松树电力控股公司 2025年季度报告

As of May12, 2025,17,826,560shares of the Registrant’s common stock, $0.0001 par value, were outstanding. TABLE OF CONTENTS (unaudited)7Condensed Consolidated Statements of Changes in Stockholders’ Equity for the ThreeMonths EndedMarch 31, 2025and 2024(unaudited)8Condensed Consolidated Statements of Cash Flows for theThreeMonths EndedMarch 31, 2025and 2024 CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995 that relate to future events or our future financial performance including, but not limited to, statements regardingour plans, strategies and prospects, both business and financial, our growth plans, future financial and operating results, costs andexpenses, the outcome of contingencies, financial condition, results of operations, liquidity, cost savings, business strategies, and otherstatements that are not historical facts. Forward-looking statements generally are characterized by the use of certain words or phrases(and their derivatives) such as “anticipate,” “believe,” “could,” “expect,” “intend,” “may,” “opportunity,” “plan,” “goals,” “target”“predict,” “potential,” “estimate,” “should,” “will,” “would,” “continue,” “likely,” and similar expressions that predict or indicatefuture events or trends or that are not statements of historical matters. These statements are based upon our current plans andstrategies, management’s assumptions and expectations about future events, and market conditions, which management believes arereasonable as of the date of this report, and reflect our current assessment of the risks and uncertainties related to its business and are •Uncertainties relating to the solar energy industry and the risk that sufficient additional demand for home solar energysystems may not develop or take longer to develop than we anticipate. •Disruptions to our solar monitoring systems could negatively impact our revenues and increase our expenses. •Warranties provided by the manufacturers of equipment for our assets and maintenance obligations may be inadequate toprotect us. •The solar energy systems we own or may acquire may have a limited operating history and may not perform as we expect,including as a result of unsuitable solar and meteorological conditions.•Problems with performance of our solar energy systems may cause us to incur expenses, may lower the value of our solarenergy systems, and may damage our market reputation.•Developments in technology or improvements in distributed solar energy generation and related technologies or componentsmay materially adversely affect demand for our offerings. •We could be harmed by a material reduction in the retail price of traditional utility generated electricity, electricity from othersources or renewable energy credits. •We may fail to manage our growth effectively, grow by expanding our market penetration, or execute and consummatebusiness plans in anticipated time frames. •We may not be able to identify strategic acquisition or strategic relationship opportunities, we may not be able to completestrategic acquisitions or strategic relationships, or we may experience difficulties in integrating strategic acquisitions. •We may not be able to develop and market new products and services. •We may require additional financing to support the development of our business and implementation of our growth strategy. •We are subject to risks relating to our outstanding debt, including risks relating to rising interest rates and the risk that wemay not have sufficient cash flow to pay or refinance our debt. •We may be adversely affected by the impact of natural disasters and other events beyond our control, such as hurricanes,wildfires, or pandemics. •We are subject to cybersecurity risks.•We are subject to risks relating to general economic, financial, legal, political, and business conditions and changes indomestic and foreign markets. •Our business may be adversely affected by economic conditions, including market interest rates, inflation, recessionaryconditions and United States (the “U.S.”) and global trade policies and tensions, including changes in, or the imposition of, •Governmental investigations, litigation, complaints, other claims, or adverse publicity may cause us to incur significantexpense, hinder execution of business and growth strategy, or impact the price of our common stock. •Changes in tax laws may materially adversely affect our business, prospects, financial condition, and operating results. •Our ability to use net operating loss carryforwards and other tax attributes may be limited in connection with businesscombinations or other ownership changes. •We are subject to risks associated with construction, regulatory compliance, risks relating to changes in, and our compliancewith, laws and regulations affecting our business, and other contingencies. •Violations of ex