Press release
SolarEdge Announces Fourth Quarter and Full Year 2021 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 and full year ended December 31, 2021.\n\nFourth Quarter 2021 Highlights\n\n\nRecord revenues of $551.9 million\n\n\nRecord revenues from solar segment of $502.7 million\n\n\nGAAP gross margin of 29.1%\n\n\nNon-GAAP gross margin of 30.3%\n\n\nGross margin from solar segment of 32.8%\n\n\nGAAP net income of $41.0 million\n\n\nNon-GAAP net income of $62.8 million\n\n\nGAAP net diluted earnings per share (“EPS”) of $0.74\n\n\nNon-GAAP net diluted EPS of $1.10\n\n\n1.92 Gigawatts (AC) of inverters shipped\n\n\nFull Year 2021 Highlights\n\n\nRecord revenues of $1.96 billion, up 34.6% year over year from 2020\n\n\nRecord revenues from solar segment of $1.79 billion\n\n\nGAAP gross margin of 32.0%\n\n\nNon-GAAP gross margin of 33.5%\n\n\nGross margin from solar segment of 36.4%\n\n\nRecord GAAP net income of $169.2 million\n\n\nRecord Non-GAAP net income of $272.9 million\n\n\nRecord GAAP net diluted earnings per share (“EPS”) of $3.06\n\n\nRecord Non-GAAP net diluted EPS of $4.81\n\n\n7.2 Gigawatts (AC) of inverters shipped\n\n\n“We are ending 2021 with record revenues for the quarter and for the year,” said Zvi Lando, Chief Executive Officer of SolarEdge. “The global demand for solar energy across all segments and geographies is extremely strong and generating unprecedented demand for our products. In particular, we are excited about the strong momentum of the commercial market and the increasing rate of adoption of our innovative technology within this segment. Our focus is to ensure customers have the products they need to execute their projects and we are enabling this by ramping production in multiple sites and navigating supply chain and logistic challenges.”\n\nFourth Quarter 2021 Summary\n\nThe Company reported revenues of $551.9 million, up 5% from $526.4 million in the prior quarter and up 54% from $358.1 million in the same quarter last year.\n\nRevenues from the solar segment were $502.7 million, up 5% from $476.8 million in the prior quarter and up 54% from $327.1 million in the same quarter last year.\n\nGAAP gross margin was 29.1%, down from 32.8% in the prior quarter and down from 30.8% in the same quarter last year.\n\nNon-GAAP gross...