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QualTek Announces Fourth Quarter and Annual 2021 Financial Results

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– Full year 2021 results include revenue of $612.2 million and adjusted EBITDA of $60.0 million

– Reported 24-month backlog at the end of Q4 2021 was $2.1 Billion, an increase of 22.0% over year end 2020

– Fourth quarter 2021 results include revenue of $147.1 million and adjusted EBITDA of $4.0 million

– Successfully completed four acquisitions and added significant new contract awards 

BLUE BELL, Pa., March 31, 2022 /PRNewswire/ — QualTek Services Inc. (“QualTek” or the “Company”) (NASDAQ: QTEK), a leading turnkey provider of infrastructure services to the North American 5G wireless, telecom, power grid modernization, and renewable energy sectors, announced today a strong 2021 fourth quarter and full-year financial results of its subsidiary QualTek HoldCo, LLC.

For the Fourth Quarter:

Fourth quarter 2021 revenue was up 11.0% to $147.1 million, compared to $132.4 million for the fourth quarter of 2020. Net loss from continuing operations for the fourth quarter 2021 was $81.1 million compared to net loss from continuing operations of $56.3 million in the fourth quarter of 2020.  Excluding one-time impairment of goodwill, Net loss from continuing operations for the fourth quarter 2021 was $28.6 million compared to a net loss from continuing operations of $27.5 million in the fourth quarter of 2020.  Fourth quarter 2021 adjusted EBITDA was $4.0 million compared to a loss of $13.5 million for the fourth quarter of 2020.  Backlog at the end of the fourth quarter was $2.1 billion which is a 22% increase over the fourth quarter 2020. 

For the Full Year:

Full year 2021 revenue was $612.2 million, a decline of 6.7% from $656.5 million for the full year 2020. Net loss from continuing operations for 2021 was $101.6 million compared to net loss from continuing operations of $94.2 million in 2020.  Excluding one-time impairment of goodwill, Net loss from continuing operations for 2021 improved to $49.1 million compared to a net loss from continuing operations of $65.4 million in 2020.  Full year 2021 adjusted EBITDA increased 356.9% to $60.0 million, compared to $13.1 million for the full year 2020. The increase in adjusted EBITDA was driven primarily by margin improvement initiatives across both the Telecom and Renewables & Recovery segments. On a pro-forma basis, assuming the recently closed acquisitions had been owned for the full year ending December 31, 2021, QualTek estimates adjusted EBITDA would be approximately 72.0 million. For the full year 2022, guidance remains unchanged.

As QualTek has indicated in the past, strong industry tailwinds including grid modernization and infrastructure improvements along with the C-band spectrum deployment are expected to drive major 5G infrastructure buildouts and provide significant growth opportunities across the business. The company is also seeing reductions in COVID-19 health and safety protocols in key regions allowing for a return to pre-covid scale and efficiency. QualTek expects continued growth in both segments during 2022 and beyond.

Scott Hisey, QualTek’s Chief Executive Officer, said, “2021 was a critical year for the company.  We successfully closed our SPAC transaction creating over $80 million of additional liquidity to allow us to execute on our strategic growth plan.  Full year 2021 adjusted EBITDA grew to $60.0 million, a $47 million increase from 2020. QualTek remains on a path to be a significant industry player across the telecommunications and power industries. We successfully grew our rolling two-year backlog by 22% to $2.1 billion during the year. This growth is a testament to our strong performance and our customer’s reliance on QualTek to play a critical role in building out 5G networks and participating in the long-term grid modernization initiatives. We are very excited for the future of QualTek.”

Management will hold a conference call to discuss these results on Friday, April 1, 2022, at 9:00 a.m. Eastern Time. The call-in number for the conference call is 1 (888) 330 – 2454 or 1 (240) 789 – 2714 using passcode 2965812. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company’s website at qualtekservices.com.

The following tables set forth the financial results for the periods ended December 31, 2021 and 2020:

BCP QUALTEK HOLDCO, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per unit information)

For the Years Ended December 31,

2021

2020

Revenue

$                       612,241

$                        656,524

Costs and expenses:

Cost of revenues

502,688

597,583

General and administrative

50,994

47,049

Transaction expenses

3,826

988

Loss on legal settlement

2,600

Change in fair value of contingent consideration

(4,780)

(7,081)

Impairment of goodwill

52,487

28,802

Depreciation and amortization

53,675

46,475

Total costs and expenses

661,490

713,816

Loss from operations

(49,249)

(57,292)

Other income (expense):

Gain on sale/ disposal of property and equipment

587

729

Interest expense

(50,477)

(37,659)

Loss on extinguishment of convertible notes

(2,436)

Total other expense

(52,326)

(36,930)

Loss from continuing operations

(101,575)

(94,222)

Loss from discontinued operations

(8,851)

(3,865)

Net loss

(110,426)

(98,087)

Other comprehensive income (loss):

Foreign currency translation adjustments

111

239

Comprehensive loss

$                      (110,315)

$                        (97,848)

Earnings per unit:

Basic earnings per unit from continuing operations

$                         (47.24)

$                          (48.61)

Basic earnings per unit from discontinued operations

(4.05)

(1.93)

Basic earnings per unit from net loss

$                         (51.29)

$                          (50.54)

Basic weighted average common units outstanding

2,184,696

2,005,824

 

BCP QUALTEK HOLDCO, LLC

CONSOLIDATED BALANCE SHEETS

(in thousands, except unit information)

December 31, 

2021

2020

Assets

Current assets

226,523

192,223

Property and equipment, net

50,682

33,794

Intangible assets, net

364,174

345,816

Goodwill

28,723

58,522

Other long-term assets

1,657

1,241

Non-current assets of discontinued operations

9,272

Total assets

$                      671,759

$                     640,868

Liabilities and (Deficit) / Equity

Current liabilities

$                      130,533

$                     139,231

Current portion of long-term debt and capital lease obligations

127,375

27,249

Current portion of contingent consideration

9,299

9,968

Capital lease obligations, net of current portion

19,851

15,959

Long-term debt, net of current portion and deferred financing fees

418,813

397,464

Contingent consideration, net of current portion

21,457

8,161

Distributions payable

11,409

11,409

Non-current liabilities of discontinued operations

1,793

Total (deficit) / equity

(66,978)

29,634

Total liabilities and equity

$                      671,759

$                     640,868

 

BCP QUALTEK HOLDCO, LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

For the Years Ended December 31,

2021

2020

Net cash (used in) provided by operating activities

$                            (17,942)

$                              13,457

Net cash used in investing activities

(43,532)

(3,963)

Net cash provided by (used in) financing activities

63,373

(9,712)

Effect of foreign currency exchange rate (translation) on cash

83

59

Net increase (decrease) in cash 

1,982

(159)

Cash:

Beginning of year

169

328

End of year

$                                2,151

$                                   169

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(in thousands)

For the Years Ended
December 31,

Revenue:

2021

2020

Telecom

$           498,221

$          587,614

Renewables and Recovery Logistics

114,020

68,910

Total consolidated revenue 

$           612,241

$          656,524

For the Years Ended
December 31,

Adjusted EBITDA Reconciliation:

2021

2020

Telecom adjusted EBITDA

$            32,542

$             2,409

Renewables and Recovery Logistics adjusted EBITDA

44,869

28,943

Corporate adjusted EBITDA

(17,376)

(18,213)

Total adjusted EBITDA

$            60,035

$           13,139

Less:

Management fees

(889)

(518)

Transaction expenses

(3,826)

(988)

Loss on legal settlement

(2,600)

Change in fair value of contingent consideration

4,780

7,081

Impairment of goodwill

(52,487)

(28,802)

Depreciation and amortization

(53,675)

(46,475)

Interest expense

(50,477)

(37,659)

Loss on extinguishment of convertible notes

(2,436)

Loss from continuing operations

$         (101,575)

$          (94,222)

The following tables set forth the financial results for the three-month periods ended December 31, 2021 and 2020:

BCP QUALTEK HOLDCO, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except per unit information)

(unaudited)

For the Three Months Ended December 31,

2021

2020

Revenue

$                          147,057

$                          132,444

Costs and expenses:

Cost of revenues

130,192

134,823

General and administrative

13,032

11,389

Transaction expenses

951

421

Loss on legal settlement

2,600

Change in fair value of contingent consideration

(236)

(7,081)

Impairment of goodwill

52,487

28,802

Depreciation and amortization

14,539

11,714

Total costs and expenses

213,565

180,068

Loss from operations

(66,508)

(47,624)

Other income (expense):

Gain on sale/ disposal of property and equipment

73

153

Interest expense

(14,699)

(8,835)

Total other expense

(14,626)

(8,682)

Loss from continuing operations

(81,134)

(56,306)

Loss from discontinued operations

(737)

(2,157)

Net loss

(81,871)

(58,463)

Other comprehensive income (loss):

Foreign currency translation adjustments

36

483

Comprehensive loss

$                           (81,835)

$                           (57,980)

Earnings per unit:

Basic earnings per unit from continuing operations

$                             (36.49)

$                             (28.46)

Basic earnings per unit from discontinued operations

(0.33)

(1.08)

Basic earnings per unit from net loss

$                             (36.82)

$                             (29.54)

Basic weighted average common units outstanding

2,223,554

2,005,824

 

Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

(in thousands)

(unaudited)

For the Three Months Ended
December 31,

Revenue:

2021

2020

Telecom

$           138,201

$          118,885

Renewables and Recovery Logistics

8,856

13,559

Total consolidated revenue 

$           147,057

$          132,444

For the Three Months Ended
December 31,

Adjusted EBITDA Reconciliation:

2021

2020

Telecom adjusted EBITDA

$              5,635

$          (13,619)

Renewables and Recovery Logistics adjusted EBITDA

2,688

4,716

Corporate adjusted EBITDA

(4,279)

(4,585)

Total adjusted EBITDA

$              4,044

$          (13,488)

Less:

Management fees

(138)

(127)

Transaction expenses

(951)

(421)

Loss on legal settlement

(2,600)

Change in fair value of contingent consideration

236

7,081

Impairment of goodwill

(52,487)

(28,802)

Depreciation and amortization

(14,539)

(11,714)

Interest expense

(14,699)

(8,835)

Loss from continuing operations

$           (81,134)

$          (56,306)

About QualTek

Founded in 2012, QualTek is a leading technology-driven provider of infrastructure services to the 5G wireless, telecom, power grid modernization, and renewable energy sectors across North America. QualTek has a national footprint with more than 80 operation centers across the U.S. and a workforce of over 5,000 people. QualTek has established a nationwide operating network to enable quick responses to customer demands as well as proprietary technology infrastructure for advanced reporting and invoicing. The Company will report within two operating segments: Telecommunications and Renewables and Recovery. For more information, please visit qualtekservices.com.

Forward Looking Statements

This communication contains forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements about the financial condition, results of operations, earnings outlook and prospects of QualTek. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current expectations of the management of QualTek and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by QualTek.

Should one or more of the risks or uncertainties materialize or should any of the assumptions made by the management of QualTek prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

All pro forma numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

All subsequent written and oral forward-looking statements concerning the matters addressed in this communication and attributable to QualTek or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this communication. Except to the extent required by applicable law or regulation, QualTek undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this communication to reflect the occurrence of unanticipated events.

Media Contact:

QualTek IR/Communications
Gianna Lucchesi
PR@qualtekservices.com
(484) 804 – 4585

 

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SOURCE QualTek Services Inc.

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KTGHR leverages AI-powered real-time transaction capabilities to expand its e-commerce infrastructure, reshaping the engine of enterprise growth.

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DALLAS, April 18, 2026 /PRNewswire-PRWeb/ — Against the backdrop of artificial intelligence continuously reshaping the global business landscape, KTGHR officially launched its new B2B AI-powered intelligent solution for enterprises, dedicated to helping them achieve comprehensive upgrades in cost reduction and efficiency improvement, precise customer acquisition, and intelligent operations.

KTGHR Launches New B2B AI Solution, Reshaping the Engine of Enterprise Growth

As an innovative platform focused on the deep integration of AI technology and business scenarios, KTGHR’s newly released system integrates core functions such as intelligent data analysis, AI-automated marketing, customer behavior prediction, and intelligent customer service. This enables enterprises to make rapid decisions in a complex and ever-changing market environment, achieving sustained business growth.

AI-Driven Precise Customer Acquisition, Comprehensively Improving Conversion Efficiency KTGHR uses advanced algorithm models to conduct in-depth analysis of global market data, helping enterprises accurately target potential customer groups. The system can automatically generate high-conversion marketing content and intelligently distribute it through multiple channels, significantly improving customer reach and conversion rates, enabling enterprises to truly achieve “automated customer acquisition.”

Intelligent Operation System, Relieving Pressure on Human Resource Costs With AI-automated processes, KTGHR can intelligently handle order management, customer follow-up, and data statistics, reducing manual intervention and improving overall operational efficiency. Enterprises can complete global business layouts without a large team.

Integrated B2B Ecosystem, Connecting the Global Supply Chain KTGHR is not just an AI tool platform, but a complete B2B ecosystem. By integrating supply chain resources and intelligent matching mechanisms, it achieves efficient connections between supply and demand, helping companies rapidly expand into international markets and build a borderless business network.

Technology Empowering the Future, Driving Enterprise Digital Transformation KTGHR states that it will continue to increase investment in artificial intelligence, promoting the implementation of more innovative functions to help companies seize opportunities in the digital economy era. With the continuous maturation of AI technology, the B2B industry is ushering in unprecedented development opportunities.

The launch of KTGHR is not only a technological upgrade but also a revolution in business models. For companies seeking breakthroughs and growth, this may be a key step towards the next stage of success.

KTGHR leverages advanced AI algorithms and big data analytics capabilities to achieve a leap from “information matching” to “intelligent decision-making.” The platform can automatically match supply and demand, accurately recommending high-potential partners, significantly reducing the time and cost for companies to find customers and supply chain resources.

By intelligently analyzing market trends and user behavior, KTGHR helps businesses anticipate opportunities, making every transaction more efficient and precise.

End-to-End Intelligent Management, Creating a Seamless Business Ecosystem

KTGHR is not just a transaction platform, but a complete AI business ecosystem. Its core functions include:

AI-powered Intelligent Customer Matching and RecommendationReal-time Data Analysis and Business ForecastingAutomated Order and Supply Chain ManagementSeamless Global Market Connection

Whether you are a small or medium-sized enterprise (SME) or a large multinational corporation, you can achieve digital transformation and global expansion through KTGHR.

Cost Reduction and Efficiency Improvement, Unleashing Business Growth Potential In the traditional B2B model, high communication costs, information asymmetry, and low conversion rates have long been problems. KTGHR, through AI-automated processes, significantly reduces human intervention, helping businesses: Reduce operating costs Increase conversion rates Shorten transaction cycles Enhance customer experience Allow businesses to truly focus on core business and strategic growth.

Seize the AI Business Opportunities and Win the Future As artificial intelligence technology matures, the B2B industry is entering a new era of “intelligent-driven” growth. KTGHR stands at the forefront of this transformation, providing businesses with a sustainable competitive advantage. Choosing KTGHR is not just choosing a platform, but choosing a high-speed gateway to the future of business. For more information, please visit the official KTGHR platform and begin your AI-powered business journey.

Media Contact

William, Ktghr.com, 1 +14255550100 99762, service@ktghr.it.com, Ktghr.com

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Link Infinite: Hollyland Pyro Ultra Simplifies Multi-User Monitoring with 4K60 Wireless

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SHENZHEN, China, April 18, 2026 /PRNewswire/ — Hollyland, a global provider of professional wireless audio and video solutions, today announced the launch of Pyro Ultra, the new flagship in its Pyro series, featuring next-gen wireless video transmission technology that enables streamlined setup and uncompromised real-time performance. Engineered for professional creators and high-end production environments, Pyro Ultra balances high-performance transmission with practical on-set usability.

Building on Hollyland’s self-developed TWiFi technology, Pyro Ultra delivers one-to-many transmission, native 4K60 support, and a dedicated ultra-low-latency mode for focus pulling. Fully integrated into the Pyro ecosystem and equipped with DFS-ready operation, it is built to meet the demands of modern digital cinema workflows.

The New Standard for One-to-Many On-Set Transmission

In today’s production landscape, the video village is no longer confined to a single monitor. Directors, assistants, clients, and multiple departments require simultaneous, high-fidelity access to the live image across different positions on set.

While existing systems often force a choice between costly, over-engineered solutions and entry-level gear that struggles in demanding environments, Pyro Ultra offers a third approach. As one-to-many transmission becomes increasingly common across productions, it can introduce practical limits on device count and system stability in larger setups. Pyro Ultra’s Broadcast Mode addresses the issue by enabling a single transmitter to connect with an unlimited number of receivers, creating a fluid workflow. Every department, from lighting to hair and makeup, can monitor independently, which helps eliminate bottlenecks and accelerate decision-making.

Cinematic 4K60 Clarity Without Compromise

Image integrity is central to Pyro Ultra. With support for 4K60 transmission, the system delivers the detail and color accuracy required for high-end videography work. It also supports fractional frame rates, including 23.98 and 59.94 fps, commonly used in broadcast and professional pipelines. Its native compatibility enables direct connection to switchers and monitors without external converters, simplifying the signal path and reducing potential points of failure.

20ms Latency for Precise Focus Pulling

For first assistant camera operators and focus pullers, every millisecond counts. Pyro Ultra’s dedicated Focus Mode cuts latency to just 20ms, ensuring the real-time responsiveness needed for razor-sharp adjustments at any distance. The technical edge provides the freedom to navigate tight spaces or complex choreography with absolute confidence.

Powered by TWiFi Technology

At the core of Pyro Ultra is Hollyland’s TWiFi (dual-band wireless) technology. It leverages intelligent frequency management across the 2.4 GHz and 5 GHz bands to enable automatic hopping, ensuring a stable, high-bitrate connection even in congested RF environments. Pyro Ultra’s robust link supports a 1.5 km (4,900 ft) range and is fully DFS-ready, providing professional crews with reliable, globally compliant operation

Engineered for Modern Workflows & Seamless Integration

Pyro Ultra is built for today’s hybrid production workflows. With UVC (USB Video Class) support, it can connect directly to a computer for instant webcam functionality, removing the need for a capture card. Its RTMP support enables direct streaming to web platforms, simplifying remote collaboration. As part of the Pyro ecosystem, Ultra integrates seamlessly with existing Pyro devices. The modular design allows production teams to scale their setups based on project requirements, ensuring consistent performance across different production scenarios.

Pricing and Availability

Launched on April 18, 2026, Hollyland’s Pyro Ultra is now available through local distributors, the official Hollyland online store, and the Hollyland Amazon store.

The 1TX/1RX kit is priced at $1,199, and the 1TX/2RX kit at $1,699. Individual units can also be purchased separately, with transmitters starting at $699 and receivers at $579.

For more information, visit https://www.hollyland.com/product/pyro-ultra

About Hollyland

Hollyland is a leading provider of wireless products, specializing in wireless intercom systems, video transmission systems, monitors, wireless microphones, and live streaming cameras. Since 2013, Hollyland has been serving millions of users around the world in various sectors, including filmmaking, telecasting, video production, live events, exhibitions, theaters, houses of worship, and individual content creators. It has built a sales network covering approximately 150 countries and regions with support from dozens of localized operation offices worldwide. For more information, please visit https://www.hollyland.com/, Hollyland Facebook, and Hollyland Instagram.

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Three Papers Published Consecutively in Nature Energy: JinkoSolar’s Breakthroughs in TOPCon/Perovskite Tandem Technology Receive Authoritative Recognition

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SHANGHAI, April 18, 2026 /PRNewswire/ — JinkoSolar, the global leading PV and ESS supplier, recently published three research papers in succession within a single month in Nature Energy, one of the premier journals in the field of energy research. This series of papers showcases JinkoSolar’s multiple major breakthroughs in TOPCon and perovskite tandem cell technologies.

26.66%! Setting a New Record for Industrial-Scale TOPCon Cell Conversion Efficiency

JinkoSolar, in collaboration with the research team from the Ningbo Institute of Materials Technology and Engineering of the Chinese Academy of Sciences, successfully developed a dual-sided electrical synergy optimization strategy. This approach achieved a certified efficiency of up to 26.66% on M10-sized silicon wafers, setting a new efficiency record for industrial-scale TOPCon cells and significantly narrowing the gap between industrial-scale TOPCon cells and the theoretical efficiency of 29.4%.

Additionally, the research reduced carrier transport losses through a high-resistance boron emitter on the front side and an optimized fine-line grid design, while the back side employs an innovative double-layer tunneling silicon oxide/polysilicon structure on the rear side to effectively suppress performance degradation caused by silver paste puncture. Furthermore, by utilizing localized polysilicon thinning technology, the research achieved outstanding performance metrics, including an open-circuit voltage of 744.6 mV, a fill factor of 85.57%, and a bifaciality of 88.3%. This achievement provides a feasible and comprehensive solution for narrowing the efficiency gap between TOPCon cells and the theoretical limit, significantly enhancing the core competitiveness of TOPCon technology in the future photovoltaic market.

Reference link: Dual-side electrical refinement enables efficient industrial tunnel oxide passivating contact silicon solar cells:
https://www.nature.com/articles/s41560-026-01982-2

Certified Efficiency of 32.73%! Paving the Way for Scalable Compatibility of Perovskite/TOPCon Tandem Cells

JinkoSolar, in collaboration with the research team from Soochow University, has successfully developed a full-size bifacial TOPCon crystalline silicon solar cell with a certified photoconversion efficiency of 26.34%. This research abandons the traditional TOPCon cell design featuring a boron-diffused emitter on the front surface. Instead, it innovatively introduces patterned n-type TOPCon finger contacts on the front surface while retaining the full-area p-type TOPCon contact on the back. By localizing the polycrystalline silicon contact area, this structure significantly reduces parasitic absorption and recombination losses on the front surface, achieving a certified efficiency of 26.34% and significantly improving the open-circuit voltage.

Furthermore, to address the issues of poor contact performance and susceptibility to metal paste corrosion in P-type TOPCon, a “polysilicon/silicon dioxide/polysilicon” double-layer composite structure was designed. Combined with optimized rear-side polishing and a specially formulated silver paste, this structure not only achieves extremely low contact resistance and recombination current but, more importantly, the ultra-thin oxide layer in the middle effectively prevents silver crystal spikes from penetrating the silicon substrate, significantly enhancing the device’s reliability and high-temperature resistance. In the future, by improving the precision of laser patterning to further narrow the finger width and introducing localized contacts on the back side to reduce the polycrystalline silicon layer thickness, parasitic absorption can be reduced, and mass production efficiency is expected to approach 27%.

Using a high-efficiency bifacial TOPCon cell with a textured front surface as the bottom cell, the research team fabricated a monolithic perovskite/TOPCon tandem cell, achieving a certified efficiency of 32.73% and a high open-circuit voltage of 1.961 V. These results not only set a new performance record for this class of tandem cells but also demonstrated excellent long-term operational stability (maintaining 80% of the initial efficiency after 2,000 hours), proving the immense potential of this TOPCon technology route in tandem applications. They also provide a scalable and industrially compatible technical pathway for the development of higher-efficiency TOPCon and perovskite/TOPCon tandem photovoltaic modules.

Reference link: Bifacial tunnel oxide passivating contacts for silicon and perovskitesilicon tandem solar cells with improved efficiency: 
https://www.nature.com/articles/s41560-026-02007-8

32.76%! Breaking Through the Efficiency Barrier for Industrial TOPCon Silicon-Based Perovskite Tandem Cells

To address the critical challenge of rapid perovskite crystallization and film quality degradation caused by the high thermal conductivity of industrial thin silicon substrates, JinkoSolar, in collaboration with the National University of Singapore and other research institutions, innovatively proposed a strategy to regulate the major organic cation (FA⁺) using a dual-mode-coupled ligand (MBT), successfully achieving effective control over crystallization kinetics. A perovskite/TOPCon tandem solar cell fabricated using this strategy was certified by the National Photovoltaic Industry Metrology and Testing Center (NPVM) with a conversion efficiency of 32.76%, approaching the current efficiency record for tandem photovoltaic cells. Additionally, the cell maintained 91% of its initial efficiency after 1,700 hours of continuous operation, demonstrating excellent long-term operational reliability.

This research is of significant importance as it achieves high efficiency (certified at 32.76%) in TOPCon silicon-back-contact cells, which hold the greatest potential for market dominance. Not only does it elevate the efficiency of perovskite/TOPCon tandem cells to new heights, but more importantly, it provides critical scientific insights and a practical pathway for integrating high-performance perovskite materials from the laboratory with market-dominant TOPCon silicon technology, marking a solid step toward the mainstream industrialization of perovskite/ crystalline silicon tandem technology toward mainstream industrialization. In the future, this strategy is expected to be combined with solution-based production processes — which offer the potential for large-scale fabrication and low costs — to drive the industrial application of these research findings.

Reference link: Additive-assisted perovskite crystallization on industrial TOPCon silicon for tandem solar cells with improved efficiency: 
https://www.nature.com/articles/s41560-026-02010-z

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