Emeren Announces Fourth Quarter and Full Year 2024 Financial Results

- Delivered Strong Free Cash Flow in Q4 2024- Achieved High-Margin Expansion Driven by IPP and DSA Businesses , /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 TotalRevenue 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 AdvancedStage 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 AdvancedStage 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[email protected] The Blueshirt Group Gary Dvorchak+1 (323) 240-5796[email protected] 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 SOURCE Emeren Group Ltd WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Emeren Announces Fourth Quarter and Full Year 2024 Financial Results

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