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Last updateMon, 05 Dec 2022 5pm
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SolarEdge Announces Third Quarter 2022 Financial Results

SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the third quarter ended September 30, 2022.

Third Quarter 2022 Highlights

Record revenues of $836.7 million
Record revenues from solar segment of $788.6 million
GAAP gross margin of 26.5%
Non-GAAP gross margin of 3%
Gross margin from solar segment of 3%
Record GAAP operating profit of $84.4 million
Record non-GAAP operating profit of $120.2 million
GAAP net income of $24.7 million
Non-GAAP net income of $1 million
GAAP net diluted earnings per share (“EPS”) of $43
Non-GAAP net diluted EPS of $91
7 Gigawatts (AC) of inverters shipped
7 MWh of batteries shipped

“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.”

Third Quarter 2022 Summary

The 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.

Revenues 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.

GAAP gross margin was 26.5%, up from 25.1% in the prior quarter and down from 32.8% in the same quarter last year.

Non-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.

Gross 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.

GAAP operating expenses were $137.6 million, down 6% from $146.6 million in the prior quarter and up 30% from $106.1 million in the same quarter last year.

Non-GAAP operating expenses were $108.3 million, down 1% from $109.6 million in the prior quarter and up 29% from $83.8 million in the same quarter last year.

GAAP operating income was $84.4 million, up 134% from $36.0 million in the prior quarter and up 27% from $66.4 million in the same quarter last year.

Non-GAAP operating income was $120.2 million, up 42% from $84.7 million in the prior quarter and up 26% from $95.2 million in the same quarter last year.

GAAP net income was $24.7 million, up 64% from $15.1 million in the prior quarter and down 53% from $53.0 million in the same quarter last year.

Non-GAAP net income was $54.1 million, down 5% from $56.7 million in the prior quarter and down 34% from $82.1 million in the same quarter last year.

GAAP net diluted EPS was $0.43, up from $0.26 in the prior quarter and down from $0.96 in the same quarter last year.

Non-GAAP net diluted EPS was $0.91, down from $0.95 in the prior quarter and down from $1.45 in the same quarter last year.

Cash flow from operating activities was $5.6 million, down from $77.4 million in the prior quarter and down from $61.8 million in the same quarter last year.

As of September 30, 2022, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $937.6 million, net of debt, compared to $973.3 million on June 30, 2022.

Outlook for the Fourth Quarter 2022

The Company also provides guidance for the fourth quarter ending December 31, 2022 as follows:

Revenues to be within the range of $855 million to $885 million
Non-GAAP gross margin expected to be within the range of 27% to 30%
Non-GAAP operating profit to be within the range of $115 million to $135 million
Revenues from the solar segment to be within the range of $810 million to $840 million
Gross margin from the solar segment expected to be within the range of 28% to 31%

www-solaredge.com

 

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