Revenue volatility remains pronounced, evidenced by a 57.1% contraction in 2025Q2 followed by a 21.6% expansion in 2025Q3, while gross margins fluctuate significantly between 11.3% and 60.8% based on project exit conditions.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Sales/Revenue | 71.23M | 92.07M | 105.64M | 61.29M | 79.66M | 73.5M | 119.12M | 96.91M | 102.97M | 80.5M | 1.28B | 1.56B | 1.52B | 969.13M | 985.28M | 1.21B | 510.4M | 670.37M | 248.97M | 84.37M | 5.09M | 0 |
| Revenue Growth % | -30.5% | -12.85% | 72.36% | -23.06% | 8.38% | -38.29% | 22.92% | -5.89% | 27.91% | -93.72% | -17.9% | 2.75% | 56.8% | -1.64% | -18.27% | 136.2% | -23.86% | 169.25% | 195.09% | 1558.24% | - | - |
| Cost of Goods Sold | 47.05M | 67.94M | 80.63M | 45.95M | 48.24M | 56.82M | 84.89M | 68.84M | 88.84M | 73.27M | 1.09B | 1.35B | 1.42B | 1B | 889.23M | 857.62M | 553.57M | 684.68M | 195.48M | 59.65M | 3.68M | 0 |
| COGS % of Revenue | - | 73.8% | 76.32% | 74.98% | 60.55% | 77.3% | 71.27% | 71.03% | 86.28% | 91.02% | 85.35% | 86.6% | 93.2% | 103.68% | 90.25% | 71.14% | 108.46% | 102.13% | 78.51% | 70.69% | 72.27% | - |
| Gross Profit | 24.18M | 24.12M | 25.01M | 15.34M | 31.42M | 16.69M | 34.23M | 28.07M | 14.13M | 7.23M | 187.87M | 209.28M | 103.26M | -35.64M | 96.05M | 347.96M | -37.24M | -14.31M | 53.5M | 24.73M | 1.41M | 0 |
| Gross Margin % | 33.95% | 26.2% | 23.68% | 25.02% | 39.45% | 22.7% | 28.73% | 28.97% | 13.72% | 8.98% | 14.65% | 13.4% | 6.8% | -3.68% | 9.75% | 28.86% | -7.3% | -2.13% | 21.49% | 29.31% | 27.73% | - |
| Gross Profit Growth % | - | -3.56% | 63.1% | -51.2% | 88.33% | -51.25% | 21.94% | 98.62% | 95.38% | -96.15% | -10.23% | 102.67% | 389.71% | -137.11% | -72.4% | 1034.33% | -160.25% | -126.75% | 116.36% | 1652.3% | - | - |
| Operating Expenses | 59.66M | 24.63M | 33.67M | 17.97M | 18.77M | 9.91M | 35.19M | 12.54M | 7.58M | 4.88M | 6.72M | 201.07M | 167.85M | 139.56M | 84.51M | 102.02M | 48.98M | 33.44M | 10.06M | 2.49M | 809.32K | -25K |
| OpEx % of Revenue | - | 26.75% | 31.88% | 29.32% | 23.57% | 13.48% | 29.54% | 12.94% | 7.36% | 6.07% | 0.52% | 12.88% | 11.05% | 14.4% | 8.58% | 8.46% | 9.6% | 4.99% | 4.04% | 2.95% | 15.91% | - |
| Selling, General & Admin | 24.82M | 23.31M | 26.36M | 17.62M | 17.3M | 14.95M | 16.51M | 11.09M | 7.89M | 7.38M | 7.63M | 160.36M | 122M | 82.08M | 55.78M | 51.67M | 34.48M | 23.81M | 8.92M | 2.45M | 566.33K | 23K |
| SG&A % of Revenue | - | 25.32% | 24.95% | 28.75% | 21.72% | 20.33% | 13.86% | 11.44% | 7.66% | 9.16% | 0.59% | 10.27% | 8.03% | 8.47% | 5.66% | 4.29% | 6.76% | 3.55% | 3.58% | 2.9% | 11.13% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.29M | 43.91M | 52.58M | 46.45M | 44.1M | 47.05M | 36.26M | 14.51M | 9.71M | 1.14M | 38.97K | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 33.89% | 3.42% | 3.37% | 3.06% | 4.55% | 4.78% | 3.01% | 2.84% | 1.45% | 0.46% | 0.05% | - | - |
| Other Operating Expenses | 2.92M | 1.31M | 7.32M | 346K | 1.47M | -5.04M | 18.68M | 1.45M | -313K | -29.78M | -44.82M | -11.87M | 156.87M | 14.71M | -18.33M | 14.08M | 0 | -84.01K | -1K | 0 | 242.99K | -48K |
| Operating Income | -35.48M | -504K | -8.66M | -2.63M | 12.65M | 6.78M | -964K | 15.53M | 6.56M | 2.35M | 16.32M | 8.22M | -221.44M | -179.03M | 11.54M | 245.94M | -90.56M | -47.84M | 43.43M | 22.23M | 601.47K | 25K |
| Operating Margin % | -49.82% | -0.55% | -8.2% | -4.3% | 15.88% | 9.22% | -0.81% | 16.03% | 6.37% | 2.92% | 1.27% | 0.53% | -14.57% | -18.47% | 1.17% | 20.4% | -17.74% | -7.14% | 17.44% | 26.35% | 11.82% | - |
| Operating Income Growth % | - | 94.18% | -228.94% | -120.81% | 86.61% | 803.34% | -106.21% | 136.9% | 179.1% | -85.6% | 98.56% | 103.71% | -23.69% | -1651.13% | -95.31% | 371.59% | -89.31% | -210.14% | 95.34% | 3596.78% | 2305.88% | - |
| EBITDA | -27.1M | 6.41M | -831K | 4.18M | 19.45M | 14.12M | 6.83M | 23.93M | 11.03M | 4.75M | 19.87M | 98.44M | -108.55M | -85.53M | 94.27M | 302.3M | -57.81M | -32.32M | 47.6M | 22.97M | 646.48K | 32K |
| EBITDA Margin % | -38.05% | 6.96% | -0.79% | 6.83% | 24.41% | 19.21% | 5.74% | 24.7% | 10.71% | 5.9% | 1.55% | 6.3% | -7.14% | -8.83% | 9.57% | 25.07% | -11.33% | -4.82% | 19.12% | 27.22% | 12.71% | - |
| EBITDA Growth % | -706.16% | 871.48% | -119.86% | -78.48% | 37.7% | 106.71% | -71.45% | 116.94% | 132.25% | -76.09% | -79.82% | 190.69% | -26.92% | -190.72% | -68.81% | 622.89% | -78.88% | -167.89% | 107.26% | 3452.74% | 1920.32% | - |
| D&A (Non-Cash Add-back) | 8.38M | 6.92M | 7.83M | 6.82M | 6.79M | 7.34M | 7.8M | 8.4M | 4.48M | 2.4M | 3.55M | 90.22M | 112.89M | 93.5M | 82.73M | 56.35M | 32.74M | 15.52M | 4.17M | 732.86K | 45.01K | 7K |
| EBIT | -29.03M | -7.6M | -697K | 536K | 12.54M | 8.53M | -1.42M | 13.61M | 7.46M | 2.07M | 22.19M | 15.03M | -209.53M | -170.58M | 32.67M | 252.24M | -95.65M | -49.83M | 43.43M | 22.23M | 601.47K | 84K |
| Net Interest Income | -1.74M | -559K | -411K | -2.51M | -3.5M | -5.23M | -8.34M | -8.51M | -3.88M | -1.84M | -1.96M | -44.01M | -43.66M | -43.51M | -29.33M | -21.41M | -15.41M | -10.09M | 1.93M | 312.16K | 941 | -23K |
| Interest Income | 1.35M | 1.43M | 1.79M | 657.39K | 1.66M | 976K | 823K | 194K | 51.4K | 3.55K | 38.85K | 5.01M | 8.44M | 7.12M | 7.86M | 1.83M | 1.72M | 1.78M | 1.93M | 312.16K | 941 | 3K |
| Interest Expense | 3.09M | 1.99M | 2.21M | 3.17M | 5.15M | 6.21M | 9.16M | 8.7M | 3.94M | 1.84M | 2M | 49.02M | 52.11M | 50.63M | 37.19M | 23.25M | 17.12M | 11.87M | 0 | 0 | 0 | 26K |
| Other Income/Expense | 3.37M | -9.09M | 5.76M | 2K | -5.26M | -4.46M | -9.61M | -10.62M | -3.03M | -2.12M | 3.87M | -42.12M | -40.2M | -42.18M | -16.05M | -16.95M | -22.2M | -13.18M | -6.63M | 345K | -27.96K | 81K |
| Pretax Income | -32.12M | -9.59M | -2.9M | -2.63M | 7.39M | 2.32M | -10.57M | 4.91M | 3.52M | 226.57K | 20.19M | -33.98M | -261.67M | -220.9M | -4.51M | 228.99M | -112.76M | -61.7M | 36.81M | 22.58M | 573.51K | 58K |
| Pretax Margin % | -45.09% | -10.42% | -2.75% | -4.29% | 9.28% | 3.16% | -8.88% | 5.06% | 3.42% | 0.28% | 1.57% | -2.18% | -17.22% | -22.79% | -0.46% | 18.99% | -22.09% | -9.2% | 14.78% | 26.76% | 11.27% | - |
| Income Tax | 2.34M | 2.02M | 2.53M | 1.92M | 774.41K | 163.04K | 1.1M | -189K | 322.07K | 132.09K | -23.19K | -350K | -2.72M | 21.35M | -4.85M | 60M | -41.16M | -2.42M | -6.16M | -2.72M | -617K | -5K |
| Effective Tax Rate % | -7.28% | -21.08% | -87.15% | -72.86% | 10.48% | 7.03% | -10.45% | -3.85% | 9.14% | 58.3% | -0.11% | 1.03% | 1.04% | -9.67% | 107.61% | 26.2% | 36.5% | 3.92% | -16.72% | -12.05% | -107.58% | -8.62% |
| Net Income | -5.33M | -12.48M | -3.19M | -4.67M | 6.86M | 2.78M | -8.83M | 1.76M | 34.46M | -34.7M | -5.08M | -33.63M | -258.92M | -242.52M | 333K | 169M | -71.9M | -54.91M | 42.94M | 25.3M | 1.19M | 7K |
| Net Margin % | -7.48% | -13.55% | -3.02% | -7.62% | 8.61% | 3.78% | -7.41% | 1.82% | 33.46% | -43.1% | -0.4% | -2.15% | -17.04% | -25.02% | 0.03% | 14.02% | -14.09% | -8.19% | 17.25% | 29.99% | 23.41% | - |
| Net Income Growth % | -101.7% | -291.62% | 31.81% | -168.09% | 146.95% | 131.46% | -602.05% | -94.9% | 199.31% | -583.71% | 84.91% | 87.01% | -6.76% | -72927.63% | -99.8% | 335.05% | -30.95% | -227.88% | 69.7% | 2024.35% | 16914.29% | - |
| Net Income (Continuing) | -34.46M | -11.61M | -5.43M | -4.55M | 6.61M | 2.16M | -11.68M | 5.1M | 3.2M | 94.48K | 20.21M | -33.63M | -258.92M | -242.23M | 331.18K | 169M | -71.61M | -59.28M | 42.94M | 25.3M | 1.19M | 58K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31.26M | -34.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13.14M | 37.5M | 38M | 41.35M | 44.41M | 44.12M | 42.83M | 34M | 0 | 0 | 0 | 0 | 209K | 512K | 156K | 0 | 0 | 279.08K | 9.22M | 0 | 0 | 0 |
| EPS (Diluted) | -0.10 | -0.24 | -0.06 | 0.09 | 0.10 | 0.06 | -0.22 | 0.05 | 1.40 | -1.70 | -0.20 | -1.70 | -14.20 | -11.80 | 0.02 | 9.70 | -4.30 | -4.30 | 4.30 | 3.20 | 0.20 | 0.00 |
| EPS Growth % | 34.18% | -328.57% | -162.22% | -10% | 78.57% | 125.45% | -578.26% | -96.71% | 182.35% | -750% | 88.24% | 88.03% | -20.34% | -62205.26% | -99.8% | 325.58% | 0% | -200% | 34.38% | 1500% | - | - |
| EPS (Basic) | - | -0.24 | -0.06 | 0.09 | 0.10 | 0.06 | -0.22 | 0.05 | 1.40 | -1.70 | -0.20 | -1.70 | -14.20 | -11.80 | 0.02 | 9.80 | -4.30 | -4.30 | 4.30 | 3.20 | 0.20 | 0.00 |
| Diluted Shares Outstanding | 51.34M | 51.85M | 56.53M | 64.92M | 69.84M | 49.79M | 40.6M | 38.08M | 24.69M | 20.22M | 20.41M | 20.36M | 18.22M | 17.27M | 17.39M | 17.51M | 14.76M | 12.71M | 10.82M | 7.91M | 6.67M | 6.67M |
| Basic Shares Outstanding | 51.32M | 51.85M | 56.53M | 64.92M | 68.91M | 49.17M | 40.6M | 38.08M | 24.69M | 20.22M | 20.41M | 19.78M | 18.22M | 17.27M | 17.35M | 17.29M | 14.76M | 12.71M | 10M | 7.91M | 6.67M | 6.67M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Project Monetization Timing Risk
As reported in financial statements, Emeren's revenue trajectory remains highly volatile, characterized by a 57.1% contraction in 2025Q2 followed by a 21.6% expansion in 2025Q3, reflecting the inherent lumpiness of project-based divestments rather than a consistent, linear growth trend across its core European development pipeline.
The company's reliance on point-in-time project sales creates significant quarterly revenue swings that complicate trend analysis. Investors should monitor whether the recent revenue recovery in 2025Q3 represents a sustainable return to growth or merely the timing of specific asset closures.
Based on reported figures, Emeren's gross margin has fluctuated significantly, ranging from a low of 11.3% in 2024Q4 to a high of 60.8% in 2025Q3, suggesting that the profitability of individual project sales varies widely depending on the development stage and regional market conditions at exit.
The wide variance in gross margins implies that the company lacks a standardized cost-to-value capture mechanism across its portfolio. This instability warrants further investigation into whether the higher margins in recent periods are sustainable or if they are driven by the divestment of particularly high-value, late-stage assets.
According to recent SEC filings, Emeren's operating income has failed to scale consistently with gross profit, as evidenced by a negative operating margin of 50.3% in 2025Q1, indicating that fixed administrative overhead remains disproportionately high relative to the company's current quarterly revenue generation capacity.
The inability to maintain positive operating margins during periods of lower revenue suggests that the company's cost structure is not sufficiently flexible to absorb cyclical downturns. This lack of operating leverage may indicate that the current administrative footprint is sized for a larger volume of project throughput than is currently being realized.
As noted in historical income statements, the company's reliance on project divestments to drive net income creates a risk profile where earnings quality appears fragile, particularly given the 12.85% YoY revenue decline that suggests potential exhaustion in the project pipeline or challenges in monetization velocity.
Short-term profitability gains may be masking underlying structural issues related to the cost of capital and the ability to replenish the development pipeline. Investors should monitor whether the company can maintain its current project exit yields in a high-interest-rate environment without sacrificing long-term asset value.
Quick answers to the most common questions about buying SOL stock.
For fiscal year 2024, Emeren Group, Ltd. (SOL) reported total revenue of $92.1M.
Emeren Group, Ltd. (SOL) reported a net loss of $12.5M for the fiscal year ending 2024.
Emeren Group, Ltd. (SOL) reported an operating income of $-0.5M, resulting in an operating profit margin of -0.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Emeren Group, Ltd. (SOL) generated $24.1M in gross profit for the year, representing a gross profit margin of 26.2%. This demonstrates the company's core pricing power and production efficiency.