Emeren Announces Fourth Quarter and Full Year 2024 Financial Results
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%.
- 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
- 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
The company's pivot toward higher-margin business segments is paying dividends. The DSA (Development Service Agreement) and IPP (Independent Power Producer) businesses contributed
Despite these positives, currency headwinds remain problematic, widening net losses to
Emeren's 2025 outlook of
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
While project timing delays created revenue recognition challenges, the fundamentals remain intact with
- Delivered Strong Free Cash Flow in Q4 2024
- Achieved High-Margin Expansion Driven by IPP and DSA Businesses
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
Resilient Growth Driving Free Cash Flow
In Q4 2024, we generated
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
Although project timing delays in the
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
As of December 31, 2024, we have secured DSA contracts with nine partners for 40 projects totaling over 2.8 GW, comprising
With
Solar Power Project Development
In addition to completing major transactions in
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
Our well-balanced IPP portfolio spans
With
Full-Year 2024 Financial Summary
For full-year 2024, we generated
Despite FX headwinds, operating cash flow improved significantly toward breakeven, reaching negative
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
in contracted DSA revenue, with an additional over$84 million in potential revenue under negotiation, reinforcing long-term cash flow visibility.$100 million - 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 inEurope , 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 fromChina'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
For the first half of 2025, we anticipate revenue in the range of
Full Year 2024 Financial Highlights:
- Revenue of
, down$92.1 million 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
from$0.5 million in 2023, reflecting improved profitability and cost discipline.$8.7 million - Adjusted EBITDA surged
102% Y/Y to , demonstrating strong margin expansion in DSA and IPP businesses.$6.9 million - Net loss widened to
from$12.5 million in 2023, largely due to non-cash FX losses.$3.2 million
$ in millions | 2024 | 2023 | Y/Y |
Revenue | -13 % | ||
Gross profit | 24.1 | 25.0 | -4 % |
Operating loss | (0.5) | (8.7) | +94 % |
EBITDA | (2.1) | 4.9 | ( |
Adjusted EBITDA | 6.9 | 3.4 | +102 % |
Net loss attributed to Emeren Group Ltd | ( | ( | -292 % |
Revenue by segment:
Segment ($ in thousands) | 2024 | % of Total |
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 |
66,963 | 73 % | |
7,273 | 8 % | |
17,831 | 19 % | |
Total | 92,067 | 100 % |
Q4 2024 Financial Highlights:
- Revenue of
, down$34.6 million 23% Y/Y and up169% Q/Q. - Gross profit of
, down$4.8 million 6% Y/Y and15% Q/Q. - Operating loss of
, a$4.4 million 35% Y/Y improvement, despite a increase Q/Q.$6.5 million - Adjusted EBITDA of negative
, a$2.4 million 27% Y/Y gain in performance. - Cash and cash equivalents at the end of Q4 2024 were
, up from$50.0 million in Q3 2024.$35.8 million - Net loss widened to
from$11.8 million in 2023, primarily due to FX losses and project timing.$2.0 million
$ in millions | Q4'24 | Q3'24 | Q/Q | Q4'23 | Y/Y |
Revenue | +169 % | -23 % | |||
Gross profit | 4.8 | 5.6 | -15 % | 5.1 | -6 % |
Operating Income (loss) | (4.4) | 2.1 | ( | (6.7) | +35 % |
EBITDA | (11.5) | 8.5 | ( | 1.1 | ( |
Adjusted EBITDA | (2.4) | 4.1 | ( | (3.2) | +27 % |
Net Income (loss) attributed to Emeren Group Ltd | ( | ( | ( | -504 % |
Revenue by segment:
Segment ($ in thousands) | Q4'24 | % of Total |
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 |
25,901 | 75 % | |
5,249 | 15 % | |
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 | Early Stage | Total (MW) |
| 1,439 | 3,855 | 5,294 |
| 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 | Early Stage | Total (MW) |
399 | — | 399 | |
100 | 163 | 263 | |
214 | 3,033 | 3,247 | |
129 | 177 | 306 | |
114 | 5 | 119 | |
483 | 477 | 960 | |
941 | 1,296 | 2,237 | |
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 | Early | Total (MW) |
3,108 | 3,023 | 6,131 | |
1,105 | 1,057 | 2,162 | |
43 | — | 43 | |
Total | 4,256 | 4,080 | 8,336 |
Project Pipeline by Country (December 31, 2024):
Country | Advanced | Early | Total (MW) |
878 | 50 | 928 | |
170 | 275 | 445 | |
10 | 1,522 | 1,532 | |
14 | — | 14 | |
2,036 | 673 | 2,709 | |
— | 503 | 503 | |
1,105 | 1,057 | 2,162 | |
43 | — | 43 | |
Total | 4,256 | 4,080 | 8,336 |
Notes: The average hours per MW vary across regions. For example, in the
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 |
102 | - | |
24 | - | |
Total | 293 | 54 |
Q4 2024 Financial Results:
All figures refer to the fourth quarter of 2024, unless stated otherwise.
Revenue
Revenue of
Gross Profit and Gross Margin
Gross profit was
Operating Expense
Operating expenses were
Net loss attributable to Emeren Group Ltd's common shareholders
Net loss attributable to Emeren Group Ltd's common shareholders was
Diluted net loss attributable to Emeren Group Ltd's common shareholders per American Depositary Share ("ADS") was
Cash Flow
Cash provided by operating activities was
Financial Position
Cash and cash equivalents at the end of Q4 2024 were
Net asset value (NAV) is approximately
Our debt-to-asset ratio at the end of Q4 2024 was
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
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
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
- 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