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.
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