Emeren slides after Q1 results weighed by canceled projects, forex losses

Emeren (NYSE:SOL) -7.6% in Friday’s trading after reporting a Q1 loss and a 14% Y/Y rise in revenues that nevertheless came in short of analyst expectations.

Q1 losses increased to $4.4M, or $0.08/ADS, compared with loss of $194K, or flat on a per-ADS basis, from the year-earlier period.

Emeren (SOL) said Q1 operating expenses fell by more than 50%, but it booked a $700K writedown related to canceled early-stage projects in the U.S. and suffered a $3.2M unrealized foreign exchange loss.

For Q2, Emeren (SOL) guided for revenues of $20M-$23M, in line with the $21M analyst consensus estimate.

For the full year, the company forecast revenues of $150M-$160M, above $140M consensus, with net income of ~$22M, or $0.43/ADS, and gross margins ~30%.