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Hoymiles is expanding its battery storage push in Europe after storage generated 78.3% of its first-half 2026 revenue. Revenue rose 77.09% year on year, but the company reported a CNY 164 million net loss, citing its product mix, currency movements and higher spending.
Hoymiles Power Electronics is expanding its battery storage business in Europe after storage accounted for 78.3% of first-half 2026 revenue, even as the Chinese company swung to a CNY 164 million net loss. In September, it promoted commercial, industrial and utility-scale systems at events in Budapest and Birmingham, extending a shift beyond the microinverters that built its business.
In its interim report, published August 28, Hoymiles said revenue for the six months to June 30 rose 77.09% year on year to CNY 1.78 billion. Energy storage systems contributed CNY 1.39 billion. Microinverters and monitoring products generated CNY 353 million, or 19.9% of revenue. The figures show storage had become the company’s largest reported revenue source, though Hoymiles did not disclose shipment volumes or segment margins.
The company reported a net loss of CNY 164 million, compared with a net profit of CNY 16.27 million in the first half of 2025. Hoymiles attributed the decline mainly to its change in sales product mix and exchange-rate fluctuations, as well as increased hiring and higher research and marketing spending. Research and development costs rose 29.55% to CNY 215 million, equal to 12% of revenue.
Hoymiles also reported that net cash outflow from operations widened to CNY 177 million from CNY 128 million a year earlier. Overseas markets generated 66.87% of first-half revenue. The company has not provided guidance for the rest of the year, and the report did not specify how much of the loss was attributable to each factor cited by management.
In September, Hoymiles launched the HoyUltra 2000M, a liquid-cooled commercial and industrial system with capacity of up to 2.61 MWh, at an event in Budapest that opened a European roadshow. At Solar & Storage Live UK in Birmingham, held Sept. 22 to 24, it displayed residential, commercial and utility-scale products. These included its HoyPrime 5 MWh and 10 MWh containerized systems. The company also held signing ceremonies with UK partners but did not name them.
Storage Now Drives Hoymiles Revenue
The figures mark a major change in Hoymiles’ revenue mix. A company known for microinverters now earns more than three-quarters of its reported sales from storage. Its European events indicate an effort to build visibility for that business across customer types, from residential installations to commercial facilities and utility projects.
The financial results also show the limits of interpreting sales growth on its own. Revenue rose sharply, but Hoymiles recorded a loss and a larger operating cash outflow. The company says its product mix and higher costs contributed; without segment margins, shipment volumes or a breakdown of loss drivers, the results do not show whether storage sales are profitable or how quickly the new business could improve earnings.
For European buyers and industry observers, the product announcements show that Hoymiles is offering systems at larger scales than its original microinverter focus. Whether those launches lead to substantial orders or market share gains is not established by the events or the interim report.
From Microinverters to Batteries
Hoymiles built its business on microinverters, which convert the output of individual solar panels. It remains a major supplier in that market: S&P Global put its share of global microinverter shipments at 17.4% in 2025. The company’s latest revenue mix points to storage becoming its leading business by sales, while microinverters and monitoring products contributed about one-fifth of first-half revenue.
The storage push follows a difficult recent earnings period. Hoymiles reported a full-year 2025 net loss of CNY 162 million, according to Sina Finance, before reporting a larger loss for the first half of 2026. The first-half report covers January through June; the European product events took place in September, after that reporting period.
The interim figures show that overseas markets supplied 66.87% of H1 revenue, but do not break out European sales. The September roadshow and UK exhibition demonstrate promotional activity in the region, but do not establish how much revenue Europe contributed or whether announced partner agreements have led to orders.
Margins and Orders Remain Undisclosed
Hoymiles did not disclose storage shipment volumes, segment margins or full-year guidance in the information provided. Those omissions leave open whether the rapid increase in storage revenue is translating into profitable sales, and how the company expects its earnings and cash flow to develop over the rest of 2026.
The company’s explanation for the first-half loss includes product mix, exchange-rate movements and higher costs, but the available figures do not show how much each factor contributed. Nor do they establish whether the loss reflects temporary investment and market conditions or costs that may continue.
For Europe, the company has not published regional storage revenue, identified the UK partners at the signing ceremonies, or disclosed resulting orders. The launch and exhibition establish that Hoymiles is promoting products there; commercial uptake and project deployment remain unclear.
European Roadshow Tests Market Demand
Hoymiles’ September European roadshow and its appearance at Solar & Storage Live UK put its residential, commercial and utility-scale products in front of regional audiences. The next evidence of the strategy’s reach would be disclosed orders, deployments or named customer agreements, none of which was specified in the source report.
Investors and customers will also look to subsequent company reporting for updates on revenue mix, operating cash flow and the costs behind the first-half loss. A fuller assessment of the storage business will depend on whether Hoymiles provides shipment or margin data and explains how the product mix and exchange-rate effects evolve.
For now, the confirmed development is a pronounced shift in sales toward storage alongside continued European promotion. The company’s next financial update and any disclosed project wins should clarify whether that expansion is producing durable demand and improved financial results.
Key Questions
How much of Hoymiles’ first-half 2026 revenue came from storage?
Storage systems generated CNY 1.39 billion, or 78.3% of Hoymiles’ CNY 1.78 billion in revenue for the six months to June 30, 2026.
Why did Hoymiles report a first-half loss?
Hoymiles attributed the decline mainly to its sales product mix and exchange-rate fluctuations, along with increased hiring and higher research and marketing spending. It reported a CNY 164 million net loss; the available figures do not quantify each factor’s contribution.
What storage products did Hoymiles promote in Europe?
In September, it launched the HoyUltra 2000M, a liquid-cooled commercial and industrial system with capacity of up to 2.61 MWh. It also displayed the HoyPrime 5 MWh and 10 MWh containerized systems at Solar & Storage Live UK.
Has Hoymiles disclosed how many storage systems it sold?
No. The source report says Hoymiles did not disclose storage shipment volumes or segment margins, and it provided no guidance for the rest of 2026.
Source: rss
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