The Israel-based power optimiser for solar photovoltaic technology, SolarEdge, has reported the rise of its revenue during the first quarter of 2019.
The company’s revenue hit a record-breaking figure during the first three months of the year, Greentech Media reported.
The firm’s revenue rose to US$271.9mn during the review period – a 3% increase from the three months ending December, and a 30% increase from the $209.9mn recorded in the first quarter of 2018.
SolarEdge’s successful quarter has been attributed to its recent acquisitions, which include the UK’s Gamatronic, Korea’s Kokam, and Italy’s SMRE.
The company’s earnings have been higher than analyst predictions for seven out of the past eight quarters.
“We are in the process of building the lines now, and we are supposed to start producing end of June, beginning of July,” remarked Guy Sella, CEO and Chair of SolarEdge, during the firm’s results call, PV Magazine reported.
The firm’s solar panel optimiser business and inverter business have also been attributed for the strong growth.
3mn power optimisers and 151,000 inverters were sold during the first quarter of the year – accounting for 1.1GW of power.