Emeren Group Ltd announced its unaudited financial results for the third quarter ended September 30, 2024. The company reported total net revenue of $12.9 million, an 8% decrease from Q3 2023, falling below expectations due to delayed project closings pending government approvals.
Despite the revenue decline, gross profit was $5.6 million, with a gross margin of 43.8%, up from 40.8% in Q3 2023, driven by the favorable contribution from high-margin IPP and DSA segments. Emeren achieved a net income of $4.8 million, a significant improvement from a net loss of $9.4 million in Q3 2023, largely supported by a foreign exchange gain exceeding $4.6 million due to the strengthening Euro.
The company's IPP segment generated $9.4 million, accounting for 73.2% of total revenue, while DSA contributed $1.3 million. Emeren also updated its full-year 2024 revenue guidance to a range of $97 million to $102 million, with an expected gross margin of approximately 30%, down from previous expectations due to the strategic decision to retain a 52.4 MW Hungarian project portfolio as an IPP asset and revised timing of some project sales.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.