Q1 2024 Emeren Group Ltd Earnings Call Transcript
Key Points
- Revenue increased by 15% year over year to $14.8 million, driven by the expanding Development Service Agreement (DSA) business.
- Gross profit more than doubled from the previous year, reaching $4 million with a gross margin of 27.2%.
- Operating expenses were reduced by over 50% through strategic cost control measures.
- The company secured significant DSA agreements for battery storage projects in Italy, enhancing its project pipeline.
- The IPP assets contributed to 38% of revenue with a gross margin of 44%, providing stable and predictable cash flows.
- Operating loss was approximately $0.7 million, although significantly reduced from the previous year.
- The company faced a $0.7 million write-off of canceled early-stage projects in the US due to a shift in focus.
- Unrealized foreign exchange loss of over $3.2 million contributed to the net loss.
- Net loss attributed to common shareholders was $4.4 million, compared to a net loss of $0.2 million in Q1 2023.
- Cash and cash equivalents decreased to $55.1 million from $70.2 million in Q4 2023, partly due to delayed payments from Polish projects.
Hello, ladies and gentlemen, thank you for standing by for Emeren Group Limited's first-quarter 2024 earnings conference call. Please note that we are recording today's conference call.
I will now turn over the call to Suzanne Wilson, Director of Investor Relations at Emeren Group. Please go ahead, Ms. Wilson.
Thank you, operator, and hello, everyone. Thank you for joining us today to discuss our first-quarter 2021 results. We released our Shareholder Letter after the market closed 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 that we will reference during prepared remarks. 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 slide 2. Let me remind you that remarks made during this call may include predictions, estimates, or other information that might be considered forward-looking. These forward
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
