Emeren(US:SOL)2024-11-15 00:20Financial Performance - Revenue for Q3 2024 was $129 million, a decrease of 8% year-over-year[6] - Gross profit was $56 million with a gross margin of 438%[6] - Operating income increased by $61 million year-over-year, reaching $21 million from a loss of $40 million[6] - Net income was $48 million, an increase of $142 million year-over-year from a loss of $94 million[6] - Cash and cash equivalents ended Q3 2024 at $358 million[27] Operational Highlights - Executed a Development Service Agreement (DSA) contract for a 394 MW Battery Energy Storage System (BESS) project with PLT energia Srl and completed a 57 MW solar project sale to Trina[6] - Signed a sale agreement for 42 MWp solar projects in Spain, expected to generate 928 GWh annually[7] - Independent Power Producer (IPP) assets contributed 732% of Q3 revenue, showing strong performance in Europe and China[7] - Signed DSAs with 9 partners for over 21 GW of projects, with over $69 million in contracted revenue expected within the next 2-3 years[10] Project Pipeline - The company has over 29 GW advanced-stage storage project pipeline by the end of Q3 2024[11] - The company has approximately 25 GW advanced-stage solar projects by the end of Q3 2024, targeting COD/monetization between 2024-2027[11] - The company has approximately 272 MW of PV assets and 35 MWh of storage operating assets[11]