Emeren Group, a solar and battery energy storage system developer, reported a revenue of $14.6 million for the first quarter of 2024, marking an increase from $12.9 million in the same period of 2023. The company's gross profit rose to $4.3 million, with a gross margin of 29.6%, compared to a gross profit of $1.6 million and a gross margin of 12.4% in the first quarter of 2023. Despite this growth, Emeren Group faced a net loss of $5.9 million, attributed to a $0.7 million write-off of canceled U.S. projects and an unrealized foreign exchange loss of $3.3 million. The company's operating loss stood at approximately $1.2 million. Emeren Group's business development was highlighted by the expansion of its Development Service Agreement (DSA) business and progress in Battery...Show More

Emeren Group, a solar and battery energy storage system developer, reported a revenue of $14.6 million for the first quarter of 2024, marking an increase from $12.9 million in the same period of 2023. The company's gross profit rose to $4.3 million, with a gross margin of 29.6%, compared to a gross profit of $1.6 million and a gross margin of 12.4% in the first quarter of 2023. Despite this growth, Emeren Group faced a net loss of $5.9 million, attributed to a $0.7 million write-off of canceled U.S. projects and an unrealized foreign exchange loss of $3.3 million. The company's operating loss stood at approximately $1.2 million. Emeren Group's business development was highlighted by the expansion of its Development Service Agreement (DSA) business and progress in Battery Energy Storage Systems (BESS), particularly in Italy. The company secured significant DSA agreements for BESS projects with Nuveen Infrastructure, aiming for a total power capacity of 354 MWp. Looking forward, Emeren Group plans to focus on advancing early-stage projects, securing multiple DSA partners in Europe and the U.S., and monetizing early-stage projects. The company is positioned to capitalize on the growing demand for solar energy, driven by global commitments to renewable energy and sustainability. Emeren Group's project pipeline as of March 31, 2024, includes 8,986 MW in advanced and early-stage solar development projects and 8,019 MW in advanced and early-stage solar storage projects.