Emeren Group Ltd has disclosed its unaudited financials for Q4 2023, reporting revenue at USD 44.0 million, a 215% increase from the previous quarter. However, the gross margin of 7.6% fell below expectations due to increased EPC projects and sales delays in the US and Europe. For the full year 2023, revenue reached USD 104.7 million, up 71% year-over-year, with gross profit of USD 23.3 million, a 52% increase from the previous year. Operational highlights included monetizing approximately 144 MW of solar projects and advancing the project pipeline to over 3.1 GW by the end of 2023, alongside expanding solar storage to approximately 5 GW. The company anticipates IPP revenue for 2024 to range between USD 24 million and USD 26 million, with an estimated gross margin of around 50%.
Emeren Group reports strong financial performance
Emeren Group reports strong revenue growth despite lower Q4 gross margin. (Image Credit: SOLARbytes).
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