UGE International (TSE:UGE) has released an update.
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UGE International Ltd. reported significant growth in 2023, doubling its operational solar portfolio and achieving a record-setting 18.2MW in project Notice to Proceeds. However, the shift away from third-party EPC contracts and the focus on expanding its project portfolio led to an 87% and 68% decline in total revenue over three and twelve months, respectively, and a net loss increase to $4.1 million for the quarter. Despite these challenges, the company’s project backlog reached 324MW by year-end, signaling strong future prospects.
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