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Hoymiles reported a net loss of CNY 164 million for the first half of 2026, even as revenue rose 77.09% year on year and energy storage supplied 78.3% of sales. The Chinese company is expanding its commercial, industrial and utility-scale storage push in Europe, where it has recently launched and displayed new systems.
Hoymiles reported a CNY 164 million net loss for the first half of 2026 as energy storage grew to 78.3% of revenue, while the Chinese microinverter maker expanded its commercial, industrial and utility-scale battery offerings in Europe. The company’s interim report shows revenue rose sharply year on year, but management linked the loss in part to a shift in product mix and other costs.
Revenue for the six months to June 30 rose 77.09% year on year to CNY 1.78 billion, according to the interim report published Aug. 28. Energy storage systems brought in CNY 1.39 billion. Microinverters and monitoring products generated CNY 353 million, or 19.9% of revenue. Storage therefore accounted for more than three-quarters of sales during the period.
Hoymiles said the decline in profit was mainly due to the change in its sales product mix and exchange-rate fluctuations, alongside increased hiring and higher research and marketing spending. The company recorded a net profit of CNY 16.27 million in the first half of 2025. Research and development spending 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, held Sept. 22 to 24, the company displayed residential, commercial and industrial, and utility-scale products. These included its HoyPrime 5 MWh and 10 MWh containerized systems. It also held signing ceremonies with UK partners, whose names were not disclosed in the source report.
Storage Takes the Lead in Sales
The results show how quickly Hoymiles’ business has shifted from the microinverters that established the company to energy storage. Storage generated CNY 1.39 billion in first-half revenue, while microinverters and monitoring products together accounted for less than one-fifth. The European launches and demonstrations indicate that the company is seeking to build on that shift in a market where it is presenting products across several storage scales.
The financial picture remains mixed. Revenue grew, but the company moved from a first-half profit to a loss, and its operating cash outflow increased year on year. Hoymiles attributed the earnings decline partly to product mix, but did not disclose storage margins or shipment volumes. Without those figures, the reported sales share alone does not show how profitable the storage business is or how much it contributed to the loss.
The change also matters for readers tracking the company’s established inverter business. S&P Global put Hoymiles at 17.4% of global microinverter shipments in 2025, making it one of the largest suppliers. The first-half revenue split indicates a substantial change in sales composition, though the source material does not establish how the shift affects its market position in microinverters.
From Microinverters to Batteries
Hoymiles built its business on microinverters, which convert the direct-current output of solar panels into alternating current. Its recent results point to a different balance of sales: storage systems produced 78.3% of first-half 2026 revenue, while microinverters and monitoring products supplied 19.9%. The remaining share is not specified in the source report.
The company’s storage expansion follows a difficult prior year. Hoymiles reported a CNY 162 million net loss for full-year 2025, according to Sina Finance. The first-half 2026 loss was CNY 164 million, but these figures cover different reporting periods and should not be treated as a direct like-for-like comparison. Overseas markets contributed 66.87% of first-half revenue, making international sales a significant part of the business.
In Europe, Hoymiles has been presenting products for homes, commercial and industrial sites, and utility-scale projects. The September roadshow and UK trade show are the latest visible steps in that expansion. The source report does not provide project awards, sales contracts, or installation figures tied to those events.
“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 did not disclose storage shipment volumes, segment margins or guidance for the rest of 2026 in the source material. Those omissions leave unclear whether the fast-growing storage business is improving in profitability, and how much each product line contributed to the first-half loss.
The company also did not name the UK partners involved in the signing ceremonies or provide details of any related projects. The source report does not say whether the September launches have resulted in orders, deliveries or deployments. Its stated explanations for the loss are management’s attribution; the available figures do not break down the impact of product mix, exchange rates, hiring, research or marketing separately.
European Sales and Guidance Ahead
Hoymiles has opened a European roadshow with the Budapest event and presented its product range at a UK industry exhibition. The next useful indicators will be whether it reports orders, shipments or deployments linked to those activities, and whether it provides further financial detail for the storage business.
The company’s interim report did not include guidance for the rest of the year. Its later disclosures will show whether revenue growth continues, how operating cash flow develops and whether management’s stated cost pressures ease. Until shipment and margin information is available, the commercial results of the European push remain unclear.
Key Questions
How much revenue did Hoymiles report for the first half of 2026?
Hoymiles reported CNY 1.78 billion in revenue for the six months to June 30, up 77.09% year on year.
How much of Hoymiles’ first-half revenue came from storage?
Energy storage systems generated CNY 1.39 billion, equal to 78.3% of first-half revenue.
Why did Hoymiles report a first-half loss?
The company said the loss was mainly due to its changed sales product mix and exchange-rate fluctuations, as well as increased hiring and higher research and marketing spending. It did not quantify the contribution of each factor.
What storage products did Hoymiles show in Europe?
In September, it launched the liquid-cooled HoyUltra 2000M, with capacity of up to 2.61 MWh, in Budapest. At a UK trade show, it displayed residential, commercial and industrial, and utility-scale systems, including HoyPrime 5 MWh and 10 MWh containers.
Has Hoymiles disclosed European storage sales or shipments?
The source report does not give storage shipment volumes, segment margins, project deployments or orders tied to the September events. It also says the company did not provide guidance for the rest of the year.
Source: rss
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