Press release
SolarEdge Announces Third Quarter 2022 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, 2022.\n\nThird Quarter 2022 Highlights\n\n\nRecord revenues of $836.7 million\n\n\nRecord revenues from solar segment of $788.6 million\n\n\nGAAP gross margin of 26.5%\n\n\nNon-GAAP gross margin of 27.3%\n\n\nGross margin from solar segment of 28.3%\n\n\nRecord GAAP operating profit of $84.4 million\n\n\nRecord non-GAAP operating profit of $120.2 million\n\n\nGAAP net income of $24.7 million\n\n\nNon-GAAP net income of $54.1 million\n\n\nGAAP net diluted earnings per share (“EPS”) of $0.43\n\n\nNon-GAAP net diluted EPS of $0.91\n\n\n2.7 Gigawatts (AC) of inverters shipped\n\n\n320.7 MWh of batteries shipped\n\n\n“We are pleased with our third quarter results, setting new revenue and operating profit records. The results reflect extremely strong momentum in Europe where our revenues grew 90% compared to the same quarter last year,” said Zvi Lando, Chief Executive Officer of SolarEdge. “This quarter we increased production and were able to ship more units while increasing our operational efficiency and returning to a growth trajectory for our gross margins. We believe that the continued increase in manufacturing capacity in our existing manufacturing lines combined with our plans to establish a manufacturing footprint in the U.S. will allow us to capitalize on the strong demand we are experiencing globally.”\n\nThird Quarter 2022 Summary\n\nThe Company reported record revenues of $836.7 million, up 15% from $727.8 million in the prior quarter and up 59% from $526.4 million in the same quarter last year.\n\nRevenues from the solar segment were record $788.6 million, up 15% from $687.6 million in the prior quarter and up 65% from $476.8 million in the same quarter last year.\n\nGAAP gross margin was 26.5%, up from 25.1% in the prior quarter and down from 32.8% in the same quarter last year.\n\nNon-GAAP gross margin was 27.3%, up from 26.7% in the prior quarter and down from 34.0% in the same quarter last year.\n\nGross margin from the solar segment was 28.3%, up from 28.1% in the prior quarter and down from 36.6% in the same quarter last year.\n\nGAAP operating expenses were $137.6 million, down 6% from $146.6 million in the prio...