SolarEdge Technologies, an Israel-based manufacturer of solar inverters, power optimizers, and monitoring systems, reported a revenue of $551.91 million in the fourth quarter (Q4) of 2021, a 54% year-over-year (YoY) increase compared to $358.1 million in Q4 2020.

Its revenue from the solar segment was up by 54%  to $502.7 million in Q4 2021 from $327.1 million in the same period last year.

The company shipped 1.92 GW(AC) of inverters during the quarter.

In Q4 2021, the company’s gross profit stood at 160.49 million, a 45.47% increase compared to $110.32 million in Q4 2020.

Its net income jumped by over 131% YoY to $40.95 million in Q4 2021 from $17.65 million in the same period last year.

For the whole of 2021, the company’s revenue stood at $1.96 billion, a 34.6% growth compared to $1.46 billion in the previous year.

Its gross profit was up by 36.30% to $629.31 million in 2021 from $461.35 million in 2020.

For 2021, the company registered a net income of $169.17 million, a 20.55% increase compared to $140.32 million in the previous year.

It shipped a total of 7.2 GW(AC) of inverters in 2021.

The cash flow from operating activities stood at $214.1 million – down from $222.7 million in the previous year.

For Q1 2022, the company expects revenues to be within the range of $615 million to $645 million, with revenues from the solar segment to be between $575 million and $595 million. Its gross margin from the solar segment is expected to be within 30% to 32%.

The company has deployed over 685 MWh of energy storage systems to date, including over 175 MWh of utility-scale energy storage systems. Its 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 will lead all power generation capacity at 38%, growing to 20,391 GW by 2050. In 2019, solar’s share in the global power generation mix was 11%.

Commenting on the financial results, Zvi Lando, Chief Executive Officer of SolarEdge, said, “we are ending 2021 with record revenues for the quarter and the year. The global demand for solar energy across all segments and geographies is extremely strong and generating unprecedented demand for our products.”

In Q2 2021, SolarEdge reported revenues of $480.1 million, an 18% increase compared to $405.5 million in the previous quarter.