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SolarEdge reported that it achieved, between July and September 2020, revenue of US$ 338.1 million, which represented an increase of 2% in relation to the value recorded in the second quarter.
Furthermore, the manufacturer also reported that its quarterly operating result was US$ 30.4 million and net profit was US$ 43.8 million.
In the third quarter, SolarEdge also shipped around 1,415 MW of its products, of which 708 MW in the residential segment and 743 MW in the commercial segment. In total, the company sold around 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 further commented that solar business outside the United States has reached an all-time high and the US market is showing signs of returning to pre-pandemic installation levels.
Regarding the fourth quarter, the company said it expects to achieve sales of US$ 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 seamless energy management.
