The solar industry is experiencing a deep crisis, and SMA Solar is at its center. Heavy losses, problems in the US, and a dramatic drop in its share price are rocking the last major German solar company. The situation is being exacerbated by the energy crisis, which is unsettling many investors and weighing on the markets. (finanzen: 02.09.25)
Massive problems in the USA
North and South America have long been among its most important markets. In 2024, the group generated €615 million there, almost half of its total revenue. Around 70 percent came from the USA. But in the first half of 2025, revenue plummeted by around 50 percent. According to the Clean Economy Tracker, investors halted projects worth $18.6 billion, while new investment plans fell by almost 20 percent.

Politics in the US are further exacerbating the situation. Donald Trump imposed high tariffs on solar modules and raw materials, halted offshore wind power projects, and cut all subsidies for renewable energies starting in 2027 with the “Big Beautiful Bill.” “The increased uncertainty due to tariffs, trade barriers, and the ‘One Big Beautiful Bill’ increased significantly again in the second quarter,” explained Chief Financial Officer Kaveh Rouhi.
Forecast Lowered Again
The consequences for SMA Solar are serious. Instead of an operating profit of up to €80 million, the company now expects significant losses of between €30 million and €80 million. The forecast has been adjusted for the third time within twelve months. The share price subsequently plummeted by more than 22 percent.
The business with solar systems for private homes is particularly problematic. In the “Home & Business Solutions” segment, the loss in the first half of the year totaled almost €130 million. In addition, special depreciation and provisions burden the Group with up to €220 million.
Restructuring with drastic cuts
To counteract this, CEO Jürgen Reinert is implementing a strict cost-cutting program. 1,100 job cuts worldwide, reductions in the product portfolio, and greater use of international locations are planned. More than €100 million are to be saved by the end of 2026. Nevertheless, losses remain high.
While SMA Solar reported an EBITDA of €80 million in the first half of 2024, this figure fell to just €9 million in 2025 – a decline of almost 90 percent. At the same time, the share price fell by around 74 percent within two years.
From Boom to Energy Crisis
As late as 2023, the company achieved a profit jump to €270 million. With the energy crisis, the industry benefited from a boom in demand. However, falling electricity prices, rising interest rates, and a weaker economy reversed the trend. Despite continued demand for solar, inverters are now piling up at retailers.
Homeowners are particularly hard hit. The consulting firm Wood Mackenzie predicts a decline of up to 46 percent by 2030. The reasons are expiring subsidy programs and uncertainty about financing in the US.
A company at a crossroads
SMA Solar remains a leading provider of inverters. However, the combination of political pressure, high losses, and weak demand is putting the company under massive pressure. Without swift countermeasures, a further slump in the share price and lasting damage to the German solar industry are threatened.