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Hoymiles is stepping up promotion of its commercial, industrial and utility-scale battery systems in Europe after storage generated 78.3% of first-half 2026 revenue. Revenue rose 77.09% year on year, but the company reported a CNY 164 million net loss, which management linked partly to its changing sales mix, currency movements and higher spending.
The company has not disclosed storage shipment volumes, segment margins or full-year guidance, leaving the financial returns from its storage expansion unclear.
Hoymiles Power Electronics is expanding promotion of its commercial, industrial and utility-scale battery storage systems across Europe after storage accounted for 78.3% of its first-half 2026 revenue. The Chinese company reported a CNY 164 million net loss for the six months to June 30, despite revenue growth of 77.09% year on year.
In its interim report, published August 28, Hoymiles reported revenue of CNY 1.78 billion for the first half of 2026. Storage systems generated CNY 1.39 billion. Microinverters and monitoring products contributed CNY 353 million, or 19.9% of revenue, as the company’s business mix shifted away from its original microinverter focus.
Hoymiles said the fall in profitability was mainly linked to the change in sales product mix and exchange-rate fluctuations. It also cited increased hiring and higher research and marketing costs. Research and development spending rose 29.55% year on year to CNY 215 million, equivalent to 12% of revenue. Net cash outflow from operations widened to CNY 177 million from CNY 128 million a year earlier.
The company has continued to showcase storage products 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 that opened a European roadshow. At Solar & Storage Live UK in Birmingham, held September 22 to 24, Hoymiles showed residential, commercial and utility-scale products, including containerized HoyPrime systems rated at 5 MWh and 10 MWh. It also held signing ceremonies with UK partners, whose names were not disclosed in the source report.
Storage Becomes Hoymiles’ Main Business
The first-half figures show that battery storage has become the company’s primary revenue source, a substantial shift for a business built on microinverters. Its push into larger commercial and utility-scale systems also gives Hoymiles a broader role in European energy storage markets, where buyers can compare systems for different project sizes.
Revenue growth alone does not show whether the expansion is profitable. Hoymiles recorded a loss after reporting a profit of CNY 16.27 million in the first half of 2025. The reported change in product mix is one explanation from management, but the company did not provide segment margins or storage shipment volumes. Those omissions limit what can be concluded about the economics of its new focus.
The move also matters to its established solar business. S&P Global put Hoymiles’ share of global microinverter shipments at 17.4% in 2025, according to the source report. The company is therefore pursuing storage while remaining a significant supplier in the market that built its business.
From Microinverters to Battery Systems
Hoymiles’ first-half results follow a full-year net loss of CNY 162 million in 2025, according to Sina Finance, as cited in the source report. The interim report recorded a further loss in the first half of 2026, alongside higher revenue and a sharp increase in storage’s share of sales.
Overseas markets generated 66.87% of first-half revenue. The European roadshow and UK trade-show appearance are part of the company’s effort to promote its storage range beyond its home market. The September events featured residential products as well as systems aimed at commercial, industrial and utility-scale projects.
“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
Storage Margins and Sales Volumes Unknown
Hoymiles did not disclose storage shipment volumes, segment margins or guidance for the rest of 2026. The available figures show how much revenue came from storage, but not how many systems were sold, how profitable those sales were, or how much of the reported loss arose from the storage business itself.
The company also did not name the UK partners involved in the signing ceremonies. The source report provides no further detail on the agreements, including their scope or expected contribution to sales. It is not clear when Hoymiles expects its higher research, marketing and hiring costs to translate into improved profitability.
Results Will Show the Expansion’s Returns
The next key evidence will be Hoymiles’ subsequent financial reporting, particularly any disclosure of storage sales volumes, segment profitability and updated guidance. Those figures would help show whether its European promotion is producing sales and whether the growing storage share can support a return to profit.
For now, the company is continuing its European product push after the September events in Budapest and Birmingham. Further information about the UK partnerships and the commercial rollout of the HoyUltra 2000M and HoyPrime systems has not been provided in the source material.
Key Questions
How much of Hoymiles’ first-half 2026 revenue came from storage?
Storage systems 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.
Why did Hoymiles report a first-half loss?
Hoymiles attributed the decline in profit mainly to its changing sales product mix and exchange-rate fluctuations. It also cited increased hiring and higher research and marketing spending.
Which storage products did Hoymiles show in Europe?
In September, the company launched the liquid-cooled HoyUltra 2000M, with capacity of up to 2.61 MWh. At Solar & Storage Live UK, it showed residential, commercial and utility-scale products, including 5 MWh and 10 MWh HoyPrime containerized systems.
Is Hoymiles’ storage business profitable?
The source report does not provide storage segment margins or enough detail to determine whether storage sales were profitable. Hoymiles reported a company-wide first-half net loss of CNY 164 million.
Source: rss
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