NASDAQ-listed SolarEdge saw its earnings beat analysts’ estimates and its share prices rise by almost 12% as the company reported record quarterly revenues on Wednesday.

The inverter and power optimiser manufacturer, which was started up in Israel but has corporate offices in other territories including Fremont, California, put out its results for the fourth quarter and full fiscal year, ending 30 June. It took in record revenues for the quarter of US$98.4 million, an increase of 120% from Q4 2014. Similarly the company also reported record full year revenues of US$325.1 million, a year-on-year jump of 144%.   

Gross margin under GAAP was at 28.7% for the quarter and 25.2% for the fiscal year. SolarEdge also said the quarter just passed had contributed significantly to the full year’s GAAP net income, bringing in US$9.3 million of a US$21.1 million total, while non-GAAP net incomes stood at US$13.8 million for the quarter and US$29.4 million for the year.

The figures appear to show a steady upward trend for SolarEdge’s financials, from an operating loss of US$2.4 million in Q4 2014 to the most recent quarter’s results.

SolarEdge, which produces one of the only two confirmed Tesla Powerwall compatible inverters, floated in an IPO in March this year. According to investor information website Seeking Alpha, SolarEdge shares rose 8.2% ahead of the results announcement and finished after-hours trading up 11.6%. Meanwhile, The Street reported the company’s earnings per share in the quarter were at 31 cents, much higher than analysts’ estimates which were apparently at just 22 cents.

In all, SolarEdge said, it shipped 248MW (AC) of inverters in Q4 2015, and a total of 920MW (AC) for the year. The company built up its cash base during the quarter and proclaimed itself to be debt-free as of 30 June.

A note sent to analysts to explain performance said that 1,138,000 optimisers and 44,000 inverters were shipped during the quarter. As well as continuing to produce its signature DC-optimisers, SolarEdge launched StorEdge earlier this year, a solution utilising a battery-integrating meter to allow system users to maximise self-consumption. The note also said that the company was enabled entry into larger scale commercial markets than before, launching three-phase 25-33kw inverters for that segment. Additionally, SolarEdge has also opened its first automated assembly centre, based in Hungary.

It will be interesting to see what impact the company’s status as inverter partner to Tesla will have. The note sent out to analysts said the collaboration "progresses" with Tesla-ready products expected to arrive in the fourth quarter of this calendar year.

While the deal is not exclusive, with Fronius also making Tesla-compatible inverters and others expected to follow, SolarEdge VP of product marketing Lior Handelsman, who is also one of the founders of the company, told PV Tech Storage at Intersolar Europe that Tesla and SolarEdge worked closely together to ensure that Powerwall will connect to a SolarEdge system – including retrofit – using just a “small interface box that is very simple“.

According to Handelsman, the inverters will also be ready to connect with other makers’ batteries in the near future.

Guy Sella, founder, chairman and CEO of SolarEdge said the results showed the completion of a year with “strong execution on all fronts”.   

“Our increased manufacturing capacity coupled with continued cost reduction, brought gross margins to a quarterly and annual record. These revenue and cost reduction initiatives generated strong bottom line results; consecutive profits in each quarter of fiscal 2015 and strong cash flow from operations,” he added. SolarEdge's third quarter results in May showed a rise in revenues of 182.7% from the equivalent period the year before.