Emeren Group Ltd, a solar power project developer, announced its financial results for the second quarter ended June 30, 2024, on August 20, 2024. The company reported a revenue of $30.1 million, a decrease of 11% year-over-year but a significant increase from the previous quarter. Gross profit stood at $9.4 million with a gross margin of 31.2%. Operating profit was reported at $3.0 million, while net income was $0.4 million, affected by a $2.0 million write-off related to canceled projects and an unrealized foreign exchange loss of $0.8 million. The company highlighted its disciplined growth strategy and the execution of its Development Service Agreement (DSA) strategy across Europe and the U.S. Emeren Group signed over 2 GW of projects with 8 DSA partners in Europe, expecting to recognize over $60 million...Show More

Emeren Group Ltd, a solar power project developer, announced its financial results for the second quarter ended June 30, 2024, on August 20, 2024. The company reported a revenue of $30.1 million, a decrease of 11% year-over-year but a significant increase from the previous quarter. Gross profit stood at $9.4 million with a gross margin of 31.2%. Operating profit was reported at $3.0 million, while net income was $0.4 million, affected by a $2.0 million write-off related to canceled projects and an unrealized foreign exchange loss of $0.8 million. The company highlighted its disciplined growth strategy and the execution of its Development Service Agreement (DSA) strategy across Europe and the U.S. Emeren Group signed over 2 GW of projects with 8 DSA partners in Europe, expecting to recognize over $60 million in revenue over the next 2-3 years. Additionally, the company is negotiating over 2 GW of DSA contracts, potentially bringing in an estimated $100 million in revenue over the next 3-4 years. The company's BESS projects in Italy are gaining momentum, with a total of 1.7 GW BESS projects in the DSA structure. Emeren Group also sold a 42 MWp RTB solar project portfolio in Spain and completed a 13 MW COD project in Hungary. The company's IPP assets contributed approximately 29% of the total revenue for the quarter. Looking forward, Emeren Group expects Q3 revenue to be between $25 to $28 million with a gross margin between 35% and 38%, and reaffirms its full-year 2024 revenue expectation to range from $150 to $160 million with a gross margin of approximately 30%. Net income for 2024 is expected to be around $22 million, with earnings per ADS anticipated to be approximately 43 cents.