Emeren Group Ltd. (NYSE:SOL) Q1 2024 Earnings Conference Call May 23, 2024 5:00 PM ET

Company Participants

Suzanne Wilson - Director of Investor Relations
Yumin Liu - Chief Executive Officer
Ke Chen - Chief Financial Officer

Conference Call Participants

Philip Shen - ROTH MKM
Pavel Molchanov - Raymond James
Donovan Schafer - Northland Capital Markets
Amit Dayal - H.C. Wainwright

Operator

Hello, ladies and gentlemen, thank you for standing by for Emeren Group Limited's First Quarter 2024 Earnings Conference Call. Please note, that we are recording today's conference call.

I will now turn over the call to Suzanne Wilson, Director of Investor Relations at Emeren Group. Please go ahead, Ms. Wilson.

Suzanne Wilson

Thank you, operator, and hello, everyone. Thank you for joining us today to discuss our first quarter 2024 results. We released our shareholder letter after the market closed today and is available on our website at ir.emeren.com. We also provided a supplemental presentation that's posted on our IR website that we will reference during our prepared remarks.

On the call with me today are Mr. Yumin Liu, Chief Executive Officer; and Mr. Ke Chen, Chief Financial Officer. Before we continue, please turn to Slide 2. Let me remind you that remarks made during this call may include predictions, estimates or other information that might be considered forward-looking.

These forward-looking statements represent Emeren Group's current judgment for the future. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Those risks are described under Risk Factors and elsewhere in Emeren Group's filings with the SEC.

Please do not place undue reliance on these forward-looking statements, which reflect Emeren Group's opinions only as of the date of this call. Emeren Group is not obliged to update you on any revisions to these forward-looking statements. In addition, please note that all financial numbers are discussed on this call are unaudited. Also, please note that, unless otherwise stated, all figures mentioned during the conference call are in USD dollars.

With that, let me turn the call over to Mr. Yumin Liu. Yumin?

Yumin Liu

Thank you, Suzanne. Thank you, everyone, for joining our call today. I'll begin by providing an overview of our operational performance in Q1 2024 and Ke will discuss our financial results for Q1 and our outlook.

In Q1, we generated $14.8 million in revenue, marking a 15% increase year-over-year. Our gross profit soared to $4 million, more than doubling from the previous year, with the gross margin reaching 27.2%.