Workflow
Emeren(SOL)
icon
Search documents
Emeren(SOL) - 2023 Q4 - Annual Report
2023-11-23 16:00
Exhibit 99.1 November 22, 2023 Dear shareholders, We closed Q3 with revenue of $13.9 million, gross margin of 40.8% and a net loss of $9.4 million. Our revenue was below our guidance mainly due to timing of the final government approval for a 53 MW solar NTP project portfolio in Hungary. We expected to receive approval based on the government's official processing timeline before mid-August. Had we received approval within their standard timeline, our revenue would have been near the low end of our guidance ...
Emeren(SOL) - 2023 Q3 - Earnings Call Transcript
2023-11-22 02:07
Financial Data and Key Metrics Changes - The company reported Q3 2023 revenue of $13.9 million, a decrease of 42% year-over-year and 59% sequentially from Q2 2023 [11] - Gross margin was 40.8%, up from 37.4% in Q2 2023 and 18.9% in Q3 2022, indicating improved profitability despite lower revenue [12] - Net loss for Q3 was $9.4 million, compared to a net income of $8.3 million in Q2 2023 and a net loss of $1.1 million in Q3 2022 [13] Business Line Data and Key Metrics Changes - The company generated $9.4 million in revenue from its IPP assets, particularly from the U.K. 50 megawatt Branston project and a 156 megawatt portfolio in China [6] - The advanced-stage storage project pipeline grew to 3.8 gigawatt hours, contributing to the company's strategic goals [9] - The advanced-stage solar project pipeline is expected to reach at least 3.5 gigawatts by the end of 2023, with plans to monetize 400 to 500 megawatts in 2024 and beyond [10] Market Data and Key Metrics Changes - The company successfully completed the grid connection of its first solar storage project in Ningbo, China, with a capacity of 1.2 megawatt hours [7] - The sale of a portfolio of five Battery Energy Storage Systems in Italy to Matrix Renewables was announced, with a total capacity of 410 megawatts [8] - The company noted favorable pricing conditions in Europe, with off-take prices remaining strong compared to three to four years ago [25] Company Strategy and Development Direction - The company aims to expand its storage portfolio under its light IPP strategy, emphasizing sustainable and innovative energy solutions [9] - The management is optimistic about the future, expecting a strong Q1 2024 due to project closings being pushed from Q4 2023 [21][22] - The company plans to continue executing its share buyback program, with approximately $11 million remaining in authorization [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in 2024, expecting tailwinds from policy changes and improved execution across the board in the U.S., Europe, and China [19] - The company anticipates revenue for the full year 2023 to be in the range of $110 million to $113 million, with Q4 revenue expected between $50 million and $53 million [10] - Management highlighted that the current economic environment, including lower CapEx and strong off-take prices, supports a positive outlook for project valuations [31][25] Other Important Information - The company recorded a $4.8 million foreign exchange loss and a $4.5 million one-time expense from impairment and write-off of assets due to permitting challenges [6][12] - Cash and cash equivalents at the end of Q3 2023 were $59.2 million, slightly down from $60.5 million in Q2 2023 [13] Q&A Session Summary Question: Can you quantify the megawatts impacted by the impairment? - Management indicated that the majority of the impairment was from the U.S., affecting about 200 megawatts of utility projects, and does not expect further write-offs in Q4 [17] Question: What is the outlook for pricing power in Europe? - Management believes off-take prices remain strong, with current prices higher than three to four years ago, supporting project evaluations [25] Question: How much cash is expected to be collected over the next two quarters? - The company expects to collect between $20 million to $40 million in cash [56] Question: How will the storage pipeline contribute to revenue? - Management stated that independent storage facilities are expected to contribute a minimum of 15% to 20% of overall revenues starting in 2024 [60] Question: What is the strategy regarding buybacks? - The company plans to continue its buyback program, confident in its future cash flow and balance sheet health [52]
Emeren(SOL) - 2023 Q3 - Earnings Call Presentation
2023-11-21 21:41
Q3 2023 Earnings Presentation November 21, 2023 SOL LISTED NYSE ...
Emeren(SOL) - 2023 Q3 - Quarterly Report
2023-09-04 16:00
Exhibit 99.1 Aug 31, 2023 Dear shareholders, We delivered an extremely solid quarter and made good progress on our key strategic initiatives. Q2 revenue grew 312% year-overyear to $33.8 million driven by strong contribution across all of our business lines. Gross margin was 37.4%, driven by improved mix of higher margin projects, particularly in Europe, where we are benefiting from a tailwind of higher energy prices. These results drove a net income of $8.3 million, which was a record high for us in the las ...
Emeren(SOL) - 2023 Q2 - Earnings Call Transcript
2023-09-01 03:51
Emeren Group Ltd (NYSE:SOL) Q2 2023 Earnings Conference Call August 31, 2023 5:00 PM ET Company Participants Yujia Zhai - Managing Director, The Blueshirt Group Himanshu Shah - Chairman of the Board Yumin Liu - Chief Executive Officer Ke Chen - Chief Financial Officer Conference Call Participants Donovan Schafer - Northland Capital Markets Matthew Koranda - ROTH MKM Amit Dayal - H.C. Wainwright Pavel Molchanov - Raymond James Operator Hello, ladies and gentlemen. Thank you for standing by for Emeren Group L ...
Emeren(SOL) - 2023 Q1 - Earnings Call Transcript
2023-06-01 02:30
Emeren Group Ltd (NYSE:SOL) Q1 2023 Earnings Conference Call May 31, 2023 5:00 PM ET Company Participants Yujia Zhai - Managing Director of The Blueshirt Group Yumin Liu - Chief Executive Officer Ke Chen - Chief Financial Officer John Ewen - Chief Executive Officer of North America Conference Call Participants Philip Shen - ROTH Capital Partners, LLC Donovan Schafer - Northland Capital Markets Pavel Molchanov - Raymond James & Associates, Inc. Amit Dayal - H.C. Wainwright & Co. Operator Hello, ladies and ge ...
Emeren(SOL) - 2023 Q1 - Earnings Call Presentation
2023-05-31 23:50
SOL LISTED NYSE NYSE: SOL Q1 2023 Earnings Presentation May 31, 2023 Safe Harbor Statement 2 This press release contains statements that constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describ ...
Emeren(SOL) - 2023 Q2 - Quarterly Report
2023-05-31 16:00
Exhibit 99.1 May 31, 2023 Fellow Shareholders, We closed Q1 with revenue of $12.9 million, gross margin of 12.4% and EBITDA of $1.8 million. Our Q1 revenue reflected solid contribution from our IPP and EPC business, driven partially by our recent acquisitions. However, delays in receipt of final approvals and more conservative judgement in change of control in our RTB project sales business resulted in no revenue recognition during Q1 2023. Following the quarter end, in May, we completed the sale of 58 MW s ...
Emeren(SOL) - 2022 Q4 - Annual Report
2023-05-15 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...
Emeren(SOL) - 2022 Q4 - Earnings Call Transcript
2023-03-29 01:18
Emeren Group Ltd. (NYSE:SOL) Q4 2022 Earnings Conference Call March 28, 2023 5:00 PM ET Company Participants Yujia Zhai - Managing Director of the Blueshirt Group Yumin Liu - Chief Executive Officer Ke Chen - Chief Financial Officer John Ewen - CEO of North America Conference Call Participants Donovan Schafer - Northland Capital Markets Philip Shen - ROTH Capital Partners Pavel Molchanov - Raymond James Amit Dayal - H.C. Wainwright Operator Hello, ladies and gentlemen, thank you for standing by for Emeren G ...