Financial Performance - Revenues decreased by $2.2 million (36%) to $3.8 million compared to the same period last year, driven by lower electricity prices and the sale of Italian parks[2] - Gross profit decreased by $2.8 million (55%) to $2.2 million, resulting in gross margins of 57%, down from 82% year-over-year[2] - Net loss of $6.8 million compared to a net loss of $1.7 million for the same period last year, primarily due to lower operating incomes and higher costs associated with debt issuance[3] - Selling and general expenses increased by $1.4 million (72%) year-over-year, attributed to higher operating costs from being listed on Nasdaq[2] - For the six months ended June 30, 2024, revenues decreased by $3.8 million (39%) to $6.0 million compared to the same period last year[12] Debt Management - Debt reduced by $80 million (40%) during the first half of 2024[3] Strategic Initiatives - The company announced a joint venture with Hover Energy to enter the microgrid energy market, targeting corporate customers and data centers[4] - Continued focus on acquiring near-term projects in North America, leveraging support from the Inflation Reduction Act[4] - The acquisition of 80MW of operating assets in the U.S. has not completed as planned due to unmet closing conditions[4] - The company aims to reach 3GW of operating projects within five years through organic development and strategic opportunities[18]
Clean Earth Acquisitions (CLIN) - 2024 Q2 - Quarterly Results