Third quarter revenues up 82% year over year
Zhejiang, China and Dublin, Ohio, Oct. 25, 2019 /PVTIME/ -- String inverter maker Ginlong Solis marked its best quarter since its founding in 2005, bringing in $52 million during its third quarter alone -- more revenue than the Chinese company recorded during 2014, 2015, and 2016 combined.
As the only publicly-traded company focused
exclusively on PV string inverters, Ginlong Solis’s performance speaks to the growth of
its global operations and its key role within the string inverter category in the PV market.These
results attest to the growing market share enjoyed by Ginlong’s Solis string
inverters.
Highlights from reported results for the third quarter ended August 31, 2019 include:
Third Quarter Year-Over-Year and 2019 Year-to-Date
Q3 2019 Performance
- Revenues grew to$52 million, representing an 82% increase year-over-year
- Net
income of $6.8 million
was up 53% over 2018
Year-to-Date 2019 Performance
- Revenue of $111 million is up 32% from
the same period in 2018 - Net income of $11 million is up 6.3% over
2018 results
Ginlong Solis credits
its revenue and profit achievements this year to both its market development
operations and orders for inverters and other products. In addition to
ramping up its production capabilities and marketing efforts, Ginlong Solis also revamped accounts receivable collection,
boosting net cash flow generated by operating activities by nearly 230%.
A
Long History Laying the Foundation for Growth
Ginlong Solis has
built its core business
around string inverters from Day One.
The company’s founders began pursuing inverter technology R&D in the United
Kingdom in 2003 when the global PV market was in its infancy. In 2005, they returned to China to establish
Ginlong’s industrial base in Ningbo. Fourteen years later, inverters account
for more than 95% of Ginlong’s total revenue.
Investing
in People and Innovation
Ginlong Solis ’s public
debut on the Shenzhen Stock Exchange in March gave it the funds and net cash
flow needed to finance an increase in production capacity, optimize
manufacturing processes, and boost global sales and marketing. As the world’s
only publicly-traded company focused exclusively on string Inverters,
Ginlong Solis used
this influx of funds to further its competitive advantage.
This financial expansion has helped the company
attract talented new R&D engineers, as well as offer more training to core
team members and young recruits who one day will form the company’s backbone.
Dedicated to
innovation, Ginlong Solis continues
to invest in the evolution of its Solis inverter line, adding a new energy storage system to
its portfolio in 2017. Currently selling in Europe,
Australia, and Asia the intelligent
hybrid PV inverter brings
industry-defining reliability to solar-plus-battery systems. Designed
for flexibility and performance, the storage inverter -- soon
available in the U.S. -- allows residential customers to maximize
self-consumption while boosting efficiency and overall returns. The storage solution received strong market acceptance in
Asia with revenues increasing 100 times from 0.02% in 2018 to 2% this year, and
received the 2019 Best PCS Supplier Award in China.
Entering
Utility-Scale Project Development in China
Expanding beyond its high-performing,
ultra-reliable Solis core business, Ginlong Solis recently
invested $8.6 million to create a wholly-owned subsidiary -- Ginlong Smart
Energy Co., Ltd. -- dedicated to PV plant construction, operation, and
ownership in China. The investment increases Ginlong’s position in
utility-scale assets by 113% year-over-year.
Focused on utility-scale project development as
well as engineering, procurement and construction (EPC), the new division
represents Ginlong’s forward-looking approach to the Chinese market as it
becomes more than a product supplier and moves upstream into utility plant
deployment. Entering utility asset construction and ownership in China marks a
pivotal shift for Ginlong. The strategy is to leverage its cost-effective,
cutting-edge manufacturing capabilities downstream. This plant-level experience
will contribute to faster product development of its existing utility-scale
string inverter technology.
Expanding
the Solis Brand Globally
The global inverter
market has matured with high costs of entry for new players. Ginlong entered
Europe, the U.S., and Australia early on, securing a strong foothold in these
stable PV markets.
As one of the
oldest and earliest inverter manufacturers to enter the American market in
2009, Ginlong has made big strides in the U.S. market. Successes include
strategic partnerships with leading national installers in the residential
space, collaboration with top commercial developers, and the launch of its utility-scale
string inverter solution. Ginlong has since advanced into Latin America,
extending its Solis brand throughout the region.
Counting
on a Bankable Partner
Ginlong's focus on
string inverter technology allows it to meet customer needs across all segments
of the solar industry. Well suited to residential, C&I and utility
applications, Solis inverters are known for their reliable performance and long
system life. Independent validations --
including its third-place
ranking among Asian brands in BloombergNEF’s 2019 Inverter Bankability Report
-- attest to Ginlong’s reliability, product quality, and solid financial
performance.
Despite a contracting global market that is challenging companies throughout the industry, Ginlong continues to expand and grow. Such industry turmoil can be a double-edged sword -- a disaster for some competitors but an opportunity for others ready to act. Ginlong positioned itself ideally to continue meeting market demand despite China’s significant changes to its domestic PV incentive policy in May 2018. Armed with a global supply chain as well as world-class R&D and manufacturing capabilities, Ginlong has established a solid foundation for expansion well into the future.
SOURCE: Ginlong Solis
