Solis records revenue of US$95,2 million in the 1st quarter of 2021

The year 2021 started well for the inverter manufacturer Solis. From January to March this year, the company achieved revenue of US$ 95,2 million, an annual increase of 119%, according to a report released by the company. The manufacturer's sales reached US$ 5,6 million in the first quarter of 2021 alone, close to Solis' total sales in 2020. Net income attributable to the listed company's shareholders was US$ 163,5 thousand, an increase of 81,29% compared to the first quarter of 2020.

Solis said its goal for 2021 is to implement a plan to increase annual production by more than 100%, complete the construction of a new smart factory, and transition to automated and intelligent manufacturing. The manufacturer also released the company's financial report for last year. In 2020, the company saw an 83% increase in annual revenue, totaling $321,6 million.

The company's net income in 2020 was US$43,1 million, a year-on-year increase of 130% compared to 2019. In addition, Solis' net cash flow from operating activities was US$56,3 million, a year-on-year increase of 154%. The report showed a 93% year-on-year growth in sales from the Chinese market, which reached US$127,3 million in 2020. Revenue from sales in international markets, Australia, the US and Europe, reached US$194,4 million, a year-on-year increase of 76%.

In addition, net income attributable to Solis shareholders was US$48,9 million. The company plans to convert seven shares into ten shares for all shareholders in the form of capital reserve. According to the manufacturer, the good performance is due to the global strategy, implemented by Solis in 2020, of pursuing balanced development and technological innovation in order to promote continuous product interaction.

The company also invested US$14,5 million in R&D (Research and Development), a year-over-year increase of 122%. According to the manufacturer, this contribution accelerated the development of new products.