Ginlong Solis Technologies Reports Its Strongest Quarter Ever Q3 revenues up 82% year over year
NINGBO, China, Nov. 6, 2019 /PRNewswire/ -- 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 company recorded during 2014, 2015, and 2016 combined.
As the only publicly-traded company focused exclusively on PV string inverters, Ginlong'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 today's 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
According to the financial report, Ginlong's total assets were $196 million, while cash flows from operating activities came in at $7.7 million. Sales and management expenses reached $ 12.9 and $ 6.6 million respectively.
Ginlong 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 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 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'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 used this influx of funds to further its competitive advantage.
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