Renesola’s revenues went down by 71 percent in Q1 2019 and net loss increased further

Chinese solar project developer Renesola Ltd. achieved revenue in the first quarter of $13.1 million, up 134 percent sequentially and down 71 percent year-over-year. Revenue from the Project Development business was $8.4 million, largely driven by sales of 21.1 MW of project rights in Minnesota, United States. Energy sales were $4.6 million, mostly from the 31.2 million kWh generated by rooftop DG projects in China.
Gross profit was $0.4 million in Q1 of 2019, compared to gross profit of $8.4 million in Q1 of 2018. Operating loss was $2.1 million, compared to an operating income of $5.9 million in Q1 of 2018. Net loss was $5.6 million, compared to net loss of $4.3 million in Q4 of 2018 and net income of $5.4 million in Q1 of 2018.
The development pipeline is at around 1.4 GW, of which 753 MW are late-stage; 49.8 MW of the late stage projects are under construction. The late stage pipeline is distributed across the US (late-stage 327 MW), Canada (3.3 MW), Poland (37 MW), France (69 MW), Hungary (33 MW), Spain (12 MW), India (50 MW), South Korea (9 MW), Vietnam (200 MW), and China (11 MW).
For 2019, the company expects to generate revenue in the range of $150 to $170 million. Renesola anticipates »meaningful revenue growth« in the second half relative to the first half of 2019, and expects »significant revenue contribution« from project sales in the second half of the year. For the second quarter of 2019, the company expects revenue to be in the range of $10 to $12 million.

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