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