Israeli inverter maker and energy storage company SolarEdge has posted a set of reassuringly unexciting quarterly results which mark steady progress from the last three months of 2020 whilst being a step back from January-to-March last year.
The company said it shipped 1.69 GWac of inverters in the first three months of this year for revenue of $406 million, up 13% from the $358 million generated from October to December and down 6% on the first quarter of 2020, which posted a figure of $431 million.
That added up to net income of $30.1 million in the first quarter, up 70% from the $17.7 million banked in the previous window but down 29%, year-on-year, from $42.2 million.
SolarEdge anticipates higher returns in the current quarter, with three-month trade to the end of June expected to generate revenue of $445-465 million. The revenue from the sale of solar products in the current quarter, which came in at $376 million in January-to-March, is expected to be around $405-420 million.
The manufacturer reported net assets had fallen from $530 million at the end of the year to $515 million at the end of March.
“This quarter, we … began delivering full powertrain kits for the e-mobility sector in Europe, in line with our growth strategy beyond solar,” said CEO Zvi Lando.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.