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Emeren Group | 8-K: Current report

SEC announcement ·  May 29 04:47
Summary by Futu AI
On May 23, 2024, Emeren Group Ltd, a company incorporated in the British Virgin Islands and listed on the New York Stock Exchange under the symbol SOL, released its financial results for the first quarter ended March 31, 2024. The company reported a revenue of $14.8 million, a 15% increase year-over-year, and a gross profit of $4.0 million, more than doubling from the previous year with a gross margin of 27.2%. The operating loss was significantly reduced to $0.7 million. The growth was primarily attributed to the expansion of the Development Service Agreement (DSA) business, which generated over $5 million in revenue. The company also successfully decreased operating expenses by over 50% through strategic cost control measures. However, the quarter saw a $0.7 million write-off of canceled U.S...Show More
On May 23, 2024, Emeren Group Ltd, a company incorporated in the British Virgin Islands and listed on the New York Stock Exchange under the symbol SOL, released its financial results for the first quarter ended March 31, 2024. The company reported a revenue of $14.8 million, a 15% increase year-over-year, and a gross profit of $4.0 million, more than doubling from the previous year with a gross margin of 27.2%. The operating loss was significantly reduced to $0.7 million. The growth was primarily attributed to the expansion of the Development Service Agreement (DSA) business, which generated over $5 million in revenue. The company also successfully decreased operating expenses by over 50% through strategic cost control measures. However, the quarter saw a $0.7 million write-off of canceled U.S. early-stage projects and an unrealized foreign exchange loss of over $3.2 million. Looking ahead, Emeren Group anticipates Q2 revenue to be between $20 to $23 million with a gross margin of 40-45%, and reaffirms its full-year 2024 revenue expectation to be between $150 to $160 million with a gross margin of approximately 30%. The net income for 2024 is projected to be around $22 million, with earnings per American Depositary Share expected to be approximately 43 cents.

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