Summary by Moomoo AI
Emeren Group, a solar and battery energy storage system developer, reported a revenue of $14.6 million for the first quarter of 2024, marking an increase from $12.9 million in the same period of 2023. The company's gross profit rose to $4.3 million, with a gross margin of 29.6%, compared to a gross profit of $1.6 million and a gross margin of 12.4% in the first quarter of 2023. Despite this growth, Emeren Group faced a net loss of $5.9 million, attributed to a $0.7 million write-off of canceled U.S. projects and an unrealized foreign exchange loss of $3.3 million. The company's operating loss stood at approximately $1.2 million. Emeren Group's business development was highlighted by the expansion of its Development Service Agreement (DSA) business and progress in Battery...Show More