— Revenue from Project Development was largely driven by the sale of the 55MW portfolio in Poland. Energy sales were mostly from the 67.8 million kWh generated by its rooftop DG projects in China.
— The total project pipeline of 1.1 GW is down from 1.4 GW last quarter, as is its late-stage pipeline, which decreased to 399 MW from 714 MW in Q2.
— Looking ahead into the fourth quarter, the company expects revenue to be in the range of $45-50 million compared to the consensus estimates of $57.7 million. The gross margin is predicted to be 10-15%.
— For the full year 2019, revenue is expected to be in the range of $130-140 million compared to the consensus estimates of $104.8 million. The gross margin is anticipated to be 20-25%.
— In addition, the company appointed Yumin Liu as CEO, effective December 4, 2019. Shelley Xu, who served as CEO since July 2019, left ReneSola to pursue other opportunities.
— Ke Chen was appointed to serve as CFO, effective immediately. Chen will continue to serve on the board. Xiaoliang Liang, who had served as CFO since June 2018, also left ReneSola to pursue other opportunities.
— The company’s corporate headquarters will be moved to Stamford, Connecticut, USA. This is in order to align its structure with the new leadership team, its growing focus on global markets, and its US stock listing.