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Emeren Group, Ltd.

SOL

Emeren Group, Ltd. • NYSE
$1.73 ▼ -1.14% (-0.02)
Market Cap $88.79 M
52w High $2.30
52w Low $1.04
Dividend Yield 0%
P/E -9.61
Volume 266.95K
Outstanding Shares 51.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $15.641M ▲ $2.694M ▼ $3.469M ▲ 22.179% ▲ $0.068 ▲ $8.692M ▲
Q2-2025 $12.881M ▲ $40.487M ▲ $1.453M ▼ 11.28% ▼ $0.028 ▼ $-22.617M ▼
Q1-2025 $8.154M ▼ $7.307M ▼ $1.54M ▲ 18.886% ▲ $0.03 ▲ $4.624M ▲
Q4-2024 $34.55M ▲ $9.175M ▲ $-11.787M ▼ -34.116% ▼ $-0.23 ▼ $-11.341M ▼
Q3-2024 $12.86M $3.49M $4.843M 37.659% $0.095 $8.795M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $84.635M ▲ $449.498M ▲ $125.975M ▲ $310.382M ▼
Q2-2025 $46.642M ▼ $442.864M ▼ $122.58M ▼ $310.549M ▲
Q1-2025 $52.885M ▲ $464.922M ▲ $123.273M ▲ $304.056M ▲
Q4-2024 $50.012M ▲ $447.566M ▼ $109.546M ▼ $300.516M ▼
Q3-2024 $35.755M $470.111M $110.701M $319.571M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-335.442K ▲ $34.203M ▲ $-1.343M ▲ $4.975M ▲ $38.156M ▲ $32.671M ▲
Q2-2025 $-1.479M ▼ $2.256M ▲ $-1.684M ▲ $996.92K ▼ $-4.527M ▼ $140K ▲
Q1-2025 $1.54M ▲ $-1.892M ▼ $-2.102M ▲ $13.244M ▲ $3.575M ▼ $-4.545M ▼
Q4-2024 $-11.787M ▼ $10.289M ▲ $-4.824M ▼ $2.851M ▲ $14.256M ▲ $5.464M ▲
Q3-2024 $4.843M $-5.582M $-4.193M $-1.996M $-15.074M $-9.774M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Contract
Contract
 $0 ▲$0 ▲$0 ▲$0 ▲
Electricity
Electricity
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Real Estate
Real Estate
 $20.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Emeren’s income statement shows a business operating close to break‑even over the past several years. Revenue has grown compared with the early years in this period, but it is not on a smooth upward path and recently has softened a bit from the most recent peak. Gross profit is positive but relatively thin, meaning the room to absorb overhead and unexpected costs is limited. Operating profit and EBITDA tend to hover around zero, flipping between small profits and small losses, which signals a project‑driven, somewhat lumpy earnings profile. Net income has also moved between modest profit and modest loss, with recent results dipping back into the red. Overall, the picture is of a company that can generate revenue and gross profit, but whose earnings are sensitive to project timing, mix, and execution, rather than showing steady, dependable profitability.

Balance Sheet

Balance Sheet The balance sheet looks generally solid but with some emerging pressure points. Total assets have been fairly stable, suggesting the company is not over‑expanding. Equity makes up a meaningful portion of the capital structure, which implies a reasonable buffer against losses and not an overly leveraged profile. Debt levels appear manageable relative to the asset base, so financial risk from borrowing does not look extreme. The main watchpoint is cash: it was once much higher and has trended down from that peak, which reduces flexibility if markets turn or projects are delayed. In short, the company has a decent capital base and controlled debt, but its cash cushion is thinner than it used to be, which may constrain how aggressively it can pursue new opportunities without fresh funding or stronger internal cash generation.

Cash Flow

Cash Flow Cash flow is one of the weaker aspects of the story. Operating cash flow has frequently been around break‑even or negative, showing that accounting profits (when they appear) do not consistently translate into cash in the bank. Free cash flow has been consistently negative over these years, even though investment levels do not appear extremely heavy, which suggests that the project development model still absorbs more cash than it throws off. This is typical for developers that invest ahead of monetizing projects, but it does mean the business relies on periodic asset sales, financing, or new capital to support growth. The key risk is that timing mismatches between spending and project sales can create cash squeezes, even if the long‑term pipeline looks healthy on paper.

Competitive Edge

Competitive Edge Emeren operates in a very competitive, fragmented solar development market, where it does not appear to have a wide technological moat or a globally dominant brand. Its edge comes more from strategy and execution than from unique patents or proprietary hardware. The company has carved out a focused position as an asset‑light developer with strength in certain European markets, where regulatory support and demand for renewables are favorable. Its experience in taking projects from early development through to sale or operation, and its ability to structure flexible deals, help differentiate it from less seasoned developers. Still, barriers to entry in development are not extremely high, and many rivals are vying for the same sites, permits, and offtake contracts. The result is a narrow but real competitive niche built on relationships, local knowledge, and process know‑how, rather than on hard‑to‑replicate technology.

Innovation and R&D

Innovation and R&D Innovation at Emeren is primarily about business design and energy‑system integration rather than inventing new solar hardware. The shift from manufacturing to an asset‑light development model is itself a strategic innovation, allowing the firm to deploy less capital per project and recycle capital faster through staged project sales. Tools like development service agreements, flexible project monetization, and selective ownership of operating assets through power purchase agreements show a high degree of financial and contractual engineering. On the technical side, the company is pushing into battery energy storage and virtual power plants, especially in Europe and China, which could enhance project value and grid relevance. These moves indicate a focus on combining solar with storage and digital control, aligning with where the industry is heading. The going‑private transaction may give management more room to invest in such long‑term initiatives without quarter‑to‑quarter market pressure, though it also reduces external visibility into how successfully these innovations are executed.

Summary

Emeren Group presents the profile of a nimble solar and storage developer with an asset‑light model, modest scale, and a project‑driven earnings pattern. Financially, it has shown the ability to grow revenue over time but has not yet converted that into consistently strong or stable profits, and cash flow remains a key vulnerability. The balance sheet is not overly burdened by debt, yet the decline in cash reserves lowers the margin for error. Competitively, Emeren’s strengths lie in its development expertise, European market presence, and flexible deal structures, rather than in unique technology. Its push into battery storage and virtual power plants, combined with its integrated project capabilities, positions it to benefit from the broader energy transition, provided it can manage cash, project risk, and competition effectively. Overall, this is a company with strategic and operational creativity operating in an attractive long‑term sector, but with execution, cash flow, and industry‑competition risks that merit close attention.

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