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Emeren Group (SOL) investor relations material
Emeren Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Revenue for Q3 2025 was $15.6 million, up from $12.9 million in Q3 2024, driven by higher electricity generation and solar project development revenue, partially offset by declines in EPC services and DSA revenue.
Net income for Q3 2025 was $3.5 million, down from $5.7 million in Q3 2024, mainly due to lower unrealized foreign exchange gains and higher income tax expense, despite improved gross profit.
The IPP business contributed over 79% of total revenue and 90% of gross profit in Q3 2025, reflecting a strategic focus on high-margin segments.
A merger agreement with Shurya Vitra Ltd. and Emeren Holdings Ltd. was announced, with completion expected in 2025, subject to customary closing conditions.
Financial highlights
Gross profit for Q3 2025 was $9.5 million (gross margin 60.8%), up from $5.6 million (43.8%) in Q3 2024, due to a higher share of electricity generation revenue.
For the nine months ended September 30, 2025, revenue was $36.7 million (down from $57.5 million in 2024), with gross profit of $19.4 million (flat year-over-year), and a net loss of $21.9 million (vs. net income of $0.9 million in 2024), mainly due to a $27.3 million impairment loss.
Operating cash flow for the nine months ended September 30, 2025 was $34.5 million, a significant increase from negative $14.6 million in the prior year period.
As of September 30, 2025, cash and cash equivalents were $84.6 million, with positive working capital of $136.7 million.
Outlook and guidance
Management expects continued growth in solar and storage project revenue in line with business expansion, but notes potential impacts from regulatory and trade policy changes.
The merger, if completed, will result in delisting from the NYSE and may alter future liquidity and capital strategies.
Strategic rationale for going private
China's FIT phase-out: mitigate revenue volatility?
Reconcile impairment loss with improved gross margin
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Next Emeren Group earnings date
Q4 202512 Mar, 2026
Next Emeren Group earnings date
Q4 202512 Mar, 2026
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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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