Press release
SolarEdge Announces Second Quarter 2020 Financial Results
FREMONT, 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":" FREMONT, Calif.--(BUSINESS WIRE)--\nSolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the second quarter ended June 30, 2020.\n\n\nSecond Quarter 2020 Highlights \n\n\n\nRevenues of $331.9 million\n\n\nRevenues from solar products of $310.1 million\n\n\nGAAP gross margin of 31.0%\n\n\nGAAP gross margin from sale of solar products of 33.1%\n\n\nNon-GAAP gross margin from sale of solar products of 33.8%\n\n\nGAAP net income of $36.7 million\n\n\nNon-GAAP net income of $52.1 million\n\n\nGAAP net diluted earnings per share (“EPS”) of $0.70\n\n\nNon-GAAP net diluted EPS of $0.97\n\n\n1.44 Gigawatts (AC) of inverters shipped\n\n\n\n“This quarter, despite the challenges caused by COVID 19, we maintained healthy profitability while generating cash from operating activity,” said Zivi Lando, CEO of SolarEdge. “Our global strength, and in particular our loyal customer base in the Netherlands, Germany, Italy and Australia, softened the decline in U.S. demand this past quarter. While the pandemic has created many operational challenges, I am confident in our financial strength and grateful for the trust of our customers and dedication of our employees which enable us to continue to focus on product innovation and execution of our long term plans even in these challenging times.”\n\n\nSecond Quarter 2020 Summary \n\n\nThe Company reported revenues of $331.9 million, down 23% from $431.2 million in the prior quarter and up 2% from $325.0 million in the same quarter last year.\n\n\nRevenues related to the solar business were $310.1 million, down 24% from $407.6 million in the prior quarter and up 1% from $306.7 million in the same quarter last year.\n\n\nGAAP gross margin was 31.0%, down from 32.5% in the prior quarter and down from 34.1% year over year.\n\n\nNon-GAAP gross margin was 32.4%, down from 33.6% in the prior quarter and down from 35.7% year over year.\n\n\nGAAP gross margin for the solar business was 33.1%, down from 34.6% in the prior quarter and down from 36.4% year over year.\n\n\nNon-GAAP gross margin for the solar business was 33.8%, down from 35.0% in the prior quarter and down from 36.9% year over year.\n\n\nGAAP operating expenses were $73.0 million, up 1% from $72.2 million in the prior quarter and up 12% from $65.3 million in the same quarte...