SMA remains profitable, unlike nearly all cell and module producers, hauling in a net profit of €81m ($103m) during the first three quarters of the year, compared to €126.4m in the corresponding period in 2011. Sales through the first nine months were essentially flat on last year, at €1.2bn ($1.5bn).

Acknowledging that global revenues for makers of PV inverters – of which SMA is the leader – are likely to stagnate or fall next year on sharper competition, SMA is focused intensely on developing products targeting the post-shakeout period of solar energy.

Although