RENOVA, Inc. — Cyborg Score 6/10

Strategic Profile

The company focuses on solar photovoltaic power, wind power, biomass power, and geothermal power generation, with services including development of non-FIT renewable power plants and energy storage systems. The company operates in Japan, South Korea, Vietnam, the Philippines, and Indonesia, establishing a diversified regional footprint in Asia-Pacific.

Cyborg Score Rationale

RENOVA demonstrates solid fundamentals as a leading renewable energy operator in Japan with growing revenue (+57% YoY in 2024). However, net income declined significantly (-69.7% in 2024), and profitability margins turned negative, indicating operational headwinds or investment phase challenges that warrant monitoring.

Top Insights

• Strong revenue growth of 57% YoY in 2024 to $486.1M demonstrates scaling renewable energy operations
• Net income declined 69.7% YoY despite revenue growth, signaling margin compression or increased investment expenditures
• Diversified generation portfolio (solar, wind, biomass, geothermal) reduces single-technology risk
• Regional expansion across five Asian countries positions company for regional renewable energy consolidation

Named Competitors

• Solar and Wind Power Generation — Large integrated utilities competing in renewable generation
• Geothermal and Biomass Power — Specialized renewable energy operators in Japan
• Distributed Renewable Assets — Regional competitors in FIT and non-FIT renewable projects

Recent Developments

• (February 2026) EBITDA of 23.29B JPY with 27.41% margin indicates strong operational cash generation despite net income pressures
• (December 2025) Trading at 684 JPY, down from all-time high of 6,390 JPY (September 2021) reflecting market repricing
• (2024) Market cap approximately $497M with 335 employees across diversified renewable energy assets

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