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ReneSola Power December 7 , 2021 Fellow Shareholders , Before we review third quarter results , we need to start by addressing the false and misleading report about us published last week by an obscure short - selling firm . After studying the Grizzly report , we conclude that the author has very limited knowledge of how solar project development works and has manipulated facts that are readily available to the public to create an impression of nefarious activity that is false , inappropriate , and misleading . We encourage all our stakeholders to read the report and listen to our response , which will be presented on the earnings conference call taking place today . We believe reading the report with a critical eye and keeping in mind the author's financial incentives ( they have a previously established short position in our stock ) , will enable readers to fully understand the deeply flawed and purposefully misleading narrative created by that firm . Turning to third quarter results , we are comfortable with our performance . Revenue was below our guidance , while gross margin was at the high end of our guidance range . Most importantly , we were profitable despite the lower - than - expected revenue . Our highest financial priority is the bottom line , and all our decisions and actions are focused on profit as opposed to revenue . We sustained our profitability by two means : the strong gross margin , which reflects this profit focus , and tight control of expenses . We sustained gross margin through our strategy of selling projects at their most profitable point , NTP , and through the support of our recurring , high margin IPP electricity sales . Operating expenses declined sequentially , reflecting our discipline . The revenue miss does not concern us and should not bother you either . We often point out that project sales are lumpy with uncertain timing . On an annual basis , the lumpiness is smoothed out and we can more accurately forecast our level of activity . On a quarterly basis , sales can easily move between periods , skewing the results for a quarter but having no impact on the economics of our business . This was the case in the third quarter . Two project sales we expected did not close . One was a project in Spain that we have discussed before . Our original buyer backed out of the sale , but we found a new buyer ( at a somewhat higher price ! ) and this deal should close in December . Revenue from the Spain project is around $ 2 million . Similarly , around $ 6 to $ 7 million of projects in Pennsylvania were delayed for administrative reasons and should close either in Q4 or Q1 2022 . We are bullish on our prospects and that of our industry . Demand is strong around the world , and project pricing is firm , as rising PPA prices offset headwinds such as supply shortages , material cost inflation , and tariffs . Our pipeline is robust and growing rapidly , exceeding our expectations . At the start of the year , we established a goal of growing the quality mid - to - late stage pipeline to 2 GW . We achieved 1.8 GW in the third quarter and expect to end the year close to 2.2 GW . Furthermore , we are still in the early stages of exploiting the many opportunities in storage . Storage is quickly becoming a critical element of larger projects in the U.S. and Europe , and we intend to build a substantial pipeline of solar plus storage and independent storage projects in the quarters ahead . With that overview , we will now review the details of our third quarter operating and financial performance .