Slide 1: SolarEdge Technologies
SolarEdge Technologies Nasdaq l SEDG 6.6 MW Ground mount, Windach, Germany Installed by Feneco
Slide 2: Safe Harbor
Safe Harbor Use of Forward-Looking Statements and Non-GAAP Measures Statements contained in this presentation may contain forward-looking statements that are based on our management’s expectations, estimates, projections, beliefs and assumptions in accordance with information currently available to
Slide 3: Key Metrics Q1/2024
68.9K 1.1M Inverters Shipped Power Optimizers Shipped Key Metrics 128.1MW/h Q1/2024 Batteries CapacityShipped 0.9GW $204.4M SystemsShipped GAAPRevenues 3
Slide 4: First Quarter Financial Results
First Quarter Financial Results GAAP revenues of $204.4M Non-GAAP net loss* of $(108.6)M Revenues from solar segment of $190.1M GAAP net diluted loss per share of $(2.75) Revenues from energy storage and “all other” Non-GAAP net diluted loss per share* of $(1.90) segments of $14.1M Cash used in oper
Slide 5: Quarterly GAAP Financial Results
Quarterly GAAP Financial Results USD in millions* Q1 23 Q4 23 Q1 24 Revenues 943.9 316.0 204.4 Gross margin 31.8% (17.9%) (12.8%) Operating expenses 156.0 181.2 147.5 Operating income (loss) 144.2 (237.6) (173.7) Net income (loss) 138.4 (162.4) (157.3) Net diluted income (loss) per share 2.35 (2.85)
Slide 6: Quarterly Non-GAAP Financial Results
Quarterly Non-GAAP Financial Results** USD in millions* Q1 23 Q4 23 Q1 24 Revenues 943.7 315.8 204.2 Gross margin 32.6% 3.3% (6.5%) Operating expenses 123.6 118.3 109.2 Operating income (loss) 183.8 (107.8) (122.5) Net income (loss) 174.5 (52.5) (108.6) Net diluted income (loss) per share 2.90 (0.92
Slide 7: Units Shipped by Quarter
Units Shipped by Quarter Power Optimizers Inverters 6,674 329.7 334.6 6,441 315.3 6,123 5,724 5,531 264.5 273.9 5,215 228.4 211.1 3,266 2,192 73.7 68.9 1,071 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Units in thousands
Slide 8: Quarterly GAAP Revenues
Quarterly GAAP Revenues 991.3 943.9 725.3 316.0 204.4 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 In USD millions
Slide 9: Gross Margin by Quarter
Gross Margin by Quarter GAAP Non-GAAP* 31.8% 32.0% 32.6% 32.7% 3.5 3.0 19.7% 2.5 20.8% 2.0 1.5 1.0 3.3% 0.5 0.0 -0.5 (12.8%) (6.5%) -1.0 (17.9%) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 * Non-GAAP financial measures; see reconciliation in Appendix
Slide 10: Solar Segment Gross Margin by Quarter
Solar Segment Gross Margin by Quarter 35.0% 34.7% 24.0% 4.0% (3.5%) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 % of Revenues
Slide 11: Consolidated Operating Expenses by Quarter
Consolidated* Operating Expenses by Quarter GAAP Non-GAAP** 72.2% 53.5% 1.2% 15.1% 11.7% 57.3% 10.4% 37.5% 19.0% 14.8% 8.9% 11.0% 12.3% 9.9% 22.0% 17.6% 16.5% 16.8% 5.4% 13.1% 13.4% 4.5% 36.9% 27.0% 3.9% 3.7% 3.0% 2.8% 4.5% 5.6% 18.7% 4.3% 4.5% 23.7% 3.5% 3.6% 8.5% 8.7% 11.0% 6.6% 7.0% 8.7% (0.2%) Q
Slide 12: Consolidated Operating Income (loss) by Quarter
Consolidated* Operating Income (loss) by Quarter Non-GAAP** GAAP 183.8 191.0 144.2 150.4 23.1 (16.7) (173.7) (107.8) (122.5) (237.6) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 In USD millions * For purposes of this presentation, “consolidated” refers to solar, energy storage, and “a
Slide 13: Consolidated Net Income (loss) by Quarter
Consolidated* Net Income (loss) by Quarter GAAP Non-GAAP** 174.5 157.4 138.4 119.5 (31.0) (61.2) (52.5) (108.6) (162.4) (157.3) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 In USD millions * For purposes of this presentation, “consolidated” refers to solar, energy storage, and “all ot
Slide 14: Balance Sheet & Cash flow
Balance Sheet & Cash flow USD in millions Q1 23 Q4 23 Q1 24 Cash and investments 1,648.1 1,268.2 949.9 Total Debt 633.6 633.5 633.6 Cash and Investments Net of Debt 1,014.5 634.7 316.3 Inventory 874.2 1,443.4 1,549.1 Capital Expenditures, Net 38.1 40.7 25.9 Cash Flow From (used in) Operations 7.9 (1
Slide 15: Second Quarter Guidance
Second Quarter Guidance Revenues to be within the range of $250 million to $280 million Non-GAAP gross margin* expected to be within the range of negative 4% to 0%, including approximately 350 basis points of net IRA manufacturing tax credit Non-GAAP operating expenses* to be within the range of $11
Slide 16: Appendix
Appendix 5MW Floating PV, Mitzpe Ramon, Israel Installed by EnerT
Slide 17: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP Gross profit (loss) Three months ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Gross profit (GAAP) (26,187) (56,425) 142,817 317,305 300,126 Revenues from finance component (234) (230) (215
Slide 18: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP Operating expenses Three months ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Operating expenses (GAAP) 147,518 181,156 159,543 166,947 155,972 Stock-based compensation - R&D (17,139) (15,9
Slide 19: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP Financial income (expense), net Three months ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Financial income (expense), net (GAAP) (7,064) 22,055 (7,901) 3,384 23,674 Non cash interest expen
Slide 20: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP Net income (loss) Three months ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 (157,311) (162,383) (61,176) 119,510 138,378 Net income (loss) (GAAP) (234) (230) (215) (202) (187) Revenues fro
Slide 21: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP Net basic earnings (loss) Three months ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Net basic earnings (loss) per share (GAAP) (2.75) (2.85) (1.08) 2.12 2.46 Revenues from finance componen
Slide 22: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP Net diluted earnings (loss) per share Three months ended March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Net diluted earnings (loss) per share (GAAP) (2.75) (2.85) (1.08) 2.03 2.35 Revenues from fi
Slide 23: Thank you
Thank you 13MW Floating PV, Wu Shan Tou Reservoir, Tainan City, Taiwan Installed by Star Energy