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Emeren Announces Fourth Quarter and Full Year 2024 Financial Results

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Emeren Group (NYSE: SOL) reported Q4 and full year 2024 financial results, highlighting resilient performance despite challenges. The company generated $92.1 million in revenue for FY2024, down 13% Y/Y, with a 26.2% gross margin. Q4 revenue was $34.6 million with $4.8 million gross profit.

Key achievements include $10.5 million Q4 operating cash flow and $6.9 million adjusted EBITDA for 2024. The company's IPP and DSA segments showed strong performance, with secured DSA contracts totaling over 2.8 GW and expected to generate $84 million in contracted revenue.

Notable transactions include the sale of a 17 MW solar portfolio in Poland, 462 MW BESS DSA in Italy, and 65 MW solar projects in Germany. The company ended Q4 with $50.0 million in cash, up 40% sequentially. For 2025, Emeren projects revenue of $80-100 million with 30-33% gross margin.

Emeren Group (NYSE: SOL) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, evidenziando una performance resiliente nonostante le sfide. L'azienda ha generato 92,1 milioni di dollari di ricavi per l'anno fiscale 2024, con un calo del 13% rispetto all'anno precedente, e un margine lordo del 26,2%. I ricavi del quarto trimestre sono stati di 34,6 milioni di dollari con un profitto lordo di 4,8 milioni di dollari.

I risultati chiave includono un flusso di cassa operativo di 10,5 milioni di dollari nel quarto trimestre e un EBITDA rettificato di 6,9 milioni di dollari per il 2024. I segmenti IPP e DSA dell'azienda hanno mostrato una forte performance, con contratti DSA assicurati che totalizzano oltre 2,8 GW e si prevede genereranno 84 milioni di dollari in ricavi contrattati.

Transazioni notevoli includono la vendita di un portafoglio solare da 17 MW in Polonia, 462 MW di BESS DSA in Italia e progetti solari da 65 MW in Germania. L'azienda ha chiuso il quarto trimestre con 50,0 milioni di dollari in contante, in aumento del 40% rispetto al trimestre precedente. Per il 2025, Emeren prevede ricavi tra 80 e 100 milioni di dollari con un margine lordo del 30-33%.

Emeren Group (NYSE: SOL) informó los resultados financieros del cuarto trimestre y del año completo 2024, destacando un desempeño resiliente a pesar de los desafíos. La empresa generó 92,1 millones de dólares en ingresos para el año fiscal 2024, una disminución del 13% interanual, con un margen bruto del 26,2%. Los ingresos del cuarto trimestre fueron de 34,6 millones de dólares con un beneficio bruto de 4,8 millones de dólares.

Los logros clave incluyen 10,5 millones de dólares en flujo de efectivo operativo del cuarto trimestre y un EBITDA ajustado de 6,9 millones de dólares para 2024. Los segmentos IPP y DSA de la empresa mostraron un fuerte desempeño, con contratos DSA asegurados que totalizan más de 2,8 GW y se espera que generen 84 millones de dólares en ingresos contratados.

Las transacciones notables incluyen la venta de una cartera solar de 17 MW en Polonia, 462 MW de BESS DSA en Italia y proyectos solares de 65 MW en Alemania. La empresa cerró el cuarto trimestre con 50,0 millones de dólares en efectivo, un aumento del 40% secuencialmente. Para 2025, Emeren proyecta ingresos de 80 a 100 millones de dólares con un margen bruto del 30-33%.

Emeren Group (NYSE: SOL)는 2024년 4분기 및 연간 재무 결과를 보고하며, 도전 과제에도 불구하고 회복력 있는 성과를 강조했습니다. 회사는 2024 회계연도에 9,210만 달러의 수익을 올렸으며, 이는 전년 대비 13% 감소한 수치이고, 26.2%의 총 마진을 기록했습니다. 4분기 수익은 3,460만 달러로, 총 이익은 480만 달러였습니다.

주요 성과로는 4분기 운영 현금 흐름 1,050만 달러와 2024년 조정된 EBITDA 690만 달러가 포함됩니다. 회사의 IPP 및 DSA 부문은 강력한 성과를 보였으며, 확보된 DSA 계약이 2.8GW를 초과하고, 이는 8,400만 달러의 계약 수익을 창출할 것으로 예상됩니다.

주목할 만한 거래로는 폴란드에서 17MW의 태양광 포트폴리오 판매, 이탈리아에서 462MW의 BESS DSA, 독일에서 65MW의 태양광 프로젝트가 포함됩니다. 회사는 4분기를 5,000만 달러의 현금으로 마감했으며, 이는 이전 분기 대비 40% 증가한 수치입니다. 2025년에는 Emeren이 8천만에서 1억 달러의 수익을 예상하며, 총 마진은 30-33%로 예상됩니다.

Emeren Group (NYSE: SOL) a publié les résultats financiers du quatrième trimestre et de l'année 2024, mettant en avant une performance résiliente malgré les défis. L'entreprise a généré 92,1 millions de dollars de revenus pour l'exercice 2024, en baisse de 13% par rapport à l'année précédente, avec une marge brute de 26,2%. Les revenus du quatrième trimestre se sont élevés à 34,6 millions de dollars avec un bénéfice brut de 4,8 millions de dollars.

Les réalisations clés comprennent 10,5 millions de dollars de flux de trésorerie opérationnel au quatrième trimestre et un EBITDA ajusté de 6,9 millions de dollars pour 2024. Les segments IPP et DSA de l'entreprise ont montré une forte performance, avec des contrats DSA sécurisés totalisant plus de 2,8 GW et devant générer 84 millions de dollars de revenus contractuels.

Parmi les transactions notables, on trouve la vente d'un portefeuille solaire de 17 MW en Pologne, 462 MW de BESS DSA en Italie et des projets solaires de 65 MW en Allemagne. L'entreprise a terminé le quatrième trimestre avec 50,0 millions de dollars en liquidités, en hausse de 40% par rapport au trimestre précédent. Pour 2025, Emeren prévoit des revenus de 80 à 100 millions de dollars avec une marge brute de 30 à 33%.

Emeren Group (NYSE: SOL) hat die finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und dabei eine robuste Leistung trotz der Herausforderungen hervorgehoben. Das Unternehmen erzielte 92,1 Millionen Dollar Umsatz für das Geschäftsjahr 2024, was einem Rückgang von 13% im Jahresvergleich entspricht, mit einer Bruttomarge von 26,2%. Der Umsatz im vierten Quartal betrug 34,6 Millionen Dollar bei einem Bruttogewinn von 4,8 Millionen Dollar.

Zu den wichtigsten Erfolgen gehören 10,5 Millionen Dollar operativer Cashflow im vierten Quartal und ein bereinigtes EBITDA von 6,9 Millionen Dollar für 2024. Die Segmente IPP und DSA des Unternehmens zeigten eine starke Leistung, mit gesicherten DSA-Verträgen von über 2,8 GW, die voraussichtlich 84 Millionen Dollar an vertraglichen Einnahmen generieren werden.

Bemerkenswerte Transaktionen umfassen den Verkauf eines 17 MW großen Solarkraftwerks in Polen, 462 MW BESS DSA in Italien und 65 MW Solarkraftprojekte in Deutschland. Das Unternehmen schloss das vierte Quartal mit 50,0 Millionen Dollar in bar ab, was einem Anstieg von 40% im Vergleich zum vorherigen Quartal entspricht. Für 2025 prognostiziert Emeren einen Umsatz von 80 bis 100 Millionen Dollar mit einer Bruttomarge von 30-33%.

Positive
  • Generated $10.5M in Q4 operating cash flow and $5M+ in free cash flow
  • Secured $84M in contracted DSA revenue with additional $100M+ under negotiation
  • Strong cash position of $50M, up 40% from Q3
  • Successfully monetized 200 MW of solar PV and 1.3 GW of BESS projects in 2024
  • IPP segment delivered 64% of total gross profit with high margins
Negative
  • Revenue declined 13% Y/Y to $92.1M in FY2024
  • Q4 net loss widened to $11.8M from $2.0M in 2023
  • Operating loss of $0.5M for full year 2024
  • Project timing delays affected Q4 revenue recognition
  • Experienced significant FX losses due to strong US dollar

Insights

Emeren's Q4 and FY2024 results reveal a strategically resilient solar developer despite top-line pressure. The company generated $92.1 million in annual revenue (-13% YoY) while maintaining a healthy 26.2% gross margin. Most impressive was the Q4 performance with $10.5 million in operating cash flow and $5 million in free cash flow, driving a 40% sequential increase in cash position to $50 million.

The company's pivot toward higher-margin business segments is paying dividends. The DSA (Development Service Agreement) and IPP (Independent Power Producer) businesses contributed 52% of total revenue with superior margins, evidenced by the 102% YoY surge in adjusted EBITDA to $6.9 million. The $84 million in contracted DSA revenue plus $100+ million in negotiation provides significant revenue visibility for 2025-2027.

Despite these positives, currency headwinds remain problematic, widening net losses to $12.5 million from $3.2 million in 2023. Project timing delays in Q4 impacted near-term performance but aren't indicative of business deterioration.

Emeren's 2025 outlook of $80-100 million revenue with 30-33% gross margins suggests continued focus on high-quality earnings rather than volume growth. The debt-to-asset ratio remains conservative at 11.23%, providing financial flexibility as the company executes its capital-light growth strategy across global renewable markets.

Emeren's strategic evolution toward a balanced renewable portfolio is evident in its execution across multiple value streams. The company has effectively diversified beyond traditional solar development to capitalize on the rapidly growing energy storage market, monetizing 1.3 GW of battery storage projects in 2024 alongside 200 MW of solar assets.

The company's geographic diversification deserves attention – maintaining strength in Europe (75% of DSA pipeline) while establishing footholds in the U.S. and Asian markets provides natural hedging against regional policy shifts. The integration of their 18 MWh BESS in China with Huaneng Power's VPP platform demonstrates sophisticated positioning ahead of China's 2025 merchant power market liberalization.

The project pipeline reveals a strategic pivot toward storage-centric development with 4.3 GW of advanced-stage storage projects versus 2.4 GW of solar PV. This ratio aligns with global grid balancing needs as renewable penetration increases.

Most significant is Emeren's capital efficiency – generating free cash flow while maintaining a lean 11.23% debt-to-asset ratio indicates disciplined development practices unlike many over-leveraged renewable developers. The $5.9 per ADS net asset value provides a tangible floor for investors.

While project timing delays created revenue recognition challenges, the fundamentals remain intact with $84 million in contracted DSA revenue. The company's ability to execute complex transactions across multiple jurisdictions (462 MW BESS in Italy, 65 MW solar to Trina in Germany) demonstrates the maturity of their development platform despite their relatively modest market capitalization.

Delivered Strong Free Cash Flow in Q4 2024
Achieved High-Margin Expansion Driven by IPP and DSA Businesses

NORWALK, Conn., March 13, 2025 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024, highlighting key growth catalysts for 2025.

Fellow Shareholders,

2024 was a year of resilience, disciplined execution, and strategic growth for Emeren. Despite currency headwinds and project sale delays, we successfully monetized renewable energy assets, expanded our energy storage footprint, and generated positive free cash flow in Q4. Our Independent Power Producer (IPP) and Development Service Agreement (DSA) segments provided high margins and stable cash flows, while strategic project monetization strengthened our financial position. We ended the year with $50.0 million in cash, up 40% sequentially, positioning us for continued growth in 2025.

Resilient Growth Driving Free Cash Flow

In Q4 2024, we generated $10.5 million in operating cash flow and over $5 million in free cash flow, further strengthening our financial position amid a challenging market landscape. For the full year, we achieved $6.9 million in adjusted EBITDA, demonstrating disciplined execution and a high-margin business model.

Our capital-light model fueled profitable growth while supporting investment. Strong liquidity and efficiency position us to capitalize on 2025 project sales and opportunities.

Executing High-Margin Expansion

Our resilient high-margin IPP and DSA segments enabled us to deliver $34.6 million in revenue and $4.8 million in gross profit, achieving a solid 14% gross margin in Q4. While FX losses due to the strength of U.S. dollar impacted net income, our operating loss improved by 35% Y/Y in Q4, reflecting strong cost discipline.

Although project timing delays in the U.S. and Europe affected Q4 revenue recognition, these projects remain on track to close in 1H 2025, ensuring near-term revenue realization.

Q4 2024 Highlights

We achieved significant milestones across key markets in Q4, strengthening our position in renewable energy monetization and energy storage.

  • Europe:
    • Completed the COD sale of a 17 MW solar project portfolio in Poland, with 15 MW under a PPA, reinforcing our presence in a key market.
    • Executed a 462 MW DSA of battery energy storage system (BESS) in Italy with Arpinge, expanding our footprint in energy storage.
    • Finalized the sale of 65 MW of solar projects to Trina in Germany through a mixed DSA/SPA structure, reflecting the strength of our development partnerships.
  • United States:
    • Closed the COD sale of a 2.8 MW community solar project to Altus Power, demonstrating progress in the distributed generation segment.
  • China:
    • Commissioned 18 MWh BESS projects, successfully integrating them into Huaneng Power International's Virtual Power Plant (VPP) platform, strengthening our participation in China's evolving energy market.

These achievements highlight our ability to execute across multiple regions, ensuring efficient project monetization, expanding our renewable energy portfolio, and strengthening contracted cash flow generation.

Business Line Performance

DSA

The DSA business serves as a cornerstone of our high-margin growth strategy, providing strong revenue visibility while enabling us to monetize projects at early- and mid-development stages. We extended our DSA model into key markets, generating approximately $9.5 million (28% of Q4 revenue), primarily from Italy and Germany.  For the full year, we generated approximately $19 million in DSA revenue, reflecting successful contract execution and geographic expansion.

As of December 31, 2024, we have secured DSA contracts with nine partners for 40 projects totaling over 2.8 GW, comprising 85% BESS and 15% PV. These agreements are expected to generate approximately $84 million in contracted revenue over the next two to three years, in addition to $19 million recognized in 2024, further reinforcing our financial stability. Additionally, about 2.5 GW of DSAs are under negotiation, representing a potential revenue pipeline of over $100 million.

With 75% of our DSA pipeline concentrated in Europe, we are well-positioned to benefit from strong regulatory support for renewable energy and increasing demand for energy storage solutions.

Solar Power Project Development

In addition to completing major transactions in Poland and the U.S., we were active in markets with strong long-term demand for renewable energy. Our solar development business continued to drive monetization opportunities, leveraging our expertise in advancing projects from development to sale. In 2024, we successfully monetized approximately 200 MW of solar PV projects, including 65 MW in Germany, 57 MW in France, 42 MW in Spain, 17 MW in Poland, 16 MW in China, and 3 MW in the U.S. We also monetized 1.3 GW of BESS projects, with 1,210 MW in Italy, 72 MW in the U.S., and 18 MW in China. These achievements reflect our disciplined approach to capital recycling while maintaining a robust development pipeline to support future growth, reinforcing our position as a leader in the sector.

IPP

The IPP segment was a cornerstone of our profitability, providing stable and predictable cash flows from long-term operating assets. In 2024, IPP revenue accounted for approximately 31% of total revenue and 64% of total gross profit, underscoring its high-margin contribution to our financial performance. The segment generated $5.4 million in Q4, down from Q3 due to seasonality.

Our well-balanced IPP portfolio spans Europe and China, with a growing U.S. presence. In Q4, we optimized assets, including Branston in the U.K., and advanced our energy storage integration strategy. Notably, our newly commissioned 18 MWh BESS in China is now fully integrated into Huaneng Power International's Virtual Power Plant (VPP) platform, enhancing grid stability and efficiency.

With China's merchant power market opening in 2025, our BESS assets are well-positioned to capitalize on price arbitrage, further strengthening long-term profitability and financial resilience.

Full-Year 2024 Financial Summary

For full-year 2024, we generated $92.1 million in revenue and $24.1 million in gross profit, achieving a 26% gross margin. We reported an operating loss of $0.5 million, while non-cash FX losses resulted in a net loss[1] of $12.5 million.

Despite FX headwinds, operating cash flow improved significantly toward breakeven, reaching negative $4.2 million compared to negative $23.5 million a year ago.  Adjusted EBITDA rose to $6.9 million, reflecting disciplined financial execution.  Over the year, we successfully monetized a significant volume of renewable energy assets, including solar and battery storage projects, strengthening our financial position and reinforcing our capital-efficient business model.

Our disciplined execution, successful project monetization, and strengthened financial position provide a strong foundation to scale our business efficiently while maintaining capital discipline.

[1] Net loss attributed to Emeren Group Ltd.

Outlook & Catalysts

Looking ahead, we are confident in our ability to execute our growth strategy and deliver strong financial performance in 2025. The delay in Q4 revenue recognition does not reflect a loss of business, but rather timing issues, with the sale of these projects expected to close in 1H 2025. With a highly contracted revenue base, continued expansion of our DSA and IPP businesses, and strong tailwinds in the renewable energy sector, we are positioned for sustained profitability and long-term shareholder value creation.

Key drivers supporting our 2025 financial outlook include:

  • Strong contracted revenue base: We have secured about $84 million in contracted DSA revenue, with an additional over $100 million in potential revenue under negotiation, reinforcing long-term cash flow visibility.
  • Profitability from high-margin segments: Our DSA and IPP businesses are key profit drivers, contributing strong gross margins and stable cash flows. With increasing energy storage integration and disciplined execution, our emphasis on high-margin growth drives sustained profitability and financial strength.
  • Robust solar PV and BESS monetization pipeline: With 75% of our DSA pipeline concentrated in Europe, as well as strong solar and energy storage project sales in key markets, we are well-positioned to capitalize on growing demand. Overall, by the end of Q4 2024, our pipeline included over 4.3 GW of advanced-stage storage projects and 2.4 GW of advanced-stage solar PV projects, reinforcing our long-term growth potential.
  • Expansion in BESS and merchant power trading: Our newly commissioned 18 MWh BESS in China is now fully integrated into the Huaneng Power International VPP platform, and we are set to benefit from China's merchant power market opening in 2025, unlocking new revenue streams through energy arbitrage.

We expect full-year 2025 revenue to be in the range of $80 million to $100 million, with a gross margin of approximately 30% to 33%. IPP revenue is anticipated to be between $28 million and $30 million, with a gross margin of approximately 50%. Our DSA segment is expected to contribute between $35 million and $45 million in revenue. We also expect to achieve positive operating cash flow in 2025.

For the first half of 2025, we anticipate revenue in the range of $30 million to $35 million, with a gross margin of approximately 30% to 33%.

Full Year 2024 Financial Highlights: 

  • Revenue of $92.1 million, down 13% Y/Y, reflecting project timing shifts despite strong execution in high-margin segments.
  • IPP and DSA contributed 52% of total revenue, which demonstrates solid and stable revenue visibility.
  • Maintained a strong 26.2% gross margin, despite a slight Y/Y decline in gross profit to $24.1 million.
  • Operating loss narrowed significantly to $0.5 million from $8.7 million in 2023, reflecting improved profitability and cost discipline.
  • Adjusted EBITDA surged 102% Y/Y to $6.9 million, demonstrating strong margin expansion in DSA and IPP businesses.
  • Net loss widened to $12.5 million from $3.2 million in 2023, largely due to non-cash FX losses.

 

$ in millions

2024

2023

Y/Y

Revenue 

$92.1

$105.6

-13 %

Gross profit 

24.1

25.0

-4 %

Operating loss

(0.5)

(8.7)

+94 %

EBITDA  

(2.1)

4.9

($7.1)

Adjusted EBITDA

6.9

3.4

+102 %

Net loss attributed to Emeren Group Ltd

($12.5)

($3.2)

-292 %

 

Revenue by segment:

Segment                         

($ in thousands)

2024
Revenue

% of Total
Revenue

Project development

25,874

28 %

IPP

28,903

31 %

DSA

18,959

21 %

EPC

17,332

19 %

Others

999

1 %

Total

92,067

100 %

 

Note: "Others" comprises revenue from ancillary revenues and expenses and other unallocated costs and expenses.

Revenue by region:

Region

($ in thousands)

2024

Revenue

% of Total
Revenue

Europe

66,963

73 %

USA

7,273

8 %

China

17,831

19 %

Total

92,067

100 %

 

Q4 2024 Financial Highlights: 

  • Revenue of $34.6 million, down 23% Y/Y and up 169% Q/Q.
  • Gross profit of $4.8 million, down 6% Y/Y and 15% Q/Q.
  • Operating loss of $4.4 million, a 35% Y/Y improvement, despite a $6.5 million increase Q/Q.
  • Adjusted EBITDA of negative $2.4 million, a 27% Y/Y gain in performance.
  • Cash and cash equivalents at the end of Q4 2024 were $50.0 million, up from $35.8 million in Q3 2024.
  • Net loss widened to $11.8 million from $2.0 million in 2023, primarily due to FX losses and project timing.

 

$ in millions

Q4'24

Q3'24

Q/Q

Q4'23

Y/Y

Revenue 

$34.6

$12.9

+169 %

$45.0

-23 %

Gross profit 

4.8

5.6

-15 %

5.1

-6 %

Operating Income (loss) 

(4.4)

2.1

($6.5)

(6.7)

+35 %

EBITDA  

(11.5)

8.5

($20.1)

1.1

($12.6)

Adjusted EBITDA

(2.4)

4.1

($6.4)

(3.2)

+27 %

Net Income (loss) attributed to Emeren Group Ltd

($11.8)

$4.8

($16.6)

($2.0)

-504 %

 

Revenue by segment:

Segment                         

($ in thousands)

Q4'24
Revenue

% of Total
Revenue

Project development

18,457

53 %

IPP

5,414

16 %

DSA

9,507

28 %

EPC

493

1 %

Others

679

2 %

Total

34,550

100 %

 

Note: "Others" comprises revenue from ancillary revenues and expenses and other unallocated costs and expenses.

Revenue by region:

Region

($ in thousands)

Q4'24

Revenue

% of Total
Revenue

Europe

25,901

75 %

USA

5,249

15 %

China

3,400

10 %

Total

34,550

100 %

 

Advanced-Stage and Early-Stage Solar Development Project Pipeline

Project Pipeline by Region (as of December 31, 2024):

Region

Advanced
Stage

Early

Stage

Total

(MW)

  Europe

1,439

3,855

5,294

  U.S.

941

1,296

2,237

  China 

28

28

Total

2,408

5,151

7,559

 

Project Pipeline by Country (as of December 31, 2024):

Country

Advanced
Stage

Early

Stage

Total

(MW)

Poland

399

399

U.K.

100

163

263

Spain

214

3,033

3,247

Germany

129

177

306

France

114

5

119

Italy

483

477

960

U.S.

941

1,296

2,237

China

28

28

Total

2,408

5,151

7,559

 

Advanced-Stage and Early-Stage Solar Storage Project Pipeline

Project Pipeline by Region (as of December 31, 2024):

Region

Advanced
Stage

Early
Stage

Total

(MW)

Europe

3,108

3,023

6,131

U.S.

1,105

1,057

2,162

China

43

43

Total

4,256

4,080

8,336

 

Project Pipeline by Country (December 31, 2024):

Country

Advanced
Stage

Early
Stage

Total

(MW)

Poland

878

50

928

U.K.

170

275

445

Spain

10

1,522

1,532

France

14

14

Italy

2,036

673

2,709

Germany

503

503

U.S.

1,105

1,057

2,162

China

43

43

Total

4,256

4,080

8,336

 

Notes: The average hours per MW vary across regions. For example, in the U.S. and Europe, it ranged from 4 - 8 hours per MW of storage, while in China, it was ~2 hours.

Growing IPP Asset Portfolio in Attractive PPA Regions

As of December 31, we owned and operated IPP assets comprising approximately 293 MW of solar PV projects and 54 MWh of storage.

Operating Assets

PV Capacity (MW)

Storage (MWh)

China DG

167

54

Europe

102

-

U.S.

24

-

Total

293

54

 

Q4 2024 Financial Results:

All figures refer to the fourth quarter of 2024, unless stated otherwise.

Revenue

Revenue of $34.6 million declined 23% Y/Y, primarily due to project delays pending government approvals. However, it surged 169% Q/Q, driven by successful project monetization. While timing delays in the U.S. and Europe impacted Q4 revenue recognition, these projects remain on track to close in 1H 2025, providing strong near-term visibility.

Gross Profit and Gross Margin

Gross profit was $4.8 million, compared to $5.6 million in Q3 2024 and $5.1 million in Q4 2023. Gross margin was 13.9%, down from 43.8% in Q3 2024 but up from 11.3% in Q4 2023. The year-over-year improvement reflects the continued strength of our high-margin IPP and DSA businesses.

Operating Expense 

Operating expenses were $9.2 million, up from $3.5 million in Q3 2024 but down from $11.8 million in Q4 2023. The annual decline was primarily due to fewer write-offs and the absence of asset impairment losses.

Net loss attributable to Emeren Group Ltd's common shareholders

Net loss attributable to Emeren Group Ltd's common shareholders was $11.8 million, compared to net income of $4.8 million in Q3 2024 and net loss of $2.0 million in Q4 2023.

Diluted net loss attributable to Emeren Group Ltd's common shareholders per American Depositary Share ("ADS") was $0.23, compared to diluted net income of $0.09 in Q3 2024 and diluted net loss of $0.04 in Q4 2023.

Cash Flow

Cash provided by operating activities was $10.4 million; cash used in investing activities was $5.0 million, and cash provided by financing activities was $2.8 million.

Financial Position

Cash and cash equivalents at the end of Q4 2024 were $50.0 million compared to $35.8 million in Q3 2024.

Net asset value (NAV) is approximately $5.9 per ADS.

Our debt-to-asset ratio at the end of Q4 2024 was 11.23%, compared to 10.18% at the end of Q3 2024.

Conclusion

The renewable energy sector is benefiting from strong tailwinds, driven by the global shift toward sustainability and the increasing role of solar and energy storage to meet rising power demand. Our disciplined execution, robust contracted revenue base, and expanding presence in high-margin segments position us for sustained growth. As we enter 2025, we remain focused on leveraging our strengths in Development Service Agreement (DSA), Independent Power Producer (IPP), and energy storage to drive long-term value creation. With a clear strategy, strong financial foundation, and commitment to innovation, we are confident in our ability to capitalize on industry momentum and deliver lasting shareholder value.

Conference Call Details

We will host a conference call today to discuss our fourth quarter and full year ended December 31, 2024 after the U.S. stock market close on Thursday, March 13, 2025. The call is scheduled to begin at 5:00 p.m. U.S. Eastern Time on Thursday, March 13, 2025.

Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration.

Participant Online Registration:  
https://register.vevent.com/register/BI53bf135272a04765b47f029df565b83d

Audio-only Webcast:
https://edge.media-server.com/mmc/p/wfuup2dn

Additionally, an archived webcast of the conference call will be available on the Investor Relations section of Emeren Group Ltd's website at https://ir.emeren.com/.

About Emeren Group Ltd

Emeren Group Ltd (NYSE: SOL), a renewable energy leader, showcases a comprehensive portfolio of solar projects and Independent Power Producer (IPP) assets, complemented by a significant global Battery Energy Storage System (BESS) capacity. Specializing in the entire solar project lifecycle — from development through construction to financing — we excel by leveraging local talent in each market, ensuring our sustainable energy solutions are at the forefront of efficiency and impact. Our commitment to enhancing solar power and energy storage underlines our dedication to innovation, excellence, and environmental responsibility. For more information, go to www.emeren.com.

Safe Harbor Statement

This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 10-K. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.

For investor and media inquiries, please contact: 

Emeren Group Ltd - Investor Relations
+1 (925) 425-7335
ir@emeren.com 

The Blueshirt Group 
Gary Dvorchak
+1 (323) 240-5796
gary@blueshirtgroup.co

 

 

 Appendix 1: Unaudited Consolidated Statement of Operations 














 Three Months Ended 


 Twelve Months Ended 


Dec 31, 2024


Sep 30, 2024


Dec 31, 2023


Dec 31, 2024


Dec 31, 2023


  (in thousands, except per ADS data and ADS)  

  Net revenues   

$       34,550


$       12,860


$       44,972


$       92,067


$     105,642

  Cost of revenues   

(29,763)


(7,229)


(39,899)


(67,945)


(80,629)

  Gross profit  

4,787


5,631


5,073


24,122


25,013











  Operating expenses:  










  Sales and marketing   

(59)


(8)


(105)


(183)


(398)

  General and administrative   

(9,196)


(3,959)


(9,272)


(23,131)


(25,961)

  Other operating expenses, net 

80


477


(2,075)


(1,312)


(5,624)

  Impairment loss of assets 

-


-


(366)




(1,691)

  Total operating expenses   

(9,175)


(3,490)


(11,818)


(24,626)


(33,674)











  Income (loss) from operations    

(4,388)


2,141


(6,745)


(504)


(8,661)

  Other (expenses) income:  










  Interest (expenses) income, net  

(231)


(431)


(574)


(559)


(411)

  Investment (loss) gain 

-


(4)


39


(4)


278

  Unrealized foreign exchange (loss) gain 

(9,047)


4,615


5,850


(8,522)


5,892

  Total other (expense) income , net  

(9,278)


4,180


5,315


(9,085)


5,759











  Income (loss) before income tax  

(13,666)


6,321


(1,430)


(9,589)


(2,902)











   Income tax benefit (expenses) 

1,124


(647)


(2,051)


(2,021)


(2,529)

 Net income (loss) 

(12,542)


5,674


(3,481)


(11,610)


(5,431)











  Less: Net income (loss) attributed to non-controlling interests  

(755)


831


(1,531)


867


(2,245)

  Net Income (loss) attributed to Emeren Group Ltd  

(11,787)


4,843


(1,950)


(12,477)


(3,186)











 Income (loss) attributed to Emeren Group Ltd per ADS  










    Basic  

$         (0.23)


$          0.09


$         (0.04)


$         (0.24)


$         (0.06)

    Diluted  

$         (0.23)


$          0.09


$         (0.04)


$         (0.24)


$         (0.06)











 Weighted average number of ADS used in computing loss per ADS*  










    Basic  

51,317,227


51,254,956


55,197,797


51,845,257


56,526,716

    Diluted  

51,317,227


51,352,136


55,197,797


51,845,257


56,526,716











  *Each American depositary shares (ADS) represents 10 common shares  









 

 

 Appendix 2: Unaudited Consolidated Balance Sheet  






As of


Dec 31, 2024


Dec 31, 2023


 (in thousands) 

  ASSETS  




  Current assets:  




  Cash and cash equivalents   

$                              50,012


$                              70,174

  Accounts receivable trade, net  

21,121


27,123

  Accounts receivable unbilled, net 

41,330


59,598

  Advances to suppliers  

568


4,283

  Value added tax receivable  

8,005


7,103

  Project assets, current  

54,267


39,914

  Prepaid expenses and other current assets, net 

16,085


18,255

  Total current assets   

191,388


226,450





  Property, plant and equipment, net  

194,839


163,114

  Project assets, non-current  

14,444


36,610

  Operating lease, right-of-use assets  

19,931


21,057

  Finance lease, right-of-use assets  

4,574


14,192

  Other non-current assets    

22,390


16,928

  Total assets   

$                            447,566


$                            478,351













  LIABILITIES AND SHAREHOLDERS' EQUITY 




  Current liabilities:  




  Accounts payable   

11,892


16,203

  Advances from customers  

5,042


5,375

  Amounts due to related parties   

4,028


4,967

  Long-term borrowings, current 

1,181


1,385

  Income tax payable  

606


2,102

  Salaries payable    

1,265


718

  Operating lease liabilities, current  

659


363

  Failed sales-leaseback and finance lease liabilities, current    

5,014


4,559

  Other current liabilities   

19,831


21,320

  Total current liabilities   

49,518


56,992





  Long-term borrowings, non-current 

23,515


22,685

  Operating lease liabilities, non-current  

19,252


20,575

  Failed sale-leaseback and finance lease liabilities, non-current  

13,767


11,258

  Deferred tax liabilities 

3,494


3,532

  Total liabilities   

$                            109,546


$                            115,042





  Commitments and contingencies 








  Shareholders' equity  




  Common shares   

806,714


806,714

  Additional paid-in capital   

15,104


14,728

  Treasury stock, at cost 

(49,146)


(41,938)

  Accumulated deficit    

(453,040)


(440,563)

  Accumulated other comprehensive loss  

(19,116)


(13,629)

  Emeren Group Ltd shareholders' equity 

300,516


325,312

  Non-controlling interest  

37,504


37,997

  Total shareholders' equity  

338,020


363,309

  Total liabilities and shareholders' equity   

$                            447,566


$                            478,351

 

 

 Appendix 3: Unaudited Consolidated Statement of Cash Flow 











  Three Months Ended  


 Twelve Months Ended 


Dec 31, 2024


Dec 31, 2023


Dec 31, 2024


Dec 31, 2023


  (in thousands)  

  Net cash provided by (used in) operating activities 

$          10,371


$            7,236


$           (4,215)


$         (23,488)









  Net cash provided by (used in) investing activities  

(5,013)


6,941


(15,658)


15,309









  Net cash provided by (used in)  financing activities  

2,772


(3,563)


(5,928)


(25,263)









  Effect of exchange rate changes   

6,126


379


5,639


(3,672)

  Net increase (decrease) in cash and cash equivalents and restricted cash   

14,256


10,993


(20,162)


(37,114)

  Cash and cash equivalents and restricted cash, beginning of the period 

35,756


59,181


70,174


107,288

  Cash and cash equivalents and restricted cash, end of the period 

$          50,012


$          70,174


$          50,012


$          70,174

 

Use of Non-GAAP Financial Measures

To supplement Emeren Group Ltd's financial statements presented on a US GAAP basis, Emeren Group Ltd provides non-GAAP financial data as supplemental measures of its performance.

To provide investors with additional insight and allow for a more comprehensive understanding of the information used by management in its financial and decision-making surrounding pro-forma operations, we supplement our consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with EBITDA, Adjusted EBITDA as non-GAAP financial measures of earnings.

  • EBITDA represents net income before income tax expense (benefit), interest expense, depreciation and amortization.
  • Adjusted EBITDA represents EBITDA plus discount of electricity subsidy in China, plus share-based compensation, plus impairment of long-lived assets, plus loss/(gain) on disposal of assets, plus foreign exchange loss/(gain).

Our management uses EBITDA, Adjusted EBITDA as financial measures to evaluate the profitability and efficiency of our business model. We use these non-GAAP financial measures to access the strength of the underlying operations of our business. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time.

We find these measures especially useful when reviewing pro-forma results of operations, which include large non-cash impairment of long-lived assets and loss on disposal of assets. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

 

 

 Appendix 4: Adjusted EBITDA  











  Three Months Ended  


 Twelve Months Ended 


Dec 31, 2024


Sep 30, 2024


Dec 31, 2023


Dec 31, 2024


Dec 31, 2023


  (in thousands)  

 Net income (loss) 

$       (12,542)


$          5,674


$         (3,481)


$       (11,610)


$         (5,431)

 Income tax expenses (benefit) 

(1,124)


647


2,050


2,021


2,529

 Interest expenses (income), net  

231


431


574


559


411

 Depreciation & Amortization 

1,917


1,781


1,979


6,919


7,438

 EBITDA 

$       (11,518)


$          8,533


$          1,122


$         (2,111)


$          4,947

 Discount of electricity subsidy in China 

(35)


(83)


603


272


656

 Share based compensation 

133


106


203


370


1,443

 Loss on disposal of  property, plant and equipment 

-


-


616


-


2,128

 Interest income of discounted electricity subsidy in China 

(2)


130


60


(198)


109

 Foreign exchange loss (gain) 

9,047


(4,615)


(5,850)


8,522


(5,892)

 Adjusted  EBITDA 

$         (2,375)


$          4,071


$         (3,246)


$          6,855


$          3,391

 

 

 

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SOURCE Emeren Group Ltd

FAQ

What is Emeren's (SOL) revenue guidance for 2025?

Emeren expects full-year 2025 revenue between $80-100 million with a gross margin of 30-33%.

How much contracted DSA revenue does SOL have secured for future periods?

SOL has secured approximately $84 million in contracted DSA revenue, with an additional $100+ million under negotiation.

What was SOL's cash position at the end of Q4 2024?

SOL ended Q4 2024 with $50.0 million in cash, up 40% from $35.8 million in Q3 2024.

How many MW of solar projects did SOL monetize in 2024?

SOL monetized approximately 200 MW of solar PV projects across Germany, France, Spain, Poland, China, and the US in 2024.

What is SOL's current IPP portfolio size?

As of December 31, 2024, SOL owned and operated approximately 293 MW of solar PV projects and 54 MWh of storage in its IPP portfolio.
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