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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
Operating assets delivered over 18 GWh of clean energy in Q2 2024, with US production up 156% period-over-period and Romania up 8.6% period-over-period.
Revenues fell 36% year-over-year to $3.8 million in Q2 2024, mainly due to lower electricity prices in Romania and the sale of Italian parks.
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 sale of non-strategic assets, lowering the balance to $86 million.
Financial highlights
Q2 2024 revenues: $3.9 million, down 36% from Q2 2023.
Q2 2024 gross profit: $2.3 million, down 54% year-over-year; gross margin dropped to 59% from 83%.
Selling and general expenses rose 72% to $3.3 million in Q2 2024.
Net loss from continuing operations in Q2 2024 was $6.8 million, up 134% year-over-year.
H1 2024 revenues: $6.0 million, down 39% from H1 2023; H1 2024 gross profit: $3.6 million, down 54%.
Outlook and guidance
Focus on reducing operating costs, with $2 million in annual fixed cost reductions to be recognized in future periods.
Plans to rationalize costs, de-leverage the balance sheet, and improve access to equity for growth.
Targeting expansion in microgrid solutions and utility-scale acquisitions in North America.
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