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Renesola Ltd. ADR (SOL-7.79%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported total net revenues of $92.1 million for the year, a decrease from $105.6 million in the previous year. This decline was primarily due to a reduction in EPC services revenue, partially offset by increases in solar power project development and DSA revenues.
Cost of revenues decreased to $67.9 million from $80.6 million, resulting in a gross profit of $24.1 million, slightly down from $25.0 million in 2023. The gross margin improved to 26.2% from 23.7% in the prior year.
Operating expenses totaled $24.6 million, down from $33.7 million in 2023. This decrease was mainly due to reduced general and administrative expenses and other operating expenses.
The company reported a net loss of $11.6 million, compared to a net loss of $5.4 million in the previous year. This was impacted by an unrealized foreign exchange loss of $8.5 million.
Renesola's IPP and DSA businesses contributed significantly to high-margin revenue and contracted cash flow visibility. In 2024, the IPP segment accounted for 31% of total revenue and 64% of total gross profit.
The company completed several key transactions, including the sale of solar projects in Poland, Germany, and the U.S., and expanded its energy storage footprint in Italy and China.
Renesola ended the year with total assets of $447.6 million and total liabilities of $109.5 million, resulting in total shareholders' equity of $338.0 million.
The company maintained a positive working capital of $141.9 million as of December 31, 2024, with cash and cash equivalents totaling $50.0 million.
Renesola continues to focus on expanding its solar and energy storage project pipeline globally, with significant activities in Europe, North America, and Asia.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Renesola Ltd. ADR annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.