Hoymiles Power Electronics, which built its business on microinverters, earned 78.3% of its first-half 2026 revenue from energy storage, and swung to a net loss of CNY 164 million ($24.5 million). Management attributed the loss in part to the change in its product mix.
According to its interim report, published Aug. 28, revenue rose 77.09% year on year to CNY 1.78 billion in the six months to June 30. Storage systems generated CNY 1.39 billion of that, while microinverters and monitoring products brought in CNY 353 million, or 19.9%. A year earlier, Hoymiles reported a net profit of CNY 16.27 million.
Hoymiles said the decline in profit was mainly due to the change in its sales product mix and the effect of exchange-rate fluctuations, as well as increased hiring and higher research and marketing spending. Research and development spending rose 29.55% to CNY 215 million, or 12% of revenue. The net cash outflow from operations widened to CNY 177 million, from CNY 128 million a year earlier. The company also reported a net loss of CNY 162 million for full-year 2025, according to Sina Finance.
Overseas markets accounted for 66.87% of first-half revenue. Hoymiles did not disclose storage shipment volumes, segment margins or guidance for the rest of the year.
The shift has come even though Hoymiles remains one of the largest microinverter suppliers, with 17.4% of global shipments in 2025, according to S&P Global.
The company has continued to expand its storage range in Europe. In September, it launched the HoyUltra 2000M, a liquid-cooled C&I system of up to 2.61 MWh, at an event in Budapest that opened a European roadshow. At Solar & Storage Live UK in Birmingham, Sept. 22 to 24, it showed residential, C&I and utility-scale products, including its HoyPrime 5 MWh and 10 MWh containerized systems, and held signing ceremonies with UK partners it did not name.
The post Hoymiles doubles down on storage in Europe after H1 loss appeared first on Energy Storage.
