GoodWe returned to profit in Q1 2026, with net income of RMB 101 million versus a loss a year earlier
Its FY2025 revenue and profit improved, driven mainly by strong overseas growth in energy storage and inverter sales
Overseas business became the main earnings driver for the company
Inverter and battery energy storage system (BESS) supplier GoodWe Technologies reported a sharp improvement in both its Q1 2026 results and FY2025 performance. The company points to stronger overseas demand for inverters and energy storage products as the factors responsible for this growth.
According to financial disclosures released on April 28, the China-headquartered company recorded operating revenue of RMB 2.36 billion, up 25.42% year-on-year (YoY) in Q1 2026. Net profit attributable to shareholders was RMB 101 million, compared with a loss of RMB 28 million in the same period last year, marking a turnaround to profitability.
The company said the improvement was mainly supported by higher sales and gross profit from overseas inverter and energy storage battery businesses. While expenses in R&D, sales, and administration increased alongside revenue, and foreign exchange losses rose due to currency depreciation, overall profitability still improved significantly.
GoodWe’s R&D spending in the quarter reached RMB 156 million, up 12.38% YoY, accounting for 6.60% of revenue.
For FY2025, GoodWe reported operating revenue of RMB 8.88 billion, representing 31.93% YoY increase. Its net profit for the year to shareholders reached RMB 135 million, compared with a loss of RMB 62 million a year earlier, also marking a return to annual profitability.
The company attributed the annual performance recovery to stronger demand in domestic solar installations, Australia’s household storage subsidy program, and inventory normalization in Europe, which boosted shipments of inverters and energy storage batteries.
Regionally, domestic revenue was RMB 5.2 billion, compared with RMB 3.62 billion from overseas, as the latter surged 80.45% during the period. GoodWe says higher margins make international markets the company’s main profit driver.
By product segment, energy storage batteries recorded the fastest growth, rising 226.95% from last year to RMB 1.546 billion in revenue, while that of solar PV storage inverters increased 107.07% to RMB 956 million.
GoodWe’s total R&D investment in 2025 reached RMB 614 million, up 11.32% YoY, representing 6.90% of revenue. It was a drop from 8.18% the company reported for the previous year.
GoodWe’s Technical Product Director for Europe, Jonas Ding, spoke at the TaiyangNews Smarter Solar for Homes and Businesses Conference 2026 (see Residential Solar Systems Shift Toward Integrated Energy Management).
