Israel-based SolarEdge Technologies, a manufacturer of solar inverters, power optimizers, and monitoring systems, reported revenues of $480.1 million in the second quarter (Q2) of 2021, an 18% increase compared to $405.5 million in the previous quarter. The revenue has surged 45% from $331.9 million in the same quarter last year.
The company said revenues related to the sales of solar products increased 15% to $431.5 million in Q2 2021 from $376.4 million in the previous quarter and up 39% from $310.1 million in Q2 2020.
The company declared its financial results for Q2 ended June 30, 2021, adding that it had shipped 1.64 GW of inverters.
In Q2 2021, the company’s net income stood at $45.092 million, about a 23% increase compared to $36.66 million in the same period last year. However, its net income in the first half (1H) of 2021 declined 4.74% to $75.16 million from $78.91 million in the same period last year.
The cash flow from operating activities was $38.7 million, a 60.58% increase from $24.1 million in the previous quarter and a 34.73% decline from $59.3 million in the same quarter last year.
Meanwhile, in Q2 2021, the gross margin from the sales of solar products declined to 37.4% from 39.7% in Q1 2021 and increased from 33.8% in Q2 2020.
The company expects revenues to be within the range of $520 million to $540 million in the third quarter ending September 30, 2021, with revenues from solar products to be within the range of $460 million to $480 million.
Zvi Lando, Chief Executive Officer of SolarEdge Technologies, said, “We are happy to finish the second quarter of 2021 with record revenues in both our solar and non-solar businesses and with continued strong demand for our products in the various geographies and across the different segments.”
“We are successfully navigating through the challenging supply chain environment while continuing to support our customers’ growth and expansion with new and existing products,” Lando added.
The company reported revenues of $405.5 million in the first quarter of 2021 – up 13% from $358.1 million in the previous quarter. The revenue was down 6% from $431.2 million in the same quarter last year.
Mercom had earlier reported that SolarEdge Technologies entered into definitive agreements to acquire a major stake in Kokam, a South Korea-based lithium-ion battery cells, batteries, and energy storage solutions provider.