Emeren Group Reports Q1 Loss Despite Revenue Growth, Confident in Future Profitability and Margin Goals.

Solar project developer and operator Emeren Group (NYSE:SOL) reported a first-quarter net attributable loss of USD 4.4 million (EUR 4.1m), widening its year-ago deficit despite a 15% year-on-year increase in revenues. The company attributed this loss to high interest rates, lengthy interconnection queues, and the US election cycle. Despite these issues, Emeren expressed confidence in its ability to achieve gross margins of over 30% and reduce operating expenses. The firm also experienced a write-off related to cancelled early-stage projects in the US and an unrealised foreign exchange loss of over USD 3.2 million. Revenues improved on an annual basis due to the contribution of the DSA business, but fell by 66% sequentially due to seasonality. Looking ahead, Emere has maintained its forecast for revenues of USD 150 million-160 million and gross margin of 30%, expecting a net profit of USD 22 million.