Slide 1: SolarEdge Technologies
SolarEdge Technologies Nasdaq l SEDG
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 Q2/2024
65.8K 2.0M Inverters Shipped Power Optimizers Shipped Key Metrics 128.4MW/h Q2/2024 Batteries CapacityShipped 0.9GW $265.4M Systems Shipped GAAP Revenues 3
Slide 4: Second Quarter Financial Results
Second Quarter Financial Results GAAP revenues of $265.4M Non-GAAP net loss* of $(101.2)M Revenues from solar segment of $241.2M GAAP net diluted loss per share of $(2.31) Revenues from energy storage and “all other” Non-GAAP net diluted loss per share* of $(1.79) segments of $23.9M Cash used in ope
Slide 5: Quarterly GAAP Financial Results
Quarterly GAAP Financial Results USD in millions* Q2 23 Q1 24 Q2 24 Revenues 991.3 204.4 265.4 Gross margin 32.0% (12.8%) (4.1%) Operating expenses 166.9 147.5 149.2 Operating income (loss) 150.4 (173.7) (160.2) Net income (loss) 119.5 (157.3) (130.8) Net diluted income (loss) per share 2.03 (2.75)
Slide 6: Quarterly Non-GAAP Financial Results
Quarterly Non-GAAP Financial Results** USD in millions* Q2 23 Q1 24 Q2 24 Non-GAAP revenues 991.1 204.2 265.2 Non-GAAP gross margin 32.7% (6.5%) 0.2% Non-GAAP operating expenses 133.3 109.2 114.8 Non-GAAP operating income (loss) 191.0 (122.5) (114.3) Non-GAAP net income (loss) 157.4 (108.6) (101.2)
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 5,531 273.9 5,215 264.5 228.4 3,266 2,192 2,002 73.7 68.9 65.8 1,071 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Units in thousands
Slide 8: Quarterly GAAP Revenues
Quarterly GAAP Revenues 991.3 725.3 316.0 265.4 204.4 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 In USD millions
Slide 9: Gross Margin by Quarter
Gross Margin by Quarter GAAP Non-GAAP* 32.0% 32.7% 3.5 3.0 19.7% 2.5 20.8% 2.0 1.5 1.0 3.3% 0.5 0.2% (4.1%) 0.0 -0.5 (12.8%) (6.5%) -1.0 (17.9%) Q2-24 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 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 34.7% 24.0% 4.0% 1.3% (3.5%) Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 % 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% 56.2% 43.3% 0.4% 10.4% 37.5% 14.7% 12.2% 19.0% 8.9% 14.8% 11.0% 15.1% 11.8% 9.9% 12.3% 22.0% 17.6% 16.8% 5.4% 13.4% 4.5% 36.9% 27.0% 3.7% 2.8% 4.5% 5.6% 26.1% 18.7% 19.3% 4.5% 23.7% 3.6% 8.7% 11.0% 7.0% 8.
Slide 12: Consolidated Operating Income (loss) by Quarter
Consolidated* Operating Income (loss) by Quarter Non-GAAP** GAAP 191.0 150.4 23.1 (16.7) (160.2) (107.8) (173.7) (114.3) (122.5) (237.6) Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 In USD millions * For purposes of this presentation, “consolidated” refers to solar, energy storage, an
Slide 13: Consolidated Net Income (loss) by Quarter
Consolidated* Net Income (loss) by Quarter GAAP Non-GAAP** 157.4 119.5 (31.0) (61.2) (52.5) (108.6) (101.2) (130.8) (162.4) (157.3) Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 In USD millions * For purposes of this presentation, “consolidated” refers to solar, energy storage, and “al
Slide 14: Balance Sheet & Cash flow
Balance Sheet & Cash flow USD in millions Q2 23 Q1 24 Q2 24 Cash and investments 1,487.0 949.9 813.9 Total Debt 633.5 633.6 648.6 Cash and Investments Net of Debt 853.5 316.3 165.3 Inventory 984.2 1,549.1 1,505.1 Capital Expenditures, Net 45.3 25.9 21.6 Cash Flow From (used in) Operations (88.7) (21
Slide 15: Third Quarter Guidance
Third Quarter Guidance Revenues to be within the range of $260 million to $290 million Non-GAAP gross margin* expected to be within the range of negative 3% to positive 1%, including approximately 560 basis points of net IRA manufacturing tax credit Non-GAAP operating expenses* to be within the rang
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 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Gross profit (loss) (GAAP) (10,969) (26,187) (56,425) 142,817 317,305 Revenues from finance component (246) (23
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 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Operating expenses (GAAP) 149,213 147,518 181,156 159,543 166,947 Stock-based compensation - R&D (17,639) (17,13
Slide 19: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP
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 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Net income (loss) (GAAP) (130,818) (157,311) (162,383) (61,176) 119,510 Revenues from finance component (246) (23
Slide 21: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Reconciliation of GAAP to Non-GAAP Net basic earnings (loss) per share Three months ended June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Net basic earnings (loss) per share (GAAP) (2.31) (2.75) (2.85) (1.08) 2.12 Revenues from finan
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 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Net diluted earnings (loss) per share (GAAP) (2.31) (2.75) (2.85) (1.08) 2.03 Revenues from f
Slide 23: Thank you
Thank you solar