Emeren Group Ltd (NYSE:SOL) Q3 2024 Earnings Conference Call November 14, 2024 4:30 PM ET
Company Participants
Gary Dvorchak - Managing Director, The Blueshirt Group
Yumin Liu - CEO
Ke Chen - CFO
Conference Call Participants
Philip Shen - Roth Capital Partners
Operator
Hello, ladies and gentlemen. Welcome and thank you for standing by, for Emeren Group Limited Third Quarter 2024 Earnings Conference Call. Please note that we are recording today's conference call. [Operator Instructions]
I will now turn over the call to Gary Dvorchak, Managing Director of The Blueshirt Group. Please go ahead, Mr. Dvorchak.
Gary Dvorchak
Okay. Thank you, operator, and hello, everyone. Thank you for joining us today to discuss third quarter 2024 results. We released our shareholder letter after the market closed today and it is available on our website at ir.emeren.com. We also provided a supplemental presentation that's posted on our IR website, that 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 discussed in this call are unaudited. Also, please note that unless otherwise stated, all figures mentioned during the call are in U.S. dollars.
With that, let me now turn the call over to Mr. Yumin Liu. Yumin, go ahead.
Yumin Liu
Thank you, Gary. Thank you, everyone, for joining our call today. To start, I'll provide an overview of our operational performance for Q3 2024. Then, our CFO, Ke Chen, will walk through our Q3 financial results and our outlook.
In Q3, our company executed on its bottom line focus, achieving solid profitability despite softer than anticipated revenue resulting from delays in closing scheduled project sales. With $12.9 million in revenue, we achieved a gross profit of approximately $5.6 million, yielding a solid gross margin of 43.8%, $2.1 million in operating profit and $4.8 million in net income attributable to Emeren Group Limited's common shareholders. Strong EBITDA of $8.5 million further reflects our commitment to sustainable profitability and core business resilience.