Evergreen Solar (ESLR) has long been a company I’ve singled out here as being one solar company that won’t survive (at least not on its own) and yesterday’s preliminary results is yet another signal that time is running out for ESLR.  If I were to take a guess, I’d say bankruptcy within a year is in the cards for this cash burning company.

::: Click Here For Your FREE Daily Evergreen Solar Analysis :::

CEO Michael El-Hillow was quick to blame weakness in the overall solar industry.  While short term weakness in the solar industry will impact ESLR, let’s not forget that this is a company that hasn’t done well in any environment..

“Uncertainties regarding feed-in-tariffs and other subsidy programs have substantially slowed the demand for solar panels in 2011. While the first quarter has historically been slow for the industry, the sluggish demand has unexpectedly continued early into the second quarter. This longer than expected slow down combined with the continued worldwide capacity expansion has contributed to a significant increase in solar panel inventory throughout the distribution channel. While we believe the market for solar panels will continue to show good long term growth, the near term remains uncertain and we will adjust our production in Wuhan to make certain we can match the market’s demands and at the same time improve our cash-to-cash cycles.”

El-Hillow indicated that the closing of the Devens facility may not be enough to keep the company from seeking another infusion of cash as liquidity concerns mount.

Shares of ESLR were off more than 30% at the open and are now down about 25%.  While shares had seen a significant amount of buying activity in recent weeks (with the stock nearly doubling in price), today’s move likely sets up a retest of the lows around the $1.25 level in the coming weeks.