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Jun 30, 2024
SolarEdge Q2 2024 Earnings Report
SolarEdge reported a sequential revenue growth of 30% but a 73% decrease compared to the same quarter last year.
Key Takeaways
SolarEdge Technologies, Inc. announced its financial results for the second quarter ended June 30, 2024, with revenues of $265.4 million, a GAAP gross margin of negative 4.1%, and a GAAP net loss of $130.8 million.
Revenues reached $265.4 million.
Revenues from the solar segment amounted to $241.2 million.
GAAP gross margin was negative 4.1%.
873 Megawatts (AC) of inverters were shipped.
Forward Guidance
The Company also provides guidance for the third quarter ending September 30, 2024 as follows: • 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 range of $111 million to $116 million • Revenues from the solar segment to be within the range of $245 million to $280 million • Gross margin from the solar segment expected to be within the range of 0% to 4% including approximately 590 basis points of net IRA manufacturing tax credit
Positive Outlook
- Revenues expected to be between $260 million and $290 million
- Solar segment revenues to be between $245 million and $280 million
- Non-GAAP gross margin expected to be within the range of negative 3% to positive 1%
- Gross margin from the solar segment expected to be within the range of 0% to 4%
- Includes approximately 590 basis points of net IRA manufacturing tax credit
Challenges Ahead
- Non-GAAP gross margin expected to be within the range of negative 3% to positive 1%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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