From Q1’07 to Q3’08, times were good for solar cell manufacturers. Revenues were rising rapidly as shown in Figure 1, margins were healthy with profit margins in double-digits as shown in Figure 2 and prices were trending upwards as shown in Figure 3. Demand surged over this period in large part due to a lucrative uncapped, feed-in tariff scheme in Spain, which offered healthy returns for power plant operators. Figure 1: Q1’07 – Q1’09 Revenues for 17 Publicly Traded Solar Cell Manufacture