Press release
SolarEdge Announces Third 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 third quarter ended September 30, 2020.\n\nThird Quarter 2020 Highlights \n\n\nRevenues of $338.1 million\n\n\nRevenues from solar products of $312.5 million\n\n\nGAAP gross margin of 32.0%\n\n\nGAAP gross margin from sale of solar products of 34.1%\n\n\nNon-GAAP gross margin from sale of solar products of 34.8%\n\n\nGAAP net income of $43.8 million\n\n\nNon-GAAP net income of $65.9 million\n\n\nGAAP net diluted earnings per share (“EPS”) of $0.83\n\n\nNon-GAAP net diluted EPS of $1.21\n\n\n1.45 Gigawatts (AC) of inverters shipped\n\n\n“Our third quarter results reflect significant growth in Europe, despite the current economic slowdown caused by the global pandemic,” said Zivi Lando, CEO of SolarEdge. “Our solar business outside the U.S. reached an all-time high and the U.S. market is showing signs of return to pre-pandemic installation levels. In our non-solar business, our e-Mobility team is gearing up to deliver to our customer the first significant batch of full powertrain solutions for assembly in electric vehicles in the fourth quarter. In addition to continuing to generate significant cash from operations this quarter, we raised $618 million, net of expenses, in convertible debt providing additional support for our continued organic and non-organic growth.”\n\nThird Quarter 2020 Summary \n\nThe Company reported revenues of $338.1 million, up 2% from $331.9 million in the prior quarter and down 18% from $410.6 million in the same quarter last year.\n\nRevenues related to the solar business were $312.5 million, up 1% from $310.1 million in the prior quarter and down 19% from $387.8 million in the same quarter last year.\n\nGAAP gross margin was 32.0%, up from 31.0% in the prior quarter and down from 33.9% year over year.\n\nNon-GAAP gross margin was 33.5%, up from 32.4% in the prior quarter and down from 35.1% year over year.\n\nGAAP gross margin for the solar business was 34.1%, up from 33.1% in the prior quarter and down from 35.0% year over year.\n\nNon-GAAP gross margin for the solar business was 34.8%, up from 33.8% in the prior quarter and down from 35.4% year over year.\n\nGAAP operating expenses were $77.7 million, up 6% from $73.0 million in the...