Climate Change Data

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Net losses of $12.3 million, $15.1 million, and $6.3 million in 2018, 2019, and 2020 respectively. Accumulated deficit of $591.9 million as of December 31, 2020. Working capital deficit of $72.2 million as of December 31, 2020. Substantial debt due in 2021. Volatility and potential deterioration of PV market conditions and overall global economies.
• Material weaknesses in internal control over financial reporting.
• Substantial reliance on senior management team; difficulty attracting, training, and retaining qualified personnel, particularly accounting personnel with U.S. GAAP expertise.
• Limited insurance coverage.
• Limited operating history under current business model.
• International operations expose the company to various economic, regulatory, social, and political risks.
• Reduction, modification, delay, or discontinuation of government subsidies and other economic incentives for the solar industry.
• Significant time lag between upfront investments in solar projects and revenue generation.
• Highly competitive market for solar project development.
• Short operating histories of solar projects; potential for underperformance.
• Fluctuations in operating results.
• Risks associated with construction, delays, and other contingencies in EPC services.
• Product or strict liability claims.
• Unforeseen costs, liabilities, or obligations when providing O&M services.
• Dependence on solar conditions and vulnerability to severe weather.
• Inherent risks and hazards in solar project operation.
• Difficulties in acquiring additional solar projects and realizing anticipated benefits from acquisitions.
• Non-compliance with laws and regulations.
• Stringent environmental, health, and safety laws and regulations.
• Technological advances in the solar industry.
• Slower-than-anticipated demand for solar projects.
• Dependence on financing availability.
• Fluctuations in component, materials, and equipment costs in PV components business.
• Emerging and evolving solar energy market.
• Competition from traditional energy companies and other solar/renewable energy companies.
• Material drop in retail price of utility-generated electricity.
• Dependence on net metering policies.
• Interconnection limits or circuit-level caps.
• Dependence on a limited number of suppliers.
• Risks associated with construction, delays, and other contingencies in residential solar installation and roofing business.
• Risks of injury to roofing and solar installers.
• High risk associated with investment in Phoenix (electric vehicle manufacturer).
• Highly competitive and fragmented cryptocurrency mining services market.
• Fluctuations in cryptocurrency prices.
• Uncertainty in the development of blockchain technology and cryptocurrency.
• Dependence on access to large quantities of power at reasonable cost for cryptocurrency mining services.
• Evolving and highly regulated hemp and CBD industries.
• Significant equity overhang.
• Litigation risks.
• Potential for future dilution.
• High volatility in the price of securities.
• Potential delisting from NASDAQ.
• Anti-takeover provisions in articles of association.
• Uncertainty regarding dividend payments.
• Treatment as a U.S. corporation for U.S. federal tax purposes.
• Foreign currency exchange rate fluctuations.
• Debt crisis in the Eurozone.
• Misconduct and errors by employees.
• Failure to manage evolving business.
• Potential unsuccessful acquisitions, joint ventures, or strategic alliances.
• Failure to protect intellectual property rights.
• Impact of the COVID-19 pandemic.

Mitigation Strategies

• Liquidity plan; various measures to boost revenue and control costs and expenses.
• Initiatives to conserve or generate cash.
• Negotiating settlement arrangements with bondholders.
• Remediation of material weaknesses in internal control over financial reporting.
• Efforts to attract, train, and retain qualified personnel.
• Shifting focus to countries with more favorable subsidy regimes.
• Negotiating favorable credit terms with suppliers and contractors.
• Diversification of business operations.
• Implementation of various measures to boost revenue and control costs and expenses.
• Vigorous pursuit of legal remedies.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Renewable Energy

Environmental Achievements

• Delivered some of the most recognizable solar PV projects in the world, namely Sacramento King Stadium and Staples Center.
• Aerojet project was selected by then California Governor Arnold Schwarzenegger to serve as a backdrop for a press conference where the Governor signed an executive order calling for 33% of California’s energy to be derived from renewable sources.

Climate Goals & Targets

Supply Chain Management

Climate-Related Risks & Opportunities