Emeren Group Financials
This page shows Emeren Group (SOL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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 core operations are nearing breakeven, but the business still consumes cash because its project model remains capital hungry.
Between FY2023 and FY2024, gross profit barely changed while revenue fell, and operating cash burn shrank from-$23.5M to-$4.3M ; that mix points to better project economics and a less punitive working-capital cycle, not just a smaller business. The much deeper net loss despite an almost breakeven operating margin means FY2024’s headline loss was shaped more by below-operating items than by a collapse in core profitability.
The balance sheet is still lightly leveraged: debt-to-equity is only
Cash conversion has been weak across the cycle: even FY2021’s profitable year still produced
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'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 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 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.
For every $1 of reported earnings, Emeren Group generates $0.34 in operating cash flow (-$4.3M OCF vs -$12.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Emeren Group earns $-0.6 in operating income for every $1 of interest expense (-$504K vs $800K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Emeren Group generated $92.1M in revenue in fiscal year 2024. This represents a decrease of 12.9% from the prior year.
Emeren Group's EBITDA was $6.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 871.5% from the prior year.
Emeren Group reported -$12.5M in net income in fiscal year 2024. This represents a decrease of 291.6% from the prior year.
Emeren Group earned $-0.24 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 300.0% from the prior year.
Cash & Balance Sheet
Emeren Group generated -$20.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 41.5% from the prior year.
Emeren Group held $50.0M in cash against $23.5M in long-term debt as of fiscal year 2024.
Emeren Group had 513M shares outstanding in fiscal year 2024. This represents a decrease of 6.0% from the prior year.
Margins & Returns
Emeren Group's gross margin was 26.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.5 percentage points from the prior year.
Emeren Group's operating margin was -0.5% in fiscal year 2024, reflecting core business profitability. This is up 7.6 percentage points from the prior year.
Emeren Group's net profit margin was -13.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 10.5 percentage points from the prior year.
Emeren Group's ROE was -4.2% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 3.2 percentage points from the prior year.
Capital Allocation
Emeren Group spent $7.2M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 67.1% from the prior year.
Emeren Group invested $15.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 46.5% from the prior year.
SOL Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.6M+21.4% | $12.9M+58.0% | $8.2M-76.4% | $34.5M+168.7% | $12.9M-57.2% | $30.1M+105.9% | $14.6M-67.5% | $45.0M |
| Cost of Revenue | $6.1M-1.4% | $6.2M+25.7% | $4.9M-83.4% | $29.8M+311.7% | $7.2M-65.0% | $20.7M+101.2% | $10.3M-74.2% | $39.9M |
| Gross Profit | $9.5M+42.7% | $6.7M+107.8% | $3.2M-33.0% | $4.8M-15.0% | $5.6M-40.0% | $9.4M+117.1% | $4.3M-14.8% | $5.1M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.4M-85.9% | $9.7M+116.0% | $4.5M-51.3% | $9.2M+132.3% | $4.0M-26.1% | $5.4M+15.8% | $4.6M-50.2% | $9.3M |
| Operating Income | $6.8M+120.2% | -$33.8M-725.3% | -$4.1M+6.7% | -$4.4M-305.1% | $2.1M-27.6% | $3.0M+343.9% | -$1.2M+82.0% | -$6.7M |
| Interest Expense | $1.6M+109.0% | $745K+272.5% | $200K+133.8% | -$592K-187.8% | $674K+30.1% | $518K+159.0% | $200K-81.6% | $1.1M |
| Income Tax | $1.7M+45.9% | $1.1M+73.3% | $658K+158.5% | -$1.1M-273.9% | $647K-51.8% | $1.3M+16.0% | $1.2M-43.6% | $2.1M |
| Net Income | -$335K-123.1% | $1.5M-5.6% | $1.5M+113.1% | -$11.8M-343.4% | $4.8M+1135.5% | $392K+106.6% | -$5.9M-203.8% | -$1.9M |
| EPS (Diluted) | $-0.01-133.3% | $0.030.0% | $0.03 | N/A | $0.09+800.0% | $0.01+109.1% | $-0.11 | N/A |
SOL Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $449.5M+1.5% | $442.9M-4.7% | $464.9M+3.9% | $447.6M-4.8% | $470.1M+2.7% | $457.8M-1.2% | $463.5M-3.1% | $478.4M |
| Current Assets | $178.4M-4.8% | $187.5M-4.9% | $197.1M+3.0% | $191.4M-9.6% | $211.8M-2.8% | $217.9M-0.5% | $218.9M-3.3% | $226.4M |
| Cash & Equivalents | $84.6M+81.5% | $46.6M-11.8% | $52.9M+5.7% | $50.0M+39.9% | $35.8M-29.7% | $50.8M-7.7% | $55.1M-21.5% | $70.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $16.0M-3.1% | $16.5M-20.7% | $20.8M-1.6% | $21.1M-13.5% | $24.4M+5.4% | $23.2M-12.7% | $26.5M-2.2% | $27.1M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 |
| Total Liabilities | $126.0M+2.8% | $122.6M-0.6% | $123.3M+12.5% | $109.5M-1.0% | $110.7M+0.4% | $110.2M-4.0% | $114.8M-0.2% | $115.0M |
| Current Liabilities | $41.7M-5.7% | $44.2M-9.7% | $48.9M-1.2% | $49.5M+1.4% | $48.8M-4.3% | $51.0M-11.5% | $57.7M+1.2% | $57.0M |
| Long-Term Debt | $47.2M+18.0% | $40.0M+5.4% | $37.9M+61.4% | $23.5M-7.0% | $25.3M+10.6% | $22.9M-0.7% | $23.0M+1.5% | $22.7M |
| Total Equity | $310.4M-0.1% | $310.5M+2.1% | $304.1M+1.2% | $300.5M-6.0% | $319.6M+3.2% | $309.7M-0.4% | $311.0M-4.4% | $325.3M |
| Retained Earnings | -$450.4M-0.1% | -$450.0M+0.3% | -$451.5M+0.3% | -$453.0M-2.7% | -$441.3M+1.1% | -$446.1M+0.1% | -$446.5M-1.3% | -$440.6M |
SOL Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $34.1M+1413.8% | $2.3M+219.2% | -$1.9M-118.4% | $10.3M+284.3% | -$5.6M-152.4% | -$2.2M+67.4% | -$6.8M-193.8% | $7.2M |
| Capital Expenditures | $1.5M-27.6% | $2.1M-20.3% | $2.7M-45.0% | $4.8M+15.1% | $4.2M+8.0% | $3.9M+36.2% | $2.8M-44.0% | $5.1M |
| Free Cash Flow | $32.6M+23188.6% | $140K+103.1% | -$4.5M-183.2% | $5.5M+155.9% | -$9.8M-60.4% | -$6.1M+36.8% | -$9.6M-548.9% | $2.1M |
| Investing Cash Flow | -$1.3M+19.9% | -$1.7M+20.3% | -$2.1M+56.4% | -$4.8M-15.0% | -$4.2M-9.0% | -$3.8M-47.5% | -$2.6M-137.6% | $6.9M |
| Financing Cash Flow | $5.0M+416.8% | $962K-92.7% | $13.2M+364.5% | $2.9M+242.8% | -$2.0M-234.6% | $1.5M+118.1% | -$8.2M-129.8% | -$3.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | $0 | $0-100.0% | $1.0M-83.3% | $6.2M+84.3% | $3.4M |
SOL Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.8%+9.1pp | 51.8%+12.4pp | 39.4%+25.5pp | 13.9%-29.9pp | 43.8%+12.6pp | 31.2%+1.6pp | 29.6%+18.3pp | 11.3% |
| Operating Margin | 43.6%+306.2pp | -262.6%-212.3pp | -50.3%-37.6pp | -12.7%-29.4pp | 16.7%+6.8pp | 9.8%+18.1pp | -8.3%+6.7pp | -15.0% |
| Net Margin | -2.1%-13.4pp | 11.3%-7.6pp | 18.9%+53.0pp | -34.1%-71.8pp | 37.7%+36.4pp | 1.3%+41.9pp | -40.6%-36.2pp | -4.3% |
| Return on Equity | -0.1%-0.6pp | 0.5%-0.0pp | 0.5%+4.4pp | -3.9%-5.4pp | 1.5%+1.4pp | 0.1%+2.0pp | -1.9%-1.3pp | -0.6% |
| Return on Assets | -0.1%-0.4pp | 0.3%0.0pp | 0.3%+3.0pp | -2.6%-3.7pp | 1.0%+0.9pp | 0.1%+1.4pp | -1.3%-0.9pp | -0.4% |
| Current Ratio | 4.28+0.0 | 4.24+0.2 | 4.03+0.2 | 3.87-0.5 | 4.34+0.1 | 4.27+0.5 | 3.80-0.2 | 3.97 |
| Debt-to-Equity | 0.15+0.0 | 0.130.0 | 0.12+0.0 | 0.080.0 | 0.080.0 | 0.070.0 | 0.070.0 | 0.07 |
| FCF Margin | 208.4%+207.4pp | 1.1%+56.8pp | -55.7%-71.5pp | 15.8%+91.8pp | -76.0%-55.7pp | -20.3%+45.7pp | -66.0%-70.8pp | 4.8% |
Similar Companies
Frequently Asked Questions
What is Emeren Group's annual revenue?
Emeren Group (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's revenue growing?
Emeren Group (SOL) revenue declined by 12.9% year-over-year, from $105.6M to $92.1M in fiscal year 2024.
Is Emeren Group profitable?
No, Emeren Group (SOL) reported a net income of -$12.5M in fiscal year 2024, with a net profit margin of -13.6%.
What is Emeren Group's EBITDA?
Emeren Group (SOL) had EBITDA of $6.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Emeren Group have?
As of fiscal year 2024, Emeren Group (SOL) had $50.0M in cash and equivalents against $23.5M in long-term debt.
What is Emeren Group's gross margin?
Emeren Group (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's operating margin?
Emeren Group (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's net profit margin?
Emeren Group (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's return on equity (ROE)?
Emeren Group (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's free cash flow?
Emeren Group (SOL) generated -$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's operating cash flow?
Emeren Group (SOL) generated -$4.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Emeren Group's total assets?
Emeren Group (SOL) had $447.6M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Emeren Group's capital expenditures?
Emeren Group (SOL) invested $15.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is Emeren Group's current ratio?
Emeren Group (SOL) had a current ratio of 3.87 as of fiscal year 2024, which is generally considered healthy.
What is Emeren Group's debt-to-equity ratio?
Emeren Group (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's return on assets (ROA)?
Emeren Group (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's cash runway?
Based on fiscal year 2024 data, Emeren Group (SOL) had $50.0M in cash against an annual operating cash burn of $4.3M. This gives an estimated cash runway of approximately 140 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Emeren Group's Altman Z-Score?
Emeren Group (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's Piotroski F-Score?
Emeren Group (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's earnings high quality?
Emeren Group (SOL) has an earnings quality ratio of 0.34x, considered low quality (accrual-driven). 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 cover its interest payments?
Emeren Group (SOL) has an interest coverage ratio of -0.6x, meaning it can struggle to cover its interest obligations. 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?
Emeren Group (SOL) scores 65 out of 100 on our Financial Health Score, indicating strong 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.