German solar inverter maker SMA Solar announced financial results for the first quarter of this year, which showed lower sales in the residential, commercial and industrial (C&I) segment, but “significant sales growth” in the large-scale and project segments. segment.
The company reported the most significant growth in the large sector, with sales nearly doubling from €123.7 million ($132.9 million) in the first quarter of 2023 to €228.7 million ($245.8 million) in the first quarter of 2024.
However, sales in other segments declined between 2023 and the first quarter of 2024: the Home Solutions segment fell from EUR 163.3 million (USD 175.5 million) to EUR 62.6 million (USD 67.3 million). ), and in the Home Solutions segment decreased from 80.2 million euros (86.2 million US dollars). The C&I industry reached EUR 70.5 million (USD 75.8 million). This, coupled with “an increase in the group’s cost base”, caused the company’s EBITDA to fall from €60 million in the first quarter of 2023 to €49.9 million in the first quarter of 2024.
However, SMA Solar management remains optimistic that many of these losses are due to macroeconomic factors that will subside over time, such as oversupply of solar products in the European market.
Jürgen Reinert, CEO of SMA Solar, said: “Despite the downturn in the residential, commercial and industrial sectors, we believe this is a temporary impact as global end-customer demand remains strong, but in terms of sales we have achieved good results.” Start of fiscal year “Installing, expanding and upgrading solar and battery systems will become more attractive, especially for companies and business people.”
Despite the company’s recent financial problems, 2023 promises to be a very positive year for inverter sales. The chart above shows that SMA Solar sold more inverters in the first three quarters of 2023 than in all of 2022, and that the company’s annual inverter sales have nearly tripled since 2018.
To some extent this is a positive development, and with the passage of the Solarpaket law, which has been codified into law, there is growing interest in the development of the German solar industry. The company has also begun construction of a so-called “gigawatt plant” that will double Germany’s annual inverter production capacity from 20 GW to 40 GW.
However, concerns are growing about the long-term viability of solar power generation across Europe.
Earlier this year, European Solar Energy Council (ESMC) Secretary General Johan Lindahl told PV Tech Premium that Europe could lose its entire PV industry due to the availability of low-cost Chinese solar products and German solar manufacturers including SMA Solar and Meyer Berger. announced plans to invest in new manufacturing facilities in the United States.
Post time: May-09-2024