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Mar 31, 2024
Emeren Group Q1 2024 Earnings Report
Emeren Group's revenue increased driven by DSA business and IPP assets, with improved gross profit and reduced operating loss.
Key Takeaways
Emeren Group reported a 15% year-over-year increase in revenue, reaching $14.8 million, driven by its DSA and IPP segments. The company's gross profit more than doubled, leading to a gross margin of 27.2%. While an operating loss was recorded, it was significantly reduced from the previous year, although a net loss was impacted by a write-off and unrealized foreign exchange loss.
Revenue increased by 15% year-over-year to $14.8 million, driven by DSA and IPP segments.
Gross profit more than doubled, resulting in a gross margin of 27.2%.
Operating loss significantly reduced year-over-year.
DSA revenue accounted for 34% of total revenue, largely driven by BESS projects in Italy.
Emeren Group
Emeren Group
Emeren Group Revenue by Segment
Emeren Group Revenue by Geographic Location
Revenue by Segment
Electricity generation Revenue
CapyFin.comEPC services Revenue
CapyFin.comDSA Revenue
CapyFin.comOthers Revenue
CapyFin.comRevenue by Geographic Location
China Revenue
CapyFin.comUnited States Revenue
CapyFin.comUK Revenue
CapyFin.comFrance Revenue
CapyFin.comPoland Revenue
CapyFin.comItaly Revenue
CapyFin.comHungary Revenue
CapyFin.com Forward Guidance
Emeren Group anticipates Q2 revenue between $20 to $23 million with a gross margin between 40% and 45%. The company reaffirms its full year 2024 revenue expectations of $150 to $160 million, with a gross margin of approximately 30% and net income around $22 million or $0.43 earnings per ADS.
Positive Outlook
- Q2 revenue is expected to be in the range of $20 to $23 million.
- Q2 gross margin is expected to be between 40% and 45%.
- Full year 2024 revenue is expected to range from $150 to $160 million.
- Full year 2024 gross margin is expected to be approximately 30%.
- Full year 2024 net income is expected to be around $22 million, with earnings per ADS at approximately $0.43.
Challenges Ahead
- High interest rates
- Lengthy interconnection queues
- U.S. election cycle
- Foreign exchange impact
- Delayed payments from Polish projects
Revenue & Expenses
Visualization of income flow from segment revenue to net income