SolarEdge Reports $310.1 Mn Revenue From Solar Business in Q2

SolarEdge has announced its financial results for Q2 2020. The Company reported revenues of USD 310.1 million through its solar business.

SolarEdge Technologies, a global leader in smart energy technology, has announced its financial results for the second quarter (Q2) ended June 30, 2020. The Company reported revenues of USD 331.9 million for the quarter, USD 310.1 million of which was through its solar business.

“This quarter, despite the challenges caused by COVID-19, we maintained healthy profitability while generating cash from operating activity,” said Zivi Lando, CEO of SolarEdge. “Our global strength, and in particular our loyal customer base in the Netherlands, Germany, Italy and Australia, softened the decline in US demand this past quarter. While the pandemic has created many operational challenges, I am confident in our financial strength and grateful for the trust of our customers and dedication of our employees which enable us to continue to focus on product innovation and execution of our long term plans even in these challenging times.”

The company has reported that its reported revenues of USD 331.9 million, are down 23 percent from USD 431.2 million in the prior quarter and up 2 percent from USD 325 million in the same quarter last year. For the solar business, the USD 310.1 million revenues are down 24 percent from USD 407.6 million in the prior quarter and up 1 percent from USD 306.7 million in the same quarter last year.

Furthermore, the GAAP gross margin for the solar business was 33.1 percent, down from 34.6 percent in the prior quarter and down from 36.4 percent year over year. Non-GAAP gross margin for the solar business was 33.8 percent, down from 35.0 percent in the prior quarter and down from 36.9 percent year over year.

The firm has also provided its outlook of the third quarter of the financial year, with revenues expected to be within the range of USD 325 million to USD 350 million. And non-GAAP gross margin expected to be within the range of 32 percent to 34 percent. The firm also expects revenues from solar products to be within the range of USD 305 million to USD 325 million and the non-GAAP gross margin from sale of solar products is expected to be within the range of 33 percent to 35 percent.