Press release
SolarEdge Announces Second Quarter 2023 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 second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Highlights\n\n\n\nRecord revenues of $991.3 million\n\n\n\nRecord revenues from solar segment of $947.4 million\n\n\n\nGAAP gross margin of 32.0%\n\n\n\nNon-GAAP gross margin* of 32.7%\n\n\n\nGross margin from solar segment of 34.7%\n\n\n\nRecord GAAP operating income of $150.4 million\n\n\n\nRecord non-GAAP operating income* of $191.0 million\n\n\n\nGAAP net income of $119.5 million\n\n\n\nNon-GAAP net income* of $157.4 million\n\n\n\nGAAP net diluted earnings per share (“EPS”) of $2.03\n\n\n\nNon-GAAP net diluted EPS* of $2.62\n\n\n\nRecord 4.3 Gigawatts (AC) of inverters shipped\n\n\n\n269 MWh of batteries shipped\n\n\n\n“We are pleased with our results for the second quarter, in particular our strong performance in Europe in both the residential and commercial solar segments. While the U.S. residential solar market is currently seeing some headwinds primarily related to higher interest rates, we are navigating through this period by leveraging our geographic and multi-segment strengths in the solar markets and expect to benefit from the positive long-term outlook for this sector,” said Zvi Lando, Chief Executive Officer of SolarEdge.\n\n\nSecond Quarter 2023 Summary\n\n\nThe Company reported record revenues of $991.3 million, up 5% from $943.9 million in the prior quarter and up 36% from $727.8 million in the same quarter last year.\n\n\nRevenues from the solar segment were a record $947.4 million, up 4% from $908.5 million in the prior quarter and up 38% from $687.6 million in the same quarter last year.\n\n\nGAAP gross margin was 32.0%, up from 31.8% in the prior quarter and up from 25.1% in the same quarter last year.\n\n\nNon-GAAP gross margin* was 32.7%, up slightly from 32.6% in the prior quarter and up from 26.7% in the same quarter last year.\n\n\nGross margin from the solar segment was 34.7%, down slightly from 35.0% in the prior quarter and up from 28.1% in the same quarter last year.\n\n\nGAAP operating expenses were $166.9 million, up 7% from $156.0 million in the prior quarter and up 14% from $146.6 million in the same quarter last year.\n\n\nNon-GAAP operating expenses* were $133.3...