Technology
Emeren Announces Fourth Quarter and Full Year 2024 Financial Results
Published
1 year agoon
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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
View original content to download multimedia:https://www.prnewswire.com/news-releases/emeren-announces-fourth-quarter-and-full-year-2024-financial-results-302401460.html
SOURCE Emeren Group Ltd
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Technology
BTQ Technologies’ QSSN Selected as Core Security Infrastructure for South Korea’s First Bank-Led KRW Stablecoin Proof-of-Concept
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2 hours agoon
May 6, 2026By
BTQ provides strategic advisory support and QSSN as core PQC security infrastructure for the iM Bank initiative on the Kaia mainnet, advancing post-quantum migration across global financial infrastructure
BTQ has been selected as the core post-quantum cryptography security technology provider for South Korea’s first bank-led KRW stablecoin proof-of-concept, delivering its Quantum Secure Stablecoin Settlement Network (“QSSN”) for the initiative.
BTQ is providing strategic advisory support and helping coordinate implementation across the partnership with iM Bank and Finger, supporting the integration of post-quantum protections into regulated digital money infrastructure.
Built on the Kaia mainnet, the proof-of-concept is connected to the blockchain ecosystems originally developed by Kakao and LINE, linking the initiative to two of the largest messaging and digital platform ecosystems in Korea and Japan.
VANCOUVER, BC, May 6, 2026 /PRNewswire/ – BTQ Technologies Corp. (“BTQ” or the “Company”) (Nasdaq: BTQ) (CBOE CA: BTQ), a global quantum technology company focused on securing mission-critical networks, today announced that it it has been selected as the core PQC security technology provider through its Quantum Secure Stablecoin Settlement Network (“QSSN”) in a proof-of-concept with its Korean strategic partner, Finger Inc. (“Finger”), and iM Bank, a leading Korean commercial bank, for South Korea’s first bank-led Korean won stablecoin infrastructure incorporating post-quantum cryptography (“PQC”).
The proof-of-concept represents more than a technical pilot. It marks an important step in bringing next-generation quantum security into banking infrastructure within Korea’s regulated financial system. In addition to providing QSSN as the core PQC security framework, BTQ is contributing consulting and strategic coordination across the three-way partnership, helping align the project’s security architecture, implementation approach, and long-term post-quantum migration objectives.
“Post-quantum migration requires more than a cryptographic upgrade. It requires coordination across infrastructure, implementation, and institutional stakeholders,” said Olivier Roussy Newton, Chief Executive Officer of BTQ Technologies. “In this initiative, BTQ is providing both strategic advisory support and QSSN as the post-quantum security architecture, while helping lead coordination across the three-way partnership. We believe this proof-of-concept demonstrates how financial institutions can begin integrating quantum-resilient protections into digital money systems in a practical and operationally viable way.”
South Korea’s First Bank-Led PQC Stablecoin Infrastructure Initiative
BTQ is working alongside iM Bank and Finger on a three-way initiative to validate the issuance and distribution infrastructure for a Korean won stablecoin. In addition to supplying QSSN as the PQC security layer, BTQ is providing consulting support and helping to guide coordination across the partnership as the parties evaluate how to integrate post-quantum protections into bank-led digital asset infrastructure.
The proof-of-concept will validate several key components, including real-time reconciliation between bank reserves and blockchain-issued supply, a global-standard smart contract architecture, connectivity to global infrastructure for overseas distribution, and the integration of a PQC-based dual-signature security structure. By applying BTQ’s PQC signature architecture alongside the existing ECDSA cryptographic framework, the system is designed to preserve operational continuity for financial institutions while proactively addressing future quantum computing threats.
Built on Kaia Mainnet
A notable feature of the proof-of-concept is that it will be implemented on the Kaia mainnet, one of Korea’s leading Layer 1 blockchain networks. Kaia was created through the merger of Klaytn, the blockchain originally developed by Kakao, and Finschia, the blockchain associated with LINE. Kakao and LINE sit at the center of two of the largest messaging and digital platform ecosystems in Korea and Japan, respectively, making Kaia a significant piece of regional digital infrastructure.
Klaytn previously participated in the Bank of Korea’s CBDC pilot ecosystem, and the Bank of Korea has continued to advance CBDC testing through initiatives such as Project Hangang.
By combining BTQ’s PQC technology with blockchain infrastructure tied to the Kakao and LINE ecosystems, the proof-of-concept is intended to establish a model that aligns institutional-grade security, blockchain scalability, and evolving regulatory requirements for digital money infrastructure.
QSSN as the Security Layer
The PQC security foundation for the initiative is BTQ’s Quantum Secure Stablecoin Settlement Network, or QSSN, a quantum-secure network architecture designed for stablecoin, tokenized deposit, payment, and digital asset infrastructure. QSSN is designed to protect critical issuer functions, including stablecoin issuance, burning, transfer authority, upgrade control, and administrative permissions, by integrating PQC-based signatures while maintaining existing user experience and operational workflows.
BTQ has previously announced that QSSN was highlighted in the U.S. Post-Quantum Financial Infrastructure Framework (“PQFIF”) as a model architecture for post-quantum digital money infrastructure. The Company has also positioned QSSN as a standards-oriented initiative advanced through QuINSA and aligned with emerging post-quantum financial infrastructure requirements.
Addressing the Harvest-Now, Decrypt-Later Risk
The timing of the proof-of-concept reflects the growing urgency surrounding the “Harvest-Now, Decrypt-Later” risk, in which attackers may collect encrypted financial data today and decrypt it later once sufficiently advanced quantum capabilities emerge. Global institutions are already accelerating post-quantum migration. The U.S. National Institute of Standards and Technology (“NIST”) has finalized its first set of post-quantum cryptography standards, including ML-DSA, ML-KEM, and SLH-DSA, while major technology companies and financial institutions continue to define their own post-quantum transition timelines.
BTQ’s QSSN addresses this challenge through a dual-signature design that allows existing ECDSA-based infrastructure to operate in parallel with NIST-aligned PQC signatures such as ML-DSA. This approach enables banks and payment infrastructure providers to begin a phased transition toward quantum-safe security without disrupting existing systems.
Expanding BTQ’s Korean Ecosystem
BTQ continues to expand its Korean ecosystem across digital assets, payments, banking infrastructure, and hardware-based security. In October 2025, BTQ announced that Finger had joined Danal as an early participant in BTQ’s QSSN pilot program, with the initiative expected to progress from proof-of-concept toward commercialization under QuINSA-aligned guidelines and broader industry frameworks such as PQFIF.
The commencement of the iM Bank proof-of-concept represents an important commercial signal for BTQ, indicating that demand for post-quantum migration among Korean financial institutions is beginning to move from policy discussion toward infrastructure-level implementation. As Korea advances both quantum technology policy and stablecoin-related regulatory discussions, BTQ believes QSSN is well positioned at the intersection of regulated finance, digital asset infrastructure, and post-quantum security.
About iM Bank
iM Bank is a South Korean commercial bank and a subsidiary of DGB Financial Group. Headquartered in Daegu, iM Bank presents itself as a financial companion for customers and traces its roots to Daegu Bank, which was established in 1967 as Korea’s first regional bank. For more information, please visit https://www.imbank.co.kr/
About Finger Inc. Group
Finger supplies and develops financial IT solutions to provide optimized money management strategies for employees and corporate customers. Providing “Smartphone Financial Services”, “Corporate Cash Management Services” for businesses, “Private Wealth Management Services” for private consumers.
Since the year 2000, Finger has accumulated a number of awards and patents regarding its businesses. Based on its Mobile Enterprise Application Platform(MEAP) Orchestra and its funds management system using screen-scrapping technologies, Finger was the first company in Korea to deliver a smartphone banking banking-service. For more information, please visit http://www.finger.co.kr/
About BTQ
BTQ Technologies Corp. (Nasdaq: BTQ | Cboe CA: BTQ) is a quantum technology company focused on accelerating the transition from classical networks to the quantum internet. Backed by a broad patent portfolio and deep technical expertise, BTQ is advancing a full-stack, neutral-atom quantum computing platform spanning hardware, middleware, and post-quantum security solutions for finance, telecommunications, logistics, life sciences, and defense.
Connect with BTQ: Website | LinkedIn | X/Twitter
ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Chairman
Neither Cboe Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as “anticipate”, “intend”, “expect”, “plan” or “may” and the variations of these words are intended to identify forward-looking statements and information.
The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company’s research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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SOURCE BTQ Technologies Corp.
Technology
Zimmer Biomet to Present at the BofA Securities 2026 Health Care Conference
Published
2 hours agoon
May 6, 2026By
WARSAW, Ind., May 6, 2026 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Zimmer Biomet management team will participate in the Bank of America Securities Health Care Conference on Wednesday, May 13, 2026, with a fireside chat at 8:40 a.m. PT (11:40 a.m. ET).
A live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the fireside chat.
About Zimmer Biomet
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.
For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X at www.x.com/zimmerbiomet.
Contacts:
Media
Investors
Troy Kirkpatrick
David DeMartino
614-284-1926
646-531-6115
troy.kirkpatrick@zimmerbiomet.com
david.demartino@zimmerbiomet.com
Kirsten Fallon
Zach Weiner
781-779-5561
908-591-6955
View original content to download multimedia:https://www.prnewswire.com/news-releases/zimmer-biomet-to-present-at-the-bofa-securities-2026-health-care-conference-302763299.html
SOURCE Zimmer Biomet Holdings, Inc.
Technology
NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools
Published
2 hours agoon
May 6, 2026By
New senior hires from Google and The Collaborative Fund to lead product strategy and venture investing
Fund unveils first investment focus areas to catalyze new ‘Navigation Technology’ market, equipping Americans with cutting-edge tools to achieve economic security, opportunity and empowerment
ST. LOUIS, May 6, 2026 /PRNewswire/ — NextLadder Ventures, a new fund backed by more than $1 billion in capital, today announced its priority investment areas for building a new market for “Navigation Technology” (NavTech) — tools that provide Americans with personalized solutions to navigate life’s challenges and achieve greater economic mobility — and announced its co-founding team, including two new senior hires.
The fund’s active focus areas are based on extensive research identifying the key experiences and high-stakes decision points that have an outsized impact on American families’ economic mobility. Launched investment areas include financial health, career navigation, and benefits and social services access, with further exploration underway around housing, legal aid, justice and re-entry, and mental and physical health.
The organization is also today welcoming two senior leaders: Lauren Loktev is joining NextLadder as Managing Director of Investments and Brigitte Hoyer Gosselink as Managing Director of Product. Loktev was most recently a partner at the Collaborative Fund, where she backed several breakout companies in early child development, education, and sustainability. Gosselink comes to NextLadder from Google, where she led the company’s AI and social impact portfolio. They join a growing team which has deep expertise at the intersection of economic mobility, technology, public policy, and philanthropy.
NextLadder’s Focus Areas for Investment
Today, the fund is kicking off a plan to deploy $1 billion over the next seven years to accelerate the design, development, and deployment of accessible NavTech tools that aim to help families more successfully navigate the major life experiences that determine whether they get ahead or fall behind. As NextLadder’s inaugural frontier AI lab partner, Anthropic is supporting the build-out of the organization’s AI-native capabilities and is offering technical assistance to NextLadder’s portfolio organizations.
As an increasing proportion of Americans across income levels find themselves overextended and overwhelmed, NavTech tools are designed to help individuals and families understand their options, connect to information and resources, and take action to recover from a setback or take advantage of an opportunity and reclaim their economic futures.
“Life is getting harder, and too many Americans are stuck facing some of the most complex and consequential moments of their lives without much support,” said Ryan Rippel, CEO of NextLadder Ventures. “Every day, millions in this country face fork-in-the-road decisions that have major implications on whether they climb up the economic ladder or fall farther behind. AI has understandably intensified many Americans’ anxieties about their jobs and their security in the economy. But these technologies are now also making it possible to deliver highly personalized, affordable tools to meet the needs of tens of millions of Americans in a way that has never been practically achievable or financially viable before. With NavTech tools, built for the reality of families’ everyday experiences, we can empower Americans to overcome setbacks, navigate life’s toughest financial decisions, and build more secure futures.”
NavTech tools, built with the needs of individuals, families, and trusted community partners at the center of their design, have the potential to ease burdens most acutely faced by 90 million Americans who live in households that have difficulty in paying for usual home expenses, and turbocharge the capacity of the 1.6 million community workers in non-profit or local, state, and federal government roles who serve them. This growing category of digital technologies includes tools that help families access opportunities such as personalized financial advice and legal aid, get connected with available resources and programs, and manage unexpected hurdles like losing a job or facing an eviction – while freeing social workers and service providers to spend more time on people and less time on red tape and paperwork.
The fund’s active investment areas include:
Financial Health: Developing highly personalized, AI-powered financial health tools that can provide tailored, sustained counsel to help users build savings and protect and recover from financial shocks;
Career Navigation: Building tools to support career navigation, manage and support career transitions, and help workers, case managers, and employers identify pathways to living wage work — all designed to help people successfully find the right jobs for them.
Benefits & Social Services Access: Helping eligible Americans seamlessly identify and enroll in all the benefits and social services available to them, particularly those that support career navigation and transitions, help them navigate critical life moments, and achieve stability toward economic opportunity.
NextLadder is exploring additional focus areas, including housing, legal aid, justice and re-entry, caregiving, and mental and physical health. More on the organization’s vision of these focus areas is available HERE.
In addition to backing direct NavTech solutions, NextLadder is investing in the developers, partners, and standards required to build a durable, self-sustaining market. Across all focus areas, the fund is prioritizing efforts to ensure NavTech tools are reliable, protect users’ privacy, and are trusted by the families who depend on them.
NextLadder’s Co-Founder Leadership Team
NextLadder’s five co-founders will be CEO Ryan Rippel, Chief Strategy and Operations Officer Rhett Dornbach-Bender, Chief of Staff Callie Schwartz, and the two new senior hires: Managing Director of Investments Lauren Loktev and Managing Director of Product Brigitte Hoyer Gosselink, rounding out the fund’s expertise in investing, technology, and impact.
“We’re thrilled to welcome Lauren and Brigitte to the NextLadder team,” said Rippel. “Brigitte has spent her career proving that when applied purposefully, AI and technology can deliver meaningful benefits for communities, and she’ll set the bar for what NavTech tools can deliver for American families today and in the years to come. And with her deep experience backing mission-driven founders, Lauren is the perfect leader to build our venture practice from the ground up and accelerate the growth of the NavTech field. With this team in place, we’re positioned to make NavTech tools easier to build, fund, and access so they reach the people who need them most.”
Loktev brings 15 years of venture capital experience investing at the intersection of for-profit and for-good. Most recently at Collaborative Fund, she backed several companies to significant scale and launched Collab+Sesame, a first-of-its-kind thematic seed fund in partnership with Sesame Workshop focused on early childhood education. At NextLadder, she will build and lead the fund’s venture practice, sourcing and scaling investments in the founders building the next generation of NavTech tools.
“We have a once in a generation opportunity to help steer AI solutions toward those who need them most,” said Loktev. “Many amazing, accomplished founders see this too, and they are on a mission to build scalable, transformative businesses in the critical verticals that help people navigate life-changing moments. I couldn’t be more excited to join NextLadder and to support the most inspiring leaders building this market from the ground up. Thanks to our unique, long-term mandate, we can be creative and flexible in investing across stage and check size to partner with the entrepreneurs and leaders we believe will change the world.”
Prior to her role at NextLadder, Gosselink spent over a decade at Google in several roles including Director of AI and Social Impact, directing more than $500 million in funding for organizations applying AI to address challenges including crisis response, education, and economic opportunity. At NextLadder, she will lead AI and product strategy across the fund’s portfolio, backing solutions and setting market-wide standards for how NavTech tools are designed, evaluated, and improved over time.
“If we collectively harness the AI transformation strategically and purposefully, we can transform the way Americans are empowered to access greater economic mobility,” said Gosselink. “We believe that people-centered products, combined with shifts in the market and the services available to families, can fundamentally reshape how millions of Americans navigate critical moments and achieve prosperity on their own terms.”
To request interviews from the NextLadder Ventures leadership team, contact media@nextladder.com.
About NextLadder Ventures
NextLadder Ventures is a time-bound venture with one goal: empower millions of Americans to reach their potential by 2040. Backed by over $1 billion in capital, the organization invests in breakthrough technologies that remove barriers to economic success and put people in control of their futures. NextLadder Ventures is trailblazing a new market for tech-enabled Navigation Technology tools that help people access the resources they need to navigate pivotal moments — offering flexible, risk-tolerant capital to entrepreneurs building these transformative tools today, while creating a pipeline of tech, talent, and capital for the long run.
SOURCE NextLadder Ventures
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