Financial Data and Key Metrics Changes - For the full year 2024, the company generated $92.1 million in revenue and $24.1 million in gross profit, with a gross margin of 26% [11] - The operating loss was $0.5 million, while the net loss attributed to Emeren Group was $12.5 million due to non-cash and unrealized foreign exchange losses [11] - In Q4 2024, revenue was $34.6 million, down 23% year over year, but up 169% quarter over quarter [25][26] - The gross profit for Q4 was $4.8 million, with a gross margin of 14% [12][26] - The company ended Q4 with $50 million in cash, up 40% sequentially [13][30] Business Line Data and Key Metrics Changes - The DSA segment generated $19 million in revenue for 2024, primarily from Italy and Germany, with $84 million in contracted revenue expected over the next two to three years [17] - The IPP segment contributed 31% of total revenue and 64% of total gross profit, optimizing its portfolio across Europe and China [18] - The company successfully monetized about 200 megawatts of solar PV projects and 1.3 gigawatts of BESS projects in 2024 [19] Market Data and Key Metrics Changes - Europe contributed over 70% of total revenue, while China contributed 19%, both generating positive operating cash flow [31] - The company has a strong pipeline with approximately 4.3 gigawatts of advanced-stage storage and 2.4 gigawatts of solar PV projects [23] Company Strategy and Development Direction - The company aims to scale profitably and drive long-term shareholder value through disciplined execution and a strong pipeline [14] - The opening of China's merchant power market in 2025 presents significant opportunities for the company [23] - The company is focused on executing its strategy across DSA, IPP, and energy storage to reinforce its leadership in the sector [100] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute growth strategies and drive profitability in 2025, despite project sales timing delays impacting Q4 revenue recognition [21][20] - The company anticipates full-year revenue in the range of $80 to $100 million for 2025, with a gross margin of 30% to 33% [31] Other Important Information - The company generated over $5 million in free cash flow in Q4, reinforcing its strong liquidity position [13] - The debt-to-asset ratio at the end of Q4 2024 was around 11.2%, with the majority of debt being non-recourse project financing [30] Q&A Session Summary Question: Can you share the mix between DSA revenue and IPP revenue for 2025? - IPP revenue is expected to be between $28 to $30 million, while DSA revenue will be between $35 to $45 million, contributing almost 70% of total revenue [36] Question: What is the geographic mix of the additional $100 million in DSA revenue? - Approximately 70% of the DSA revenue is expected to come from Europe, and 30% from the US [41] Question: What is the outlook for cash generation or free cash flow in 2025? - The company expects to achieve positive operating cash flow and a higher cash balance at the end of 2025 [45] Question: What is the size of the projects that were delayed and their impact on Q4 revenue? - The size of the delayed projects was around $10 million, which would have significantly impacted Q4 revenue [81] Question: How do the DSA milestone payments affect gross margins? - Early milestone payments typically have lower margins, while later milestones will have higher margins, affecting the overall DSA segment gross margin [85] Question: Is there a mix of BESS versus only PV in the project pipeline? - The company has a mixture of both BESS and PV projects across various countries, with a strong pipeline in both segments [95][96]

Q4 & FY 2024 Earnings Presentation Delivered Strong Free Cash Flow in Q4 2024 Achieved High-Margin Expansion Driven by IPP and DSA Businesses Full Year 2024 Q4 2024 2024 Operational Highlights 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 r ...