Q2 2024 Emeren Group Ltd Earnings Call Transcript
Key Points
- Emeren Group Ltd (SOL) achieved $30.1 million in revenue for Q2 2024, doubling quarter over quarter.
- Gross profit for Q2 2024 was $9.4 million, with a robust gross margin of 31.2%.
- The company signed over 2 gigawatts worth of projects with eight DSA partners in Europe, expected to generate over $60 million in revenue over the next two to three years.
- Emeren Group Ltd (SOL) has a strong presence in Europe and China with 67 megawatts of IPP assets generating recurring revenue.
- The company is well-positioned in fast-growing solar markets, supported by rising clean energy demand and favorable government policies.
- Net income was reduced by around $2 million write-offs related to canceled projects and an unrealized foreign exchange loss of $0.8 million.
- Revenue declined 11% year over year, primarily due to reduced RTB sales in Europe.
- Operating expenses increased to $6.4 million in Q2 2024, up from $5.5 million in Q1 2024.
- Cash and cash equivalents decreased to $50.8 million at the end of Q2 2024, down from $55.1 million in Q1 2024.
- The company faces challenges in the approval process from the government in Spain, leading to the cancellation of some projects.
Hello, ladies and gentlemen, thank you for standing by for Emeren Group Limited's second quarter 2024 earnings conference call. Please note that we are recording today's conference call. I will now turn over the call to Gary Dvorchak, Managing Director of The Blueshirt Group. Please go ahead, Mr. Dvorchak.
Okay. Thank you, operator, and hello, everyone. Thank you for joining us today to discuss second quarter 2024 results.
We released our shareholder letter before the market opened today, and it is available on our website at ir.emeren.com. We also provided a supplemental presentation that's posted on our IR website as well, and we'll reference during our prepared remarks. Yesterday, we filed our forms 10-K -- 10-Q, excuse me, for both the first and the second quarters. So we are now fully compliant with SEC reporting requirements.
On the call with me today are Mr. Yumin Liu, Chief Executive Officer; and Mr. Ke Chen, Chief Financial Officer.
Before we continue, please turn to
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