Solar panel maker Meyer Burger said on Friday its future looked uncertain after its biggest customer pulled out, sending the struggling Swiss company's shares crashing to new record lows. Meyer Burger,

Both companies signed a long-term supply agreement for up to 5GW of modules back in 2022, with deliveries expected between 2024 and 2029.

Meyer Burger on Friday said its largest customer, DESRI , had notified the Swiss solar panel maker that it would terminate its agreement with the company with immediate effect.

Swiss solar panel maker Meyer Burger Technology AG said its ability to continue operating cannot be assured given its indebtedness and cash burn, underscoring the industry’s troubles as cheaper Chinese modules flood the market.