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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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goeasy Ltd. Announces Voting Results from Special Meeting of Shareholders

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MISSISSAUGA, ON, Nov. 3, 2026 /CNW/ — goeasy Ltd. (TSX: GSY) (“goeasy” or the “Company”), one of Canada’s leading consumer lenders focused on delivering a full suite of financial services to Canadians with non-prime credit scores, announced today that its shareholders passed the resolution ratifying, confirming and approving the Company’s Shareholder Rights Plan adopted by the Company’s Board of Directors on May 12, 2026. The vote was conducted at the Company’s Special Meeting of Shareholders which took place on November 3, 2026. The results of the vote are set out below:

Number of Shares

Voted For

Percentage of

Votes Cast

Number of

Shares Voted

Against

Percentage of

Votes Cast

8,164,270

98.926 %

88,625

1.074 %

A full report on voting results is available under goeasy’s profile on SEDAR+ at www.sedarplus.ca.

About goeasy

goeasy Ltd. is a leading Canadian provider of non-prime consumer lending solutions, offering a suite of financial products through its easyfinancial, easyhome, and LendCare brands. goeasy offers unsecured and secured instalment loans, point-of-sale financing, and lease-to-own merchandise through its omni-channel model, which spans online, mobile, and hundreds of locations nationwide.

Driven by its team members’ dedication to expand access to credit for underserved communities and helping customers strengthen their financial futures, goeasy has proudly served more than 1.6 million customers while building an award-winning culture. Shares of goeasy Ltd. are listed on the Toronto Stock Exchange (TSX) under the symbol GSY. For more information, visit www.goeasy.com.

For investor inquiries, contact:

James Obright
Senior Vice President, Investor Relations & Capital Markets
investor_relations@goeasy.com

For media inquiries, contact:

mediainquiries@goeasy.com

SOURCE goeasy Ltd.

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Saigon Technology: Why Businesses Fear Modernizing Software in the AI Era

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SYDNEY, Nov. 4, 2026 /PRNewswire/ — Modernizing an entire software system often leaves businesses with two choices: invest heavily in an in-house team for a project that may not require the same resources later, or work with an experienced partner that already has the expertise in place.

While outsourcing offers greater flexibility, it also raises concerns about data security, business disruption, and finding a partner capable of handling complex systems.

Saigon Technology, an award-winning software engineering company with an AI-native delivery approach, believes businesses shouldn’t have to sacrifice security or stability to modernize. With the right partner, they can move forward while keeping everything under control.

66% of Australian Enterprises Lack Full Data Access Visibility

At many businesses, the existing systems may hold customer records, financial data, and core business processes. Giving a partner full access can create risks that businesses are not willing to take.

But modernization does not always require handing over the keys to the entire system.

Instead, companies can limit access to specific parts of their software, keep sensitive data in protected environments, and require approval before major changes are made. External engineers can work with test data or selected modules while the business keeps control of its main systems.

This allows businesses to gain the skills they need without giving up oversight of their most valuable technology assets.

Then Comes the Fear of Disruption

Data security is only half the concern. What happens if a system upgrade interrupts orders, payments, or customer services? For businesses that rely on software every day, even a short disruption can affect customers, staff, and revenue.

Yet upgrading software does not always mean shutting down the old system and moving everything to a new one overnight.

A safer approach is to make changes step by step. Parts of the system can be upgraded while the rest continues running. Old and new systems may also run side by side, giving teams time to test changes, check data, and fix issues before a full switch.

With clear backup and recovery plans, businesses can reduce risk and maintain essential services throughout the process.

The Way Forward: Modernize Without Losing Control

These concerns raise a key question: how can businesses move faster without taking on more risk? The answer lies in choosing a development partner that works within the client’s rules, rather than asking the client to give up control.

Saigon Technology takes a security-focused approach to enterprise software modernization. Depending on project needs, its engineering teams can apply multi-factor authentication (2FA), data encryption, VPN-secured access, and role-based permissions to protect sensitive information. With 3 development centers in Vietnam, the company also brings the engineering expertise and capacity needed to upgrade critical systems while minimizing disruption to daily operations.

Saigon Technology holds ISO/IEC 27001:2022 certification for information security management and ISO 9001:2015 certification for quality management, reinforcing its commitment to secure software delivery.

“Businesses should not have to choose between keeping their systems safe and moving forward with new technology. A good engineering partner helps them do both, without putting daily operations at unnecessary risk.” Shared by Thanh Pham, CEO of Saigon Technology.

As AI creates new opportunities, Saigon Technology believes the businesses best placed to benefit will be those that can embrace change without losing control of what already works.

About Saigon Technology

Saigon Technology is an AI-driven software engineering company with over 400 engineers. Serving clients across Australia and global markets, the company combines AI expertise, secure engineering, and flexible delivery models to build sustainable digital solutions.

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I AM ALS COMMUNITY CELEBRATES AS ACT FOR ALS BECOMES LAW AND MAKES HISTORY

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Community Advocates, Including Co-Founders Brian Wallach and Sandra Abrevaya and I AM ALS Ambassadors Late Actor Eric Dane and Former Pro Wrestler Tanea “Rebel” Brooks, Drive Landmark Win Securing Up to $500 Million in Funding and Therapy Access, and a Continued Path to a Cure

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I AM ALS Celebration Video for ACT for ALS

WASHINGTON, Nov. 3, 2026 /PRNewswire/ — I AM ALS and its national force of advocates are celebrating as the President signed the ACT for ALS reauthorization bill into law. This comes after the Senate approved the bill by unanimous consent with just hours left until the law expired, even after the House went home early. The I AM ALS community first identified a major gap in access to investigational treatments and co-authored the original ACT for ALS Act to address it in 2021. Now, with years of success underway, the law has five more years to scale research infrastructure and treatment access, representing an investment of up to an additional $500 million for ALS.

“Over the past 7+ years, this community has changed what’s possible in ALS,” said I AM ALS co-founder Brian Wallach. “The I AM ALS community’s leadership has brought us closer than ever to a cure by unlocking over $2 billion for federal ALS research, expanding and protecting access to life-changing therapies, and accelerating scientific breakthroughs. We thank our ALS congressional champions—including sponsors Senators Coons (D-DE) and Murkowski (R-AK) and Representatives Quigley (D-IL-05) and Calvert (R-CA-41)—and all the tireless advocates who helped renew this historic legislation for five more years.”

Today’s law passage is groundbreaking and thanks to the significant efforts of I AM ALS’ community-led movement. Since ACT for ALS was first signed into law, I AM ALS has monitored and reported on the ground-breaking success of its implementation. Leading into the reauthorization year, I AM ALS built and deployed a comprehensive, multi-pronged advocacy campaign, including:

Building and strengthening relationships with Congressional champions,Deploying a vast grassroots army of volunteer leaders from across the country,Partnering with researchers, other organizations, and celebrity ambassadors—most notably the late actor Eric Dane and professional wrestler Tanea “Rebel” Brooks—to strengthen and amplify our message, andEngaging with top experts in government affairs and public relations.

This year alone, I AM ALS held more than 430 in-person and virtual advocacy meetings and calls, secured more than 38,000 online actions, sent more than 95,000 emails, and gathered more than 20,100 petition signatures in the final weeks before expiration.

Unlike any other legislation the neurodegenerative landscape has ever seen, ACT for ALS has already invested hundreds of millions of dollars into ALS research, provided investigational therapy access for more than 800 patients who would not otherwise have qualified, and built lasting infrastructure for future learnings.

“These past months didn’t just get a critical bill passed; they inspired a community that continually renews itself, welcomes new advocates, develops new leaders, and ensures that every generation is ready to fight for the next breakthrough,” said Troy Fields, volunteer co-chair of the I AM ALS legislative affairs team, and person living with ALS. “ALS is relentless, but we continue to prove so are we.”

“For the past five years, the ACT for ALS has advanced scientific research and helped people with ALS access the promising treatments they need. This reauthorization of the bill continues that work and lends hope to a future where there is a cure for ALS,” said Congressman Quigley. “I’m glad this important bill was signed into law, and I’m thankful to my colleagues in both the House and the Senate for getting this done.”

“I’m thrilled that the ACT for ALS Reauthorization Act has been signed into law, renewing our commitment to finding cures and treatments for ALS,” said Rep. Calvert. “As a Co-Chair of the bipartisan ALS Caucus, I know just how hard those impacted by ALS have worked to get this bill enacted and I applaud their tireless advocacy. With the ACT for ALS Reauthorization Act officially signed into law, we celebrate this victory while remaining focused on the work ahead to end this terrible disease.”

I AM ALS is calling on supporters to thank the Congressional champions who helped make this law possible at bit.ly/A4A-TY 

About I AM ALS

I AM ALS is a nonprofit organization leading what STAT News called the most successful patient advocacy campaign this century. We built a community movement to harness collective power and find treatments and a cure for ALS faster, while also creating lasting, systemic change. Our focus is on three areas:

Advocating for federal policy change to drive research, support, and treatments for ALS.Improving quality of life by providing volunteer and support opportunities to advocates and people living with ALS.Mobilizing and empowering advocates to raise awareness about ALS and other neurodegenerative diseases, and increase visibility of the ALS experience.

Learn more at www.iamals.org

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