SPI Energy Updates Fiscal 2023 Guidance, Now Sees Revenue $204M-$214M

Author: Benzinga Newsdesk | January 25, 2024 05:33pm

SPI Energy Co., Ltd., (NASDAQ:SPI) (the "Company"), a global renewable energy company and provider of solar storage solutions for business, residential, government, logistics and utility customers, today announced that it is updating its revenue guidance for fiscal 2023. As a result of solar project development sales delayed into 2024, the Company now expects revenue in the range of $204 million to $214 million for fiscal 2023.

Despite the revised revenue guidance, SPI Energy remains confident in the profitability and growth potential of its key business divisions. The solar and battery distribution business in Australia and New Zealand has demonstrated robust growth, capitalizing on the increasing demand for renewable energy solutions in these regions. This division's performance is indicative of SPI Energy's strong market presence and its ability to leverage local market dynamics effectively.

In the US, the Company's solar module manufacturing operations, which have been operationally profitable for the last five quarters, continue to benefit from a favorable policy environment and growing consumer awareness about sustainable energy solutions.

Similarly, SPI Energy's solar project development business has made notable progress in the states of Massachusetts, Hawaii & Oregon.

The Company's independent solar power production business in Greece, Italy, and the UK continues to capitalize on favorable government policies and market trends, underscoring SPI Energy's ability to adapt to diverse energy landscapes and maintain operational excellence across different geographies.

Overall, these key business divisions are not only profitable but are also strategically positioned to drive long-term growth for SPI Energy. The Company's diversified portfolio and global footprint continue to provide a competitive edge in the dynamic renewable energy sector.

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