SolarEdge reported revenues of $316.0 million for Q4 2023, a 65% decrease compared to the same quarter last year. The company experienced a GAAP gross margin of negative 17.9% and a GAAP net loss of $162.4 million, or $2.85 per share.
Revenues decreased by 65% compared to Q4 2022, reaching $316.0 million.
GAAP gross margin was negative 17.9%, and non-GAAP gross margin was 3.3%.
GAAP net loss was $162.4 million, with a net loss per share of $2.85.
Shipped 901 Megawatts (AC) of inverters and 133 MWh of batteries.
For the first quarter of 2024, SolarEdge anticipates revenues between $175 million and $215 million, with solar segment revenues between $160 million and $200 million. The non-GAAP gross margin is expected to range from -3% to 1%, including an 850 basis points benefit from net IRA manufacturing tax credit. The gross margin from the solar segment is expected to be within the range of 1% to 5% including approximately 900 basis points of net IRA manufacturing tax credit. Non-GAAP operating expenses are projected to be between $122 million and $130 million.
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