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“The demand environment in the global distributed generation (DG) market weakened significantly in late-Q2 due to the combined effect of higher interest rates, the impact of policy disruption in California, and significant channel inventory industry-wide. Our DG sales team was able to deliver on-plan ASP and gross profit but came in short of target on volume and revenue,” said CEO Bill Mulligan.
For Q3/23, the company expects revenue in the range of $280-$320M, missing the consensus estimate of $395.3M. Adjusted EBITDA is seen at $2-$12M.
For the full year, the company anticipates revenue in the range of $1.25-$1.35B, worse than the consensus of $1.51B. Adjusted EBITDA is seen at $80-$100M.
