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Alternus Energy Group
Alternus Energy Group (ALT) investor relations material
Alternus Energy Group has been delisted
Alternus Energy Group Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary27 Aug, 2024
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.
What is the impact of the 80MW US acquisition delay
Microgrid JV: How does it accelerate cash flow
Strategy for monetizing deferred green certificates
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Alternus Energy Group
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Frequently asked questions
Alternus Energy Group PLC is a renewable energy company focused on the acquisition, development, and operation of solar photovoltaic (PV) parks. The company’s primary business involves owning and managing a portfolio of solar energy assets across Europe, generating clean electricity for local grids. Alternus Energy partners with developers and utilities to expand its solar capacity, contributing to the transition toward renewable energy sources. The company’s operations are centered around long-term agreements that ensure stable energy production and revenue generation from its solar parks. The company is headquartered in Dublin, Ireland, and its shares are listed on the Oslo Stock Exchange.
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