SolarEdge Announces First Quarter 2020 Financial Results

About this update from Solaredge Technologies, Inc.

[{"type":"text","content":" FREMONT, Calif.--(BUSINESS WIRE)--\nSolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy, today announced its financial results for the first quarter ended March 31, 2020.\n\n\nFirst Quarter 2020 Highlights \n\n\n\nRecord revenues of $431.2 million\n\n\nRecord revenues from solar products of $407.6 million\n\n\nGAAP gross margin of 32.5%\n\n\nGAAP gross margin from sale of solar products of 34.6%\n\n\nNon-GAAP gross margin from sale of solar products of 35.0%\n\n\nGAAP net income of $42.2 million\n\n\nNon-GAAP net income of $50.7 million\n\n\nGAAP net diluted earnings per share (“EPS”) of $0.81\n\n\nNon-GAAP net diluted EPS of $0.95\n\n\nRecord 1.85 Gigawatts (AC) of inverters shipped\n\n\n\n“The first quarter of 2020 was an exceptional one with record revenues of more than $430 million,” said Zvi Lando, CEO of SolarEdge. “Despite the challenges triggered by COVID-19 during the quarter, we were able to get products to our customers and satisfy demand. At present, despite many government enforced shut downs, our employees continue to work and operate our business, without any significant interruptions. We are proud of and thankful to our employees who are working relentlessly in this period and to our customers for their continued loyalty. We are confident that our financial strength, technological leadership and global presence will enable us to come out of this uniquely challenging period even stronger.”\n\n\nFirst Quarter 2020 Summary \n\n\nThe Company reported record revenues of $431.2 million, up 3% from $418.2 million in the prior quarter and up 59% from $271.9 million in the same quarter last year.\n\n\nRecord revenues related to the solar business were $407.6 million, up 5% from $389.0 million in the prior quarter and up 61% from $253.1 million in the same quarter last year.\n\n\nGAAP gross margin was 32.5%, down from 34.3% in the prior quarter and up from 31.7% year over year.\n\n\nNon-GAAP gross margin was 33.6%, down from 35.5% in the prior quarter and up from 32.8% year over year.\n\n\nGAAP gross margin for the solar business was 34.6%, down from 37.3% in the prior quarter and up from 33.8% year over year.\n\n\nNon-GAAP gross margin for the solar business was 35.0%, down from 37.8% in the prior quarter and up from 34.3% year over year.\n\n\nGAAP operating expenses were $72.2 million, down 22% ...

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