Press release
SolarEdge Announces Second Quarter 2024 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, 2024.\n\n\nSecond Quarter 2024 Highlights\n\n\n\nRevenues of $265.4 million\n\n\n\nRevenues from solar segment of $241.2 million\n\n\n\nGAAP gross margin of negative 4.1%\n\n\n\nNon-GAAP gross margin1 of 0.2%, including 330 basis points of net IRA benefit\n\n\n\nGross margin from solar segment of 1.3%\n\n\n\nGAAP operating loss of $160.2 million\n\n\n\nNon-GAAP operating loss1 of $114.3 million\n\n\n\nGAAP net loss of $130.8 million\n\n\n\nNon-GAAP net loss1 of $101.2 million\n\n\n\nGAAP net loss per share of $2.31\n\n\n\nNon-GAAP net loss per share1 of $1.79\n\n\n\n873 Megawatts (AC) of inverters shipped\n\n\n\n128 MWh of batteries for PV applications shipped\n\n\n\n“We are encouraged by our second quarter top line results which saw sequential revenue growth of 30% and an 18% growth in sell through of our solar products by our distributor customers,” said Zvi Lando, Chief Executive Officer of SolarEdge. “While we expect undershipping to continue in the third quarter, we believe the momentum in our underlying business and the actions we are taking to gain market share and address new growth segments will enable a return to higher revenue levels once inventories are cleared in the first half of 2025.”\n\n\nSecond Quarter 2024 Summary\n\n\nThe Company reported revenues of $265.4 million, up 30% from $204.4 million in the prior quarter and down 73% from $991.3 million in the same quarter last year.\n\n\nRevenues from the solar segment were $241.2 million, up 27% from $190.1 million in the prior quarter and down 75% from $947.4 million in the same quarter last year.\n\n\nGAAP gross margin was negative 4.1%, compared to negative 12.8% in the prior quarter and compared to 32.0% in the same quarter last year.\n\n\nNon-GAAP gross margin1 was 0.2%, compared to non-GAAP gross margin of negative 6.5% in the prior quarter and compared to 32.7% in the same quarter last year.\n\n\nGross margin from the solar segment was 1.3%, compared to negative 3.5% in the prior quarter and compared to 34.7% in the same quarter last year.\n\n\nGAAP operating expenses were $149.2 million, up 1% from $147.5 million in the prior quarter and down 11% from $166.9...