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Jun 30, 2023
SolarEdge Q2 2023 Earnings Report
SolarEdge's Q2 2023 financial performance was marked by record revenues and operating income, driven by strong European performance, while navigating headwinds in the U.S. residential solar market.
Key Takeaways
SolarEdge Technologies reported record revenues of $991.3 million, a 36% increase year-over-year, and a GAAP EPS of $2.03. The company saw record GAAP operating income of $150.4 million and a record 4.3 Gigawatts of inverters shipped. While the U.S. residential solar market is facing challenges, SolarEdge is leveraging its global presence and multi-segment strengths to navigate these headwinds.
Record revenues of $991.3 million, up 36% year-over-year.
Record revenues from the solar segment reached $947.4 million, a 38% increase year-over-year.
GAAP operating income was a record $150.4 million, a 318% increase year-over-year.
4.3 Gigawatts (AC) of inverters were shipped, setting a new record.
Forward Guidance
The company provided guidance for the third quarter ending September 30, 2023, with revenues expected to be in the range of $880 million to $920 million and revenues from the solar segment to be in the range of $850 million to $890 million.
Positive Outlook
- Revenues to be within the range of $880 million to $920 million
- Non-GAAP gross margin expected to be within the range of 28% to 31%
- Non-GAAP operating income to be within the range of $115 million to $135 million
- Revenues from the solar segment to be within the range of $850 million to $890 million
- Gross margin from the solar segment expected to be within the range of 30% to 33%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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