SolarEdge Announces 2022 Financial Results; Revenues Up By 58%

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Smart energy technology provider SolarEdge Technologies has announced its financial results for the fourth quarter 2022 and full year ended December 31, 2022 revealing high growth in revenues.

Fourth Quarter Financial Results

In the last quarter, SolarEdge reported revenue of over $890 million which is up 6% from $836 million in the prior quarter and up 61% from $551 million in the same quarter last year.

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Revenues from the solar segment were a record $837.0 million which is up 66% from $502 million in the corresponding quarter of 2021.

It said that gross margin from the solar segment was 32.4%, up from 28.3% in the prior quarter and down from 32.8% in the same quarter last year.

The cash flow from operating activities of SolarEdge was $111 million, up from $5.6 million in the prior quarter and up from $89.6 million in the same quarter last year.

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SolarEdge shipped 3.14 GW (AC) of inverters in the last quarter of 2022. The company also shipped 217.6 MWh of batteries in the priod

As of December 31, 2022, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totalled $1.04 billion, net of debt, compared to $937.6 million on September 30, 2022.

Financial Results Of 2022

In 2022, SolarEdge revenues stood at $3.11 billion which are 58% higher than $1.96 billion in 2021. Cash flow from operating activities of $31.3 million, down from $214.1 million in the prior year. The GAAP net income was revealed at $93.8 million.

In entire 2022, the solar company shipped 10.5 GW (AC) of inverters and also 889 MWh of batteries.

“We are pleased with our fourth quarter results that conclude a challenging yet very successful year. The global economic and geopolitical events coupled with post pandemic dynamics created an unprecedented demand for solar energy in general and our products in particular,” said Zvi Lando, Chief Executive Officer of SolarEdge.

With regards to the outlook in the first quarter of 2023, SolarEdge said that its revenues are expected to be within the range of $915 million to $945 million. It also said that its revenues from the solar segment to be within the range of $875 million to $905 million.