Israeli micro-inverter manufacturer SolarEdge has reported revenue of US$86.4 million in its fiscal third quarter financial results, a 182.7% rise from US$13.6 million in the same quarter last year.
The company provided guidance that its fourth quarter revenues would be between US$92-96 million.
Its gross margin was 27.4%, up from 21.5% in the previous quarter. The company attributed this rise to cost reduction measures and a reduction in the portion of air shipments compared to ocean freight and economies of scale related to the increased production volumes.
The firm’s EPS was US$0.20, up from US$0.12 in the previous quarter.
SolarEdge founder, chairman and chief executive Guy Sella said “the addition of a new sizeable customer” helped the company achieve record revenues this quarter.
The company expanded its sales agreement with Vivint and signed on as a partner for Tesla’s move into stationary storage.
He said: “We expect revenue growth to continue through 2015 as originally projected.”
Sella said increased manufacturing capacity was behind the cut in air shipments and, combined with planned cost reduction activities, to increase its gross margin. This led to non-GAAP net profit to US$8.7 million for the quarter.
He added: “We continued to see strong growth in the United States and Europe both in the residential and commercial markets. In the past quarter, we continued development of energy storage solutions which we expect to bring to market toward the end of 2015.”