Emeren Group Ltd American (SOL) Financials
Newest figures come from the 10-Q for Q3 FY2025, filed Nov 14, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SOL SEC filings page.
Emeren Group Ltd American (SOL) reported $71.2M in revenue over the twelve months to Sep 30, 2025, down 30.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Emeren’s operating economics improved despite lower sales, but reinvestment and below-operating charges kept earnings and free cash flow negative.
Operating cash conversion improved: operating cash flow moved from-$23.5M in FY2023 to-$4.3M in FY2024, indicating less pressure from the operating cycle. Yet free cash flow remained-$20.0M as capital expenditures reached$15.7M , so better day-to-day cash generation was still absorbed by reinvestment.
With sales lower in FY2024, gross margin resilience improved from
A debt-to-equity ratio of 0.1x alongside a 3.9x current ratio indicates reported obligations are not the main balance-sheet constraint. However, total assets fell from
Financial Health Signals
Scored against emerging companies for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Emeren Group Ltd American's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Emeren Group Ltd American held $50.0M in cash, cash equivalents and investments at the end of fiscal year 2024, and its operations used $4.3M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Emeren Group Ltd American scores 96/100 among other emerging companies.
Emeren Group Ltd American had 513M shares outstanding at the end of fiscal year 2024, against 546M in fiscal year 2023. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Emeren Group Ltd American scores 78/100 among other emerging companies.
Not available for Emeren Group Ltd American, and counted as zero in the overall score.
Emeren Group Ltd American reported revenue of $92.1M in fiscal year 2024, against $105.6M in fiscal year 2023. Revenue Progress ranks emerging companies on the three-year path of that line, and Emeren Group Ltd American scores 66/100 among other emerging companies.
Emeren Group Ltd American's operations used $4.3M of cash in fiscal year 2024, against $23.5M used in fiscal year 2023. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Emeren Group Ltd American scores 84/100 among other emerging companies.
Emeren Group Ltd American's cash, cash equivalents and investments came to $50.0M at the end of fiscal year 2024, against $109.5M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Emeren Group Ltd American scores 41/100 among other emerging companies.
Emeren Group Ltd American scores -0.29, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($99.6M) relative to total liabilities ($109.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Emeren Group Ltd American passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Emeren Group Ltd American reported a net loss of $12.5M while operations used $4.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Emeren Group Ltd American reported an operating loss of $504K against $800K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Emeren Group Ltd American generated $15.6M in revenue in Q3 2025. This represents an increase of 21.6% from the same quarter a year earlier. Against the prior quarter it is up 21.4%.
Emeren Group Ltd American's EBITDA was $8.8M in Q3 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 123.8% from the same quarter a year earlier. Against the prior quarter it is up 128.1%.
Emeren Group Ltd American reported -$335K in net income in Q3 2025. This represents a decrease of 106.9% from the same quarter a year earlier. Against the prior quarter it is down 123.1%.
Emeren Group Ltd American earned -$0.01 per diluted share (EPS) in Q3 2025. Against the prior quarter it is down 133.3%.
Cash & Balance Sheet
Emeren Group Ltd American generated $32.6M in free cash flow in Q3 2025, representing cash available after capex. This represents an increase of 433.6% from the same quarter a year earlier. Against the prior quarter it is up 23188.6%.
Emeren Group Ltd American held $84.6M in cash against $47.2M in long-term debt as of Q3 2025.
Not reported for Q3 2025.
Margins & Returns
Emeren Group Ltd American's gross margin was 60.8% in Q3 2025, indicating the percentage of revenue retained after direct costs. This is up 17.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.1 percentage points.
Emeren Group Ltd American's operating margin was 43.6% in Q3 2025, reflecting core business profitability. This is up 27.0 percentage points from the same quarter a year earlier.
Emeren Group Ltd American's net profit margin was -2.1% in Q3 2025, showing the share of revenue converted to profit. This is down 39.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 13.4 percentage points.
Emeren Group Ltd American's ROE was -0.1% in Q3 2025, measuring profit generated per dollar of shareholder equity. This is down 1.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.6 percentage points.
Capital Allocation
Emeren Group Ltd American invested $1.5M in capex in Q3 2025, funding long-term assets and infrastructure. This represents a decrease of 63.5% from the same quarter a year earlier. Against the prior quarter it is down 27.6%.
Not reported for Q3 2025.
Not reported for Q3 2025.
SOL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.6M+21.6% | $12.9M-57.1% | $8.2M-44.2% | $34.5M-23.2% | $12.9M-7.8% | $30.1M-11.2% | $14.6M+13.4% | $45.0M |
| Cost of Revenue | $6.1M-15.3% | $6.2M-69.9% | $4.9M-51.9% | $29.8M-25.4% | $7.2M-12.5% | $20.7M-2.4% | $10.3M-8.9% | $39.9M |
| Gross Profit | $9.5M+69.0% | $6.7M-28.9% | $3.2M-25.8% | $4.8M-5.6% | $5.6M-0.9% | $9.4M-25.9% | $4.3M+171.3% | $5.1M |
| SG&A Expenses | $1.4M-65.5% | $9.7M+80.7% | $4.5M-3.1% | $9.2M-0.8% | $4.0M-43.2% | $5.4M+0.5% | $4.6M+5.1% | $9.3M |
| Operating Income | $6.8M+218.6% | -$33.8M-1243.0% | -$4.1M-237.8% | -$4.4M+34.9% | $2.1M+154.1% | $3.0M-41.4% | -$1.2M+59.6% | -$6.7M |
| EBITDA | $8.8M+123.8% | -$31.4M-820.8% | -$2.0M-469.9% | -$2.4M+44.4% | $3.9M+291.4% | $4.4M-33.4% | $538K+156.5% | -$4.4M |
| Interest Expense | $1.6M+131.0% | $745K+43.8% | $200K0.0% | -$592K-154.6% | $674K+27.9% | $518K+168.4% | $200K-50.0% | $1.1M |
| Income Tax | $1.7M+157.0% | $1.1M-15.1% | $658K-43.1% | -$1.1M-154.9% | $647K+157.8% | $1.3M+3727.0% | $1.2M+338.3% | $2.1M |
| Net Income | -$335K-106.9% | $1.5M+270.7% | $1.5M+126.0% | -$11.8M-504.5% | $4.8M+151.6% | $392K-95.3% | -$5.9M-2954.1% | -$1.9M |
| EPS (Basic) | -$0.01-111.1% | $0.03+200.0% | $0.03+127.3% | -$0.23-475.0% | $0.09+152.9% | $0.01-93.3% | -$0.11 | -$0.04 |
| EPS (Diluted) | -$0.01 | $0.03+200.0% | $0.03+127.3% | -$0.23-475.0% | $0.09+152.9% | $0.01 | -$0.11 | -$0.04 |
| Diluted Shares (Avg) | 51M | 51M-0.1% | 51M-4.0% | N/A | 51M-8.8% | 51M | 54M-6.7% | N/A |
Not reported in any period shown, so not listed: R&D Expenses.
SOL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $449.5M-4.4% | $442.9M-3.3% | $464.9M+0.3% | $447.6M-6.4% | $470.1M | $457.8M | $463.5M | $478.4M-3.1% |
| Current Assets | $178.4M-15.8% | $187.5M-13.9% | $197.1M-10.0% | $191.4M-15.5% | $211.8M | $217.9M | $218.9M | $226.4M+2.6% |
| Cash & Equivalents | $84.6M+136.7% | $46.6M-8.2% | $52.9M-4.0% | $50.0M-28.7% | $35.8M-39.6% | $50.8M-15.9% | $55.1M-17.5% | $70.2M-34.5% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $16.0M-34.6% | $16.5M-28.8% | $20.8M-21.7% | $21.1M-22.1% | $24.4M | $23.2M | $26.5M | $27.1M+25.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0-100.0% |
| Total Liabilities | $126.0M+13.8% | $122.6M+11.2% | $123.3M+7.4% | $109.5M-4.8% | $110.7M | $110.2M | $114.8M | $115.0M+9.3% |
| Current Liabilities | $41.7M-14.7% | $44.2M-13.4% | $48.9M-15.1% | $49.5M-13.1% | $48.8M | $51.0M | $57.7M | $57.0M+31.6% |
| Non-Current Liabilities | $84.3M+36.3% | $78.4M+32.4% | $74.3M+30.1% | $60.0M+3.4% | $61.9M | $59.2M | $57.1M | $58.0M-6.2% |
| Long-Term Debt | $47.2M+86.7% | $40.0M+75.0% | $37.9M+64.7% | $23.5M+3.7% | $25.3M | $22.9M | $23.0M | $22.7M |
| Total Equity | $310.4M-2.9% | $310.5M+0.3% | $304.1M-2.2% | $300.5M-7.6% | $319.6M-11.4% | $309.7M-18.2% | $311.0M-17.4% | $325.3M-6.3% |
| Retained Earnings | -$450.4M-2.1% | -$450.0M-0.9% | -$451.5M-1.1% | -$453.0M-2.8% | -$441.3M | -$446.1M | -$446.5M | -$440.6M-0.7% |
Not reported in any period shown, so not listed: Inventory.
SOL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $34.1M+711.5% | $2.3M+201.9% | -$1.9M+72.1% | $10.3M+42.2% | -$5.6M-20.2% | -$2.2M+6.0% | -$6.8M+71.4% | $7.2M |
| Depreciation & Amortization | $2.0M+11.1% | $2.4M+71.4% | $2.1M+20.4% | $1.9M-19.6% | $1.8M-5.3% | $1.4M-6.7% | $1.8M-14.6% | $2.4M |
| Stock-Based Compensation | N/A | N/A | $76K+162.1% | N/A | N/A | N/A | $29K-93.4% | N/A |
| Capital Expenditures | $1.5M-63.5% | $2.1M-45.5% | $2.7M-6.9% | $4.8M-5.2% | $4.2M+175.8% | $3.9M+79.8% | $2.8M+44.0% | $5.1M |
| Free Cash Flow | $32.6M+433.6% | $140K+102.3% | -$4.5M+52.8% | $5.5M+154.5% | -$9.8M-58.6% | -$6.1M-35.0% | -$9.6M+62.5% | $2.1M |
| Investing Cash Flow | -$1.3M+68.0% | -$1.7M+56.4% | -$2.1M+19.4% | -$4.8M-169.5% | -$4.2M-141.4% | -$3.8M-3415.5% | -$2.6M-39.7% | $6.9M |
| Financing Cash Flow | $5.0M+349.1% | $962K-35.1% | $13.2M+261.8% | $2.9M+180.0% | -$2.0M+70.3% | $1.5M+27.8% | -$8.2M+49.3% | -$3.6M |
| Share Buybacks | N/A | N/A | N/A | $0-100.0% | $0-100.0% | $1.0M-27.6% | $6.2M-53.2% | $3.4M |
Not reported in any period shown, so not listed: Dividends Paid.
SOL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.8%+17.0pp | 51.8%+20.5pp | 39.4%+9.8pp | 13.9%+2.6pp | 43.8%+3.0pp | 31.2%-6.2pp | 29.6%+17.2pp | 11.3% |
| Operating Margin | 43.6%+27.0pp | -262.6% | -50.3%-42.0pp | -12.7%+2.3pp | 16.7%+45.0pp | 9.8%-5.1pp | -8.3%+15.0pp | -15.0% |
| Net Margin | -2.1%-39.8pp | 11.3%+10.0pp | 18.9%+59.5pp | -34.1%-29.8pp | 37.7%+105.0pp | 1.3%-23.4pp | -40.6%-39.1pp | -4.3% |
| Return on Equity | -0.1%-1.6pp | 0.5%+0.3pp | 0.5%+2.4pp | -3.9%-3.3pp | 1.5%+4.1pp | 0.1%-2.1pp | -1.9%-1.9pp | -0.6% |
| Return on Assets | -0.1%-1.1pp | 0.3%+0.2pp | 0.3%+1.6pp | -2.6%-2.2pp | 1.0% | 0.1% | -1.3% | -0.4% |
| Current Ratio | 4.28-0.1x | 4.240.0x | 4.03+0.2x | 3.87-0.1x | 4.34 | 4.27 | 3.80 | 3.97-1.1x |
| Debt-to-Equity | 0.15+0.1x | 0.13+0.1x | 0.12+0.1x | 0.080.0x | 0.08 | 0.07 | 0.07 | 0.07-0.2x |
| Asset Turnover | 0.030.0x | 0.030.0x | 0.020.0x | 0.080.0x | 0.03 | 0.07 | 0.03 | 0.09 |
| FCF Margin | 208.4% | 1.1%+21.4pp | -55.7%+10.3pp | 15.8%+11.0pp | -76.0%-31.8pp | -20.3%-6.9pp | -66.0% | 4.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Emeren Group Ltd American SOL | FY2024 | $92.1M | -$12.5M | -13.6% | $99.6M | 61/100 |
| FTC Solar, Inc. FTCI | FY2025 | $99.7M | -$79.6M | -79.8% | $27.8M | 42/100 |
| SunPower Inc. SPWR | FY2025 | $300.0M | -$45.4M | -15.1% | $81.2M | 32/100 |
| Tigo Energy, Inc. TYGO | FY2025 | $103.5M | -$1.9M | -1.8% | $67.2M | 50/100 |
| Solarmax Technology Inc. SMXT | FY2025 | $91.0M | -$6.3M | -7.0% | $26.3M | 36/100 |
| Maxeon Solar Technologies, Ltd. MAXN | FY2024 | $509.0M | -$614.3M | N/A | $19.1M | 7/100 |
Where Emeren Group Ltd American Ranks
Frequently Asked Questions
What is Emeren Group Ltd American's annual revenue?
Emeren Group Ltd American (SOL) reported $92.1M in total revenue for fiscal year 2024. This represents a -12.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Emeren Group Ltd American's revenue growing?
Emeren Group Ltd American (SOL) revenue declined by 12.9% year-over-year, from $105.6M to $92.1M in fiscal year 2024.
Is Emeren Group Ltd American profitable?
No, Emeren Group Ltd American (SOL) reported a net income of -$12.5M in fiscal year 2024, with a net profit margin of -13.6%.
What is Emeren Group Ltd American's EBITDA?
Emeren Group Ltd American (SOL) had EBITDA of $6.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Emeren Group Ltd American have?
As of fiscal year 2024, Emeren Group Ltd American (SOL) had $50.0M in cash and equivalents against $23.5M in long-term debt.
What is Emeren Group Ltd American's gross margin?
Emeren Group Ltd American (SOL) had a gross margin of 26.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Emeren Group Ltd American's operating margin?
Emeren Group Ltd American (SOL) had an operating margin of -0.5% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Emeren Group Ltd American's net profit margin?
Emeren Group Ltd American (SOL) had a net profit margin of -13.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Emeren Group Ltd American's return on equity (ROE)?
Emeren Group Ltd American (SOL) has a return on equity of -4.2% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Emeren Group Ltd American's free cash flow?
Emeren Group Ltd American (SOL) recorded an outflow of $20.0M in free cash flow during fiscal year 2024. This represents a 41.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Emeren Group Ltd American's operating cash flow?
Emeren Group Ltd American (SOL) recorded an outflow of $4.3M in operating cash flow during fiscal year 2024, representing cash used by core business activities.
What are Emeren Group Ltd American's total assets?
Emeren Group Ltd American (SOL) had $447.6M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Emeren Group Ltd American's capital expenditures?
Emeren Group Ltd American (SOL) invested $15.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is Emeren Group Ltd American's current ratio?
Emeren Group Ltd American (SOL) had a current ratio of 3.87 as of fiscal year 2024, which is generally considered healthy.
What is Emeren Group Ltd American's debt-to-equity ratio?
Emeren Group Ltd American (SOL) had a debt-to-equity ratio of 0.08 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Emeren Group Ltd American's return on assets (ROA)?
Emeren Group Ltd American (SOL) had a return on assets of -2.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Emeren Group Ltd American's Altman Z-Score?
Emeren Group Ltd American (SOL) has an Altman Z-Score of -0.29, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Emeren Group Ltd American's Piotroski F-Score?
Emeren Group Ltd American (SOL) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Emeren Group Ltd American's earnings high quality?
Emeren Group Ltd American (SOL) reported a net loss of $12.5M while operations used $4.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Emeren Group Ltd American cover its interest payments?
Emeren Group Ltd American (SOL) reported an operating loss of $504K against $800K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Emeren Group Ltd American?
Emeren Group Ltd American (SOL) scores 61 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.