Note 16 - Discontinued Operations Sold - Poland and Netherlands

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

16. Discontinued Operations Sold – Poland & Netherlands

In July 2023, the Company engaged multiple parties to market the Polish and Netherlands assets to potential buyers. In the fourth quarter of 2023, the Company decided to proceed with the sales of the six PV parks in Poland and one park in the Netherlands. As the exit of these two markets represented a strategic shift for the Company, the assets were classified as discontinued operations in accordance with ASC 205-20. As of December 31, 2023, the Polish and Netherlands assets were classified as disposal groups held for sale. The balances and results of the Polish and Netherlands disposal groups are presented below.

The sale of the Polish assets was finalized January 19, 2024 with a cash consideration of $59.4 million for all operating assets. In accordance with ASC 360, the company removed the disposal group and recognized a gain of $3.4 million upon the sale, of which $0.8 million were costs associated with the sale.

The sale of the Netherlands assets was finalized February 21, 2024 with a cash consideration of $7.1 million for all operating assets. In accordance with ASC 360, the company removed the disposal group and recognized a loss of $1.3 million upon the sale, of which $0.5 million were costs associated with the sale.

		*Three Months Ended*				*Nine Months Ended*
Poland		*September 30, 2024*
		(in thousands)

Revenues		$	-			$	106

Operating Expenses
Cost of revenues			-				(101	)
Depreciation, amortization, and accretion			-				(123	)
Gain on disposal of asset			-				3,484
Total operating expenses			-				3,260

Income/(loss) from discontinued operations			-				3,366

Other income/(expense):
Interest expense			-				(688	)
Other expense			-				-
Total other expenses		$	-			$	(688	)
Income/(Loss) before provision for income taxes		$	-			$	2,678
Net income/(loss) from discontinued operations		$	-			$	2,678

Impact of discontinued operations on EPS
Net income/(loss) attributable to common stockholders, basic and diluted		$	-			$	2,678
Net income/(loss) per share attributable to common stockholders, basic and diluted		$	-			$	161.76
Weighted-average common stock outstanding, basic			-				16,555
Weighted-average common stock outstanding, diluted			-				16,555

		*Three Months Ended*				*Nine Months Ended*
Netherlands		*September 30, 2024*
		(in thousands)

Revenues		$	-			$	16

Operating Expenses
Cost of revenues			-				(115	)
Depreciation, amortization, and accretion			-				(57	)
Loss on disposal of asset			-				(1,222	)
Total operating expenses			-				(1,394	)

Income/(loss) from discontinued operations			-				(1,378	)

Other income/(expense):
Interest expense			-				(113	)
Other expense			-				-
Total other expenses		$	-			$	(113	)
Loss before provision for income taxes		$	-			$	(1,491	)
Net loss from discontinued operations		$	-			$	(1,491	)

Impact of discontinued operations on EPS
Net loss attributable to common stockholders, basic and diluted		$	-			$	(1,491	)
Net loss per share attributable to common stockholders, basic and diluted		$	-			$	(90.06	)
Weighted-average common stock outstanding, basic			-				16,555
Weighted-average common stock outstanding, diluted			-				16,555

On October 3, 2024, the Company completed the sale of Solis Bond Company DAC, a company formed under the laws of Ireland and an indirect wholly owned subsidiary of the Company, and its subsidiaries in Romania to Solis Trustee Special Vehicle Limited, the Solis Bondholders’ ownership vehicle, for €1 in accordance with the terms of the Solis Bonds, as amended. As a result of the sale, the Company eliminated approximately $112 million in debt and payables related to Solis activities and improved shareholders’ equity by approximately $51 million. Solis accounted for 98% of group revenues for the year ended December 31, 2024.

The sale of these entities and exit of this market represented a strategic shift for the Company that has a major effect on the Company’s operations and financial results. Results of operations, financial position, and cash flows for these subsidiaries are reported as discontinued operations, in accordance with ASC 205-20, for all periods presented.

The notes to the financial statements have been adjusted to reflect this retroactive presentation.

		*Three Months Ended*
Solis and Subsidiaries in Romania		September 30, 2024
		(in thousands)

Revenues		$	3,649

Operating Expenses
Cost of revenues			(1,374	)
Selling, general, and administrative			(77	)
Depreciation, amortization, and accretion			(504	)
Costs of disposal of assets			(635	)
Total operating expenses			(2,590	)

Income from discontinued operations			1,059

Other income/(expense):
Interest expense		(3,428		)
Other expense		-
Total other expenses		$(3,428		)
Loss before provision for income taxes		$	(2,369	)
Net loss from discontinued operations		$	(2,369	)