ReneSola Clocks Q1 Revenue Decline Of 85%, Reiterates FY22 Guidance

ReneSola Ltd. SOL reported a first-quarter revenue decline of 85% year-over-year and sequentially to $3.5 million, driven by energy sales from IPP assets that came from 33 million KWh generated.
Adjusted gross profit was $1.4 million, and the margin was 36.3% for the quarter.
Adjusted operating expenses were $2.7 million, compared to $2.2 million in 1Q21.
Adjusted EPADS was $(0.02), compared to $(0.05) a year ago.
Cash flow from operating activities was an outflow of $(14.4) million for Q1. Cash and cash equivalents at the end of the quarter were $222.9 million.
2Q22 Outlook: SOL expects revenue of $13 million to $16 million and a gross margin of 35% to 40%.
FY22 Outlook reaffirmed: ReneSola expects revenue of $100 million to $120 million vs. a consensus of $111.13 million; and a gross margin of 20 to 25%.
The company believes broad social and governmental support for renewable energy will create a robust environment supporting the growth of solar projects, which in turn should drive exciting growth in the quarters ahead.
Price Action: SOL shares are trading lower by 1.46% at $5.06 during the post-market session on Tuesday.

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