Solaredge records 62 percent year-over-year revenue growth
Post date: 03/05/2022 - 17:58
Israeli PV inverter and power electronics manufacturer Solaredge Technologies Inc. has ended the first quarter of this year with revenues of $655.1 million – a record, according to the company, and an increase of 19 percent over the previous quarter and 62 percent over the same quarter last year. The majority of the revenue – $608 million or 93 percent – came from the solar business.
Meanwhile, the company’s profitability did not develop in sync with revenue. Operating profit of $50.9 million was 24 percent higher than the previous quarter and 15 percent higher than in Q1 2021. Net profit fell significantly by 19 percent compared to the previous quarter to $33.1 million, but was still ten percent higher than a year ago.