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Hoymiles is expanding promotion of commercial, industrial and utility-scale battery storage products 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 product mix, currency effects and higher staffing and spending costs.
Chinese power electronics maker Hoymiles is promoting commercial, industrial and utility-scale battery storage across Europe after storage produced 78.3% of its first-half 2026 revenue, even as the company reported a net loss of CNY 164 million. The results mark a sharp shift for a business built on microinverters, while leaving questions about the profitability and scale of its fast-growing storage sales.
Hoymiles reported revenue of CNY 1.78 billion for the six months ended June 30, up 77.09% from the same period a year earlier. Storage systems contributed CNY 1.39 billion. Microinverters and monitoring products generated CNY 353 million, equal to 19.9% of revenue, according to the company’s interim report, published Aug. 28.
The company recorded 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 deterioration mainly to its changing product mix and exchange-rate fluctuations, alongside increased hiring and higher research and marketing expenditure. Research and development spending rose 29.55% to CNY 215 million, or 12% of revenue.
Its European activity has included the September launch of the HoyUltra 2000M, a liquid-cooled commercial and industrial system with capacity of up to 2.61 MWh, at an event in Budapest that began a European roadshow. At Solar & Storage Live UK in Birmingham, held Sept. 22 to 24, Hoymiles displayed residential, C&I and utility-scale products, including HoyPrime 5 MWh and 10 MWh containerized systems. The company also held signing ceremonies with UK partners it did not identify.
Storage Now Drives Hoymiles Revenue
The figures show that Hoymiles’ growth is increasingly tied to battery storage rather than its established microinverter business. Storage supplied more than three-quarters of first-half sales, while microinverters and monitoring products accounted for about one-fifth. That shift gives the company a larger stake in European demand for systems serving homes, businesses and utility projects.
But the revenue growth has not translated into reported net profit. Hoymiles also recorded a CNY 177 million net cash outflow from operations, wider than the CNY 128 million outflow a year earlier. For customers, partners and investors, the combination makes the performance of the storage business—not just the pace of product launches—important to watch. The available figures do not show whether storage sales carry higher or lower margins than the company’s other products.
commercial battery storage system 2.61 MWh
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From Microinverters to Battery Systems
Hoymiles built its business on microinverters and remains a major supplier in that market. S&P Global put its share at 17.4% of global microinverter shipments in 2025. The company’s first-half results therefore reflect a significant change in the balance of its reported sales, not the disappearance of its earlier business.
The storage push comes after a difficult recent period. Hoymiles reported a full-year 2025 net loss of CNY 162 million, according to Sina Finance. Overseas markets accounted for 66.87% of first-half 2026 revenue, giving its European expansion relevance to its wider international business. The September launches and trade-show presence show how it is presenting a broader product range, but do not by themselves establish future sales or market share.
“The decline in profit was mainly due to the change in the sales product mix and the effect of exchange-rate fluctuations, as well as increased hiring and higher research and marketing spending.”
— Hoymiles, in its first-half interim report
Storage Margins and Volumes Not Disclosed
Hoymiles did not disclose storage shipment volumes, segment margins or guidance for the rest of 2026 in the source material. Without those figures, it is not possible to determine how much of the revenue increase reflects more units sold, higher-value systems or other factors, or whether storage sales are profitable.
The company’s explanation of the loss lists product mix, exchange rates, hiring and spending, but the reported information does not quantify the contribution of each factor. Hoymiles also did not name the UK partners involved in the signing ceremonies, and the terms or scale of those agreements were not reported.
European Sales Data to Watch
The next clear test is whether Hoymiles’ European launches and sales activity lead to disclosed orders, deliveries and recurring revenue. The company’s Budapest roadshow and Birmingham exhibition have presented products across several storage segments, but the source report does not provide contract values or sales targets tied to those events.
Further financial disclosures could clarify storage volumes, margins, cash flow and management’s expectations for the remainder of the year. Until then, the confirmed picture is one of rapidly rising storage revenue alongside a first-half loss, with the scale and profitability of the European expansion still to be established.
Key Questions
Why did Hoymiles report a first-half 2026 loss?
Hoymiles said the loss was mainly due to its changing product mix and exchange-rate fluctuations, as well as increased hiring and higher research and marketing spending. It did not quantify how much each factor contributed.
How much of Hoymiles’ first-half revenue came from storage?
Storage systems generated CNY 1.39 billion, or 78.3% of the company’s CNY 1.78 billion revenue for the six months ended June 30, 2026.
What storage products has Hoymiles promoted in Europe?
In September, Hoymiles launched the liquid-cooled HoyUltra 2000M, rated at up to 2.61 MWh. It also showed residential, C&I and utility-scale products in the UK, including HoyPrime 5 MWh and 10 MWh containerized systems.
Is Hoymiles’ storage business profitable?
The available report does not say. Hoymiles did not disclose storage segment margins, so its storage profitability cannot be determined from the reported figures.
What remains unknown about the European expansion?
The source material does not give storage shipment volumes, European sales targets, order values or the identities and contract terms of the UK partners involved in signing ceremonies.
Source: rss
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