Airo Energy Reports Significant Revenue and Profit Growth in Q1 2025, Highlighting Operational Resilience

Airo Energy: Q1 2025 Revenue and Net Profit Both Increase, Highlighting Operational Resilience

As countries around the world have prioritized their “carbon neutrality” goals to combat climate change in recent years, the global shift towards low-carbon energy has become an undeniable trend. In this context, the renewable energy sector, particularly solar energy, has experienced rapid growth. The integration of energy storage with photovoltaics has significantly enhanced the reliability of solar power generation, making the combination of “solar + storage” a key development trend in the industry.

In recent years, the newly installed capacity for solar power generation has surged, while shipments of lithium batteries for energy storage have skyrocketed, indicating a promising outlook for the solar storage industry. Zhejiang Airo Network Energy Technology Co., Ltd. (hereinafter referred to as “Airo Energy”) has focused on household energy storage and solar products, successfully mass-producing energy storage inverters and batteries, and delivering complete home storage systems to customers. Airo Energy is one of the few companies in the industry with integrated R&D capabilities for energy storage inverters and batteries. As a high-tech enterprise, Airo Energy places a strong emphasis on innovation and has consistently increased its R&D investment, achieving multiple industry awards for its technological advancements. In 2024, Airo Energy obtained 17 new invention patents and promoted the research and industrialization of new technologies, continuously expanding its product line. Currently, Airo Energy has developed a diverse product matrix and has accumulated over 1,100 domestic and international certifications, establishing a strong base of high-quality overseas clients. Airo Energy’s products are widely recognized in the mid-to-high-end European market.

1. Global Low-Carbon Transition Trends: “Solar + Storage” as the Industry Development Direction

Energy is the foundation of human survival and development. As social and economic development progresses, the demand for energy has grown to a point that it is almost unmanageable. The global energy shortage has been a significant concern worldwide. Currently, fossil fuels supply 70%-80% of the total energy demand. However, fossil fuels are not an inexhaustible renewable resource. According to BP’s energy report, the Earth’s oil reserves are projected to deplete by 2052, natural gas by 2060, and coal by 2090. Moreover, the use of fossil fuels is a major contributor to global climate change, as burning fossil fuels releases a substantial amount of greenhouse gases, leading to rising global temperatures, melting glaciers, and increased sea levels, as well as more frequent natural disasters such as droughts and floods, resulting in significant economic and social losses.

In response to climate change, many countries have placed their “carbon neutrality” goals on the agenda in recent years, making the global low-carbon transition an established trend. With the continuous increase in global energy demand and the intensification of climate change, the share of renewable energy generation, represented by wind and solar power, is expected to rise rapidly. Currently, the grid system lacks sufficient peak-shaving capacity, leading to issues with the integration of wind and solar power. Day-night cycles, seasonal changes, and extreme weather conditions all contribute to the instability of solar energy, making it “uncontrollable and unmodifiable.” The current “new energy + storage” model can effectively address these challenges. Energy storage, as a new flexible resource, boasts high peak-shaving rates, precise frequency regulation, rapid response capabilities, and environmental benefits, enhancing the reliability of new energy grids. The integration of storage with renewables is poised to become the industry’s future development trend. As clean energy, such as solar, continues to grow globally, the necessity for solar storage has become increasingly evident, driving the continuous expansion of the storage market.

Countries worldwide have introduced subsidies and supportive policies to foster the development of the solar and storage industries, promoting technological upgrades and accelerating marketization. For instance, in 2022, the European Union announced the “REPowerEU” energy plan, further expanding the scale of solar PV generation. In 2021, the U.S. “Build Back Better Act” offered a tax credit of up to 30% for energy storage systems exceeding 5 kWh until 2026. The Australian federal government provided financial incentives for installing renewable energy systems through its Small-Scale Renewable Energy Scheme, while states have implemented support programs for household energy storage, including subsidies and energy buyback programs, since 2020. In 2025, Europe will continue to roll out storage support policies. On January 31, 2025, the German Federal Parliament passed amendments to the Energy Industry Act (EnWG), eliminating negative electricity price subsidies while encouraging self-consumption and increasing energy storage systems to promote renewable energy generation. In March 2025, the German Federal Diet passed a constitutional amendment proposing to relax the federal government’s debt ceiling and provide a special fund of €500 billion for infrastructure beyond the budget, allocated to defense, transportation, energy, and other sectors, with €100 billion dedicated to climate and transformation funds (KTF).

In summary, the large-scale use of fossil fuels has exacerbated global climate change, affecting food production, water resources, and human health, potentially displacing millions in coastal areas. The global low-carbon transition is an established trend. Against this backdrop, “solar + storage” is gradually becoming a major trend in the new energy sector.

2. Surge in Newly Installed Solar Generation Capacity and Explosive Growth in Energy Storage Battery Shipments

In recent years, with the continuous increase in the installed capacity of new energy, the accompanying energy storage market has experienced explosive growth. Particularly in the solar power sector, solar energy is favored for its abundant resources, direct conversion, and environmental friendliness, making solar power a primary means to achieve global carbon reduction and replace fossil fuels. According to data from the China Photovoltaic Industry Association, the global newly installed solar capacity from 2020 to 2024 is projected to be 130 GW, 170 GW, 230 GW, 390 GW, and 530 GW, with a compound annual growth rate (CAGR) of 42.10%. The domestic solar industry has also rapidly risen, with domestic solar power installed capacity showing remarkable growth, becoming a driving force in the global solar industry. Data from the National Energy Administration indicates that newly installed domestic solar capacity from 2020 to 2024 is expected to be 48.20 GW, 54.93 GW, 87.41 GW, 216.88 GW, and 277.57 GW, with a CAGR of 54.91%. Meanwhile, the cost of solar power generation continues to decline. Leading solar company Tongwei Group has noted that domestic solar power generation costs have fallen below ¥0.3/kWh and are expected to drop below ¥0.25/kWh during the 14th Five-Year Plan, making it cheaper than most coal-fired power.

With the prospect of grid parity for solar power, the solar industry is poised for further rapid growth. In regions such as Europe, the United States, and Australia, where energy prices are high, residents are increasingly concerned about electricity costs. Aside from the continuous decline in the cost of electricity from solar storage systems, maximizing self-consumption and taking advantage of peak and valley pricing differences for energy storage have become major driving factors for households in countries like Germany, Belgium, Japan, and Australia, where electricity prices are high. According to GGII data, global shipments of lithium batteries for energy storage from 2020 to 2024 are predicted to be 26.5 GWh, 70.0 GWh, 159.3 GWh, 225.0 GWh, and 320.0 GWh, with a CAGR of 86.41%. Domestic shipments of lithium-ion batteries for storage during the same period are expected to be 16.2 GWh, 48.0 GWh, 130.0 GWh, 206.0 GWh, and 340 GWh, with a CAGR of 114.04%. After experiencing rapid growth in 2022 and 2023, the global residential energy storage market, primarily driven by Europe, has entered a phase of stable development. According to EESA statistics, global residential energy storage installations in 2024 are expected to reach approximately 18.6 GWh, a year-on-year increase of 5.68%. The European market remains the largest residential energy storage market globally, with an estimated 12.3 GWh of new installations in 2024, accounting for 66% of the global total. At the same time, commercial and industrial energy storage is witnessing significant development opportunities. EESA statistics predict that global commercial energy storage additions in 2024 will be around 12.749 GWh, a year-on-year increase of 52.7%. In the domestic market, as the pricing gap between peak and valley periods widens and the cost of lithium batteries continues to decrease, the internal rate of return (IRR) for commercial energy storage shows a steady upward trend. The application scenarios for commercial energy storage in China are continually being explored, driving the growth of the new storage market. In recent years, the number and scale of registered energy storage projects on the user side in China have continued to rise.

In the international market, with the continuous penetration of renewable energy, rising electricity prices, and fluctuations in power supply, the potential of commercial markets in countries such as Germany, Italy, the UK, Japan, Australia, the Netherlands, and South Africa is being increasingly realized. Additionally, in recent years, China has placed significant emphasis on ecological civilization construction, firmly implementing the concept that “lucid waters and lush mountains are invaluable assets,” and has become the world’s largest manufacturer and consumer of solar and wind energy-related equipment. The “14th Five-Year Plan” for renewable energy development sets targets for renewable energy consumption to exceed 50% of the increase in primary energy consumption and for the growth of power generation to account for over 50% of the total increase in electricity consumption, aiming to double wind and solar power generation. In February 2025, the Ministry of Industry and Information Technology and seven other departments issued the “Action Plan for the High-Quality Development of the New Energy Storage Manufacturing Industry.” The plan emphasizes promoting shared storage and grid-forming storage applications on the supply side and covering data centers, industrial parks, solar storage charging stations, and household storage on the user side, supporting “solar + storage” micro off-grid systems. As the adjustment of the energy structure continues, the energy storage industry aligned with the direction of “lucid waters and lush mountains” will receive better policy support.

3. Q1 2025 Revenue and Net Profit Both Increase, Highlighting Operational Resilience

On the evening of April 28, 2025, Airo Energy released its Q1 2025 report, showing a year-on-year increase in both revenue and net profit attributable to shareholders, demonstrating strong performance recovery and a positive operational outlook. In Q1 2025, Airo Energy achieved operating revenue of ¥799 million, representing a year-on-year growth of 16.72%; the net profit attributable to shareholders reached ¥46 million, an increase of 35.29% compared to the same period last year. During this time, Airo Energy’s gross margin, net profit margin, and weighted average return on equity were all above the industry average, highlighting its profitability resilience. According to data from East Money Choice, Airo Energy’s gross margin, net profit margin, and ROE for Q1 2025 were 29.93%, 5.75%, and 1.04%, respectively. In comparison, the average gross margin, net profit margin, and ROE for 68 listed companies in the “Power Equipment – Photovoltaic Equipment” sub-industry during the same period were 10.44%, -7.98%, and -0.61%.

In addition, Airo Energy’s cash holdings reached ¥3.011 billion in Q1 2025, with no short-term or long-term borrowings; non-current liabilities maturing within one year amounted to ¥26.9858 million. The company’s asset-liability ratio and interest-bearing liability ratio were 27.82% and 3.11%, respectively, both significantly lower than the average asset-liability ratio of 56.93% and interest-bearing liability ratio of 41.07% for the same industry group. Notably, in Q1 2025, all ten of Airo Energy’s largest circulating shareholders were new entrants, including one social security fund, seven investment firms, and two private equity funds, collectively holding 20.2473 million shares, which accounted for 29.94% of the unrestricted circulating shares. Since May 2025, three institutions have released research reports on Airo Energy. CICC stated that Airo Energy’s performance met expectations, with rapid growth in commercial storage likely to create a second growth curve, maintaining an outperform rating; Dongwu Securities noted that Airo Energy’s shipments in Q1 2025 increased quarter-on-quarter, indicating strong potential for the Q2 peak season, and maintained a “buy” rating; Huachuang Securities highlighted that Airo Energy’s continuous breakthroughs in new markets and products are expected to contribute to performance growth, maintaining a “recommend” rating.

In conclusion, Airo Energy’s revenue and net profit attributable to shareholders both showed significant year-on-year increases in Q1 2025. Additionally, the company’s gross margin, net profit margin, and ROE indicators exceeded the industry averages, showcasing its profitability resilience. Furthermore, Airo Energy’s ample cash flow, low asset-liability ratio, and less than 4% interest-bearing liability ratio indicate a healthy asset structure. The Q1 2025 report highlights that nearly 30% of Airo Energy’s circulating shares are held by new shareholders.

4. Over 1,100 Domestic and International Certifications, Products Sold in Over 110 Countries

As one of the few companies in the industry with integrated R&D capabilities for energy storage inverters and batteries, Airo Energy can mass-produce energy storage inverters and batteries, delivering complete home storage systems to customers. Currently, Airo Energy has developed a rich product line that meets various market demands. The company focuses on the energy storage sector, developing products with independent intellectual property rights and continuously expanding its product range. It offers multiple capacity energy storage batteries, including T58, T30, T45, and T63; various series of energy storage inverters, including X1-AC, X1-HybridG4, X1-FitG4, X3-HybridG4, X3-FitG4, J1-Hybrid, and A1-Hybrid, covering power ranges from 3.0 kW to 15.0 kW; and various series of energy storage all-in-one machines, such as the X-ESSG4.

Moreover, Airo Energy continues to expand its grid-tied inverter product line, currently possessing multiple series, including X1-MiniG3, X1-BoostG3, X1-Smart, X3-MicG2, X3-ProG2, X3-MegaG2, and X3-Forth, with rated AC outputs ranging from 0.6 kW to 150 kW. In 2024, based on iterative upgrades of existing products, Airo Energy actively promoted R&D and industrialization of new technologies, continuously enriching its product line. Targeting the commercial sector, Airo Energy launched the AELIO and TRENE series of commercial energy storage products, covering power ranges of 50-125 kW and battery capacities from 100 to 261 kWh, supporting the parallel operation of up to 10 systems. For ground power stations, Airo Energy introduced the X3-GRANDHV and C3-GRANDHV series, providing robust power coverage from 300 kW to 350 kW, efficiently adapting to various application scenarios, from large ground power stations to commercial grid projects.

Additionally, Airo Energy has introduced household low-voltage energy storage inverters, low-voltage energy storage batteries, micro-inverters, and several new products under development, including large-scale energy storage systems and heat pump products, continuously improving its product matrix and actively exploring new application scenarios. After years of accumulation, Airo Energy has secured over 1,100 domestic and international certifications, including international IEC certification, EU CE certification, US UL certification, Japan JIS certification, Japan JET certification, German VDE certification, Italian CEI certification, Indian BIS certification, and French UTE certification.

It is noteworthy that the residential energy storage market is primarily concentrated overseas, especially in regions such as Europe, the United States, and Australia. The overseas market is subject to stringent safety standards and complex certification processes, placing high demands on new entrants, with certification cycles also restricting their market entry speed. Airo Energy’s extensive product certifications not only enable its products to meet market access requirements in various countries but also enhance their recognition and brand trust in the market. With stable product quality, Airo Energy has received multiple awards and qualifications, including “Industry Champion in Manufacturing,” “Zhejiang Quality Products,” “Zhejiang Export Brand,” “Quality Excellence in China Award,” “Hangzhou Famous Brand Products,” and the “Hangzhou Government Quality Award.” Furthermore, Airo Energy was recognized as a “Top Brand in Inverters” and a “Top Brand in Energy Storage” by the renowned European research institution EuPD Research in Germany, Poland, Italy, Australia, the UK, and Greece.

Airo Energy has established a comprehensive market marketing network and product service system in developed countries such as the UK, US, Netherlands, Japan, and Germany. The company has set up subsidiaries in these regions to better serve overseas clients while continuously enhancing its market development, marketing, and service capabilities, enabling its products to reach the market more quickly and meet demand. Currently, Airo Energy’s products are sold in over 110 countries, with primary markets in developed countries like Germany, Italy, and the UK. The company has established partnerships with nearly 700 clients, including leading global photovoltaic module suppliers such as Hanwha Group, Europe’s leading photovoltaic industry provider Krannich, and the UK’s largest photovoltaic product supplier Segen, among other well-known enterprises, showcasing a rich client resource base. Europe is Airo Energy’s main overseas market, where its products are in high demand in the mid-to-high-end segment, demonstrating their competitive edge.

5. Over ¥1 Billion Invested in R&D Since 2022, 17 New Invention Patents Added in 2024

The photovoltaic storage industry is technology-intensive, particularly for household photovoltaic storage products, which require high integration, precision, and intelligence, necessitating market participants to possess solid technical reserves. Additionally, household photovoltaic storage products must meet various application demands from end users, requiring ongoing R&D and new product development. As a national high-tech enterprise and “Standard Company in Photovoltaic Manufacturing,” Airo Energy is committed to the photovoltaic storage field and drives product iteration through technological innovation. The company has assembled a research team with extensive experience and independent innovation capabilities. As of December 31, 2024, Airo Energy had 1,098 R&D personnel, accounting for 36.53% of the total workforce, with 959 individuals holding a bachelor’s degree or higher, representing 87.34% of the R&D team.

In terms of R&D investment, Airo Energy has consistently increased its R&D funding as part of its development strategy, establishing separate R&D centers in Hangzhou, Shenzhen, and Suzhou. From 2022 to Q1 2025, Airo Energy’s R&D investments were ¥151 million, ¥275 million, ¥481 million, and ¥132 million, totaling ¥1.039 billion. Through independent R&D, Airo Energy has mastered 23 core technologies, including power inductive coupling design, rapid grid connection power control technology, and multi-machine resonance suppression technology in weak grids. As of December 31, 2024, Airo Energy had obtained a total of 244 authorized patents, including 58 invention patents (of which 5 are overseas). In 2024, Airo Energy added 17 new invention patents, 40 utility model patents, 42 design patents, and 67 software copyrights. Notably, Airo Energy’s technical prowess stands out in several fields, including MPPT tracking technology, rapid grid connection power control technology, seamless switching technology between grid-connected and off-grid systems, and high-precision SOC estimation.

Furthermore, Airo Energy’s leading project, “Key Technologies and Industrialization of Grid-Friendly Intelligent Solar Storage Systems,” received the “First Class Award for Scientific and Technological Progress in Zhejiang Province” in 2020. The invention patent titled “Relay Control Method and Device for Grid-Tied Inverters” was awarded the “First Prize for Invention Patents” at the first Zhejiang Province Intellectual Property Awards in 2023. The “Household Photovoltaic Storage System” was recognized as a “National Manufacturing Single Champion” in 2023, and the “Key Technologies and Equipment for Efficient and High-Quality Power Supply of Distributed Solar Storage Integration Systems” won the “First Prize for Scientific and Technological Progress in the Machinery Industry of China” in 2024. Additionally, Airo Energy’s independently developed products, including “Household Lithium-Ion Energy Storage Batteries,” “Smart Integrated Solar Storage Systems,” “High-Power Three-Phase Energy Storage Inverters,” “Solar Storage All-in-One Systems,” and “Smart Solar Storage Grid-Tied Inverters,” have been recognized as first-of-their-kind products in key areas of Zhejiang Province’s equipment manufacturing industry by the Zhejiang Provincial Department of Economy and Information Technology and the Zhejiang Provincial Department of Finance. Seven products, including “High-Efficiency String Grid-Tied Inverters” suitable for distributed solar power plants, have received scientific and technological achievement registration certificates from the Zhejiang Provincial Department of Science and Technology, while the “Energy Storage All-in-One Machine” was recognized as the first major equipment technology and key component product in Hangzhou.

6. Conclusion

As global focus on sustainable development and climate change intensifies, the low-carbon transition has become an irreversible trend. Energy, as the cornerstone of modern societal development, is undergoing a significant shift from traditional fossil fuels to renewable energy sources. The combination of photovoltaic and energy storage technologies offers potential solutions to energy shortages, effectively driving progress toward global carbon neutrality targets. In Q1 2025, Airo Energy achieved notable increases in both revenue and net profit attributable to shareholders, indicating a recovery in performance compared to the previous year. Furthermore, Airo Energy’s key profitability metrics were all above industry averages, with a healthy asset structure and positive operational conditions that reflect resilience. With strong R&D capabilities, a diversified product matrix, extensive domestic and international product certifications, and a global sales network, Airo Energy has built a rich resource of clients. Especially in the mid-to-high-end European market, Airo Energy’s products have gained widespread recognition.