SolarEdge reported that it achieved revenue of US$2020 million between July and September 338,1, which represented an increase of 2% compared to the amount recorded in the second quarter. In addition, the manufacturer also reported that its quarterly operating income was US$30,4 million and net income was US$43,8 million.
In the third quarter, SolarEdge still shipped approximately 1.415 MW of its products, of which 708 MW were in the residential segment and 743 MW in the commercial segment. In total, the company sold approximately 125.500 inverters and 3.272 power optimizers from July to September. “Our third-quarter results reflect significant growth in Europe despite the current economic slowdown caused by the global pandemic,” said Zivi Lando, CEO of SolarEdge.
Lando also noted that solar business outside the United States has reached an all-time high and the U.S. market is showing signs of returning to pre-pandemic installation levels. Looking ahead to the fourth quarter, the company said it expects to achieve sales of $345-365 million.
SolarEdge invests in home energy
SolarEdge, in partnership with Schneider Electric, developed a solution that will allow homeowners to scale and optimize residential energy resources such as solar and storage. According to the companies, the product aims to accelerate the North American residential PV market and provide homeowners with continuous energy management.
