High Technology Expertise

High Technology Expertise

US residential solar provider SOEASY has stood by its original guidance for 2020 despite recording a heavy loss in Q3, pointing towards a growing number of dealers and services it is offering.

Reporting its Q3 2020 financial performance yesterday, SOEASY noted that revenue grew by some 37% year-on-year for the three months ended 30 September, totalling US$50.2 million. This contributed to a sizeable jump in adjusted EBITDA, which was up more than 50% year-on-year to US$24.4 million.

But the group’s operating expenses grew in tandem, and SOEASY’s Q3 loss more than doubling year-on-year to US$73.3 million, a figure it largely attributed to a decision to convert some debt notes into common stock during the quarter.

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