Mon, Aug 19, 8:12 PM (148 days ago)
In Q1 2024, Emeren Group Ltd reported revenues of $14.6 million, a 13.4% increase from $12.9 million in Q1 2023, driven by a surge in Development Service Agreement (DSA) revenues, which contributed 34.7% of total revenue. Gross profit rose to $4.3 million, yielding a gross margin of 29.6%, up from 12.4% a year earlier, despite a $3.3 million foreign exchange loss impacting overall profitability. The company incurred a net loss of $5.5 million, compared to a loss of $0.6 million in the prior year, primarily due to this exchange loss and project cancellations. Operating cash flow was negative at $6.8 million, with total current assets of $218.9 million, including $55.1 million in cash. The firm maintained positive working capital of $161 million. Despite challenges, the outlook remains optimistic, with a focus on expanding DSA partnerships and enhancing battery energy storage projects in Europe and the U.S. Continued efforts in managing costs and improving operational efficiency are expected to support future growth.