SolarEdge Announces Fourth Quarter and Full Year 2019 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 fourth quarter and year ended December 31, 2019.\n\n\nFourth Quarter 2019 Highlights \n\n\n\nRecord revenues of $418.2 million\n\n\nRecord revenues from solar products of $389.0 million\n\n\nGAAP gross margin of 34.3%\n\n\nGAAP gross margin from sale of solar products of 37.3%\n\n\nNon-GAAP gross margin from sale of solar products of 37.8%\n\n\nRecord GAAP net income of $52.8 million\n\n\nRecord Non-GAAP net income of $87.4 million\n\n\nRecord GAAP net diluted earnings per share (“EPS”) of $1.03\n\n\nRecord Non-GAAP net diluted EPS of $1.65\n\n\n1.6 Gigawatts (AC) of inverters shipped\n\n\n\nFull Year 2019 Highlights\n\n\n\nRevenues of $1.43 billion\n\n\nRevenues from solar products of $1.34 billion\n\n\nGAAP gross margin of 33.6%\n\n\nGAAP gross margin from sale of solar products of 35.8%\n\n\nNon-GAAP gross margin from sale of solar products of 36.2%\n\n\nGAAP net income of $146.5 million\n\n\nNon-GAAP net income of $233.2 million\n\n\nGAAP net diluted earnings per share (“EPS”) of $2.90\n\n\nNon-GAAP net diluted EPS of $4.44\n\n\n5.6 Gigawatts (AC) of inverters shipped\n\n\n\n“We are pleased to conclude another very successful year with revenues growth of over 50% in 2019 most of which was generated by our solar business. We also announce a non-GAAP net profit growth of over 48%,” said Zvi Lando, CEO of SolarEdge. “This year, we continued to expand our solar business and also made significant investments in our acquired businesses that open new opportunities for us to expand our product offerings into adjacent segments and leverage our highly talented technological teams to become leaders in those markets.”\n\n\nFourth Quarter 2019 Summary \n\n\nThe Company reported record revenues of $418.2 million, up 2% from $410.6 million in the prior quarter and up 59% from $263.7 million in the same quarter last year.\n\n\nRevenues related to the solar business were $389.0 million, modestly up from $387.8 million in the prior quarter and up 60% from $243.4 million in the same quarter last year.\n\n\nGAAP gross margin was 34.3%, up from 33.9% in the prior quarter and up from 30.2% year over year.\n\n\nNon-GAAP gross margin was 35.5%, up from 35.1% in the prior quarter and up from...

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