US Solar Fund (USF) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 7.48%
• Average Volume (3M): 152.50K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.18
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: N/A
• Sector: Energy
• Sector Strength: 52
• Industry: Asset Management
• EPS (TTM): N/A
• Shares Outstanding: 307,833,370
• 10 Day Avg. Volume: 112,809
• 30 Day Avg. Volume: 152,503
• PEG Ratio: 0.18
• Price to Book (P/B): 0.73
• Price to Sales (P/S): -4.23
• P/FCF Ratio: 14.79
• Enterprise Value/Market Cap: 10.00T>
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: $0.34 ▼(-8.38% Downside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is held back primarily by deteriorating financial performance (losses and shrinking equity) and weak technical momentum. A conservative, debt-free balance sheet and ongoing positive cash generation provide support, while the high dividend yield helps, but recent below-forecast portfolio performance adds operational risk.

Positive Factors

Strategic Stake Increase

The increased stake by Weiss Asset Management signifies strong investor confidence and could enhance strategic decision-making, supporting long-term growth.

Debt Refinancing

The refinancing strengthens the balance sheet, providing financial flexibility and positioning the company for future growth opportunities.

Dividend Increase

The dividend increase reflects the company's commitment to shareholder returns, enhancing investor appeal and supporting long-term investment stability.

Negative Factors

Declining Revenue

Declining revenue indicates challenges in market competitiveness and demand, potentially impacting long-term profitability and strategic positioning.

Negative Profit Margins

Negative profit margins suggest operational inefficiencies, which could hinder the company's ability to generate sustainable returns over time.

Free Cash Flow Decline

Declining free cash flow may limit the company's ability to invest in growth opportunities, affecting long-term financial health and operational capacity.

US Solar Fund Business Overview & Revenue Model

Company Description

US Solar Fund (USF) is a renewable energy investment firm focused on owning and operating solar power assets in the United States. The company primarily invests in solar photovoltaic (PV) projects, providing clean and sustainable energy solutions to a diverse range of customers. US Solar Fund aims to generate stable, long-term cash flows for its investors by leveraging its expertise in the solar energy sector.

How the Company Makes Money

US Solar Fund makes money by investing in and acquiring solar power assets that generate electricity, which is then sold to utilities, corporations, or other energy consumers under long-term power purchase agreements (PPAs). These agreements provide a predictable and stable revenue stream over the life of the contracts, typically ranging from 10 to 25 years. The company benefits from government incentives and tax credits aimed at promoting renewable energy. Additionally, US Solar Fund may engage in strategic partnerships with developers and operators to optimize the performance and efficiency of its solar assets, thereby enhancing its earnings potential.

US Solar Fund Financial Statement Overview

Summary

Overall fundamentals are pressured by a sharp deterioration in operating results (negative revenue and sizable losses in 2023–2024). Positives include a very conservative balance sheet with no reported debt and still-positive operating/free cash flow, but equity/assets have declined and cash flow weakened versus 2023.

Income Statement

Profitability and growth profile has weakened materially. The company swung from positive revenue and net income in 2020–2022 to negative revenue and sizable losses in 2023–2024, with net income falling from +14.5M (2022) to -43.1M (2023) and remaining deeply negative at -34.9M (2024). While 2024 revenue improved versus 2023 (growth rate +16.9%), the base remains negative and margins are not meaningful given negative revenue, pointing to elevated earnings volatility and limited near-term earnings quality.

Balance Sheet

Balance sheet leverage appears very conservative with zero reported debt across all periods and a large equity base. However, shareholder equity and total assets have declined sharply from 2021–2022 levels (equity down from ~320.0M in 2022 to ~194.2M in 2024), and returns on equity turned strongly negative in 2023–2024 (about -16.7% and -18.0%), reflecting erosion of capital and weaker underlying profitability despite low leverage.

Cash Flow

Cash generation remains positive, with operating cash flow of 9.5M in 2024 and free cash flow also positive. That said, cash flow has deteriorated versus 2023 (operating cash flow down from 18.0M), and free cash flow growth in 2024 was notably negative (-47.1%), indicating reduced cash earnings power. A strength is that cash flow stayed positive despite accounting losses in 2023–2024, but the downward trajectory is a key watch item.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	-33.40M	-40.20M	15.73M	15.97M	4.59M
Gross Profit	-33.40M	-40.20M	15.73M	15.97M	4.59M
EBITDA	-34.88M	-43.02M	14.86M	14.85M	3.65M
Net Income	-34.88M	-43.06M	14.49M	14.95M	3.65M
Balance Sheet
Total Assets	194.99M	259.37M	326.18M	330.85M	195.89M
Cash, Cash Equivalents and Short-Term Investments	890.00K	1.55M	7.33M	16.16M	523.17K
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	835.00K	1.14M	6.15M	6.85M	1.73M
Stockholders Equity	194.15M	258.23M	320.02M	324.00M	194.16M
Cash Flow
Free Cash Flow	9.54M	18.05M	17.14M	6.67M	614.78K
Operating Cash Flow	9.54M	18.05M	17.14M	6.67M	614.78K
Investing Cash Flow	19.00M	0.00	-7.20M	-110.00M	-72.55M
Financing Cash Flow	-29.20M	-23.79M	-18.40M	118.86M	-4.00M

US Solar Fund Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.37
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:USF, the sentiment is Negative. The current price of 0.37 is above the 20-day moving average (MA) of 0.33, above the 50-day MA of 0.33, and above the 200-day MA of 0.36, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 33.08 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:USF.

US Solar Fund Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FSG	73 Outperform	£466.00M	14.23	―	5.73%	―	―
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
GSF	65 Neutral	£264.17M	-8.24	-6.66%	8.18%	-9.72%	-25.25%
USF	51 Neutral	―	―	―	7.48%	―	―
EGT	45 Neutral	£9.40M	-7.56	-22.43%	―	―	―
RNEW	44 Neutral	―	-0.86	-47.36%	3.45%	―	―

US Solar Fund Corporate Events

US Solar Fund Reports Below-Forecast Portfolio Performance

US Solar Fund plc reported that its portfolio generation for the nine-month period ending 30 September 2025 was 11.5% below forecast, mainly due to technical factors and lower solar irradiance. The Heelstone and Granite portfolios were significantly impacted by project downtime, utility grid outages, theft, and supply constraints. The company plans to provide more detailed asset performance information quarterly, aiming to enhance transparency for stakeholders.

US Solar Fund Reports Third Quarter Underperformance

US Solar Fund plc reported that its portfolio generation for the nine-month period ending September 30, 2025, was 11.5% below forecast due to technical factors and lower solar irradiance. The third-quarter performance was particularly impacted by issues in the Heelstone and Granite portfolios, including downtime for capital initiatives, grid outages, and supply constraints. This underperformance highlights operational challenges that could affect the company’s ability to meet its investment objectives.

US Solar Fund Reports Q3 2025 Performance and Operational Updates

US Solar Fund plc reported a slight decrease in its net asset value for the third quarter of 2025, alongside a dividend update in line with its revised target. The company’s portfolio performance was below forecast due to technical issues and external factors like utility grid outages and theft, but efforts to mitigate these issues are ongoing. Two capital investment initiatives have been completed post-period, indicating progress in addressing operational challenges.

US Solar Fund Declares Q3 2025 Dividend

US Solar Fund PLC has announced a Q3 2025 dividend of 0.875 cents per Ordinary Share, aligning with its revised annual dividend target of 3.50 cents per share. This announcement reflects the company’s commitment to delivering consistent returns to its investors, reinforcing its position in the renewable energy market.