Photovoltaic inverter manufacturer Ginlong Technologies (Solis) has released its annual report for the calendar year (CY) 2020. The company gained an 83% year-on-year (YoY) growth in 2020, with its revenue reaching 321.6 million.

The company’s net profit attributable to the shareholders was $48.9 million, an increase of 151% from the previous year. The firm’s net profit after deducting extraordinary items stood at $43.1 million, an over 130% YoY increase.

The global solar module maker’s net cash flow from operating activities was $56.3 million, an over 154% hike from 2019.

In the first three quarters of 2020, the company had clocked a revenue of $202 million.

The company’s sales within the China market reached $127.3 million, an increase of 93%. The proceeds of sales in overseas markets (including Australia, the U.S., and Europe) reached $194.4 million, an increase of 76% from the year before.

In March 2019, Ginlong was listed as a public company on the Shenzhen Stock Exchange and became the first string inverter supplier to be listed on the Exchange. The firm said it utilized the financial expansion towards strengthening its research and development (R&D).

In 2020, the company increased R&D investment, spending $14.5 million, an 122% rise from what it was in 2019, which accelerated the R&D and development of new products.

To keep its growth on a firm footing, Ginlong said it has implemented a global strategy to pursue balanced development and technological innovation to promote continuous product iteration – allowing multiple testing of prototypes for optimal results.

To that end, the company has come up with several innovative solar inverter models over the years.

In May 2020, Ginlong laid out its plans to raise over $100 million through a non-public offering. The company said it would use the fund to expand its manufacturing capacity.

Responding to global market demand, Ginlong launched the Solis-(215-255)K-EHV-5G ultra-high-power 1,500 V inverter series to strengthen its presence in the utility-scale and ground-mount solar segments.

According to the first quarter report of 2021 disclosed by the company, its revenue reached $95.2 million, an increase of 119% from Q1 2020. The net profit attributable to shareholders of the listed company was $163,580.2, an increase of 81.29% versus the same period in 2020.

In addition to the rapid sales growth of string inverters, the company said that the sales of energy storage inverters also increased.

The Q1 2021 sales of energy storage inverters reached $5.6 million, almost the total annual sales achieved in 2020.

The company stated that the objective for 2021 is to increase annual output and finalize the build of a brand-new smart factory.