Alternus Energy Reports First Quarter 2019 Results
Gross Margin Improved Due to Better Revenue Mix
Lower Revenue Due to Closure of Low Margin Segment in Romania
Recent Addition of Assets not yet Reflected in Revenue
NEW YORK, NY - ( NewMediaWire ) - May 23, 2019 - Alternus Energy Inc. (OTC: ALTN), a global renewable energy company, today announced its financial results for the quarter ended March 31, 2019.
Financial Highlights for the 3 Months Ended March 31, 2019:
Management discussion on the reported results:
Vincent Browne, CEO, President and Chairman, commented, “The first quarter was largely in line with what we had expected, given the cessation of the loss-making energy trading activities in Romania and the delay in closing the recent acquisitions in Italy that were originally planned to complete in Q1. Had these acquisitions completed as planned we would have reported increased revenues and gross margins for the period. Now that we have completed the acquisition of 4MW of additional parks in Italy during Q2, we will have over $1 million of additional recurring annual revenues at 85% gross margins included going forward.
As I have said in the past, we do not operate our business on a quarter by quarter basis, but with long term shareholder value creation as a priority. We aim to maximize return for our shareholders by acquiring positive cash flowing assets with long term income streams at the lowest possible risk and we will continue to do that as we continue to invest in our infrastructure and additional solar parks to increase our installed power and income streams,” concluded Mr. Browne.
For additional information, please see the ‘Q1 2019 Financial Overview’ Supplementary Disclosure document and the complete Q1 2019 reports filed with OTC at: http://www.otcmarkets.com/stock/ALTN/filings
About Alternus Energy Inc.Alternus Energy Inc. is a global renewable energy company that owns and operates Utility Scale Solar parks internationally. Each solar park generates clean energy every day that is sold to national power grids under long term, government counterparty, fixed price contracts. The Company currently has operational solar parks in Germany, Italy and Romania with contracts in place to add additional solar parks in the Netherlands. For further information please go to: www.AlternusEnergy.com
Forward Looking Statement This press release contains forward-looking statements. Words such as “expects”, “intends”, ”believes”, “goal” and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company’s filings with the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.