First Quarter 2013 Financial and Operating Highlights
Total solar wafer and module shipments in Q1 2013 were 662.1 megawatts ("MW"), in line with the Company's guidance and representing a decrease of 7.2% from 713.2 MW in Q4 2012.
Q1 2013 net revenues were US$284.2 million, exceeding Company guidance and representing a decrease of 7.3% from US$306.5 million in Q4 2012.
Q1 2013 gross loss was US$5.6 million with a gross margin of negative 2.0%, compared to a gross profit of US$10.3 million with a gross margin of 3.3% in Q4 2012.
Q1 2013 operating loss was US$33.4 million with an operating margin of negative 11.8%, compared to an operating loss of US$23.8 million with an operating margin of negative 7.8% in Q4 2012.
Q1 2013 net loss was US$39.0 million, representing basic and diluted loss per share of US$0.23 and basic and diluted loss per American depositary share ("ADS") of US$0.45.
Cash and cash equivalents plus restricted cash were $442.7 million as of the end of Q1 2013, an increase from US$268.1 million as of the end of Q4 2012.
Q1 2013 net cash inflow from operating activities was US$4.2 million, compared to net cash inflow of US$25.8 million in Q4 2012.
"Over the past year, we have worked hard to transform our company into a leading global solar brand and technology leader," said Mr. Xianshou Li, ReneSola's chief executive officer.
"With vigorous sales and marketing efforts, we have expanded our module business in several key markets, including the United Kingdom, Germany, France, the United States, Australia, India and Japan.
Additionally, we continue to push our R&D with downstream products like our AC module and small-scale storage system, and we plan to offer residential PV solutions soon. Although we are seeing the solar market stabilize, a persistent demand-supply imbalance, coupled with competitive pricing, continues to impact our business and the overall industry.
Despite this challenging macro environment, we will continue to invest in technologies that help reduce cost and improve efficiency in order to grow our business and gain new global market share."
