Summary by Moomoo AI
Emeren Group reported Q1 2024 revenue of $14.6 million, up 13% year-over-year, with gross profit increasing to $4.3 million and gross margin reaching 29.6%. The growth was primarily driven by the Development Service Agreement (DSA) business contributing $5.1 million in revenue, while electricity generation revenue grew to $5.4 million. However, the company recorded a net loss of $5.5 million, largely due to a $3.3 million foreign exchange loss.The company's IPP assets demonstrated strong performance, contributing 36.9% of total revenue with a 46.5% gross margin. As of March 31, 2024, Emeren owned and operated 255 MW of solar PV projects and 19 MWh of storage assets across China, Europe and the U.S. The company maintained a robust project pipeline of 8,986 MW in solar development and 8,019 MW in storage projects across key markets.Show More
