Emeren

Emeren Group SOL is set to give its latest quarterly earnings report on Thursday, 2023-08-31. Here's what investors need to know before the announcement.

Analysts estimate that Emeren Group will report an earnings per share (EPS) of $0.10.

Emeren Group bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.

New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).

Last quarter the company missed EPS by $0.04, which was followed by a 4.78% increase in the share price the next day.

Here's a look at Emeren Group's past performance and the resulting price change:

Shares of Emeren Group were trading at $3.47 as of August 29. Over the last 52-week period, shares are down 35.31%. Given that these returns are generally negative, long-term shareholders are likely upset going into this earnings release.

To track all earnings releases for Emeren Group visit their earnings calendar on our site.

Earnings Preview: Emeren Group - Emeren Group (NYSE:SOL)

STAMFORD, Conn. , Aug. 31, 2023 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced its unaudited financial results for the second quarter ended June 30, 2023. Emeren's second quarter 2023 financial results and management commentary can be found by accessing the Company's shareholder letter on the quarterly results page of the Investor Relations section of Emeren Group Ltd's website at https://ir.emeren.com/.

Emeren Group Ltd will host a conference call today to discuss results.

Conference Call Details

We will host a conference call today to discuss our second quarter 2023 business and financial results. The call is scheduled to begin at 5:00 p.m. U.S. Eastern Time on Thursday, August 31, 2023.

Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration.

Additionally, an archived webcast of the conference call will be available on the Investor Relations section of Emeren Group Ltd's website at https://ir.emeren.com/.

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 6 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.

Emeren Group Announces Second Quarter 2023 Financial Results

STAMFORD, Conn. , Aug. 31, 2023 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) SOL, a leading global solar project developer, owner, and operator, today announced its unaudited financial results for the second quarter ended June 30, 2023. Emeren's second quarter 2023 financial results and management commentary can be found by accessing the Company's shareholder letter on the quarterly results page of the Investor Relations section of Emeren Group Ltd's website at https://ir.emeren.com/.

Emeren Group Ltd will host a conference call today to discuss results.

Conference Call Details

We will host a conference call today to discuss our second quarter 2023 business and financial results. The call is scheduled to begin at 5:00 p.m. U.S. Eastern Time on Thursday, August 31, 2023.

Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration.

Additionally, an archived webcast of the conference call will be available on the Investor Relations section of Emeren Group Ltd's website at https://ir.emeren.com/.

About Emeren Group Ltd

Emeren Group Ltd 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 6 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.

Emeren Announces Second Quarter 2023 Financial Results - Emeren Group (NYSE:SOL)

STAMFORD, Conn. (AP) -- STAMFORD, Conn. (AP) -- Emeren Group Ltd (SOL) on Thursday reported second-quarter profit of $8.3 million.

On a per-share basis, the Stamford, Connecticut-based company said it had profit of 14 cents.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.

The solar energy company posted revenue of $33.8 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $38.9 million.

For the current quarter ending in September, Emeren Group said it expects revenue in the range of $27 million to $30 million.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SOL at https://www.zacks.com/ap/SOL

Copyright © 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

Emeren Group: Q2 Earnings Snapshot - WTOP News

This presentation 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," "plans," "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. Furthermore, the forward-looking statements are mainly related to the Company's continuing operations and you may not be able to compare such information with the Company's past performance or results. 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.

Any forward-looking statement speaks only as of the date on which such statement is made and 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. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

Emeren  :  Q2 2023 Earnings Presentation

Emeren Group Ltd (SOL) Q2 2023 Earnings Call Transcript

Utility-scale solar and battery storage projects developer Emeren Group recorded a net income of $8.3 million during the second quarter (Q2) of 2023, marking the highest level seen in the past five years and accounting for a massive year-over-year (YoY) improvement from a loss of $204,000.

The surge in net income was attributed to solar and battery storage project execution in Europe.

The company recorded a revenue of $33.85 million, a YoY increase of 312.3%, which was driven by strong contributions across all of its business lines.

The gross profit margin reached 37.4%, mainly due to a better blend of more profitable projects, especially in Europe, where they capitalized on increased energy prices.

The adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were recorded at $9.31 million, a YoY improvement of 307% from $2.29 million.

Operational Highlights in Q2

In their project development business, the company completed the sale of two solar projects in Poland and Hungary, totaling 62 MW.

In July, the company successfully concluded the sale of an 11.5 MW solar project in Germany to the Swiss-based energy firm MET Group.

Additionally, during the quarter, healthy revenue and margin contributions were observed from the recently acquired solar farm in Branston, U.K., attributed to favorable energy pricing.

Furthermore, in the second quarter, the company executed its storage pipeline strategy and commenced its monetization process by initiating 260 MW of battery energy storage system projects in Italy.

The initiative was part of their recently announced strategic partnership with Matrix, aimed at developing up to 1.5 GW of a portfolio of battery energy storage systems in Italy.

1H 2023

During the first half (1H) of the year, the company recorded a net income of $8.15 million, an impressive improvement of 331% YoY from a loss of $1.89 million.

Emeren Group's revenue for the period of January to June accounted for $46.72 million, a YoY improvement of 298%.

The company's EBITDA for 1H stood at $8.8 million, a YoY increase of 205% as compared to $2.88 million.

Emeren has been a strategic partner of Renesola Power since 2021 to co-develop clean projects in Italy. The latter acquired the solar and battery storage projects developer last year in October.

The company's revenue grew by 271% year-over-year (YoY) to $13 million in Q1, with significant contributions from the company's IPP (independent power producer) and engineering, procurement, and construction businesses.

Renewable Developer Emeren's Net Income Hits Five-Year High in Q2 2023 - Mercom India

STAMFORD, Conn., July 31, 2023 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) SOL, a leading global solar project developer, owner, and operator, recently announced the successful sale of an 11.5 MWp PV project to the Swiss-based energy company MET Group. The project was sold at the Ready-to-Build ("RTB") stage and MET Group will complete the construction and operate the power plant. This is the first project developed to RTB stage by Emeren Germany GmbH, the Berlin-based subsidiary of Emeren Group, since its entry into the market in early 2021. Capcora, a German consulting company, acted as the exclusive sell-side M&A advisor to Emeren.

The new PV power plant will be located in Kentzlin nestled in the state of Mecklenburg-Western Pomerania and the commercial operations are expected to start in the second half of 2024.

Yumin Liu, CEO of Emeren Group, commented, "This project is an important milestone for our business in Germany and represents our commitment to developing renewable energy infrastructure in the region. We look forward to continuing to work with our local partners to build a more sustainable future."

Bernd Wollwerth-Carl, Director of Emeren Germany GmbH, added, "We are delighted to have sold our first RTB project in Germany. Starting from scratch in 2021, we managed to grow quickly in a competitive German PV market, establishing partnerships and building a pipeline of medium and large-scale ground mounted PV plants. With MET, we found a reliable and competent partner and we look forward to further expanding our cooperation."

Christian Hürlimann, Renewables CEO of MET Group, commented, "The Kentzlin project fits well into MET's strategic vision to enter the highly competitive German renewables market, as well as to further expand its renewables portfolio across Europe and particularly in Western Europe. Emeren Group's expertise in renewable energy was instrumental in achieving this milestone, and we anticipate future collaboration on additional projects."

Henning Prigge, Director at Capcora, adds: "We are delighted to have played a pivotal role in Emeren's successful project sale to MET Group, a prominent integrated European energy company. Our long-standing partnership with Emeren has allowed us to witness their growth and success, and we couldn't be happier to have been a part of this milestone. This collaboration reinforces our commitment to providing top-notch support and solutions to our valued clients."

About Emeren Group Ltd

Emeren Group Ltd 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 6 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.

About MET Group

MET Group is an integrated European energy company, headquartered in Switzerland, with activities and assets in natural gas and power markets. MET is present in 14 countries through subsidiaries, 30 national gas markets, and 22 international trading hubs. MET has extensive experience in operating green (renewable) and flexible (conventional) energy assets, thus providing the widest possible support to energy transition. In 2022, MET Group's consolidated sales revenue amounted to EUR 41.5 billion, the total traded volume of natural gas was 109 BCM including futures, total traded electricity 67 TWh including futures.

About Capcora

Capcora is an independent financial advisory boutique specializing in M&A and project finance services to accelerate the energy transition in Europe. Founded in 2015, the Frankfurt-based company helps its clients succeed in the renewable energy and infrastructure sectors by advising them on sell-side and buy-side transactions, and by raising mezzanine, unitranche or senior debt.

Emeren Group Announces Sale of First RTB Solar Power Project in Germany - Emeren Group (NYSE:SOL)

Swiss-based energy company MET Group has acquired a 11.5-MWp solar project in Germany from solar project developer Emeren Group (NYSE:SOL), formerly ReneSola, the companies announced separately today.

Located in Kentzlin, in the state of Mecklenburg-Western Pomerania, the solar project is ready to build and is expected to go live in the second half of 2024.

For MET Group, which is active in the German natural gas and electricity market, the deal marks an entry into Germany's renewables market and is in line with the company's plan to reach 2 GW of installed renewables capacity by 2026.

Emeren said that the Kentzlin project is its first development brought to a ready-to-build status in Germany since entering the market in early 2021.

"Starting from scratch in 2021, we managed to grow quickly in a competitive German PV market, establishing partnerships and building a pipeline of medium and large-scale ground mounted PV plants," said Bernd Wollwerth-Carl, director of Emeren Germany GmbH.

MET buys 11.5-MWp German solar project from Emeren

The Internal Revenue Service (IRS) has issued a new ruling mandating that cryptocurrency staking rewards must be reported as gross income in the year they are received.

Here are all your questions answered.

1. What is the recent ruling by the IRS regarding crypto staking rewards?

The IRS has issued a ruling mandating that cryptocurrency staking rewards must be reported as gross income in the year they are received. This means that individuals who receive cryptocurrencies as compensation for validating transactions on proof-of-stake blockchains like Ethereum ETH/USD, Solana SOL/USD need to include the fair market value of these rewards in their annual income.

Staking typically involves participating in the network's consensus process by holding a particular cryptocurrency in a designated wallet or staking platform. In return for staking, participants may receive rewards in the form of additional coins or tokens.

2. Who does this ruling apply to?

The ruling applies specifically to cash-method taxpayers who participate in staking activities. This includes individuals who stake cryptocurrencies directly or through centralized crypto exchanges.

3. What is considered gross income according to the IRS ruling?

Gross income, as explained by the ruling, encompasses income received in any form, including money, property, services, and now, staking rewards. It is important for taxpayers to include the fair market value of crypto rewards when calculating their annual income.

4. When should the fair market value of staking rewards be determined?

The fair market value of staking rewards should be determined at the time the assets are received. This valuation is based on the concept of "dominion," which refers to the moment when the taxpayer gains control and has the ability to sell, exchange, or dispose of the cryptocurrency rewards.

See More: A Stay At The Floating Palace From James Bond's 'Octopussy'

5. How does this ruling align with other regulatory efforts in the crypto space?

This ruling comes after the broader regulatory landscape in the United States, where federal agencies like the Securities and Exchange Commission (SEC) are scrutinizing crypto-staking service providers and exchanges for potential securities law violations.

6. What are the implications for U.S. crypto investors?

U.S. crypto investors engaged in staking activities should be aware that they are required to report their staking rewards as gross income. It is crucial to accurately account for all forms of income within the crypto space and remain compliant with tax regulations.

Benzinga's Note: Individuals are advised to consult with tax professionals for guidance regarding their specific circumstances.

Photo Courtesy: Shutterstock.com

Read Next: Bitcoin, Ethereum, Dogecoin Tumble After SEC Lawsuit Against Internet Marketer Richard Heart: Analyst Says July Wasn't The Best Month For ETH, Predicts Rally In These 2 Months

Crypto Staking Rewards: New IRS Ruling Explained - Your Ultimate FAQ - Emeren Group (NYSE:SOL)

STAMFORD, Conn., Aug. 2, 2023 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) SOL, a leading global solar project developer, owner, and operator, today announced the appointment of Grant Thornton LLP (US) ("Grant Thornton") as its independent registered public accounting firm, effective August 1, 2023. Grant Thornton succeeds Marcum Asia ("Former Auditor") and will audit Emeren's consolidated financial statements for the fiscal year ended December 31, 2023.

The appointment of Grant Thornton was made after a thorough evaluation process and has been approved by the Company's board of directors and its Audit Committee.

The Company's decision to change its auditor was not the result of any disagreement between the Company and Former Auditor on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

About Emeren Group Ltd

Emeren Group Ltd 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 6 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.

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," "plans," "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. Furthermore, the forward-looking statements are mainly related to the Company's continuing operations and you may not be able to compare such information with the Company's past performance or results. 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. Any forward-looking statement speaks only as of the date on which such statement is made and 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. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

Emeren Group Announces Appointment of Grant Thornton LLP (US) as Auditor - Emeren Group (NYSE:SOL)

Participant Online Registration:

https://register.vevent.com/register/BI5ae2a793267446319a2712ca854034cb

Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration.

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Emeren Group Ltd's website at https://ir.emeren.com/.

About Emeren Group Ltd

Emeren Group Ltd 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 6 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.

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Earnings Preview: Emeren Group - Emeren Group (NYSE:SOL)

Emeren Group Announces Second Quarter 2023 Financial Results

Emeren Announces Second Quarter 2023 Financial Results - Emeren Group (NYSE:SOL)

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