SolarEdge reports increase in revenue, gross margin, and shipments for Q1 2018
In its 2018 first-quarter earnings report released this week, Israeli solar PV inverter manufacturer SolarEdge has revealed that it has set a new quarterly record, thanks to a significant increase in its revenue, gross margin and shipments.
The report of a blockbuster 2018 first quarter by SolarEdge comes at a time when the company has commenced its expansion beyond the solar market, and has forayed into new sectors including the energy storage, grid services, and virtual power plant sectors.
According to the details shared by SolarEdge in its recent earnings report, the company’s total revenues during the first quarter stood at $209.9 million; marking an 11% quarter-on-quarter increase, and an 82% increase as compared to the total revenue figures for the same quarter in 2017.
SolarEdge has also revealed that its gross margin in the 2018 first quarter was 37.9%. The company also added that its total revenues and gross margin in the reporting quarter exceeded its guided expectations.
SolarEdge also said in its report that its shipments also touched record high levels in 2018 first quarter. The company shipped a total of 800 megawatts (MW) worth of inverters, comprising 2.5 million power optimizers and 100,000 inverter units.
In reporting the blockbuster quarter, SolarEdge Founder, Chairman and CEO Guy Sella said: “We are pleased to announce strong first quarter results with record revenues and record profitability.”
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