ReneSola Ltd

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands, ¥ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Operating activities:
Net (loss) income	$ (21,914)	$ 932
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	6,516	5,002
Allowances for credit losses	988	915
Loss on cancellation or impairment of project assets	6,681	2,271
Loss on disposal of property, plant and equipment	1,358
Impairment loss of assets	27,330
Share-based compensation	99	238
Deferred tax provision	30	74
Investment gains		4
Changes in operating assets and liabilities:
Accounts receivable, trade and unbilled	33,736	15,601
Advances to suppliers	(469)	2,907
Value added tax recoverable	5,286	(1,368)
Prepaid expenses and other current assets	(1,044)	(1,789)
Project assets	(11,516)	(34,056)
Other non-current assets	(6,951)	(3,079)
Accounts payable	(4,484)	(2,475)
Advances from customers	(330)	712
Amounts due to related parties	(1,415)	(2,636)
Other current liabilities	14	504
Income tax payable	717	1,345
Salaries payable	(133)	316
Net cash provided by (used in) operating activities	34,499	(14,582)
Investing activities:
Purchase of property, plant and equipment	(6,300)	(10,922)
Proceeds from disposal of property, plant and equipment	1,181	276
Net cash used in investing activities	(5,119)	(10,646)
Financing activities:
Proceeds from banks and other third-party borrowings	24,822	2,161
Repayment of banks and other third-party borrowings	(3,927)	(2,074)
Debt issuance costs	(247)
Distributions to non-controlling interest	(554)
Repurchase of shares		(7,208)
Borrowings from related parties	67	242
Proceeds from failed sales-leaseback	4,310	3,658
Repayment of finance lease obligations	(915)	(1,324)
Repayment of failed sales-leaseback financing	(4,378)	(4,155)
Net cash provided by (used in) financing activities	19,178	(8,700)
Effect of exchange rate changes	(11,294)	(490)
Net increase (decrease) in cash and cash equivalents and restricted cash	37,264	(34,418)
Cash and cash equivalents and restricted cash, beginning of period	50,012	70,174
Cash and cash equivalents and restricted cash, end of period	$ 87,276	$ 35,756

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 84,635	$ 50,012
Restricted cash	1,879	0
Accounts receivable trade, net	15,976	21,121
Accounts receivable unbilled, net	19,341	41,330
Advances to suppliers	1,094	568
Value added tax recoverables	3,279	8,005
Project assets, current	35,132	54,267
Prepaid expenses and other current assets, net	17,076	16,085
Total current assets	178,412	191,388
Property, plant and equipment, net	177,145	194,839
Project assets, non-current	41,945	14,444
Operating lease, right-of-use assets	18,283	19,931
Finance lease, right-of-use assets	3,364	4,574
Other non-current assets	30,349	22,390
Total assets	449,498	447,566
Current liabilities:
Accounts payable	4,724	11,892
Advances from customers	5,377	5,042
Long-term borrowings, current	2,204	1,181
Income tax payable	1,238	606
Salaries payable	1,274	1,265
Operating lease liabilities, current	761	659
Failed sales-leaseback and finance lease liabilities, current	5,414	5,014
Other current liabilities	17,733	19,831
Total current liabilities	41,673	49,518
Long-term borrowings, non-current	47,220	23,515
Operating lease liabilities, non-current	19,396	19,252
Failed sales-leaseback and finance lease liabilities, non-current	13,776	13,767
Deferred tax liabilities	3,910	3,494
Total liabilities	125,975	109,546
Commitments and contingencies
Shareholders' equity
Common shares (1,000,000,000 shares, no par value, authorized at September 30, 2025 and December 31, 2024; 637,920,142 shares issued and 513,216,222 shares outstanding at September 30, 2025; 652,821,742 shares issued and 513,216,222 shares outstanding at December 31, 2024)	806,714	806,714
Additional paid-in capital	15,203	15,104
Treasury stock, at cost (124,703,920 and 124,703,920 shares as of September 30, 2025 and December 31, 2024, respectively)	(49,146)	(49,146)
Accumulated deficit	(450,382)	(453,040)
Accumulated other comprehensive loss	(12,007)	(19,116)
Emeren Group Ltd shareholders' equity	310,382	300,516
Non-controlling interest	13,141	37,504
Total shareholders' equity	323,523	338,020
Total liabilities and shareholders' equity	449,498	447,566
Related party
Current liabilities:
Amounts due to related parties	$ 2,948	$ 4,028