Israeli inverter and energy storage company SolarEdge has posted record revenues for the last financial quarter, despite a lengthy Covid-related production shutdown in Vietnam, and has predicted the numbers will rise further during the current three-month window.
Reporting its third-quarter figures yesterday, SolarEdge said it had posted record three-month revenue of $526 million, up 10% from the April-to-June window and 56% from the same period of a Covid-ravaged 2020.
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Those numbers included $477 million – another quarterly landmark – contributed from SolarEdge's solar-related business, which marked an 11% quarterly rise and 53% more cash generation year on year.
Quoted in a press release issued to publicize the July-to-September numbers, SolarEdge CEO Zvi Lando, said: “We are exiting the third quarter with [a] record backlog for the fourth quarter of 2021 and the first quarter of 2022,” hence the optimistic forecasts for the current quarter.
According to the press statement, SolarEdge expects to generate $530-560 million of overall revenue for the three months to the end of the year, with solar sales to supply $490-515 million of it. If achieved, those returns would mark another set of three-month records.
SolarEdge reports a ‘net income' rather than net profit figure and recorded a net $53 million in the last quarter – up 18% from the previous window and 21% year on year – and also announced it had shipped 1.9 GW of its inverters in July-to-September.
The statement did not flesh out why the company reported a considerably higher quarterly net income figure of $82 million under its own, rather than generally accepted accounting principle terms and Lando also revealed the company had experienced a 12-week Covid shutdown at its Vietnam production base.
Despite that setback, the chief executive said, SolarEdge was “able to supply products to meet the growing demand of our customers.”
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