Solar inverter company SolarEdge’s revenue jumped 54% year-on-year to US$551.91 million in Q4 2021 – Mercom India
SolarEdge Technologies, an Israel-based manufacturer of solar inverters, power optimizers and monitoring systems, reported revenue of $551.91 million in the fourth quarter (Q4) of 2021, up 54% year-on-year (YoY) from 358.1 US dollars equals millions in the fourth quarter of 2020.
Revenue from the solar segment increased 54% to $502.7 million in the fourth quarter of 2021 compared to $327.1 million in the same period last year.
The company shipped 1.92 GW (AC) of inverters in the quarter.
In Q4 2021, the Company’s gross profit was $160.49 million, an increase of 45.47% compared to $110.32 million in Q4 2020.
Net income increased over 131% year-on-year to $40.95 million in the fourth quarter of 2021 from $17.65 million in the same period last year.
For all of 2021, the company’s revenue was $1.96 billion, up 34.6% compared to $1.46 billion last year.
Gross profit increased 36.30% from $461.35 million in 2020 to $629.31 million in 2021.
For 2021, the company reported net income of $169.17 million, up 20.55% from $140.32 million last year.
In 2021, a total of 7.2 GW (AC) of inverters were shipped.
Cash flow from operations was $214.1 million compared to $222.7 million a year earlier.
For the first quarter of 2022, the company expects revenue of between $615 million and $645 million and revenue from the solar segment of between $575 million and $595 million. Gross margin from the solar segment is expected to be between 30% and 32%.
The company has deployed over 685 MWh of energy storage systems to date, including over 175 MWh of utility-scale energy storage systems. The 2 GWh lithium-ion cell manufacturing facility is under construction and is expected to start production in the second half of 2022.
According to the company, solar power will lead the total power generation capacity at 38% and grow to 20,391 GW by 2050. In 2019, solar energy accounted for 11% of the global power generation mix.
Commenting on the financial results, SolarEdge Chief Executive Officer Zvi Lando said, “We are ending 2021 with record quarterly and full-year earnings. The global demand for solar energy across all segments and regions is extremely strong, generating unprecedented demand for our products.”
In the second quarter of 2021, SolarEdge reported revenue of $480.1 million, up 18% from $405.5 million in the previous quarter.
Harsh Shukla is a reporter at Mercom India. He previously covered general interest reports at Indian Express. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.
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