Press release
SolarEdge Announces Third Quarter 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 third quarter ended September 30, 2021.\n\nThird Quarter 2021 Highlights\n\n\nRecord revenues of $526.4 million\n\n\nRecord revenues from solar segment of $476.8 million\n\n\nGAAP gross margin of 32.8%\n\n\nNon-GAAP gross margin of 34.0%\n\n\nGross margin from solar segment of 36.6%\n\n\nGAAP net income of $53.0 million\n\n\nNon-GAAP net income of $82.1 million\n\n\nGAAP net diluted earnings per share (“EPS”) of $0.96\n\n\nNon-GAAP net diluted EPS of $1.45\n\n\n1.9 Gigawatts (AC) of inverters shipped\n\n\n“We are pleased with our record revenues in the third quarter amid the unprecedented global logistics and supply chain challenges,” said Zvi Lando, Chief Executive Officer of SolarEdge. “Despite a twelve week covid-related shutdown in our Vietnam manufacturing facility during the quarter, we were able to supply products to meet the growing demand of our customers. We are exiting the third quarter with record backlog for the fourth quarter of 2021 and the first quarter of 2022 and will continue navigating the various challenges in order to support our customers’ businesses.”\n\nThird Quarter 2021 Summary\n\nThe Company reported revenues of $526.4 million, up 10% from $480.1 million in the prior quarter and up 56% from $338.1 million in the same quarter last year.\n\nRevenues from the solar segment were $476.8 million, up 11% from $431.4 million in the prior quarter and up 53% from $312.5 million in the same quarter last year.\n\nGAAP gross margin was 32.8%, up from 32.5% in the prior quarter and up from 32.0% in the same quarter last year.\n\nNon-GAAP gross margin was 34.0%, up from 33.9% in the prior quarter and up from 33.5% in the same quarter last year.\n\nGross margin from the solar segment was 36.6%, down from 37.4% in the prior quarter and up from 34.8% in the same quarter last year.\n\nGAAP operating expenses were $106.1 million, up 5% from $100.6 million in the prior quarter and up 37% from $77.7 million in the same quarter last year.\n\nNon-GAAP operating expenses were $83.8 million, up 3% from $81.5 million in the prior quarter and up 33% from $63.2 million in the same quarter last year.\n\nGAAP operating income was $66.4 million, up 20% from $55.6...