ReneSola Power's Earnings Up by 39% QoQ in Q1 2021

• The business reported a gross profit of $6.8 million in Q1 2021

ReneSola Power, a fully incorporated solar project designer and driver, has announced the economic results for the first quarter (Q1) of the calendar year (CY) 2021.

According to the economic declaration, the business posted web earnings of $22.8 million, up by 39% compared to $16.4 million in Q4 2020. The total figure of $22.8 million made up $19.2 million from the project advancement business, $3.4 million from the independent power manufacturer (IPP) company, mainly from the sale of power in China, as well as $200,000 from the procedures and also maintenance division. The firm stated that the income from project growth was mainly driven by the sale of solar projects in Hungary and Utah.

The firm reported a gross profit of $6.8 million, producing a gross margin of 29.9% in the first quarter of 2021 contrasted to a gross profit of $2 million and a gross margin of 12.1% in the previous quarter. The company reported a gross profit of $1.4 million and also a gross margin of 6.4% during the same duration last year.

The company's net income stood at $800,000 contrasted to the bottom line of $4.4 million throughout the same period last year. The company's net income in the 4th quarter of 2020 was $2 million.

The adjusted profits prior to rate of interest, taxes, depreciation and amortization (EBITDA) in Q1 2021 stood at $6.1 million, compared to $1.7 million in the quarter previously, marking a rise of 259%. The numbers were greater by 580% than $900,000 in Q1 2020.

The business uploaded an operating earnings of $4.1 million in Q1 2021, up by 720% contrasted to $500,000 in the last quarter.

The company's cash and equivalents stood at $301 million as of March 31, 2021, up by 641% contrasted to $40.6 million since December 31, 2020.

The firm expects revenue in the variety of $90 to $100 million and also a gross margin of over 25% for CY 2021.

Speaking to the shareholders, the Ceo of ReneSola Power, Yumin Liu, said, "Our critical concentrate on the U.S., Europe, as well as China will certainly enable us to become a global leader in project advancement as well as generate favorable outcomes. We are operating efficiently as well as successfully, delivering high returns, and also producing strong cash flow. With our talented team, varied geographical protection and also performance history of success at every phase of project growth, our team believe we are in a strong setting to supply successful development in the years in advance."

Currently, the business has 172.4 MW of operating projects, of which 148.3 MW of rooftop projects remain in China and also 24.1 MW in the U.S. The China roof solar projects are concentrated in a number of eastern provinces with commercial and also industrial off-takers.

The business also noted that it has completed a joint endeavor arrangement with Eiffel Investment Group, which intends to increase the growth and financing of ReneSola Power's existing and future solar projects across Europe.

In August last year, ReneSola had actually elevated EUR10.64 million (~$12 million) via bridge financing from Eiffel to create 19 MW of solar projects in Poland.

In December last year, the company announced the sale of a portfolio of ground-mounted solar parks to Modus Asset Management, a Vilnius, Lithuania-based investment management company specialized in renewable energy investments. The portfolio was established as well as constructed by ReneSola Power and consisted of 16 projects furnished with bifacial photovoltaic panels for an incorporated capability of 16 MW.

Previously, ReneSola had introduced that its web income stood at $9.7 million in Q3 2020, down by over 85% from $65.9 million in the same quarter the year before.