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Emeren Group (SOL) investor relations material

Emeren Group Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary19 Aug, 2025

Executive summary

  • Revenue for Q2 2025 was $12.9 million, with gross profit of $6.7 million and a 51.8% gross margin, but a net loss of $26.9 million due to significant asset impairments and lower project development and EPC revenues compared to Q2 2024.

  • The IPP segment contributed over 82% of total revenue and gross profit, with strong performance in electricity generation and DSA businesses.

  • A merger agreement was signed with Shurya Vitra Ltd. and Emeren Holdings Ltd., with each ADS to be converted into $2.00 in cash upon closing, expected in 2025.

Financial highlights

  • Q2 2025 net revenue decreased to $12.9 million from $30.1 million in Q2 2024, mainly due to declines in EPC services and project development revenue.

  • Gross margin improved to 51.8% from 31.2% year-over-year, driven by a higher share of electricity generation revenue.

  • Net loss for Q2 2025 was $26.9 million, compared to net income of $0.7 million in Q2 2024, primarily due to a $27.3 million impairment loss.

  • Operating cash flow was positive at $0.4 million for the six months ended June 30, 2025.

Outlook and guidance

  • Management expects revenue from solar and storage projects to increase in line with business growth, but notes risks from regulatory and market changes.

  • The merger is expected to close in 2025, subject to customary conditions.

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Frequently asked questions

Emeren Group Ltd (Emeren) is a global developer, owner, and operator of solar projects. The company engages in the development, building, and marketing of solar power projects across various regions, including Europe, North America, Asia, and other emerging markets. It focuses on the operation of energy-efficient products and owns and operates solar power projects, selling the electricity generated by these projects. Emeren was formerly known as ReneSola Ltd and underwent a name change to Emeren Group Ltd in January 2023. The company is headquartered in Stamford, Connecticut, and its shares are listed on the NYSE under the ticker symbol SOL.

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