SolarEdge reports record-breaking revenue

From pv magazine global.

The latest set of numbers posted by SolarEdge again emphasized how well the Israeli inverter and energy storage company appears to have weathered the Covid-19 crisis, with CEO Zvi Lando reporting record revenues for the final three months of 2021 and the full year.

The figures he was highlighting were $552 million of business in the October-to-December window – up 5% on the previous three months and 54% on the same period of a Covid-affected 2020 – and $1.96 billion for the whole year, which amounted to a 35% rise on the $1.46 billion recorded in 2020.

The only flies in the ointment were a dip in gross margin during the final three months of last year, which saw SolarEdge bank less profit per product according to quarterly and annual comparisons and the fact the company posted lower net income in the last quarter than it did in July-to-September.

Neither of those numbers, however, appear to have affected the resilient company’s bottom line, with SolarEdge reporting it had $548 million in the bank at the end of the year, some $24 million more than it had three months earlier.

That net income dip in the final quarter failed to prevent the manufacturer posting a full-year figure which, at $169 million, was 21% higher than the $140 million banked for 2020.

Putting aside a rare proofreading error in the summary of the figures released by SolarEdge yesterday – which suggested the three-month outlook section of the document related to Q4 2021, rather than the current window – and Lando and the board appear positive about current performance, amid predictions of more record-busting quarterly revenue of $615-645 million, including $575-595 million from the company’s solar business.