Press release
SolarEdge Announces Fourth Quarter 2022 and Full Year 2022 Financial Results
MILPITAS, Calif.--(BUSINESS WIRE)-- SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial
About this update from Solaredge Technologies, Inc.
[{"type":"text","content":" MILPITAS, Calif.--(BUSINESS WIRE)--\nSolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the fourth quarter 2022 and full year ended December 31, 2022.\n\nFourth Quarter 2022 Highlights\n\n\nRecord revenues of $890.7 million\n\n\nRecord revenues from solar segment of $837.0 million\n\n\nGAAP gross margin of 29.3%\n\n\nNon-GAAP gross margin of 30.2%\n\n\nGross margin from solar segment of 32.4%\n\n\nGAAP operating loss of $5.2 million\n\n\nRecord non-GAAP operating profit of $149.6 million\n\n\nGAAP net income of $20.8 million\n\n\nRecord non-GAAP net income of $171.5 million\n\n\nGAAP net diluted earnings per share (“EPS”) of $0.36\n\n\nRecord non-GAAP net diluted EPS of $2.86\n\n\n3.14 Gigawatts (AC) of inverters shipped\n\n\n217.6 MWh of batteries shipped\n\n\nFull Year 2022 Highlights\n\n\nRecord revenues of $3.11 billion, up 58% year over year from 2021\n\n\nRecord revenues from solar segment of $2.92 billion, up 63% year over year from 2021\n\n\nGAAP gross margin of 27.2%\n\n\nNon-GAAP gross margin of 28.2%\n\n\nGross margin from solar segment of 29.8%\n\n\nGAAP net income of $93.8 million\n\n\nRecord Non-GAAP net income of $351.2 million\n\n\nGAAP net diluted earnings per share (“EPS”) of $1.65\n\n\nRecord Non-GAAP net diluted EPS of $5.95\n\n\n10.5 Gigawatts (AC) of inverters shipped\n\n\n889 MWh of batteries shipped\n\n\n“We are pleased with our fourth quarter results that conclude a challenging yet very successful year. The global economic and geopolitical events coupled with post pandemic dynamics created an unprecedented demand for solar energy in general and our products in particular,” said Zvi Lando, Chief Executive Officer of SolarEdge. “I am proud that our extraordinary global team of employees was able to overcome the hurdles we faced and conclude a record year in almost every element of our operations. We are excited about the opportunities of the year ahead and expect to continue our profitable growth momentum.”\n\nFourth Quarter 2022 Summary\n\nThe Company reported record revenues of $890.7 million, up 6% from $836.7 million in the prior quarter and up 61% from $551.9 million in the same quarter last year.\n\nRevenues from the solar segment were a record $837.0 million, up 6% from $788.6 million in the prior quarter and up 66% fro...