SolarEdge, a global leader in smart energy, creates energy solutions for future progress. Their development of an intelligent inverter has changed the way power is harvested and managed in solar PV (photovoltaic) systems. The DC optimized inverter aims to maximize the power generated while lowering the cost of the energy produced.
The company has announced record numbers in its third-quarter for 2019. The third-quarter revenue announcement of $410.6 million, is $15 million above its projections of $395 million. Second-quarter revenues of $325 million, also set new highs coming in at 26% higher than the previous record. So far, the company’s first three quarters of 2019, have brought in more than $1 billion in revenue. This is compared to $674 million generated during the same period in 2018, as noted in a conference call by Zvi Lando. “Our performance this quarter was at the upper range of our guidance, with record revenues, record non-GAAP profitability, and record cash generation,” said Zvi Lando, Acting CEO and VP Global Sales of SolarEdge.
SolarEdge has also had to deal with the passing of its CEO, former founder of the company, and chairman Guy Sella during this third quarter. Lando said:
“While we are pleased with the financial and operational results, this was a somber quarter for the Company due to the untimely passing of Mr. Guy Sella, Founder, Chairman, and CEO of SolarEdge. Guy was not only our CEO and Chairman but a technological visionary, a role model and dear friend and will be greatly missed. SolarEdge management, most of whom have been leading the company together with Guy for many years, are dedicated to continue to strive for excellence in innovation and execution. We believe we are well-positioned for continued growth both in our core business as leaders of PV inverter technology and in our new businesses of lithium-ion cells and batteries, e-mobility powertrain solutions and uninterruptible power supply systems.”
In two years, the company’s power optimizer and inverter shipments have doubled. In September, SolarEdge launched its ‘Smart Modules’ in Europe. The new smart modules are integrated with power optimizers, enabling faster residential installations, simplified logistics, and easier servicing. This will also allow customers to buy products straight from the shelf for better integration into existing software.
Along with the Smart Modules, SolarEdge also has plans to grow its business for customers that want to use solar-plus-storage applications. When a solar PV system and on-site storage are used together, known as co-location, this can help lower costs, because of shared hardware components. This can lead to lower developer overhead and increased profit.
For SolarEdge, this strong third quarter, along with the company plans for exciting new business ideas, could lead to more record-breaking revenues in the future. This gives the planet hope that the solar industry is growing.
