SolarEdge Announces Q3 Results, and 2025 Sustainability Targets

SolarEdge has announced its financial results for Q3 2020. The firm has also announced the release of its Sustainability Strategy and 2025 Goals & Targets.

SolarEdge Technologies, Inc., a global leader in smart energy technology, has announced its financial results for the third quarter (Q3) ended September 30, 2020. The firm also announced the release of its Sustainability Strategy and 2025 Goals and Targets.

“Our third-quarter results reflect significant growth in Europe, despite the current economic slowdown caused by the global pandemic,” said Zivi Lando, CEO of SolarEdge. “Our solar business outside the US reached an all-time high and the US market is showing signs of return to pre-pandemic installation levels.

“In our non-solar business, our e-Mobility team is gearing up to deliver to our customer the first significant batch of full powertrain solutions for assembly in electric vehicles in the fourth quarter. In addition to continuing to generate significant cash from operations this quarter, we raised USD 618 million, net of expenses, in convertible debt providing additional support for our continued organic and non-organic growth.”

Third Quarter 2020 Highlights

• Revenues of USD 338.1 million
• Revenues from solar products of USD 312.5 million
• GAAP gross margin of 32.0 percent
• GAAP gross margin from sale of solar products of 34.1 percent
• Non-GAAP gross margin from sale of solar products of 34.8 percent
• GAAP net income of USD 43.8 million
• 1.45 Gigawatts (AC) of inverters shipped

The Company also provided guidance for the fourth quarter ending December 31, 2020. It expects revenues to be within the range of USD 345 million to USD 365 million. And more specifically, revenues from solar products to be within the range of USD 320 million to USD 335 million.

As per the firms’ Sustainability Strategy and 2025 Goals and Targets, its new goals support and accelerate its commitment to shaping the future of sustainable energy production, energy storage and e-mobility, and accelerating the transition to affordable clean energy through innovation.

Sustainability goals focus on:

• Powering clean energy, including a commitment to powering 2.5 million homes with clean energy by 2025 and the production of at least 30,000 GWh renewable energy produced by SolarEdge systems between 2020-2025.
• Powering people, including the promotion of gender parity and equal pay, and the establishment of a global signature community program with measurable community impact.
• Powering business, including a 30 percent reduction in GHG emissions per $million revenue (baseline 2020), near-zero e-waste to landfill, analysis of the life cycle of key products as a basis for planning carbon efficiency improvements, and improvement of the ethical sourcing of key raw materials.