SPI Energy Updates Fiscal 2023 Guidance, Now Sees Revenue $204M-$214M
Portfolio Pulse from Benzinga Newsdesk
SPI Energy Co., Ltd. (NASDAQ:SPI) has updated its fiscal 2023 revenue guidance to $204M-$214M due to solar project development sales being delayed into 2024. Despite this, the company remains confident in its profitability and growth, citing strong performance in its Australian and New Zealand solar and battery distribution business, profitable US solar module manufacturing operations, progress in solar project development in Massachusetts, Hawaii, and Oregon, and successful independent solar power production in Greece, Italy, and the UK.
January 25, 2024 | 9:33 pm
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SPI Energy has lowered its fiscal 2023 revenue guidance due to delays in solar project sales. The company's diverse and profitable operations across various regions, however, continue to show promise for growth.
While the reduction in revenue guidance typically has a negative impact on stock price, SPI Energy's confidence in its diversified and profitable operations may mitigate investor concerns. The delay in project sales is a short-term issue, and the company's positive outlook on its key business divisions suggests resilience. Therefore, the short-term impact on the stock price is likely to be neutral.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100