred various transition costs totaling $10,585 for the fourth quarter of fiscal 2025 and $13,485 for fiscal 2025 in connection with the consolidation of its yarn manufacturing operations including (i) facility closure and equipment relocation costs (including asset impairments and disposals) of $4,808 and $5,896, respectively, (ii) inventory write-downs of $1,924 and $2,923, respectively, (iii) excess fixed manufacturing costs of $1,058 and $1,638, respectively, and (iv) employee separation or retention costs of $1,347 and $1,580, respectively, and (v) forfeitures of deposits for texturing machinery of $1,448 and $1,448, respectively. The facility closure, equipment relocation, employee separation and retention costs, and forfeitures of deposits were all recorded within Restructuring costs and the inventory write-downs and excess fixed manufacturing costs were recorded within Cost of sales in the Condensed Consolidated Statements of Operations. (3) In the second quarter of fiscal 2025, UNIFI recorded a gain of $4,296 related to the sale of a warehouse located in Yadkinville, North Carolina. In the fourth quarter of fiscal 2025, UNIFI recorded a gain of $35,807 related to the sale of a manufacturing facility in Madison, North Carolina. (4) In the second quarter of fiscal 2024, UNIFI incurred severance costs of $2,351 in connection with the Profitability Improvement Plan in the U.S. and a loss of $2,750 related to the dissolution of a nylon joint venture. Adjusted Net Loss and Adjusted EPS (Non-GAAP Financial Measures) The tables below set forth reconciliations of (i) Income (loss) before income taxes ("Pre-tax Income (Loss)"), (ii) (Benefit) provision for income taxes ("Tax Impact"), (iii) Net income (loss) ("Net Income (Loss)") to Adjusted Net Loss, and (iv) Diluted Earnings Per Share ("Diluted EPS") to Adjusted EPS. Rounding may impact certain of the below calculations. For the Three Months Ended June 29, 2025 For the Three Months Ended June 30, 2024 Pre-tax Income (Loss) Tax Impact Net Income (Loss) Diluted EPS Pre-tax Loss Tax Impact Net Loss Diluted EPS GAAP results $ 13,168 $ 2,302 $ 15,470 $ 0.82 $ (2,833 ) $ (1,151 ) $ (3,984 ) $ (0.22 ) Transition costs (1) 10,585 — 10,585 0.56 — — — — Gain on sale of assets (2) (35,807 ) — (35,807 ) (1.89 ) — — — — Recovery of income taxes (3) — (893 ) (893 ) (0.05 ) — — — — Adjusted results $ (12,054 ) $ 1,409 $ (10,645 ) $ (0.56 ) $ (2,833 ) $ (1,151 ) $ (3,984 ) $ (0.22 ) Weighted average common shares outstanding 18,940 18,252 For the Fiscal Year Ended June 29, 2025 For the Fiscal Year Ended June 30, 2024 Pre-tax Loss Tax Impact Net Loss Diluted EPS Pre-tax Loss Tax Impact Net Loss Diluted EPS GAAP results $ (18,629 ) $ (1,719 ) $ (20,348 ) $ (1.11 ) $ (45,537 ) $ (1,858 ) $ (47,395 ) $ (2.61 ) Transition costs (1) 13,485 — 13,485 0.74 — — — — Gain on sales of assets (2) (40,103 ) — (40,103 ) (2.19 ) — — — — Recovery of income taxes (3) — (893 ) (893 ) (0.05 ) — — — — Restructuring costs (4) — — — — 5,101 — 5,101 0.28 Adjusted results $ (45,247 ) $ (2,612 ) $ (47,859 ) $ (2.61 ) $ (40,436 ) $ (1,858 ) $ (42,294 ) $ (2.33 ) Weighted average common shares outstanding 18,314 18,154 (1) In fiscal 2025, UNIFI incurred various transition costs totaling $10,585 for the fourth quarter of fiscal 2025 and $13,485 for fiscal 2025 in connection with the consolidation of its yarn manufacturing operations including (i) facility closure and equipment relocation costs (including asset impairments and disposals) of $4,808 and $5,896, respectively, (ii) inventory write-downs of $1,924 and $2,923, respectively, (iii) excess fixed manufacturing costs of $1,058 and $1,638, respectively, and (iv) employee separation or retention costs of $1,347 and $1,580, respectively, and (v) forfeitures of deposits for texturing machinery of $1,448 and $1,448, respectively. 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These non-GAAP financial measures include Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Adjusted EBITDA, Adjusted Net (Loss) Income, Adjusted EPS, and Net Debt (together, the "non-GAAP financial measures"). EBITDA represents Net (loss) income before net interest expense, income tax expense, and depreciation and amortization expense. Adjusted EBITDA represents EBITDA adjusted to exclude, from time to time, certain adjustments necessary to understand and compare the underlying results of UNIFI. Adjusted Net (Loss) Income represents Net (loss) income calculated under GAAP adjusted to exclude certain amounts. Management believes the excluded amounts do not reflect the ongoing operations and performance of UNIFI and/or exclusion may be necessary to understand and compare the underlying results of UNIFI. Adjusted EPS represents Adjusted Net (Loss) Income divided by UNIFI's weighted average common shares outstanding. Net Debt represents debt principal less cash and cash equivalents. The non-GAAP financial measures are not determined in accordance with GAAP and should not be considered a substitute for performance measures determined in accordance with GAAP. The calculations of the non-GAAP financial measures are subjective, based on management's belief as to which items should be included or excluded in order to provide the most reasonable and comparable view of the underlying operating performance of the business. We may, from time to time, modify the amounts used to determine our non-GAAP financial measures. We believe that these non-GAAP financial measures better reflect UNIFI's underlying operations and performance and that their use, as operating performance measures, provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles, and ages of related assets, among otherwise comparable companies. This press release also includes certain forward-looking information that is not presented in accordance with GAAP. Management believes that a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts because a reconciliation of these non-GAAP financial measures would require UNIFI to predict the timing and likelihood of potential future events such as restructurings, M&A activity, contract modifications, and other infrequent or unusual gains and losses. Neither the timing nor likelihood of these events, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of such forward-looking information to the most directly comparable GAAP financial measure is not provided. 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Management uses Adjusted Net (Loss) Income and Adjusted EPS (i) as measurements of net operating performance because they assist us in comparing such performance on a consistent basis, as they remove the impact of (a) items that we would not expect to occur as a part of our normal business on a regular basis and (b) components of the provision for income taxes that we would not expect to occur as a part of our underlying taxable operations; (ii) for planning purposes, including the preparation of our annual operating budget; and (iii) as measures in determining the value of other acquisitions and dispositions. Management uses Net Debt as a liquidity and leverage metric to determine how much debt would remain if all cash and cash equivalents were used to pay down debt principal. In evaluating non-GAAP financial measures, investors should be aware that, in the future, we may incur expenses similar to the adjustments included herein. Our presentation of non-GAAP financial measures should not be construed as indicating that our future results will be unaffected by unusual or non-recurring items. Each of our non-GAAP financial measures has limitations as an analytical tool, and investors should not consider it in isolation or as a substitute for analysis of our results or liquidity measures as reported under GAAP. Some of these limitations are (i) it is not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows; (ii) it does not reflect the impact of earnings or charges resulting from matters we consider not indicative of our ongoing operations; (iii) it does not reflect changes in, or cash requirements for, our working capital needs; (iv) it does not reflect the cash requirements necessary to make payments on our debt; (v) it does not reflect our future requirements for capital expenditures or contractual commitments; (vi) it does not reflect limitations on or costs related to transferring earnings from our subsidiaries to us; and (vii) other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure. Because of these limitations, these non-GAAP financial measures should not be considered as a measure of discretionary cash available to us to invest in the growth of our business or as a measure of cash that will be available to us to meet our obligations, including those under our outstanding debt obligations. Investors should compensate for these limitations by relying primarily on our GAAP results and using these measures only as supplemental information. Cautionary Statement on Forward-Looking Statements Certain statements included herein contain "forward-looking statements" within the meaning of federal securities laws about the financial condition and results of operations of UNIFI that are based on management's beliefs, assumptions and expectations about our future economic performance, considering the information currently available to management. An example of such forward-looking statements include, among others, guidance pertaining to our financial outlook. The words "believe," "may," "could," "will," "should," "would," "anticipate," "plan," "estimate," "project," "expect," "intend," "seek," "strive" and words of similar import, or the negative of such words, identify or signal the presence of forward-looking statements. These statements are not statements of historical fact, and they involve risks and uncertainties that may cause our actual results, performance or financial condition to differ materially from the expectations of future results, performance or financial condition that we express or imply in any forward-looking statement. Factors that could contribute to such differences include, but are not limited to: the competitive nature of the textile industry and the impact of global competition; changes in the trade regulatory environment and governmental policies and legislation; the availability, sourcing, and pricing of raw materials; general domestic and international economic and industry conditions in markets where UNIFI competes, including economic and political factors over which UNIFI has no control; changes in consumer spending, customer preferences, fashion trends, and end-uses for UNIFI's products; the financial condition of UNIFI's customers; the loss of a significant customer or brand partner; natural disasters, industrial accidents, power or water shortages, extreme weather conditions, and other disruptions at one of our facilities; the disruption of operations, global demand, or financial performance as a result of catastrophic or extraordinary events, including, but not limited to, epidemics or pandemics; the success of UNIFI's strategic business initiatives; the volatility of financial and credit markets, including the impacts of counterparty risk (e.g., deposit concentration and recent depositor sentiment and activity); the ability to service indebtedness and fund capital expenditures and strategic business initiatives; the availability of and access to credit on reasonable terms; changes in foreign currency exchange, interest, and inflation rates; fluctuations in production costs; the ability to protect intellectual property; the strength and reputation of our brands; employee relations; the ability to attract, retain, and motivate key employees; the impact of climate change or environmental, health, and safety regulations; and the impact of tax laws, the judicial or administrative interpretations of tax laws, and/or changes in such laws or interpretations. All such factors are difficult to predict, contain uncertainties that may materially affect actual results and may be beyond our control. New factors emerge from time to time, and it is not possible for management to predict all such factors or to assess the impact of each such factor on UNIFI. Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, except as may be required by federal securities laws. The above and other risks and uncertainties are described in UNIFI's most recent Annual Report on Form 10-K, and additional risks or uncertainties may be described from time to time in other reports filed by UNIFI with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended. View source version on Contacts Chris Hodges or Josh CarrollAlpha IR Group312-445-2870UFI@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
