Israel-headquartered power optimizer and inverter specialist SolarEdge has reported record revenues for the third quarter (Q3) of 2017 of $166.6 million – some 30% higher year-on-year and 22% more than the second quarter (Q2).
Almost 50% of the company’s sales in Q3 arrived outside of the U.S., which CEO Guy Sella said was a testament to the firm’s strategy to diversify its global sales. In total, more than 676 MW of inverters and two million optimizers were shipped, with GAAP gross margin rising to 34.9% against 32.6% for the same period last year.
SolarEdge’s operating income also increased, rising 33% to $25.4 million against $19.1 million in Q2, with net income of $28 million a healthy improvement on the $15.6 million recorded in Q3 2016.
Looking ahead to the fourth and final quarter of the year, SolarEdge expects revenues to grow once more to between $175 million to $185 million.
“We continue to generate increasing cash flow from operations which enhances our financial strength and allows us to continue to invest in new products and development of new markets,” Sella said.
SolarEdge’s widening product portfolio has seen the company assume top spot among global module level power electronics (MLPE) players, augmenting its initial DC power optimizer offering with storage solutions and energy management platforms. Last month the company reached the milestone of 500,000 solar sites managed under its monitoring platform globally.
An additional product in its suite include a new inverter-integrated EV charger.