SolarEdge Technologies reported revenues of $725.3 million for Q3 2023, a decrease of 13% compared to the same quarter last year. The company experienced a GAAP net loss of $61.2 million, or $1.08 per share, and a non-GAAP net loss of $31.0 million, or $0.55 per share. The results reflect a slow market environment and high inventory of SolarEdge products in distribution channels, especially in Europe.
Revenues reached $725.3 million.
Revenues from the solar segment totaled $676.4 million.
GAAP net loss was $61.2 million, with a diluted loss per share of $1.08.
Non-GAAP net loss was $31.0 million, with a diluted loss per share of $0.55.
The Company also provides guidance for the fourth quarter ending December 31, 2023 as follows: Revenues to be within the range of $300 million to $350 million Non-GAAP gross margin** expected to be within the range of 5% to 8%, including approximately 130 basis points of net IRA manufacturing tax credit Non-GAAP operating expenses** to be within the range of $126 million to $130 million Revenues from the solar segment to be within the range of $275 million to $320 million Gross margin from the solar segment expected to be within the range of 7% to 10% including approximately 130 basis points of net IRA manufacturing tax credit
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