pv magazine USA’s recap of notable upstream solar, integrated solar, finance and rooftop installers that reported fourth quarter or fiscal year earnings over the last week.
pv magazine USA recaps the top earnings reports and conference calls for public companies that supply solar modules, silicon wafer materials, inverters, hardware and energy storage systems to the North American renewable energy market, as well as integrated residential solar installation companies and rooftop solar finance providers. This report tracks quarterly and annual volumes of orders, wafer material shipments and customer allocations.
Pineapple Energy
In Q4 2022, Pineapple Energy (NASDAQ:PEGY) reported revenue of $17.2 million, a considerable increase from $12,745 in Q4 2021, concluding a solid first year of growth as a public company. The Minnetonka, Minn.-based company had $47 million of pending installations at year end 2022, while it reported a 22% increased sales rate in Q4 2022 and 23% increased installation rate in the quarter versus Q4 2021.
“What a difference a year makes. We entered 2022 as a small private company with big ambitions. We exit the year with two major acquisitions under our belt, operations across the country, the resources to pursue our unique growth strategy, and a highly skilled management team,” said Kyle Udseth, chief executive officer, Pineapple Energy.
“With 2023 projected revenue of $80 million and line of sight to flip to positive cash flow from operations, we have demonstrated our ability to execute…which in turn is helping us build our pipeline of potential new acquisitions,” Udseth added.
In November 2022, Pineapple Energy acquired Sunation Energy, a Long Island, N.Y.-based residential and commercial installer that has deployed 275,000 systems across 92 MW of assets to date. The acquisition tripled Pineapple’s run-rate revenue going forward.
SMA Solar Technology AG
Inverter manufacturer SMA Solar reported $1.16 billion (€1.07 billion) of FY 2022 revenue, representing 8.4% year over year growth despite global supply chain challenges, including semiconductor shortages.
Net sales in its residential segment were $364.3 million (€335.0 million), a 26.% increase from $288.6 million (€265.4 million) in FY 2021.
In the commercial and industrial segment, SMA’s net sales were $315.7 million (€290.3 million), an 18.3% increase from $267 million (€245.4 million) in the prior year.
Net sales in the large-scale and utility project segment were down year over year, to $479.2 million (€440.6 million) in FY 2022, from $517.9 million (€472.6 million) in FY 2021, as a result of project delays in the U.S. due to the Chinese anti-dumping policy during the first half of 2022, the company said. It said the sales situation improved noticeably in Q4 2022 after tariffs were suspended for four Southeast Asian countries beginning in June 2022.
Based on expected strong sales and earnings development seen in Q1 2023, SMA Solar revised its 2023 guidance to $1.58 billion to $1.74 billion (€1.45 billion to €1.6 billion) of revenue, an increase from prior guidance of $1.47 billion to $1.63 billion (€1.35 billion to €1.5 billion) , driven by improved delivery capability, increased utilization of production capacity and a favorable product mix.
Array Technologies
Array Technologies posted $402.1 million of Q4 2022 revenue, an 82.9% increase over $219.9 million of Q4 2021 revenue, driven by a higher Average Selling Price for the Duratrack and the acquisition of STI Norland from January 2022, which contributed $132.5 million of new revenue in Q4 2022. Quarterly revenue was 9.5% higher than the market consensus of $367 million.
Total executed contracts and awarded orders at December 31, 2022 were $1.9 billion, with $1.4 billion from its legacy business and $500 million attributable to the STI Norland business.
Array acquired Soluciones Técnicas Integrales Norland SL (STI Norland), a Pamplona, Spain-based solar tracker manufacturer, in January 2022 for $610.8 million in cash and stock. Guggenheim Securities advised Array on the transformative deal, while Lazard advised the seller.
Array provided FY 2023 guidance expecting:
- Revenue to be in the range of $1.8 billion to $1.95 billion
- Adjusted EBITDA to be in the range of $240 million to $265 million
- Adjusted net income per share to be in the range of $0.75 to $0.85
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