Emeren posts $9.3M FY 2023 net loss; guides 2024 revenue $150-160M, net income ≥$26M

Emeren Group Ltd

FY 2023 revenue $104.7M (+71% y/y); net loss $9.3M vs $4.7M loss in 2022; adjusted EBITDA $6.0M.
Q4 2023 revenue $44.0M (+71% y/y); net loss $8.1M ($0.15 diluted loss per ADS); gross margin 7.6%.
Missed guidance due to delayed sales of 6 projects in U.S./Europe; $5.0M write-offs for project cancellations and bad debt.
FY 2024 guidance: revenue $150-160M, gross margin ~30%, net income ≥$26M (~$0.50/ADS); positive operating cash flow expected.
Board approved $10M accelerated stock repurchase program; ~$7.6M remaining from prior buyback.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Emeren Group Ltd reported 2024 full year results: revenue $150 million - $160 million. Guidance initiated.

Period: 2024 full year
Revenue: $150 million - $160 million
Guidance: initiated
Result: guidance update

Exact text from the filing

We expect 2024 full year revenue to be in the range of $150 million - $160 million.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Emeren Group Ltd reported the year ended December 31, 2023 results: revenue $104.7 million, net income $9.3 million.

Period: the year ended December 31, 2023
Revenue: $104.7 million
Net income: $9.3 million
Result: reported results

Exact text from the filing

We closed 2023 with $104.7 million revenue, 22.2% gross margin and a $9.3 million net loss.

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Source: SEC EDGAR

accession 0001104659-24-040711

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