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Hoymiles is promoting commercial, industrial and utility-scale battery storage products in Europe after storage accounted for 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 product mix, currency effects and higher costs.
Hoymiles Power Electronics is pushing commercial, industrial and utility-scale battery storage products across Europe after energy storage generated 78.3% of its first-half 2026 revenue. The Chinese power electronics maker reported a CNY 164 million net loss for the six months to June 30, even as revenue rose 77.09% year on year to CNY 1.78 billion.
Storage systems brought in CNY 1.39 billion in the first half, according to the company’s interim report. Microinverters and monitoring products generated CNY 353 million, or 19.9% of revenue. The interim report was published on August 28. Hoymiles did not disclose storage shipment volumes or segment margins.
The company said the fall in profit reflected a change in sales product mix and exchange-rate fluctuations, alongside increased hiring and higher research and marketing spending. Research and development costs rose 29.55% to CNY 215 million, equal to 12% of revenue. Net cash outflow from operations widened to CNY 177 million from CNY 128 million a year earlier.
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 from September 22 to 24, it displayed residential, commercial and utility-scale products, including its HoyPrime 5 MWh and 10 MWh systems, and held signing ceremonies with UK partners it did not identify.
Storage Now Leads Hoymiles Revenue
The results show how far Hoymiles’ revenue mix has shifted from its microinverter roots. Storage accounted for more than three-quarters of first-half sales, while microinverters and monitoring products contributed about one-fifth. That shift gives the company a larger stake in Europe’s battery market, where it is presenting products for residential, commercial, industrial and utility-scale projects.
The revenue increase did not translate into a first-half profit. Hoymiles’ explanation points to several pressures, including product mix, currency movements and rising staffing and investment costs. Without segment margins or storage shipment data, investors and customers cannot tell from the reported figures how much storage sales contributed to the loss or how quickly the business is scaling in physical deployments.
From Microinverters to Batteries
Hoymiles built its business on microinverters and remains a major supplier in that market. S&P Global put the company at 17.4% of global microinverter shipments in 2025. Its first-half 2026 results nevertheless show storage as its main revenue source, underscoring the pace of its change in product mix.
The company had already reported a CNY 162 million net loss for full-year 2025, according to Sina Finance. For the first half of 2026, revenue grew from a year earlier, but the company moved from a net profit of CNY 16.27 million in the first half of 2025 to a loss. Overseas markets supplied 66.87% of first-half revenue, providing context for the European sales effort.
“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.”
— Hoymiles, in its interim report
Margins and Shipments Remain Undisclosed
Hoymiles has not disclosed storage shipment volumes, segment margins or guidance for the rest of 2026. The available results therefore do not show how many battery systems were sold, whether storage was profitable on its own, or what sales and earnings management expects in the second half.
The UK partners involved in the September signing ceremonies were not named, and the company did not provide further details about the agreements. The scale, timing and commercial terms of those partnerships remain unknown.
European Rollout Continues
Hoymiles has used its Budapest launch and Birmingham exhibition to present products across several storage market segments in Europe. Its next reported financial update may clarify whether the first-half revenue mix persists and how the company’s investment and operating costs affect earnings. The source material does not give a date for that update or specify further European product launches.
For now, the confirmed developments are the company’s first-half results, the September product launch and the display of its larger containerized systems at the UK event. Details about project deployments, partner agreements and storage performance remain to be disclosed.
Key Questions
Why did Hoymiles report a first-half 2026 loss?
Hoymiles attributed the decline in profit mainly to its sales product mix and exchange-rate fluctuations, as well as increased hiring and higher research and marketing spending.
How much of Hoymiles’ first-half revenue came from storage?
Energy storage generated CNY 1.39 billion, or 78.3% of the company’s CNY 1.78 billion in revenue for the six months to June 30, 2026.
What storage system did Hoymiles launch in Europe?
In September, it launched the HoyUltra 2000M, a liquid-cooled commercial and industrial system with capacity of up to 2.61 MWh, at an event in Budapest.
Did Hoymiles disclose storage shipments or margins?
No. The company did not disclose storage shipment volumes or segment margins, and it did not provide guidance for the rest of the year in the source material.
Source: rss
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