US-based Emeren reported strong profitability in Q3 2024, despite an 8% year-over-year revenue decline to $12.9 million, caused by project sale delays. Gross profit rose to $5.6 million, with a robust gross margin of 43.8%. Operating income improved significantly to $2.1 million, reversing a $4 million loss in Q3 2023. According to Emeren, its advanced-stage pipelines include over 2.9 GW of storage projects and approximately 2.5 GW of premium solar projects, aimed for completion or monetization by 2027. By September 30, the company owned and operated 272 MW of solar PV assets and 35 MWh of storage. For Q4 2024, Emeren projects revenue between $40 to $45 million, with a gross margin of 20% to 25%. Full-year revenue guidance has been revised to $97 to $102 million, with an expected gross margin of 30%.
Emeren reports Q3 profitability despite revenue decline
Emeren now operates 272 MW of PV assets and 35 MWh of storage, further strengthening its renewable portfolio. (Image Credit/Source: SOLARbytes/Emeren)
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