Emeren Group Ltd’s (SOL) share price increased 5.9% to reach $1.96 on Aug 21 following the company’s latest quarterly release.Emeren reported an income per American Depositary Share (“ADS”) of a penny for the second quarter of 2024, which missed the Zacks Consensus Estimate of 7 cents by 85.7%. The figure also reflects a deterioration of 92.9% from the year-ago quarter’s reported figure of 14 cents per share.RevenuesEmeren’s second-quarter net revenues of $30.1 million declined 11.2% from $33.9 million repo ...

[Shareholder Letter & Q2 2024 Overview](index=1&type=section&id=Shareholder%20Letter%20%26%20Q2%202024%20Overview) The company reports solid Q2 2024 performance driven by strong progress across its DSA, solar development, and IPP business lines [Q2 2024 Performance Summary](index=1&type=section&id=Q2%202024%20Performance%20Summary) The company generated $30.1 million in revenue and $3.0 million in operating profit, though net income was impacted by one-off charges Q2 2024 Key Financial Metrics | Metric | Amount (USD millions) | | :--- | :--- | | Revenue | $30.1 | | Gross Profit | $9.4 | | Gross Margin | 31.2% | | Operating Profit | $3.0 | | Net Income | $0.4 | - Net income was negatively affected by a **~$2.0 million write-off** from canceled projects and a **$0.8 million unrealized foreign exchange loss**, which offset the solid operating profit[2](index=2&type=chunk) [Business Line Overview](index=1&type=section&id=Business%20Line%20Overview) Strong growth was observed across the DSA, solar project development, and IPP segments, particularly in European markets [DSA and BESS](index=1&type=section&id=DSA%20and%20BESS) The DSA model secured significant contracted revenue in Europe, with H1 2024 revenue already surpassing the full-year 2023 total DSA Project Pipeline Status | Status | Project Size (GW) | Expected Revenue (USD) | | :--- | :--- | :--- | | Contracted | > 2 GW | > $60 million | | Under Negotiation | > 2 GW | ~ $100 million | - H1 2024 DSA revenue reached approximately **$8.2 million**, exceeding the entire 2023 DSA revenue of about $6.5 million[3](index=3&type=chunk) - The company's BESS strategy in Italy has grown to a total of **1.7 GW** in the DSA structure, highlighted by a recent agreement with PLT for a 394 MW portfolio[4](index=4&type=chunk) [Solar Power Project Development](index=2&type=section&id=Solar%20Power%20Project%20Development) The company advanced its European solar portfolio with key project sales in Spain and Hungary during the quarter - A **42 MWp Ready-to-Build (RTB)** solar project portfolio in Spain, consisting of eight greenfield projects, was sold to CVE España[5](index=5&type=chunk) - Completed the delivery of a **13 MW Commercial Operation Date (COD)** project in Hungary, building on a previous sale of a 53.6 MWp portfolio in the country[5](index=5&type=chunk) [Independent Power Producer (IPP)](index=2&type=section&id=Independent%20Power%20Producer%20(IPP)) The IPP segment provided stable revenue, contributing 29% of the quarterly total from assets in Europe and China - IPP assets contributed approximately **29% of total revenue** for Q2 2024, providing a reliable source of stable cash flow[6](index=6&type=chunk) - As of Q2 2024, the company has **67 MW of IPP assets** in Europe and a **26 MWh battery storage portfolio** in China integrated into a VPP platform[7](index=7&type=chunk) [Financial Performance & Outlook](index=2&type=section&id=Financial%20Performance%20%26%20Outlook) This section details the company's Q2 financial results, balance sheet strength, and provides guidance for Q3 and the full year 2024 [Q2 2024 Financial Highlights](index=3&type=section&id=Q2%202024%20Financial%20Highlights) Q2 revenue reached $30.1 million, showing strong sequential growth, with Europe representing the dominant geographic market Q2 2024 Financial Performance vs. Prior Periods ($ in millions) | Metric | Q2'24 | Q1'24 | Q/Q Change | Q2'23 | Y/Y Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | $30.1 | $14.6 | 106% | $33.8 | -11% | | Gross Profit | $9.4 | $4.3 | 117% | $12.7 | -26% | | Operating Income | $3.0 | $(1.2) | N/M | $5.0 | -41% | | Net Income | $0.4 | $(5.9) | N/M | $8.3 | -95% | Q2 2024 Revenue Breakdown by Segment | Segment | Revenue ($ thousands) | % of Total | | :--- | :--- | :--- | | Project development | 5,884 | 20% | | IPP | 8,690 | 29% | | EPC | 12,365 | 41% | | DSA and others | 3,118 | 10% | | **Total** | **30,057** | **100%** | Q2 2024 Revenue Breakdown by Region | Region | Revenue ($ thousands) | % of Total | | :--- | :--- | :--- | | Europe | 23,419 | 78% | | USA | 394 | 1% | | China | 6,244 | 21% | | **Total** | **30,057** | **100%** | [Detailed Q2 2024 Financial Results](index=6&type=section&id=Detailed%20Q2%202024%20Financial%20Results) Revenue grew significantly quarter-over-quarter, though gross margin and net income declined year-over-year due to revenue mix and one-off charges - Revenue rose to **$30.1 million**, doubling QoQ due to EPC and DSA growth, but fell 11% YoY primarily from reduced RTB sales in Europe[25](index=25&type=chunk) - The YoY decrease in gross margin to **31.2%** was mainly caused by a shift in revenue mix towards COD (Commercial Operation Date) sales[26](index=26&type=chunk) - Net income of **$0.4 million** was impacted by a ~$2.0 million write-off for canceled projects and a $0.8 million unrealized foreign exchange loss; Diluted EPS was $0.01[27](index=27&type=chunk) [Financial Position and Cash Flow](index=7&type=section&id=Financial%20Position%20and%20Cash%20Flow) The company maintains a strong balance sheet with $50.8 million in cash and a low debt-to-asset ratio - Cash used in operating activities was **$2.2 million**, cash used in investing was **$3.8 million**, and cash provided by financing was **$1.5 million**[29](index=29&type=chunk) Key Financial Position Metrics (End of Q2 2024) | Metric | Value | | :--- | :--- | | Cash and cash equivalents | $50.8 million | | Net Asset Value (NAV) | ~$6 per ADS | | Debt-to-asset ratio | 10.2% | [Outlook](index=2&type=section&id=Outlook) The company reaffirms its full-year 2024 guidance and provides specific revenue and margin targets for Q3 Q3 2024 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenue | $25 - $28 million | | Gross Margin | 35% - 38% | Full Year 2024 Reaffirmed Guidance | Metric | Guidance Range | | :--- | :--- | | Revenue | $150 - $160 million | | Gross Margin | ~30% | | Net Income | ~$22 million | | Earnings per ADS | ~$0.43 | - For 2024, IPP revenue is expected to be between **$24-$26 million** with a ~50% gross margin, and DSA revenue is anticipated to be around **$20 million** in the second half of 2024[10](index=10&type=chunk) [Project Pipeline & IPP Portfolio](index=4&type=section&id=Project%20Pipeline%20%26%20IPP%20Portfolio) The company details its extensive solar development and storage project pipelines, primarily concentrated in Europe and the U.S [Solar Development Project Pipeline](index=4&type=section&id=Solar%20Development%20Project%20Pipeline) The total solar development pipeline reached 7,844 MW, with a strategic focus on the European and U.S. markets Solar Development Pipeline by Region (MW) | Region | Advanced Stage | Early Stage | Total | | :--- | :--- | :--- | :--- | | Europe | 1,446 | 4,155 | 5,601 | | U.S. | 1,006 | 1,155 | 2,161 | | China | 82 | — | 82 | | **Total** | **2,534** | **5,310** | **7,844** | - The solar development pipeline is geographically focused, with **Spain (3,277 MW)**, the **U.S. (2,161 MW)**, and **Italy (995 MW)** being the largest markets[18](index=18&type=chunk) [Solar Storage Project Pipeline](index=4&type=section&id=Solar%20Storage%20Project%20Pipeline) The solar storage pipeline stands at 7,873 MW, led by significant projects in Italy, the U.S., and Poland Solar Storage Pipeline by Region (MW) | Region | Advanced Stage | Early Stage | Total | | :--- | :--- | :--- | :--- | | Europe | 2,982 | 2,904 | 5,886 | | U.S. | 550 | 1,333 | 1,883 | | China | 104 | — | 104 | | **Total** | **3,636** | **4,237** | **7,873** | - The largest country-specific solar storage pipelines are in **Italy (2,673 MW)**, the **U.S. (1,883 MW)**, and **Poland (1,477 MW)**[20](index=20&type=chunk) [IPP Asset Portfolio](index=6&type=section&id=IPP%20Asset%20Portfolio) The company operates 264 MW of solar PV and 26 MWh of storage IPP assets, with a majority located in China Operating IPP Assets (as of June 30, 2024) | Region | PV Capacity (MW) | Storage (MWh) | | :--- | :--- | :--- | | China DG | 160 | 26 | | Europe | 80 | - | | U.S. | 24 | - | | **Total** | **264** | **26** | [Conclusion & Additional Information](index=7&type=section&id=Conclusion%20%26%20Additional%20Information) Management expresses confidence in the company's strategic position to capitalize on growing global demand for renewable energy [Conclusion](index=7&type=section&id=Conclusion) Management highlights a positive industry outlook driven by global energy trends and the company's readiness to lead - The solar industry is benefiting from a global shift to renewable energy, with growing demand from energy-intensive technologies like **AI and blockchain**[29](index=29&type=chunk) - The company is confident in its strategic position, expertise, and financial foundation to capitalize on the **accelerating adoption of solar technology** worldwide[30](index=30&type=chunk) [Conference Call Information](index=8&type=section&id=Conference%20Call%20Information) Details are provided for the upcoming conference call to discuss the Q2 2024 financial results - A conference call to discuss Q2 2024 results is scheduled for **5:00 p.m. U.S. Eastern Time on Tuesday, August 20, 2024**, with registration and webcast links available[32](index=32&type=chunk) [Financial Statements & Non-GAAP Reconciliation (Appendices)](index=9&type=section&id=Financial%20Statements%20%26%20Non-GAAP%20Reconciliation%20(Appendices)) This section provides the unaudited consolidated financial statements and a reconciliation of non-GAAP measures for Q2 2024 [Appendix 1: Unaudited Consolidated Statement of Operations](index=9&type=section&id=Appendix%201%3A%20Unaudited%20Consolidated%20Statement%20of%20Operations) The statement details revenues, costs, and profits, resulting in a net income of $0.4 million for the quarter Statement of Operations Highlights (Three Months Ended June 30, in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Total net revenues | $30,057 | $33,846 | | Gross profit | $9,382 | $12,662 | | Income from operations | $2,959 | $5,046 | | Net income attributed to Emeren Group Ltd | $392 | $8,348 | [Appendix 2: Unaudited Consolidated Balance Sheet](index=10&type=section&id=Appendix%202%3A%20Unaudited%20Consolidated%20Balance%20Sheet) The balance sheet shows total assets of $457.8 million and shareholders' equity of $347.5 million as of June 30, 2024 Balance Sheet Summary (As of June 30, 2024, in thousands) | Category | Amount | | :--- | :--- | | Cash and cash equivalents | $50,830 | | Total current assets | $217,859 | | **Total assets** | **$457,751** | | Total current liabilities | $51,046 | | **Total liabilities** | **$110,230** | | **Total shareholders' equity** | **$347,521** | [Appendix 3: Unaudited Consolidated Statement of Cash Flow](index=12&type=section&id=Appendix%203%3A%20Unaudited%20Consolidated%20Statement%20of%20Cash%20Flow) The statement shows a net cash decrease of $4.2 million, primarily from operating and investing activities Cash Flow Summary (Three Months Ended June 30, 2024, in thousands) | Activity | Net Cash Flow | | :--- | :--- | | Operating Activities | $(2,211) | | Investing Activities | $(3,846) | | Financing Activities | $1,487 | | **Net decrease in cash** | **$(4,243)** | [Appendix 4: Non-GAAP Reconciliation (Adjusted EBITDA)](index=13&type=section&id=Appendix%204%3A%20Non-GAAP%20Reconciliation%20(Adjusted%20EBITDA)) A reconciliation from net income to Adjusted EBITDA is provided, resulting in an Adjusted EBITDA of $4.6 million for Q2 2024 - The company uses non-GAAP measures like EBITDA (net income before interest, taxes, depreciation, and amortization) and Adjusted EBITDA to evaluate business profitability and efficiency[41](index=41&type=chunk)[42](index=42&type=chunk) Adjusted EBITDA Reconciliation (Three Months Ended June 30, 2024, in thousands) | Line Item | Amount | | :--- | :--- | | Net Income | $746 | | Income tax expenses | $1,342 | | Interest expenses, net | $33 | | Depreciation & Amortization | $1,468 | | **EBITDA** | **$3,589** | | Adjustments (FX, etc.) | $1,032 | | **Adjusted EBITDA** | **$4,621** |

Financial Data and Key Metrics Changes - The company generated $30.1 million in revenue for Q2 2024, doubling quarter-over-quarter but declining 11% year-over-year [7][15] - Gross profit was $9.4 million, with a gross margin of 31.2%, compared to 29.6% in Q1 2024 and 37.4% in Q2 2023 [15] - Net income attributable to common shareholders was $0.4 million, rebounding from a net loss of $5.9 million in Q1 2024 but lower than $8.3 million a year ago [16] - Cash and cash equivalents at the end of Q2 2024 were $50.8 million, down from $55.1 million in Q1 2024 [17] Business Line Data and Key Metrics Changes - The DSA segment achieved $8.2 million in revenue in the first half of 2024, surpassing the full year 2023 total of $6.5 million [10] - The IPP segment contributed approximately 30% of total revenue for the quarter, with strong growth and profitability [12] - The company signed over 2 gigawatts of projects with eight DSA partners in Europe, with total contracted revenue expected to exceed $60 million over the next two to three years [9] Market Data and Key Metrics Changes - The company is expanding its DSA partnerships globally, with over 2 gigawatts of contracts under negotiation expected to close within the next six to eight months [10] - In Europe, the company has 67 megawatts of IPP assets generating recurring revenue, while in China, the battery storage portfolio comprises 26 megawatt hours [13] Company Strategy and Development Direction - The company is focused on advancing early-stage projects, securing additional DSA partnerships, and optimizing strategies to maximize the value of its development pipeline [13][56] - The management emphasized the importance of solar and battery storage in the future energy mix, driven by rising clean energy demand and favorable government policies [56] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving Q3 revenue between $25 million and $28 million, with a full-year revenue expectation of $150 million to $160 million [18] - The company anticipates net income in 2024 to be around $22 million, despite earlier write-offs and foreign exchange losses [18] Other Important Information - The company faced challenges in the approval process in Spain, leading to a reduction in the early-stage pipeline by approximately 1.3 gigawatts [22] - Write-offs of around $2 million were related to canceled projects and unrealized foreign exchange losses [16][34] Q&A Session Summary Question: Reason for the reduction in early-stage pipeline in Spain - Management indicated challenges in the approval process from the government in Spain, leading to project cancellations [22] Question: Quarterly cadence for DSA sales forecast - More than 50% of the expected $20 million DSA revenue for the second half is already contracted, with an even distribution expected in the next two quarters [24] Question: Confidence in Q4 revenue ramp - Management expressed high confidence in closing expected deals, with several planned COD sales contributing to revenue [30] Question: Write-offs of canceled projects - Management clarified that the write-offs were primarily due to interconnection delays and challenges in the US and Spain [34][51] Question: Cash expectations by year-end 2024 - Management remains confident in achieving $100 million in cash by the end of 2024, with positive operating cash flow expected [36] Question: DSA revenue margins - Management did not disclose specific margin numbers for DSA revenues but indicated that the model is strong and varies by project [47]

SOL LISTED NYSE NYSE: SOL Q2 2024 Earnings Presentation August 20, 2024 Safe Harbor Statement 2 NYSE: SOL This presentation 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 Com ...

STAMFORD, Conn., Aug. 20, 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 its unaudited financial results for the second quarter ended June 30, 2024. Emeren's second quarter 2024 financial results and management commentary can be found by accessing the Company's shareholder letter on the quarterly results page of the Investor Relations section of Emeren Group Ltd's website at https: ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Emeren Group reported a net loss of $4.7 million on $44.7 million in net revenues for the first half of 2024, driven by foreign exchange losses and lower gross profit [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $457.8 million as of June 30, 2024, with corresponding declines in liabilities and shareholders' equity Consolidated Balance Sheet Summary (in thousands USD) | Balance Sheet Items | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $217,859 | $226,450 | | **Total Assets** | **$457,751** | **$478,351** | | **Total Current Liabilities** | $51,046 | $56,992 | | **Total Liabilities** | **$110,230** | **$115,042** | | **Total Shareholders' Equity** | **$347,521** | **$363,309** | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2024 net revenues decreased to $30.1 million, resulting in a net income of $0.4 million, while the six-month period saw a net loss of $5.5 million due to lower revenues and foreign exchange losses Statement of Operations Summary (in thousands USD) | Metric | Q2 2024 | Q2 2023 | Six Months 2024 | Six Months 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Net Revenues** | $30,057 | $33,846 | $44,657 | $46,722 | | **Gross Profit** | $9,382 | $12,662 | $13,704 | $14,255 | | **Income from Operations** | $2,959 | $5,046 | $1,743 | $2,043 | | **Net Income (Loss) to Emeren** | $392 | $8,348 | $(5,533) | $8,154 | | **Basic EPS (per ADS)** | $0.01 | $0.15 | $(0.11) | $0.14 | - Foreign exchange fluctuations significantly impacted results, with a **loss of $0.8 million in Q2 2024** compared to a gain of $2.1 million in Q2 2023, and a **loss of $4.1 million in the first six months of 2024** versus a gain of $4.8 million in the prior year period[15](index=15&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities used $9.0 million in cash for the first half of 2024, contributing to a total cash and cash equivalents decrease of $19.3 million Cash Flow Summary (in thousands USD) | Cash Flow Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(9,000) | $(26,081) | | **Net cash used in investing activities** | $(6,453) | $(1,750) | | **Net cash used in financing activities** | $(6,704) | $(14,990) | | **Net decrease in cash** | $(19,344) | $(46,832) | - Share repurchases were a significant use of cash in financing activities, amounting to **$7.2 million in the first six months of 2024**[24](index=24&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's solar project operations, significant customer credit risk, geographic revenue concentration, and share repurchase activities - The company operates as a solar project developer and operator with business in the United States, Poland, Hungary, Spain, France, UK, Germany, Italy, and China[26](index=26&type=chunk) - As of June 30, 2024, a single solar power customer represented **61% of the company's total receivables**, amounting to **$44.5 million**[64](index=64&type=chunk) - In the first half of 2024, the company repurchased **33,988,150 of its ordinary shares** at a cost of **$7.2 million** under its accelerated stock repurchase program[98](index=98&type=chunk) Revenue by Segment - Six Months Ended June 30, 2024 (in thousands USD) | Segment | Net Revenue | Gross Profit | | :--- | :--- | :--- | | Solar power project development | $5,884 | $1,883 | | Electricity generation | $14,074 | $7,663 | | EPC services | $16,502 | $1,716 | | DSA | $8,161 | $2,414 | | Others | $36 | $28 | | **Total** | **$44,657** | **$13,704** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q2 2024 revenue was $30.1 million, impacted by project write-offs and foreign exchange losses, while the company focuses on DSA and BESS expansion with a substantial project pipeline - Q2 2024 revenue was **$30.1 million** with a gross margin of **31.2%**[141](index=141&type=chunk) - Net income of **$0.7 million** was negatively affected by a **$1.7 million write-off** of cancelled U.S. projects and a **$0.8 million unrealized foreign exchange loss**[141](index=141&type=chunk) - The company's growth strategy is focused on expanding the Development Service Agreement (DSA) and Battery Energy Storage Systems (BESS) businesses in Europe and the U.S[141](index=141&type=chunk)[142](index=142&type=chunk) Project Pipeline as of June 30, 2024 (in MW) | Pipeline Type | Advanced Stage | Early Stage | Total | | :--- | :--- | :--- | :--- | | **Solar Development** | 2,534 | 5,310 | 7,844 | | **Solar Storage** | 3,636 | 4,237 | 7,873 | [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Net revenue decreased to $44.7 million for the first half of 2024, resulting in a net loss of $4.7 million, primarily due to lower project development revenue and significant foreign exchange losses - For the six months ended June 30, 2024, net revenue decreased to **$44.7 million** from $46.7 million year-over-year, primarily due to a decrease in solar power project development revenue[179](index=179&type=chunk) - Gross margin for the three months ended June 30, 2024, decreased to **31.2%** from 37.4% in the prior-year period, primarily due to unfavorable margins within EPC services[166](index=166&type=chunk) - A foreign exchange loss of **$4.1 million** in the first half of 2024, compared to a gain of $4.8 million in the same period of 2023, was a primary driver of the net loss[185](index=185&type=chunk)[188](index=188&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains $167 million in working capital and $50.8 million in cash, deemed sufficient for the next 12 months despite negative operating cash flow - The company had a **negative operating cash flow of $9.0 million** for the six months ended June 30, 2024[189](index=189&type=chunk)[201](index=201&type=chunk) - As of June 30, 2024, the company reported **positive working capital of $167 million** and **cash and cash equivalents of $50.8 million**[189](index=189&type=chunk)[190](index=190&type=chunk) - Net cash used in financing activities decreased to **$6.7 million** from $15.0 million year-over-year, mainly due to a reduction in share repurchases[199](index=199&type=chunk)[201](index=201&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This disclosure is not applicable as the company qualifies as a smaller reporting company - The company has not provided this disclosure as it is not applicable to smaller reporting companies[204](index=204&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed ineffective due to a persistent material weakness in financial reporting review at subsidiaries, despite other remediated weaknesses - Management concluded that disclosure controls and procedures were **not effective** as of June 30, 2024[205](index=205&type=chunk) - A material weakness in internal control over financial reporting persists, relating to ineffective review and approval procedures over financial reporting at certain subsidiaries[205](index=205&type=chunk) - The company has successfully remediated two previously identified material weaknesses concerning the availability of historical accounting documents and the accounting for lease deposits[205](index=205&type=chunk)[208](index=208&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal matters, with no expected material adverse effect on its financial position - Information regarding legal proceedings is detailed in Note 16 of the financial statements[210](index=210&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the December 31, 2023 Annual Report on Form 10-K - Risk factors have not materially changed from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[211](index=211&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 4.7 million ordinary shares for $0.22 per share in Q2 2024, with $0.9 million remaining in its ASR program Share Repurchases in Q2 2024 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1 - April 30, 2024 | 4,729,870 | $0.22 | | May 1 - May 31, 2024 | — | — | | June 1 - June 30, 2024 | — | — | | **Total** | **4,729,870** | | - As of June 30, 2024, approximately **$0.9 million** was left under the company's **$10 million** accelerated stock repurchase program[212](index=212&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) No directors or officers modified, adopted, or terminated Rule 10b5-1(c) trading plans during Q2 2024 - No modifications were made by directors or officers to Rule 10b5-1(c) trading plans during the quarter[214](index=214&type=chunk) [Exhibits](index=41&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL data files - The report includes required certifications from the CEO and CFO, as well as XBRL interactive data files[215](index=215&type=chunk)

Financial Performance - In Q1 2024, the company generated $14.6 million in revenue, with a gross profit of $4.3 million and a gross margin of 29.6%[139] - Revenue from solar/storage power projects increased to $14.6 million in Q1 2024, up from $12.9 million in Q1 2023[158] - Net revenue increased from $12.9 million in Q1 2023 to $14.6 million in Q1 2024, primarily due to a $5.1 million increase in DSA revenue[174] - Gross profit for Q1 2024 was $4.3 million, compared to $1.6 million in Q1 2023, reflecting a favorable margin within DSA revenue[176] - Operating expenses rose from $4.6 million in Q1 2023 to $5.5 million in Q1 2024, driven by increases in general and administrative expenses[176] - Net loss for Q1 2024 was $5.5 million, compared to a net loss of $0.6 million in Q1 2023, primarily due to foreign exchange losses[178] Revenue Sources - DSA revenue accounted for 34.7% of total revenue, primarily driven by contracts in Italy, with plans for global expansion[140] - IPP assets contributed approximately 36.9% of revenue with a gross margin of 46.5%, balanced between Europe and China[142] Project Pipeline - The advanced-stage solar project pipeline totals 2,612 MW, while the early-stage pipeline is 6,374 MW, summing up to 8,986 MW[147] - The advanced-stage solar storage project pipeline totals 3,106 MW, with an early-stage pipeline of 4,913 MW, totaling 8,019 MW[149] Cash Flow and Working Capital - The company had negative operating cash flow of $6.8 million for Q1 2024, alongside a loss from operations of $1.2 million[179] - As of March 31, 2024, the company had positive working capital of $161 million and total current assets of $218.9 million[181] - Net cash used in operating activities decreased by $16.9 million, primarily due to favorable turnover of trade and unbilled receivables, contributing an increase of $15.8 million[189] - Net cash used in investing activities increased by $0.7 million, mainly due to a $0.9 million increase in purchases of property, plant, and equipment[189] - Net cash used in financing activities decreased by $8.0 million, attributed to a $7.0 million decrease in share repurchases and a $1.4 million repayment of finance lease obligations[190] - The total net decrease in cash, cash equivalents, and restricted cash was $15.1 million for the three months ended March 31, 2024, compared to a decrease of $40.6 million for the same period in 2023[188] Foreign Exchange and Interest - Foreign exchange loss was $3.3 million in Q1 2024, compared to a gain of $2.7 million in Q1 2023, attributed to the strengthening of USD against EUR[178] - Interest income decreased from $0.6 million in Q1 2023 to $0.5 million in Q1 2024, while interest expenses fell from $0.7 million to $0.4 million during the same period[177] Debt and Taxation - Long-term borrowings as of March 31, 2024, amounted to $23 million, including current and non-current portions[184] - The corporate income tax rates in jurisdictions where the company operates range from 0% to 25%[167] - The Company's China subsidiary obtained a long-term loan of RMB 5.6 million ($0.8 million) with an interest rate of 5.2% above the base rate, maturing in March 2034[186] Strategic Positioning - The company is strategically positioned to capitalize on the growing demand for solar energy, particularly in AI and blockchain applications[145]

STAMFORD, Conn., Aug. 13, 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 will report its unaudited financial results for the second quarter ended June 30, 2024 after the U.S. stock market close on Tuesday, August 20, 2024. The Company will hold a conference call to discuss the financial results at 5:00 p.m. U.S. Eastern Time on Tuesday, August 20, 2024.What:    Emeren Group ...

SOL-R AXPAXLI™ Repeat Dosing Study in Wet AMD Acceptable to FDA as Registrational Trial Enrollment in SOL-1 Continues to Accelerate and SOL-R Actively Enrolling Patients Cash Balance of $459.7M as of June 30, 2024, Expected to Fund Operations into 2028 Ocular Will Host a Q2 2024 Conference Call and Webcast Today, August 7th, at 8:00 AM ET BEDFORD, Mass., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Ocular Therapeutix, Inc. (NASDAQ: OCUL, “Ocular”, the “Company”), a biopharmaceutical company committed to improving visi ...

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 Gr ...