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Emeren Announces Fourth Quarter and Full Year 2024 Financial Results

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–  Delivered Strong Free Cash Flow in Q4 2024
–  Achieved High-Margin Expansion Driven by IPP and DSA Businesses

NORWALK, Conn., March 13, 2025 /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 fourth quarter and full year ended December 31, 2024, highlighting key growth catalysts for 2025.

Fellow Shareholders,

2024 was a year of resilience, disciplined execution, and strategic growth for Emeren. Despite currency headwinds and project sale delays, we successfully monetized renewable energy assets, expanded our energy storage footprint, and generated positive free cash flow in Q4. Our Independent Power Producer (IPP) and Development Service Agreement (DSA) segments provided high margins and stable cash flows, while strategic project monetization strengthened our financial position. We ended the year with $50.0 million in cash, up 40% sequentially, positioning us for continued growth in 2025.

Resilient Growth Driving Free Cash Flow

In Q4 2024, we generated $10.5 million in operating cash flow and over $5 million in free cash flow, further strengthening our financial position amid a challenging market landscape. For the full year, we achieved $6.9 million in adjusted EBITDA, demonstrating disciplined execution and a high-margin business model.

Our capital-light model fueled profitable growth while supporting investment. Strong liquidity and efficiency position us to capitalize on 2025 project sales and opportunities.

Executing High-Margin Expansion

Our resilient high-margin IPP and DSA segments enabled us to deliver $34.6 million in revenue and $4.8 million in gross profit, achieving a solid 14% gross margin in Q4. While FX losses due to the strength of U.S. dollar impacted net income, our operating loss improved by 35% Y/Y in Q4, reflecting strong cost discipline.

Although project timing delays in the U.S. and Europe affected Q4 revenue recognition, these projects remain on track to close in 1H 2025, ensuring near-term revenue realization.

Q4 2024 Highlights

We achieved significant milestones across key markets in Q4, strengthening our position in renewable energy monetization and energy storage.

Europe:Completed the COD sale of a 17 MW solar project portfolio in Poland, with 15 MW under a PPA, reinforcing our presence in a key market.Executed a 462 MW DSA of battery energy storage system (BESS) in Italy with Arpinge, expanding our footprint in energy storage.Finalized the sale of 65 MW of solar projects to Trina in Germany through a mixed DSA/SPA structure, reflecting the strength of our development partnerships.United States:Closed the COD sale of a 2.8 MW community solar project to Altus Power, demonstrating progress in the distributed generation segment.China:Commissioned 18 MWh BESS projects, successfully integrating them into Huaneng Power International’s Virtual Power Plant (VPP) platform, strengthening our participation in China’s evolving energy market.

These achievements highlight our ability to execute across multiple regions, ensuring efficient project monetization, expanding our renewable energy portfolio, and strengthening contracted cash flow generation.

Business Line Performance

DSA

The DSA business serves as a cornerstone of our high-margin growth strategy, providing strong revenue visibility while enabling us to monetize projects at early- and mid-development stages. We extended our DSA model into key markets, generating approximately $9.5 million (28% of Q4 revenue), primarily from Italy and Germany.  For the full year, we generated approximately $19 million in DSA revenue, reflecting successful contract execution and geographic expansion.

As of December 31, 2024, we have secured DSA contracts with nine partners for 40 projects totaling over 2.8 GW, comprising 85% BESS and 15% PV. These agreements are expected to generate approximately $84 million in contracted revenue over the next two to three years, in addition to $19 million recognized in 2024, further reinforcing our financial stability. Additionally, about 2.5 GW of DSAs are under negotiation, representing a potential revenue pipeline of over $100 million.

With 75% of our DSA pipeline concentrated in Europe, we are well-positioned to benefit from strong regulatory support for renewable energy and increasing demand for energy storage solutions.

Solar Power Project Development

In addition to completing major transactions in Poland and the U.S., we were active in markets with strong long-term demand for renewable energy. Our solar development business continued to drive monetization opportunities, leveraging our expertise in advancing projects from development to sale. In 2024, we successfully monetized approximately 200 MW of solar PV projects, including 65 MW in Germany, 57 MW in France, 42 MW in Spain, 17 MW in Poland, 16 MW in China, and 3 MW in the U.S. We also monetized 1.3 GW of BESS projects, with 1,210 MW in Italy, 72 MW in the U.S., and 18 MW in China. These achievements reflect our disciplined approach to capital recycling while maintaining a robust development pipeline to support future growth, reinforcing our position as a leader in the sector.

IPP

The IPP segment was a cornerstone of our profitability, providing stable and predictable cash flows from long-term operating assets. In 2024, IPP revenue accounted for approximately 31% of total revenue and 64% of total gross profit, underscoring its high-margin contribution to our financial performance. The segment generated $5.4 million in Q4, down from Q3 due to seasonality.

Our well-balanced IPP portfolio spans Europe and China, with a growing U.S. presence. In Q4, we optimized assets, including Branston in the U.K., and advanced our energy storage integration strategy. Notably, our newly commissioned 18 MWh BESS in China is now fully integrated into Huaneng Power International’s Virtual Power Plant (VPP) platform, enhancing grid stability and efficiency.

With China’s merchant power market opening in 2025, our BESS assets are well-positioned to capitalize on price arbitrage, further strengthening long-term profitability and financial resilience.

Full-Year 2024 Financial Summary

For full-year 2024, we generated $92.1 million in revenue and $24.1 million in gross profit, achieving a 26% gross margin. We reported an operating loss of $0.5 million, while non-cash FX losses resulted in a net loss[1] of $12.5 million.

Despite FX headwinds, operating cash flow improved significantly toward breakeven, reaching negative $4.2 million compared to negative $23.5 million a year ago.  Adjusted EBITDA rose to $6.9 million, reflecting disciplined financial execution.  Over the year, we successfully monetized a significant volume of renewable energy assets, including solar and battery storage projects, strengthening our financial position and reinforcing our capital-efficient business model.

Our disciplined execution, successful project monetization, and strengthened financial position provide a strong foundation to scale our business efficiently while maintaining capital discipline.

[1] Net loss attributed to Emeren Group Ltd.

Outlook & Catalysts

Looking ahead, we are confident in our ability to execute our growth strategy and deliver strong financial performance in 2025. The delay in Q4 revenue recognition does not reflect a loss of business, but rather timing issues, with the sale of these projects expected to close in 1H 2025. With a highly contracted revenue base, continued expansion of our DSA and IPP businesses, and strong tailwinds in the renewable energy sector, we are positioned for sustained profitability and long-term shareholder value creation.

Key drivers supporting our 2025 financial outlook include:

Strong contracted revenue base: We have secured about $84 million in contracted DSA revenue, with an additional over $100 million in potential revenue under negotiation, reinforcing long-term cash flow visibility.Profitability from high-margin segments: Our DSA and IPP businesses are key profit drivers, contributing strong gross margins and stable cash flows. With increasing energy storage integration and disciplined execution, our emphasis on high-margin growth drives sustained profitability and financial strength.Robust solar PV and BESS monetization pipeline: With 75% of our DSA pipeline concentrated in Europe, as well as strong solar and energy storage project sales in key markets, we are well-positioned to capitalize on growing demand. Overall, by the end of Q4 2024, our pipeline included over 4.3 GW of advanced-stage storage projects and 2.4 GW of advanced-stage solar PV projects, reinforcing our long-term growth potential.Expansion in BESS and merchant power trading: Our newly commissioned 18 MWh BESS in China is now fully integrated into the Huaneng Power International VPP platform, and we are set to benefit from China’s merchant power market opening in 2025, unlocking new revenue streams through energy arbitrage.

We expect full-year 2025 revenue to be in the range of $80 million to $100 million, with a gross margin of approximately 30% to 33%. IPP revenue is anticipated to be between $28 million and $30 million, with a gross margin of approximately 50%. Our DSA segment is expected to contribute between $35 million and $45 million in revenue. We also expect to achieve positive operating cash flow in 2025.

For the first half of 2025, we anticipate revenue in the range of $30 million to $35 million, with a gross margin of approximately 30% to 33%.

Full Year 2024 Financial Highlights: 

Revenue of $92.1 million, down 13% Y/Y, reflecting project timing shifts despite strong execution in high-margin segments.IPP and DSA contributed 52% of total revenue, which demonstrates solid and stable revenue visibility.Maintained a strong 26.2% gross margin, despite a slight Y/Y decline in gross profit to $24.1 million.Operating loss narrowed significantly to $0.5 million from $8.7 million in 2023, reflecting improved profitability and cost discipline.Adjusted EBITDA surged 102% Y/Y to $6.9 million, demonstrating strong margin expansion in DSA and IPP businesses.Net loss widened to $12.5 million from $3.2 million in 2023, largely due to non-cash FX losses.

 

$ in millions

2024

2023

Y/Y

Revenue 

$92.1

$105.6

-13 %

Gross profit 

24.1

25.0

-4 %

Operating loss

(0.5)

(8.7)

+94 %

EBITDA  

(2.1)

4.9

($7.1)

Adjusted EBITDA

6.9

3.4

+102 %

Net loss attributed to Emeren Group Ltd

($12.5)

($3.2)

-292 %

 

Revenue by segment:

Segment                         

($ in thousands)

2024
Revenue

% of Total
Revenue

Project development

25,874

28 %

IPP

28,903

31 %

DSA

18,959

21 %

EPC

17,332

19 %

Others

999

1 %

Total

92,067

100 %

 

Note: “Others” comprises revenue from ancillary revenues and expenses and other unallocated costs and expenses.

Revenue by region:

Region

($ in thousands)

2024

Revenue

% of Total
Revenue

Europe

66,963

73 %

USA

7,273

8 %

China

17,831

19 %

Total

92,067

100 %

 

Q4 2024 Financial Highlights: 

Revenue of $34.6 million, down 23% Y/Y and up 169% Q/Q.Gross profit of $4.8 million, down 6% Y/Y and 15% Q/Q.Operating loss of $4.4 million, a 35% Y/Y improvement, despite a $6.5 million increase Q/Q.Adjusted EBITDA of negative $2.4 million, a 27% Y/Y gain in performance.Cash and cash equivalents at the end of Q4 2024 were $50.0 million, up from $35.8 million in Q3 2024.Net loss widened to $11.8 million from $2.0 million in 2023, primarily due to FX losses and project timing.

 

$ in millions

Q4’24

Q3’24

Q/Q

Q4’23

Y/Y

Revenue 

$34.6

$12.9

+169 %

$45.0

-23 %

Gross profit 

4.8

5.6

-15 %

5.1

-6 %

Operating Income (loss) 

(4.4)

2.1

($6.5)

(6.7)

+35 %

EBITDA  

(11.5)

8.5

($20.1)

1.1

($12.6)

Adjusted EBITDA

(2.4)

4.1

($6.4)

(3.2)

+27 %

Net Income (loss) attributed to Emeren Group Ltd

($11.8)

$4.8

($16.6)

($2.0)

-504 %

 

Revenue by segment:

Segment                         

($ in thousands)

Q4’24
Revenue

% of Total
Revenue

Project development

18,457

53 %

IPP

5,414

16 %

DSA

9,507

28 %

EPC

493

1 %

Others

679

2 %

Total

34,550

100 %

 

Note: “Others” comprises revenue from ancillary revenues and expenses and other unallocated costs and expenses.

Revenue by region:

Region

($ in thousands)

Q4’24

Revenue

% of Total
Revenue

Europe

25,901

75 %

USA

5,249

15 %

China

3,400

10 %

Total

34,550

100 %

 

Advanced-Stage and Early-Stage Solar Development Project Pipeline

Project Pipeline by Region (as of December 31, 2024):

Region

Advanced
Stage

Early

Stage

Total

(MW)

  Europe

1,439

3,855

5,294

  U.S.

941

1,296

2,237

  China 

28

28

Total

2,408

5,151

7,559

 

Project Pipeline by Country (as of December 31, 2024):

Country

Advanced
Stage

Early

Stage

Total

(MW)

Poland

399

399

U.K.

100

163

263

Spain

214

3,033

3,247

Germany

129

177

306

France

114

5

119

Italy

483

477

960

U.S.

941

1,296

2,237

China

28

28

Total

2,408

5,151

7,559

 

Advanced-Stage and Early-Stage Solar Storage Project Pipeline

Project Pipeline by Region (as of December 31, 2024):

Region

Advanced
Stage

Early
Stage

Total

(MW)

Europe

3,108

3,023

6,131

U.S.

1,105

1,057

2,162

China

43

43

Total

4,256

4,080

8,336

 

Project Pipeline by Country (December 31, 2024):

Country

Advanced
Stage

Early
Stage

Total

(MW)

Poland

878

50

928

U.K.

170

275

445

Spain

10

1,522

1,532

France

14

14

Italy

2,036

673

2,709

Germany

503

503

U.S.

1,105

1,057

2,162

China

43

43

Total

4,256

4,080

8,336

 

Notes: The average hours per MW vary across regions. For example, in the U.S. and Europe, it ranged from 4 – 8 hours per MW of storage, while in China, it was ~2 hours.

Growing IPP Asset Portfolio in Attractive PPA Regions

As of December 31, we owned and operated IPP assets comprising approximately 293 MW of solar PV projects and 54 MWh of storage.

Operating Assets

PV Capacity (MW)

Storage (MWh)

China DG

167

54

Europe

102

U.S.

24

Total

293

54

 

Q4 2024 Financial Results:

All figures refer to the fourth quarter of 2024, unless stated otherwise.

Revenue

Revenue of $34.6 million declined 23% Y/Y, primarily due to project delays pending government approvals. However, it surged 169% Q/Q, driven by successful project monetization. While timing delays in the U.S. and Europe impacted Q4 revenue recognition, these projects remain on track to close in 1H 2025, providing strong near-term visibility.

Gross Profit and Gross Margin

Gross profit was $4.8 million, compared to $5.6 million in Q3 2024 and $5.1 million in Q4 2023. Gross margin was 13.9%, down from 43.8% in Q3 2024 but up from 11.3% in Q4 2023. The year-over-year improvement reflects the continued strength of our high-margin IPP and DSA businesses.

Operating Expense 

Operating expenses were $9.2 million, up from $3.5 million in Q3 2024 but down from $11.8 million in Q4 2023. The annual decline was primarily due to fewer write-offs and the absence of asset impairment losses.

Net loss attributable to Emeren Group Ltd’s common shareholders

Net loss attributable to Emeren Group Ltd’s common shareholders was $11.8 million, compared to net income of $4.8 million in Q3 2024 and net loss of $2.0 million in Q4 2023.

Diluted net loss attributable to Emeren Group Ltd’s common shareholders per American Depositary Share (“ADS”) was $0.23, compared to diluted net income of $0.09 in Q3 2024 and diluted net loss of $0.04 in Q4 2023.

Cash Flow

Cash provided by operating activities was $10.4 million; cash used in investing activities was $5.0 million, and cash provided by financing activities was $2.8 million.

Financial Position

Cash and cash equivalents at the end of Q4 2024 were $50.0 million compared to $35.8 million in Q3 2024.

Net asset value (NAV) is approximately $5.9 per ADS.

Our debt-to-asset ratio at the end of Q4 2024 was 11.23%, compared to 10.18% at the end of Q3 2024.

Conclusion

The renewable energy sector is benefiting from strong tailwinds, driven by the global shift toward sustainability and the increasing role of solar and energy storage to meet rising power demand. Our disciplined execution, robust contracted revenue base, and expanding presence in high-margin segments position us for sustained growth. As we enter 2025, we remain focused on leveraging our strengths in Development Service Agreement (DSA), Independent Power Producer (IPP), and energy storage to drive long-term value creation. With a clear strategy, strong financial foundation, and commitment to innovation, we are confident in our ability to capitalize on industry momentum and deliver lasting shareholder value.

Conference Call Details

We will host a conference call today to discuss our fourth quarter and full year ended December 31, 2024 after the U.S. stock market close on Thursday, March 13, 2025. The call is scheduled to begin at 5:00 p.m. U.S. Eastern Time on Thursday, March 13, 2025.

Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration.

Participant Online Registration:  
https://register.vevent.com/register/BI53bf135272a04765b47f029df565b83d

Audio-only Webcast:
https://edge.media-server.com/mmc/p/wfuup2dn

Additionally, an archived webcast of the conference call will be available on the Investor Relations section of Emeren Group Ltd’s website at https://ir.emeren.com/.

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 – Investor Relations
+1 (925) 425-7335
ir@emeren.com 

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

 

 

 Appendix 1: Unaudited Consolidated Statement of Operations 

 Three Months Ended 

 Twelve Months Ended 

Dec 31, 2024

Sep 30, 2024

Dec 31, 2023

Dec 31, 2024

Dec 31, 2023

  (in thousands, except per ADS data and ADS)  

  Net revenues   

$       34,550

$       12,860

$       44,972

$       92,067

$     105,642

  Cost of revenues   

(29,763)

(7,229)

(39,899)

(67,945)

(80,629)

  Gross profit  

4,787

5,631

5,073

24,122

25,013

  Operating expenses:  

  Sales and marketing   

(59)

(8)

(105)

(183)

(398)

  General and administrative   

(9,196)

(3,959)

(9,272)

(23,131)

(25,961)

  Other operating expenses, net 

80

477

(2,075)

(1,312)

(5,624)

  Impairment loss of assets 

(366)

(1,691)

  Total operating expenses   

(9,175)

(3,490)

(11,818)

(24,626)

(33,674)

  Income (loss) from operations    

(4,388)

2,141

(6,745)

(504)

(8,661)

  Other (expenses) income:  

  Interest (expenses) income, net  

(231)

(431)

(574)

(559)

(411)

  Investment (loss) gain 

(4)

39

(4)

278

  Unrealized foreign exchange (loss) gain 

(9,047)

4,615

5,850

(8,522)

5,892

  Total other (expense) income , net  

(9,278)

4,180

5,315

(9,085)

5,759

  Income (loss) before income tax  

(13,666)

6,321

(1,430)

(9,589)

(2,902)

   Income tax benefit (expenses) 

1,124

(647)

(2,051)

(2,021)

(2,529)

 Net income (loss) 

(12,542)

5,674

(3,481)

(11,610)

(5,431)

  Less: Net income (loss) attributed to non-controlling interests  

(755)

831

(1,531)

867

(2,245)

  Net Income (loss) attributed to Emeren Group Ltd  

(11,787)

4,843

(1,950)

(12,477)

(3,186)

 Income (loss) attributed to Emeren Group Ltd per ADS  

    Basic  

$         (0.23)

$          0.09

$         (0.04)

$         (0.24)

$         (0.06)

    Diluted  

$         (0.23)

$          0.09

$         (0.04)

$         (0.24)

$         (0.06)

 Weighted average number of ADS used in computing loss per ADS*  

    Basic  

51,317,227

51,254,956

55,197,797

51,845,257

56,526,716

    Diluted  

51,317,227

51,352,136

55,197,797

51,845,257

56,526,716

  *Each American depositary shares (ADS) represents 10 common shares  

 

 

 Appendix 2: Unaudited Consolidated Balance Sheet  

As of

Dec 31, 2024

Dec 31, 2023

 (in thousands) 

  ASSETS  

  Current assets:  

  Cash and cash equivalents   

$                              50,012

$                              70,174

  Accounts receivable trade, net  

21,121

27,123

  Accounts receivable unbilled, net 

41,330

59,598

  Advances to suppliers  

568

4,283

  Value added tax receivable  

8,005

7,103

  Project assets, current  

54,267

39,914

  Prepaid expenses and other current assets, net 

16,085

18,255

  Total current assets   

191,388

226,450

  Property, plant and equipment, net  

194,839

163,114

  Project assets, non-current  

14,444

36,610

  Operating lease, right-of-use assets  

19,931

21,057

  Finance lease, right-of-use assets  

4,574

14,192

  Other non-current assets    

22,390

16,928

  Total assets   

$                            447,566

$                            478,351

  LIABILITIES AND SHAREHOLDERS’ EQUITY 

  Current liabilities:  

  Accounts payable   

11,892

16,203

  Advances from customers  

5,042

5,375

  Amounts due to related parties   

4,028

4,967

  Long-term borrowings, current 

1,181

1,385

  Income tax payable  

606

2,102

  Salaries payable    

1,265

718

  Operating lease liabilities, current  

659

363

  Failed sales-leaseback and finance lease liabilities, current    

5,014

4,559

  Other current liabilities   

19,831

21,320

  Total current liabilities   

49,518

56,992

  Long-term borrowings, non-current 

23,515

22,685

  Operating lease liabilities, non-current  

19,252

20,575

  Failed sale-leaseback and finance lease liabilities, non-current  

13,767

11,258

  Deferred tax liabilities 

3,494

3,532

  Total liabilities   

$                            109,546

$                            115,042

  Commitments and contingencies 

  Shareholders’ equity  

  Common shares   

806,714

806,714

  Additional paid-in capital   

15,104

14,728

  Treasury stock, at cost 

(49,146)

(41,938)

  Accumulated deficit    

(453,040)

(440,563)

  Accumulated other comprehensive loss  

(19,116)

(13,629)

  Emeren Group Ltd shareholders’ equity 

300,516

325,312

  Non-controlling interest  

37,504

37,997

  Total shareholders’ equity  

338,020

363,309

  Total liabilities and shareholders’ equity   

$                            447,566

$                            478,351

 

 

 Appendix 3: Unaudited Consolidated Statement of Cash Flow 

  Three Months Ended  

 Twelve Months Ended 

Dec 31, 2024

Dec 31, 2023

Dec 31, 2024

Dec 31, 2023

  (in thousands)  

  Net cash provided by (used in) operating activities 

$          10,371

$            7,236

$           (4,215)

$         (23,488)

  Net cash provided by (used in) investing activities  

(5,013)

6,941

(15,658)

15,309

  Net cash provided by (used in)  financing activities  

2,772

(3,563)

(5,928)

(25,263)

  Effect of exchange rate changes   

6,126

379

5,639

(3,672)

  Net increase (decrease) in cash and cash equivalents and restricted cash   

14,256

10,993

(20,162)

(37,114)

  Cash and cash equivalents and restricted cash, beginning of the period 

35,756

59,181

70,174

107,288

  Cash and cash equivalents and restricted cash, end of the period 

$          50,012

$          70,174

$          50,012

$          70,174

 

Use of Non-GAAP Financial Measures

To supplement Emeren Group Ltd’s financial statements presented on a US GAAP basis, Emeren Group Ltd provides non-GAAP financial data as supplemental measures of its performance.

To provide investors with additional insight and allow for a more comprehensive understanding of the information used by management in its financial and decision-making surrounding pro-forma operations, we supplement our consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with EBITDA, Adjusted EBITDA as non-GAAP financial measures of earnings.

EBITDA represents net income before income tax expense (benefit), interest expense, depreciation and amortization.Adjusted EBITDA represents EBITDA plus discount of electricity subsidy in China, plus share-based compensation, plus impairment of long-lived assets, plus loss/(gain) on disposal of assets, plus foreign exchange loss/(gain).

Our management uses EBITDA, Adjusted EBITDA as financial measures to evaluate the profitability and efficiency of our business model. We use these non-GAAP financial measures to access the strength of the underlying operations of our business. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time.

We find these measures especially useful when reviewing pro-forma results of operations, which include large non-cash impairment of long-lived assets and loss on disposal of assets. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.

 

 

 Appendix 4: Adjusted EBITDA  

  Three Months Ended  

 Twelve Months Ended 

Dec 31, 2024

Sep 30, 2024

Dec 31, 2023

Dec 31, 2024

Dec 31, 2023

  (in thousands)  

 Net income (loss) 

$       (12,542)

$          5,674

$         (3,481)

$       (11,610)

$         (5,431)

 Income tax expenses (benefit) 

(1,124)

647

2,050

2,021

2,529

 Interest expenses (income), net  

231

431

574

559

411

 Depreciation & Amortization 

1,917

1,781

1,979

6,919

7,438

 EBITDA 

$       (11,518)

$          8,533

$          1,122

$         (2,111)

$          4,947

 Discount of electricity subsidy in China 

(35)

(83)

603

272

656

 Share based compensation 

133

106

203

370

1,443

 Loss on disposal of  property, plant and equipment 

616

2,128

 Interest income of discounted electricity subsidy in China 

(2)

130

60

(198)

109

 Foreign exchange loss (gain) 

9,047

(4,615)

(5,850)

8,522

(5,892)

 Adjusted  EBITDA 

$         (2,375)

$          4,071

$         (3,246)

$          6,855

$          3,391

 

 

 

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Tencent Brings Together AI and Games to Help Preserve and Share Cultural Heritage of New UNESCO Site in Jingdezhen

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Tencent applies AI and games to protect, reconstruct, and promote one of the world’s oldest porcelain traditions at newly inscribed UNESCO siteDigital initiatives create a new model for technology-driven heritage preservation globally using a multimodal AI dataset, AI-assisted artifact restoration, and interactive virtual experiences

SHENZHEN, China, July 25, 2026 /PRNewswire/ — Tencent (00700.HK) today announced the launch of Digital Jingdezhen: Porcelain Craft Adventure, an AI-powered cultural heritage game that enables users to explore Jingdezhen’s porcelain-making traditions and experience traditional craft techniques through interactive play. The launch coincides with the inscription of the Jingdezhen Handicraft Porcelain Industry Sites on the United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage List.

Digital Jingdezhen is part of a broader cultural innovation initiative that applies Tencent’s AI and game technologies. Guided by Tencent’s vision of “Tech for Good”, the initiative leverages digital preservation to keep Jingdezhen’s thousand-year-old porcelain culture alive and relevant today, creating a living heritage with sustainable value and broad public engagement, and building a model that could be carried to heritage sites around the world.

Digital Preservation: Restoring and Unlocking Heritage with AI

Jingdezhen has a thousand years of living heritage; centuries of tradition are still active in its kilns today. To preserve this legacy, a cornerstone of the project was the Jingdezhen Porcelain Cultural Heritage Multimodal AI Dataset.

Over decades, historical records, heritage information, and craft specifications have accumulated into a massive volume of data. Tencent applied Optical Character Recognition (OCR), Natural Language Processing (NLP), and knowledge graph technologies to transform these dispersed materials into structured digital resources that can be analyzed, extracted, verified, and traced back to their original sources.

The dataset contains more than 30,000 documentary records, over 5,000 ceramic gene specimens, and data on nearly 1,000 representative ceramic artifacts in collections worldwide. It provides a digital foundation for cultural research, exhibition development, public interpretation and AI-powered heritage applications.

Building on this foundation, Tencent has developed a range of industry- and public-facing applications, including the Jingdezhen Ancient Ceramics Gene Database, the World Ceramics Interactive Map, and the Digital Jingdezhen AI Companion, providing researchers, heritage professionals, and the public with innovative AI-powered tools to explore and understand porcelain heritage.

Digital Activation: Bringing Jingdezhen’s Porcelain Heritage to Life Through AI and Games

To bring the public closer to Jingdezhen and its porcelain-making traditions, Digital Jingdezhen: Porcelain Craft Adventure utilizes AI-assisted Procedural Content Generation (PCG) to create the first large-scale digital recreation of the city’s five major porcelain heritage sites and historical production scenes. By rapidly mapping out town layouts and automatically generating architectural structures, decorative elements, and pedestrians, the technology brings Jingdezhen’s historic townscape back to life in the digital world.

The game also features high-quality AI digital humans built on large language models and the Jingdezhen Porcelain Cultural Heritage Multimodal AI Dataset. Through AI voice-driven facial expressions and Tencent Games’ proprietary animation technology, it creates warm, human-centered interactive experiences that make historical knowledge tangible and relatable. At the same time, AI-powered 3D generation allows users to quickly transform an uploaded image into a 3D porcelain form, lowering the barrier to participation and enabling anyone to turn creative inspiration into tangible ceramic forms in the digital space.

Continuing Heritage: Mobilizing the Community

Ensuring the longevity of Jingdezhen’s legacy requires active public participation. Tencent developed the Digital Heritage Guardian (Jingdezhen), a volunteer program built within the Weixin ecosystem. The program enables the public to support the upkeep and stewardship of physical heritage sites, creating a practical channel for community involvement in heritage protection.

“Our work in Jingdezhen is a testament to how ‘AI for Good’ can breathe new life into ancient traditions,” said Zhan Shu, Head of Digital Culture Lab, Tencent. “Working alongside dedicated heritage experts, we have contributed our capabilities in AI and digital technologies to unlock decades of dormant archives for this incredible new UNESCO site. We are proud to help bridge the gap between the thousand-year porcelain heritage and the digital era, creating new ways for the global public to connect with Jingdezhen’s living history, and a model for heritage sites worldwide.”

For media queries, please contact: gc@tencent.com

About Tencent

Tencent is a global technology and entertainment company focused on creating connections and experiences that matter. Founded in 1998, Tencent is driven by its mission to create “Value for Users” and apply “Tech for Good.”

Tencent’s communication and social services connect more than one billion people around the world, helping them to keep in touch with friends and family, access transportation, pay for daily necessities, and even be entertained. Tencent also develops and publishes some of the world’s most popular video games and other high-quality digital content, delivering rich and immersive interactive entertainment experiences. Tencent also offers a range of services such as cloud computing and other enterprise services to support our clients’ digital transformation and business growth. Headquartered in Shenzhen, Tencent has been listed on the Main Board of the Stock Exchange of Hong Kong since June 2004.

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Hyundai Motor Group Executive Chair Euisun Chung Announces Physical AI Vision at San Francisco AI Summit

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Hyundai Motor Group shares roadmap for realizing its Physical AI vision and collaboration strategy with global tech leaders at the San Francisco AI SummitExecutive Chair Euisun Chung presented, “Hyundai Motor Group is evolving beyond the traditional boundaries of automotive manufacturing to become a Physical AI solution company,” adding, “The ultimate Physical AI vision we pursue is the realization of integrated intelligence at the city level”The Group to leverage manufacturing competitiveness and leading robotics capabilities centered on Boston Dynamics, while establishing a data flywheel system connecting real-world operational data with continuous AI model advancementThe Group to leverage strategic partnerships with global technology leaders, including NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMindThe Group to collaborate with NVIDIA to develop a Robot Reference Platform that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities

… The initiative to support Korea’s Physical AI industry through an open ecosystem

The Group to cultivate strategic domestic hubs through investments in Saemangeum AI Valley and future advanced industries in Korea’s Yeongnam region

SAN FRANCISCO, July 25, 2026 /PRNewswire/ — Hyundai Motor Group (the Group) Executive Chair Euisun Chung today outlined the Group’s vision and strategy for Physical AI at the San Francisco AI Summit held in San Francisco, California.

The event brought together approximately 150 attendees, including Executive Chair Chung, business leaders from major Korean companies, executives from leading U.S. technology firms, startup representatives and students.

At the summit, Executive Chair Chung presented the Group’s roadmap for advancing Physical AI and outlined strategic collaboration plans with global technology leaders.

“Hyundai Motor Group is evolving beyond the traditional boundaries of automotive manufacturing by expanding into autonomous driving, robotics and AI Defined Factories, accelerating our transformation into a Physical AI solution company.” — Hyundai Motor Group Executive Chair Euisun Chung

Accelerating the Transition to a Physical AI Solution Company

Hyundai Motor Group’s Physical AI vision extends beyond intelligent devices such as vehicles and robots to intelligent spaces, including AI factories where AI seamlessly connects and optimizes entire operations. Ultimately, the Group envisions integrated intelligence at the city level, where urban infrastructure is organically connected and operated through AI.

A key differentiator for the Group is its ability to create a data flywheel that continuously connects real-world operations with AI advancement. Drawing on extensive experience in large-scale manufacturing, mobility, robotics and service operations, the Group is positioned to deploy, refine and scale Physical AI technologies in real industrial environments.

Executive Chair Chung also outlined strategic partnerships with leading technology companies, including NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMind, to further advance Physical AI capabilities.

By combining Hyundai Motor Group’s manufacturing competitiveness, mobility and robotics technologies and extensive operational data with the AI infrastructure and algorithm capabilities of global technology leaders, the Group aims to help foster a new innovation ecosystem for the Physical AI era.

Executive Chair Chung also introduced initiatives designed to support the growth of Korea’s robotics and AI ecosystem, including the development of a Robot Reference Platform with NVIDIA that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities, as well as investments in initiatives such as the Saemangeum AI Valley.

Physical AI Vision: From Intelligent Devices to Integrated Intelligence at the City Level

During the summit, Executive Chair Chung presented Hyundai Motor Group’s Physical AI vision.

“The ultimate Physical AI vision Hyundai Motor Group pursues begins with intelligent devices such as vehicles and robots, expands to intelligent spaces such as AI factories, and ultimately realizes integrated intelligence at the city level, where urban infrastructure is seamlessly connected and operated.” — Hyundai Motor Group Executive Chair Chung

The Group’s vision begins with intelligent devices, where AI capabilities enhance vehicles and robots. It then expands to intelligent spaces, including AI factories where AI autonomously integrates logistics, production and quality management across entire operations.

Ultimately, Hyundai Motor Group envisions city-level intelligence, where critical infrastructure and assets — including energy, mobility and robotics systems — are connected and optimized in real time.

Executive Chair Chung also highlighted the Group’s key strengths in realizing its Physical AI vision:

World-class manufacturing competitiveness: Hyundai Motor Group has built extensive expertise through decades of operating global manufacturing facilities, managing quality systems and optimizing supply chains. This foundation enables the Group to apply AI technologies to products, processes and services while rapidly validating and scaling innovations in real-world environments.Leading robotics capabilities: Hyundai Motor Group has established robotics as a key pillar of its future business portfolio. Boston Dynamics’ quadruped robot Spot®, logistics robot Stretch®, and Hyundai Motor Group Robotics LAB’s next-generation mobile robot platform MobED are recognized for combining technological competitiveness with real-world applicability.

In particular, the humanoid robot Atlas® is emerging as a representative example of Physical AI, supporting and collaborating with people across manufacturing, logistics and mobility environments.

Establishing a data flywheel system: Hyundai Motor Group is establishing a data flywheel system that leverages data generated across manufacturing operations, vehicles, logistics systems and robotics demonstrations to continuously advance AI models. Enhanced algorithms are then reapplied to real-world operations, creating a virtuous cycle that improves performance and strengthens Physical AI capabilities.

Accelerating the Future of Physical AI Through Partnerships with Global Tech Leaders

Executive Chair Chung also outlined concrete initiatives to position Hyundai Motor Group as a leader in human-centered Physical AI through strategic collaborations with NVIDIA and Waymo, as well as Boston Dynamics’ strategic partnership with Google DeepMind.

“By combining Hyundai Motor Group’s strengths in manufacturing, robotics and data with the capabilities of global technology leaders, we can help create a new innovation ecosystem for the Physical AI era.” — Hyundai Motor Group Executive Chair Euisun Chung

NVIDIA – Advancing Physical AI infrastructure and talent development

Hyundai Motor Group is expanding collaboration with NVIDIA to strengthen Physical AI infrastructure and cultivate AI talent. Building on a supply agreement for 50,000 NVIDIA Blackwell GPUs and a memorandum of understanding signed last year to advance Korea’s Physical AI capabilities, the Group is pursuing a range of initiatives, including the establishment of Hyundai Motor Group Robot Application Center, as well as various collaborations aimed at strengthening Korea’s Physical AI infrastructure and AI talent ecosystem, including the NVIDIA’s AI Technology Center.

In manufacturing, the Group is leveraging NVIDIA’s platform to create more sophisticated digital twins of production facilities, enhancing process design, operational optimization and validation efficiency. The collaboration also includes the integration of NVIDIA’s autonomous driving solutions, including automotive semiconductors, sensors and architecture, with Hyundai Motor Group vehicle platforms.

Waymo – Strengthening autonomous driving collaboration

Hyundai Motor Group continues to strengthen its strategic partnership with Waymo in the autonomous driving sector to support the development of a safe and innovative autonomous driving ecosystem. Autonomous driving vehicles require a wide range of specialized capabilities, including redundant systems for steering, braking, power and communications, dedicated features such as power-operated doors, as well as enhanced functional safety and cybersecurity technologies.

Hyundai Motor Group plans to produce IONIQ 5 vehicles with specific autonomous-ready modifications at Hyundai Motor Group Metaplant America (HMGMA) in Georgia.

Google DeepMind – Accelerating next-generation humanoid robotics

Boston Dynamics has established a strategic partnership with Google DeepMind to accelerate the development of next-generation humanoid robots. Advanced AI models and training systems are essential for robots to perform complex tasks in real-world environments and collaborate effectively with people. Through this partnership, Boston Dynamics robots are expected to achieve greater autonomy and adapt more effectively to complex operating environments.

Hyundai Motor Group plans to establish a robot production facility in the U.S. with an annual capacity of up to 30,000 units by 2028. The Atlas humanoid robot will first be deployed at production facilities including HMGMA before broader deployment is expanded through phased validation.

Building an Open Ecosystem Through the Robot Reference Platform and Continued Investment in Korea’s Physical AI Future

Executive Chair Chung also outlined initiatives aimed at supporting the growth of Korea’s Physical AI ecosystem through open collaboration and continued investment.

“The outcomes of collaboration with global technology leaders should contribute to the growth of Korea’s Physical AI industry. To that end, Hyundai Motor Group plans to foster an open ecosystem that supports innovation in robotics and AI technologies.” — Hyundai Motor Group Executive Chair Euisun Chung

Key initiatives to build an open ecosystem for robotics and AI innovation include:

Robot Reference Platform: Hyundai Motor Group and NVIDIA are collaborating to develop a Robot Reference Platform that combines Hyundai Motor Group’s and NVIDIA’s Physical AI capabilities.

The platform will provide research robot models to universities, research institutes and startups, helping foster an open ecosystem that supports technological innovation and the development of Physical AI talent while contributing to the broader growth of Korea’s robotics and AI industries. 

Supporting universities, research institutes and startups: The Robot Reference Platform is expected to provide universities, research institutes and startups with a standardized hardware and software environment, enabling them to more easily develop and validate Physical AI technologies. The initiative aims to help address challenges faced by organizations with innovative ideas but limited access to commercialization opportunities and validation infrastructure.

Hyundai Motor Group is also continuing large-scale investments aimed at driving the next leap forward in Korea’s industrial and technology ecosystem. Continued investments in Korea’s industrial and technology ecosystem include:

Saemangeum AI Valley: In the Saemangeum region of Jeonbuk State, the Group is developing Saemangeum AI Valley, which includes an approximate KRW 9 trillion investment in AI data centers, robotics manufacturing clusters, electrolyzer plants and AI hydrogen city infrastructure. 

In particular, the robotics manufacturing cluster will serve not only as a production base for the Group’s own robotics products, but also as a robotics foundry that provides manufacturing services for small and medium-sized enterprises that lack manufacturing expertise.

Advanced industrial hubs in the Yeongnam region: Hyundai Motor Group plans to invest a total of KRW 42 trillion over the next decade to foster advanced industrial hubs focused on AI-driven manufacturing, future aerospace industries and sustainable energy infrastructure.

Through these initiatives, Hyundai Motor Group aims to strengthen key foundations for the Physical AI era, including data and energy infrastructure, robotics production capabilities and real-world validation capabilities. The Group also expects these investments to contribute to enhanced industrial competitiveness, balanced regional development, job creation and broader economic vitality in Korea.

About Hyundai Motor Group

Hyundai Motor Group is a global enterprise that has created a value chain based on mobility, steel, and construction, as well as logistics, finance, IT, and service. With about 250,000 employees worldwide, the Group’s mobility brands include Hyundai, Kia, and Genesis. Armed with creative thinking, cooperative communication, and the will to take on any challenges, we strive to create a better future for all.

More information about Hyundai Motor Group can be found at: http://www.hyundaimotorgroup.com or Newsroom: Media Hub by Hyundai, Kia Global Newsroom, Genesis Newsroom

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SOURCE Hyundai Motor Company

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Reliance Digital Brings Samsung’s Latest Galaxy Z Fold8 Series and Galaxy Z Flip8 to Stores Across India

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Be among the first to own the new Samsung Galaxy Z Fold8 series and Galaxy Z Flip8. Customers can now pre-order the latest Galaxy foldables at Reliance Digital, with EMIs starting at ₹6000/month.

MUMBAI, India, July 25, 2026 /PRNewswire/ — Reliance Digital, India’s leading consumer electronics retailer, today announced the availability of Samsung’s latest generation of foldable smartphones – the Galaxy Z Fold8 Ultra, Galaxy Z Fold8 and Galaxy Z Flip8. Designed to deliver the next evolution of Galaxy AI, powerful performance and iconic foldable innovation, Samsung’s newest line-up is now available across Reliance Digital stores and online.

Built around Samsung’s vision of making AI more intuitive and personal, the new Galaxy foldables combine immersive displays, premium craftsmanship and intelligent experiences that seamlessly adapt to the way users work, create and stay connected.

Leading the line-up is the Galaxy Z Fold8 Ultra, Samsung’s most premium foldable yet. Featuring an expansive 8-inch Dynamic AMOLED 2X main display, a flagship 200MP camera, the latest Snapdragon® 8 Elite Gen 5 for Galaxy processor and a 5,000mAh battery, the device is engineered for users who demand the ultimate in productivity, creativity and entertainment. It is available in Graphite, Cream and Violet Shadow,.

The Galaxy Z Fold8 brings Samsung’s signature foldable experience in a more compact form factor, featuring a 7.6-inch Dynamic AMOLED 2X main display, a redesigned wider cover screen, Galaxy AI-powered multitasking and flagship-grade performance. Customers can choose from Lavender, Graphite and Cream colour options.

Completing the line-up is the Galaxy Z Flip8, Samsung’s most stylish foldable smartphone, designed for users who want flagship performance in a compact, pocket-friendly form. Equipped with a vibrant 6.9-inch Dynamic AMOLED 2X display, an enhanced FlexWindow, a 50MP camera system and Galaxy AI experiences, the Flip8 effortlessly blends fashion with functionality.

Customers can visit their nearest Reliance Digital store to experience the new foldables first-hand with guidance from Reliance Digital’s Tech Dosts, compare models, explore exclusive launch offers and Pre-order the Galaxy device that best fits their lifestyle. The complete Galaxy Z Fold8 series and Galaxy Z Flip8 are also available through Reliance Digital’s online platform, ensuring customers can be among the first to own Samsung’s latest foldable innovations.

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