Announcement • Dec 15
Emeren Group To Be Delisted from NYSE Following Completion of Merger Emeren Group Ltd. (“Emeren” or the “Company”) announced the completion of the merger contemplated by the previously announced agreement and plan of merger dated June 18, 2025, as amended by an amendment agreement dated September 2, 2025 (the “Merger Agreement”), among the Company, Shurya Vitra Ltd., a business company incorporated under the Laws of the British Virgin Islands (“Parent”), and Emeren Holdings Ltd, a business company incorporated under the Laws of the British Virgin Islands and a wholly owned subsidiary of Parent (“Merger Sub”). As a result of the merger, the Company became a wholly owned subsidiary of Parent. Under the terms of the Merger Agreement, which was approved by the Company’s shareholders at an extraordinary general meeting held on December 9, 2025, each outstanding ordinary share of the Company (“Share”) has been cancelled in exchange for the right to receive USD 0.20 per Share and each American depositary share (“ADS”), each representing ten Shares, has been cancelled in exchange for the right to receive USD 2.00 per ADS (less a USD 0.05 per ADS cancellation fee pursuant to the terms of the deposit agreement), in each case, in cash, without interest and net of any applicable withholding taxes, except for the Shares (including Shares represented by ADSs): (a) held by the Company as treasury shares or owned by Parent, Merger Sub or any other affiliate thereof (the “Cancelled Shares”), (b) as to which appraisal rights have been properly exercised in accordance with Section 179 of the BVI Business Companies Act, as amended (the “BVI Companies Act”) (the “Dissenting Shares”) and (c) held by any Rollover Securityholder (as defined in the Merger Agreement) (the “Rollover Shares,” and together with the Cancelled Shares and the Dissenting Shares, the “Excluded Shares”). The Company also announced that it requested that trading of its ADSs on the New York Stock Exchange (the “NYSE”) be suspended beginning on December 15, 2025. The Company requested that the NYSE file a Form 25 with the Securities and Exchange Commission (the “SEC”) notifying the SEC of the delisting of the Company’s ADSs on the NYSE and the deregistration of the Company’s registered securities. The Company intends to terminate its reporting obligations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), by filing a Form 15 with the SEC in ten days. The Company’s obligation to furnish to or file with the SEC certain reports and forms, including Form 10-K and Form 8-K, will be suspended immediately as of the filing date of the Form 15 and will cease once the deregistration becomes effective. Reported Earnings • Nov 17
Third quarter 2025 earnings released: US$0.065 loss per share (vs US$0.094 profit in 3Q 2024) Third quarter 2025 results: US$0.065 loss per share (down from US$0.094 profit in 3Q 2024). Revenue: US$15.6m (up 22% from 3Q 2024). Net loss: US$335.0k (down 107% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Announcement • Aug 15
Emeren Group Ltd announced delayed 10-Q filing On 08/14/2025, Emeren Group Ltd announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Jul 04
Emeren Group Ltd Announces Management Changes Emeren Group Ltd. announced a leadership transition within its North America operations. Mr. Cameron "Mac" Moore, Executive Vice President - North America, has departed the Company, and Mr. M. Jahangir Alam has been appointed as his successor, effective immediately. M. Jahangir Alam is a seasoned leader in the North American renewable energy industry, with nearly three decades of experience spanning executive leadership, finance, and M&A. He has held key roles as an operator, financier, and advisor, and has been involved in transactions totaling over $12 billion in value. Most recently at Boralex, Jahangir served as a key member of the senior leadership and led the establishment of the North American M&A team, development of strategic investor and investment banking relationships, and origination of bespoke transaction opportunities. Jahangir originated on a bilateral basis and led the acquisition of a controlling interest in a 1 GW operating wind power portfolio, which was the largest ever acquisition in Boralex's history. Through these transactions Boralex's US asset base increased from 80 MW to 645 MW in less than three years.Previously, Jahangir served as the CFO at Seventus, a wind power development firm, and the president of Alyra Renewable Energy Finance, an M&A advisory boutique he founded in 2003. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: US$0.03 (vs US$0.11 loss in 1Q 2024) First quarter 2025 results: EPS: US$0.03 (up from US$0.11 loss in 1Q 2024). Revenue: US$8.15m (down 44% from 1Q 2024). Net income: US$1.54m (up US$7.47m from 1Q 2024). Profit margin: 19% (up from net loss in 1Q 2024). Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Global Construction industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 27
Full year 2024 earnings released: US$0.24 loss per share (vs US$0.056 loss in FY 2023) Full year 2024 results: US$0.24 loss per share (further deteriorated from US$0.056 loss in FY 2023). Revenue: US$92.1m (down 13% from FY 2023). Net loss: US$12.5m (loss widened 292% from FY 2023). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Global Construction industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Announcement • Mar 19
SHAH CAPITAL OPPORTUNITY FUND LP managed by Shah Capital Management, Inc and Himanshu H. Shah submitted a non-binding proposal to acquire 64% stake in Emeren Group Ltd (NYSE:SOL) for approximately $100 million. SHAH CAPITAL OPPORTUNITY FUND LP managed by Shah Capital Management, Inc and Himanshu H. Shah submitted a non-binding proposal to acquire 64% stake in Emeren Group Ltd (NYSE:SOL) for approximately $100 million on March 17, 2025. A cash consideration valued at $2 per share will be paid by Shah Capital. The Shah Parties intend to finance the transactions contemplated under the Proposal through personal cash and the proposed transaction would not be subject to a financing condition. The Proposal is subject to the execution of the Definitive Agreements, each containing terms and conditions typical, customary and appropriate for transactions of this type. Announcement • Mar 14
Emeren Group Ltd Provides Earnings Guidance for the First Half and Full Year of 2025 Emeren Group Ltd. provided earnings guidance for the first half and full year of 2025. For the first half of 2025, The company anticipates revenue in the range of $30 million to $35 million.
For the full-year, the company expects revenue to be in the range of $80 million to $100 million. Announcement • Feb 25
Emeren Group Ltd to Report Q4, 2024 Results on Mar 13, 2025 Emeren Group Ltd announced that they will report Q4, 2024 results After-Market on Mar 13, 2025 Reported Earnings • Nov 16
Third quarter 2024 earnings released: EPS: US$0.94 (vs US$1.67 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.94 (up from US$1.67 loss in 3Q 2023). Revenue: US$12.9m (down 7.8% from 3Q 2023). Net income: US$4.84m (up US$14.2m from 3Q 2023). Profit margin: 38% (up from net loss in 3Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Global Construction industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Announcement • Oct 24
Emeren Group Ltd to Report Q3, 2024 Results on Nov 14, 2024 Emeren Group Ltd announced that they will report Q3, 2024 results After-Market on Nov 14, 2024 Announcement • Sep 09
Emeren Group Ltd, Annual General Meeting, Nov 01, 2024 Emeren Group Ltd, Annual General Meeting, Nov 01, 2024. Location: 5000 hopyard rd, suite, 302, pleasanton ca 94588, meeting id : 233 244 042 251, United States Announcement • Sep 03
Emeren Group Ltd Appoints Dr. Ramki Srinivasan to Its Board of Directors Emeren Group Ltd. announced the appointment of Dr. Ramakrishnan (Ramki) Srinivasan, an experienced clean energy project developer and management consultant to its Board of Directors, effective immediately. Dr. Srinivasan currently serves as an Executive in Residence at KCK-US, where he leads strategic initiatives for companies specializing in next-generation grid-scale battery energy storage systems. As the Founder and CEO of Two Deg C LLC, a boutique strategy consulting firm, he has provided critical guidance to enterprise customers and startups in energy and clean technology. Announcement • Aug 15
Emeren Group Ltd announced delayed 10-Q filing On 08/14/2024, Emeren Group Ltd announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Aug 13
Emeren Group Ltd to Report Q2, 2024 Results on Aug 20, 2024 Emeren Group Ltd announced that they will report Q2, 2024 results After-Market on Aug 20, 2024 Announcement • May 11
Emeren Group Ltd to Report Q1, 2024 Results on May 23, 2024 Emeren Group Ltd announced that they will report Q1, 2024 results After-Market on May 23, 2024 Announcement • Mar 30
Emeren Group Ltd announced delayed annual 10-K filing On 03/29/2024, Emeren Group Ltd announced that they will be unable to file their next 10-K by the deadline required by the SEC. Announcement • Mar 19
Emeren Group Ltd to Report Q4, 2023 Results on Mar 28, 2024 Emeren Group Ltd announced that they will report Q4, 2023 results After-Market on Mar 28, 2024 New Risk • Mar 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: Mex$1.62b (US$97.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$79m free cash flow). Shares are highly illiquid. Minor Risk Market cap is less than US$100m (Mex$1.62b market cap, or US$97.0m). Announcement • Nov 25
Emeren Group Ltd Provides Earnings Guidance for Fourth Quarter and the Full Year 2023 Emeren Group Ltd. provided earnings guidance For fourth quarter and the full year 2023. For the quarter, revenue to be between $50 million and $53 million, and net income to be in the range of $4 to $5 million.For the year, company anticipate revenue to be in the range of $110 million to $113 million due to project timing. Company expect net income to be between $3 to $4 million, with gross margin of approximately 25% to 28%. Announcement • Nov 04
Emeren Group Ltd to Report Q3, 2023 Results on Nov 21, 2023 Emeren Group Ltd announced that they will report Q3, 2023 results After-Market on Nov 21, 2023 Announcement • Oct 25
Emeren Group Ltd, Annual General Meeting, Dec 08, 2023 Emeren Group Ltd, Annual General Meeting, Dec 08, 2023, at 10:00 Pacific Standard Time. Location: Hopyard Rd. Suite 302 Pleasanton CA 94588, U.S.A. Pleasanton United States Agenda: To consider and approve the consolidated financial statements of the Company for the year ended December 31, 2022, together with the reports of the auditors thereon; and to consider and approve the appointment of Ms. Julia Xu as director of the Company, who is offering herself for re-election in accordance with the Company's articles of association. Reported Earnings • Sep 07
Second quarter 2023 earnings released: EPS: US$0.15 (vs US$0.003 loss in 2Q 2022) Second quarter 2023 results: EPS: US$0.15 (up from US$0.003 loss in 2Q 2022). Revenue: US$33.8m (up 313% from 2Q 2022). Net income: US$8.35m (up US$8.55m from 2Q 2022). Profit margin: 25% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Global Construction industry. New Risk • Sep 06
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 28% per year over the past 5 years. Announcement • Aug 04
Emeren Group Ltd to Report Q2, 2023 Results on Aug 31, 2023 Emeren Group Ltd announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Aug 31, 2023 Announcement • Jun 13
CNNP Rich Energy Corporation Limited entered into an agreement to acquire 29 MW projects located in Henan from Emeren Group Ltd (NYSE:SOL). CNNP Rich Energy Corporation Limited entered into an agreement to acquire 29 MW projects located in Henan from Emeren Group Ltd (NYSE:SOL) on June 12, 2023. Reported Earnings • Jun 02
First quarter 2023 earnings released: US$0.034 loss per share (vs US$0.025 loss in 1Q 2022) First quarter 2023 results: US$0.034 loss per share. Revenue: US$12.9m (up 266% from 1Q 2022). Net loss: US$194.0k (loss narrowed 89% from 1Q 2022). Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Global Construction industry. Announcement • May 20
Emeren Group Ltd to Report Q1, 2023 Results on May 31, 2023 Emeren Group Ltd announced that they will report Q1, 2023 results After-Market on May 31, 2023 Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: US$0.91 (vs US$0.10 in FY 2021) Full year 2022 results: EPS: US$0.91. Revenue: US$81.4m (up 2.2% from FY 2021). Net income: US$5.90m (down 14% from FY 2021). Profit margin: 7.3% (down from 8.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 38% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Global Construction industry. Reported Earnings • Dec 06
Third quarter 2022 earnings released: EPS: US$0.045 (vs US$0.01 in 3Q 2021) Third quarter 2022 results: EPS: US$0.045 (up from US$0.01 in 3Q 2021). Revenue: US$28.9m (up 86% from 3Q 2021). Net income: US$2.96m (up 316% from 3Q 2021). Profit margin: 10% (up from 4.6% in 3Q 2021). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Global Construction industry. Board Change • Nov 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Julia Xu was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 09
Second quarter 2022 earnings released: US$0.03 loss per share (vs US$0.10 profit in 2Q 2021) Second quarter 2022 results: US$0.03 loss per share (down from US$0.10 profit in 2Q 2021). Revenue: US$8.21m (down 56% from 2Q 2021). Net loss: US$204.0k (down 103% from profit in 2Q 2021). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Global Construction industry. Board Change • Aug 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Julia Xu was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jul 13
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Julia Xu was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 19% share price gain to Mex$96.00, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 11x in the Construction industry globally. Total loss to shareholders of 41% over the past year. Board Change • Jun 01
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Julia Xu was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Julia Xu was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 45% share price gain to Mex$152, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 11x in the Construction industry globally. Total loss to shareholders of 49% over the past year. Board Change • Feb 24
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Julia Xu was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment deteriorated over the past week After last week's 23% share price decline to Mex$100.00, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Construction industry globally. Total loss to shareholders of 77% over the past year. Board Change • Jan 29
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Julia Xu was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 10
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: EPS: US$0.01 (down from US$0.043 in 3Q 2020). Revenue: US$15.5m (up 59% from 3Q 2020). Net income: US$711.0k (down 66% from 3Q 2020). Profit margin: 4.6% (down from 22% in 3Q 2020). Revenue missed analyst estimates by 23%. Over the next year, revenue is forecast to grow 64%, compared to a 12% growth forecast for the industry in Mexico. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment deteriorated over the past week After last week's 24% share price decline to Mex$122, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 12x in the Construction industry globally. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improved over the past week After last week's 21% share price gain to Mex$200, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 12x in the Construction industry globally. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improved over the past week After last week's 18% share price gain to Mex$150, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 12x in the Construction industry globally. Total returns to shareholders of 100% over the past year. Reported Earnings • Sep 01
Second quarter 2021 earnings released The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: US$18.5m (down 29% from 2Q 2020). Net income: US$6.95m (up 125% from 2Q 2020). Profit margin: 38% (up from 12% in 2Q 2020). Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$126, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 12x in the Construction industry globally. Executive Departure • Jul 25
President of China Region & Director Wade Li has left the company On the 23rd of July, Wade Li's tenure as President of China Region & Director ended after 1.8 years in the role. We don't have any record of a personal shareholding under Wade's name. Wade is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.67 years, which is considered inexperienced in the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$160, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 12x in the Construction industry globally. Reported Earnings • May 28
First quarter 2021 earnings released: EPS US$0.03 (vs US$0.091 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: US$16.4m (down 23% from 1Q 2020). Net income: US$1.98m (up US$6.37m from 1Q 2020). Profit margin: 12% (up from net loss in 1Q 2020). Reported Earnings • Mar 28
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$73.9m (down 38% from FY 2019). Net income: US$3.26m (up US$12.1m from FY 2019). Profit margin: 4.4% (up from net loss in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 171 percentage points per year, which is a significant difference in performance.