I personally believe that in the future solar energy will take a large part of the energy market, and most of our daily tools will use this energy. Perhaps the transition from fossil fuels to new energy methods is sluggish, but little by little it has gained territory. Investing in this innovative and booming sector undoubtedly presents us with good opportunities for very good returns. Here are three solar stocks to make you rich that are worth analyzing.
Array Technologies (ARRY)
Array Technologies (NASDAQ:ARRY) is a leading solar company specializing in cutting-edge solar tracking solutions. This technology acts as the brains behind solar panels, helping them track the sun for maximum energy production.
Why is it so interesting for investors? Well, its recent financial results are quite impressive. In the second quarter of 2023, they posted revenues of $507.7 million and a profit of $52 million. Their adjusted EBITDA, a measure of financial health, came in at $115.6 million, indicating great stability. What is even more promising is the success of their contracts. As of June 2023, they had won contracts and orders totaling $1.7 billion. This is a clear sign that their technology is in high demand.
Let’s now talk about their latest moves. They have partnered with steelmaker Steel Dynamics (NASDAQ:STLD) to secure a steady supply of steel coils for their projects in the United States. This partnership focuses on efficiency and local job growth, highlighting Array’s commitment to U.S. manufacturing. In addition, the expansion of its partnership with Extruded Aluminum Corporation ( ) is all about sustainability. Michigan-based EAC will supply Array with recyclable aluminum profiles, including structural clamps. This collaboration supports both a greener supply chain and economic development in Michigan.
Enphase Energy (ENPH)
Enphase Energy (NASDAQ:ENPH) is a global energy technology company that has emerged as a leader in microinverter-based solar and battery systems. Its latest creation, the IQ Combiner 3P, is changing the game in 9 European countries by dramatically simplifying the installation of solar power and storage systems in homes. This product brings all the connection components together in a single box, which not only saves time, but also ensures an efficient and reliable solar power and storage system.
What makes Enphase a promising choice for investors is their impressive financial performance in Q2 2023. They reported quarterly revenues of $711.1 million and solid gross margins in both GAAP and non-GAAP. Their commitment to quality and innovation is reflected in products that simplify installers’ lives and empower homeowners to control their energy consumption.
Importantly, they not only seek financial growth, but also care about the environment by offering more efficient solutions. Consumers can monitor and manage their systems through the Enphase app, allowing them to reduce their dependence on the grid and take advantage of cheaper electricity rates.
Canadian Solar (CSIQ)
Canadian Solar (NASDAQ:CSIQ) is a leader in the exciting world of solar energy. Their core business focuses on developing, manufacturing and distributing solar panels and related systems.
Why should you consider investing in them? Well, here are a few compelling reasons. First, they’re enjoying an incredibly strong financial performance. In the first quarter of 2023, they achieved a record $170 million in net income. They are also shipping more solar panels than ever before, up 62% from the previous year. This means their demand is on the rise, which bodes well for any company. They are also generating healthy revenues and profits, with net income up 39% and gross profit up 39% quarter over quarter.
Canadian Solar is also innovative. They recently launched the EP Cube Lite, an energy storage solution that is more affordable, which means more people can access solar power. This shows that they are attentive to the changing needs of the market and consumers.
As of this writing, Gabriel Osorio-Mazzilli did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.