STAMFORD, Conn., Jan. 25,
2024 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or
the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar
project developer, owner, and operator, today provided a
preliminary unaudited overview of its key financial results for the
full year 2023, highlighting notable achievements and providing
insights into the Company's strategic plans moving forward.
- Positive Operating Cash Flow and Strong Cash Position:
As of December 31, 2023, Emeren
achieved a cash balance of $70
million. Notably, operating cash flow became positive in Q4,
a significant milestone, particularly in-light of the two
acquisitions completed in Q4 in Spain and China. Furthermore, the Company successfully
collected cash payments exceeding $40
million, underscoring strong financial discipline.
- Ongoing Share Buybacks: Building on this positive
financial trajectory, Emeren repurchased approximately 1,250,000
American Depositary Shares ("ADS") of its stock, returning
~$3.35 million during the fourth
quarter. This buyback program remains ongoing underscoring the
Company's commitment to enhancing shareholder value.
- 2023 Financial Results: Despite delayed governmental
approvals impacting revenue in Q4 2023, Emeren anticipates full
year 2023 revenue of approximately $100
million and a net loss of $6-7
million. The delayed project approvals are anticipated to be
resolved within the first half of 2024.
- Storage Expansion Initiatives: Emphasizing its
commitment to growth, Emeren remains steadfast in its pursuit of
storage expansion initiatives, positioning itself for future
opportunities.
- 2024 Financial Guidance and Strategic Shift: Emeren
anticipates net income of approximately $26
million for the fiscal year 2024. The Company
will discuss its strategy on advanced-stage development along with
the commencement of building higher-return IPPs on its upcoming
earnings call. The goal is also to accelerate the monetization of
its over 3 GW pipeline.
- Enhanced Disclosure and Transparency: To foster stronger
communication with stakeholders, beginning in 2024, Emeren will
initiate 10K/10Q filings, offering
increased disclosures and transparency. The 2023 10K filing is scheduled for completion by
March 31, 2024.
Emeren remains focused on executing its strategic plans and
providing value to its shareholders. The comprehensive financial
results will be accessible in the forthcoming 10-K filing. It's
important to note that the figures presented in this press release
are unaudited and subject to finalization, with official reporting
to be included in the final 10-K filing.
About Emeren Group Ltd
Emeren Group Ltd (NYSE: SOL) is a leading global solar project
developer, owner, and operator with a pipeline of projects and IPP
assets totaling over 3 GW, as well as a storage pipeline of over 10
GWh across Europe, North America, and Asia. The Company focuses on solar power
project development, construction management and project financing
services with local professional teams across multiple countries.
For more information, go to www.emeren.com
Safe Harbor Statement
This press release contains statements that constitute
''forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and as defined in the
U.S. Private Securities Litigation Reform Act of 1995. Whenever you
read a statement that is not simply a statement of historical fact
(such as when the Company describes what it "believes," "expects"
or "anticipates" will occur, what "will" or "could" happen, and
other similar statements), you must remember that the Company's
expectations may not be correct, even though it believes that they
are reasonable. The Company does not guarantee that the
forward-looking statements will happen as described or that they
will happen at all. Further information regarding risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements is included in the
Company's filings with the U.S. Securities and Exchange Commission,
including the Company's annual report on Form 20-F. The Company
undertakes no obligation, beyond that required by law, to update
any forward-looking statement to reflect events or circumstances
after the date on which the statement is made, even though the
Company's situation may change in the future.
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SOURCE Emeren