String inverter maker Ginlong 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.
Zhejiang, China and Dublin, Ohio -- November 5, 2019.
Ginlong Technologies (Stock Code: 300763.SZ), manufacturer of the Solis string inverter, announced in its Q3 financial report today its best quarter since its 2005 founding. The only publicly-traded company focused exclusively on PV string inverters, Ginlong recorded third quarter revenues of $52 million USD -- more than it earned during 2014, 2015, and 2016 combined.
Today's report covered results through the third quarter ending Aug. 31. Year-to-date revenues were $111 million, up 32% from the same time period in 2018, while year-to-date net income was $11 million, up 6.3% over 2018.
"Our performance speaks to the growth of our global operations and our key role in the inverter market," says Ginlong CEO Jimmy Wang. After our IPO, we stepped up investments in R&D, product development, and market expansion in the U.S., EU and Australia and launched a new 100%-owned subsidiary to invest in PV power plants in China."
Ginlong has been investing in people and new products, expanding its R&D team, increasing in-house training, and expanding its Solis string inverter portfolio. Currently available in Europe, Australia and Asia, and coming soon to the U.S., the intelligent Solis hybrid storage inverter brings industry-defining reliability to solar-plus-battery systems, earning Ginlong the 2019 Best PCS Supplier Award for energy storage in China.
In the U.S. since 2009, Solis continues to expand in North America, most recently through the launch of its utility-scale solution. Its move into Latin America ten years ago to continues to extend the Solis brand throughout the region. Ginlong's third place ranking among Asian brands in BloombergNEF's 2019 Inverter Bankability Report further backs Solis' reputation for reliability, quality, and solid financial performance.
About Ginlong Technologies
Established in 2005, Ginlong Technologies (Stock Code: 300763.SZ) is one of the oldest and largest manufacturers of PV string inverters. Presented under the Solis brand, the company's portfolio uses innovative string inverter technology to deliver first-class reliability that has been validated under the most stringent international certifications. Armed with a global supply chain as well as world-class R&D and manufacturing capabilities, Ginlong optimizes its Solis inverters for each regional market, servicing and supporting customers with its team of local experts. For more information on how cost-effective Solis delivers value while maximizing reliability for residential, commercial, and utility customers, visit ginlong.com.