Emeren Announces Form 10-K Filing for Fiscal Year Ended December 31, 2023

Rhea-AI Summary

Emeren Group (NYSE: SOL), a global solar project developer, has filed its delayed Annual Report on Form 10-K for the fiscal year ended December 31, 2023. This marks the company's first 10-K submission as a domestic issuer, following its transition from foreign issuer status. The filing reveals foreign exchange gains of $5.9 million and a net loss of $3.2 million for the full year 2023. These figures differ from the preliminary unaudited results reported on March 28, 2024, due to differences in unrealized foreign exchange gains. The final numbers align with the company's audited historical treatment of foreign exchange gains/losses. The Form 10-K is available on Emeren's investor relations website.

Positive

• Foreign exchange gains of $5.9 million for the full year 2023
• Successful transition from foreign issuer to domestic issuer status

Negative

• Net loss of $3.2 million for the full year 2023
• Delayed filing of the Annual Report on Form 10-K
• Discrepancy between preliminary unaudited results and final audited figures

News Market Reaction

-6.40%

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-6.40% News Effect

On the day this news was published, SOL declined 6.40%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

STAMFORD, Conn., Aug. 1, 2024 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced that it has filed its delayed Annual Report on Form 10-K for the fiscal year ended December 31, 2023. This filing represents the Company's first 10-K submission following its transition from a foreign issuer to a domestic issuer. The Form 10-K for 2023 is available on the Investor Relations section of Emeren Group Ltd's website at https://ir.emeren.com/.

In the recently filed Form 10-K, the Company reported foreign exchange gains of approximately $5.9 million and a net loss of $3.2 million for the full year 2023.  These amounts differ from the preliminary unaudited Fourth Quarter and Full Year 2023 results reported on March 28, 2024.  The variance was due to differences of  unrealized foreign exchange gains.  The final figures reported today represent treatment consistent with the Company's audited historical treatment of foreign exchange gain/losses.

About Emeren Group Ltd

Emeren Group Ltd (NYSE: SOL), a renewable energy leader, showcases a comprehensive portfolio of solar projects and Independent Power Producer (IPP) assets, complemented by a significant global Battery Energy Storage System (BESS) capacity. Specializing in the entire solar project lifecycle — from development through construction to financing — we excel by leveraging local talent in each market, ensuring our sustainable energy solutions are at the forefront of efficiency and impact. Our commitment to enhancing solar power and energy storage underlines our dedication to innovation, excellence, and environmental responsibility. For more information, go to www.emeren.com.

Safe Harbor Statement

This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 10-K. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.

For investor and media inquiries, please contact:

Emeren Group Ltd
Suzanne Wilson
+1 (510) 631 6550
Suzanne.wilson@emeren.com

Emeren Group Ltd - Investor Relations
ir@emeren.com 

The Blueshirt Group
Gary Dvorchak
+1 (323) 240-5796
gary@blueshirtgroup.co

 

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SOURCE Emeren Group Ltd

FAQ

What were Emeren Group's (SOL) financial results for the fiscal year 2023?

Emeren Group (SOL) reported foreign exchange gains of $5.9 million and a net loss of $3.2 million for the fiscal year 2023.

Why did Emeren Group (SOL) file a delayed Form 10-K for 2023?

Emeren Group (SOL) filed a delayed Form 10-K for 2023 due to its transition from a foreign issuer to a domestic issuer, marking its first 10-K submission in this new status.

How did Emeren Group's (SOL) final 2023 results differ from preliminary reports?

Emeren Group's (SOL) final 2023 results differed from preliminary reports due to variances in unrealized foreign exchange gains, with the final figures aligning with the company's audited historical treatment.

Where can investors access Emeren Group's (SOL) 2023 Form 10-K?

Investors can access Emeren Group's (SOL) 2023 Form 10-K on the company's investor relations website at https://ir.emeren.com/.