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Alternus Energy Group (ALT) investor relations material
Alternus Energy Group Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered over 18 GWh of clean energy in Q2 2024, with US production up 156% and Romania up 8.6% period-over-period.
Revenues fell 36% year-over-year to $3.8 million in Q2, mainly due to lower electricity prices in Romania and the sale of Italian assets.
Net loss widened to $6.8 million in Q2 2024 from $1.7 million a year earlier, driven by lower operating income and higher costs.
Debt reduced by $80 million in H1 2024 through asset sales, with a remaining balance of $86 million.
Strategic focus on microgrids and joint venture with Hover Energy to target corporate and data center customers.
Financial highlights
Q2 2024 revenues: $3.9 million, down 36% year-over-year; gross profit: $2.3 million, down 54%.
Gross margin declined to 59% in Q2 2024 from 83% in Q2 2023.
Selling and general expenses rose 72% to $3.3 million in Q2, mainly due to Nasdaq listing costs.
Net loss from continuing operations increased 134% to $6.8 million in Q2 2024.
For H1 2024, revenues were $6.0 million (down 39%), gross profit $3.6 million (down 54%), and net loss $14.5 million (up 134%).
Outlook and guidance
Cost reduction initiatives underway, with $2 million in annual fixed cost savings to be recognized in future periods.
Continued pipeline buildout in North America, leveraging US policy support for renewables.
Focus on de-leveraging, cost rationalization, and improving equity access for growth in expanding markets.
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