SolarEdge’s revenue increases to $124.8m in fiscal Q2

3 February 2016 (Last Updated February 3rd, 2016 18:30)

Israel-based photovoltaic inverters supplier SolarEdge Technologies has reported a 8.5% in its revenue to $124.8m for the fiscal second quarter ending in 31 December 2015, compared to $73.2m for the same period in 2014.

Israel-based photovoltaic inverters supplier SolarEdge Technologies has reported a 8.5% in its revenue to $124.8m for the fiscal second quarter ending in 31 December 2015, compared to $73.2m for the same period in 2014.

Net income rose to $24.1m in Q2, from $3.4m in the year-ago period. Operating income was $19.3m, compared to $4.2m in the last year’s second quarter.

In Q2, the company raised gross margin to 30.9% from 21.5% a year earlier. SolarEdge shipped 416MW of inverters by the end of the quarter.

The company expects its third-quarter revenue to be the range of $121m to $125m.

"We remain committed to introducing innovative technologies to continue to drive down the cost of and broaden the application of renewable energy technologies."

SolarEdge founder, chairman and CEO Guy Sella said: "In addition to our revenue growth and increased profitability, this quarter we installed our first HD-wave inverter units and commenced shipments of our StorEdge solution.

"We remain committed to introducing innovative technologies to continue to drive down the cost of and broaden the application of renewable energy technologies."

Last month, the company announced international availability of its StorEdge solution, which is based on a single inverter that manages and monitors solar energy production, consumption, and storage.

The solution has already been installed in select locations globally and will enable home owners to lower electric bills and gain energy independence.

In September last year, SolarEdge unveiled its new HD-Wave inverter technology for inverters.

The company claimed that its novel power conversion topology represents the most significant leap forward in inverter technology for 20 years.