SMA Solar Reports Record Sales, Eyes Expansion into Green Hydrogen Sector

SMA Solar has set new records in sales and profits for the quarter ending September 2023. The company reported an 85% year-on-year (YoY) increase in consolidated sales.

For the first nine months of 2023, SMA Solar's consolidated sales soared to EUR 1.34 billion, driven by exceptional performance across all business segments. Notably, the photovoltaic (PV) inverter sales witnessed a remarkable 47.7 percent YOY growth, crossing 12.89 GW of PV inverter capacity, up from 8.73 GW in the same period in 2022.

The geographic breakdown of sales reveals a strong demand from the Europe, Middle East, and Asia (EMEA) region, accounting for 71.9 percent of the total share, followed by 21.9 percent in the Americas and 6.2 percent in the Asia Pacific. The third quarter of 2023 alone saw sales amounting to EUR 558 million, primarily propelled by the home solutions business.

The company's home solutions segment led the sales charge with EUR 486.2 million, while large-scale and project solutions experienced a remarkable 70.5 percent YOY surge, contributing EUR 517.5 million. The commercial and industrial (C&I) business also witnessed a notable 74.4 percent improvement, generating EUR 333.7 million in sales.

SMA Solar's net income witnessed an increase of over 1,500 percent, jumping from EUR 11 million in 9M/2022 to EUR 180 million. EBITDA showed a remarkable surge of 360.6 percent, reaching percent 231.2 million.

SMA Solar aims to capitalize on the green hydrogen segment, recognized for its higher margins. The company plans to double production capacities for inverter technology at its key headquarters plant in Niestetal/Kassel, Germany, from 21 GW to around 40 GW, starting in 2025.