SolarEdge Posts Record Revenue at $431.2 Mn in Q1; Driven by Solar Biz

Israel-based smart energy technology specialist, SolarEdge Technologies (SolarEdge) has reported its robust total revenue jumped by 59 percent at USD 431.2 million in the first quarter of 2020 from USD 271.9 million last year, mainly on account of record revenue from the solar business.

Moreover, it’s net diluted earnings per share (EPS) during the quarter stood at USD 0.81, grew from USD 0.39 in the same quarter last year, and down from USD 1.03 in the December quarter of 2019.

Nasdaq-listed SolarEdge’s solar business revenues stood at USD 407.6 million, up 61 percent from USD 253.1 million in the same quarter last year.

Commenting on the company’s performance, Zvi Lando, CEO of SolarEdge Technologies, said that “The first quarter of 2020 was an exceptional one with record revenues of more than $430 million”

“Despite the challenges triggered by COVID-19 during the quarter, we were able to get products to our customers and satisfy demand. At present, despite many government-enforced shutdowns, our employees continue to work and operate our business, without any significant interruptions. We are proud of and thankful to our employees who are working relentlessly in this period and to our customers for their continued loyalty.  We are confident that our financial strength, technological leadership and global presence will enable us to come out of this uniquely challenging period even stronger,” Lando added.

The company’s gross margin rose to 32.5 percent, jumps from 31.7 percent during the same quarter last year, and down from 34.3 percent in the prior quarter.

Further, it’s cash flow from operating activities was USD 107.7 million, from USD 56.5 million year over year, and from USD 83.1 million in the prior quarter.

Amidst Covid-19 crisis, the company’s guidance for the second quarter ending June 30, 2020, shows it’s revenue will be within the range of USD 305 million to USD 335 million, and gross margin likely to be between 30 percent to 32 percent. Also, its revenues from solar products expected to remain between USD 285 million to USD 315 million, and gross margin from the sale of solar products likely to be in the range of 32 percent to 34 percent.