SolarEdge Revenue Surges 82% at $209.9 Mn in Q1

Strong first quarter results with record revenues and record profitability, despite the traditional seasonal slowdown and continued industry wide components shortages, says Guy Sella.

Israel-based inverter solutions provider SolarEdge Technologies reported its robust total revenue jumped by 82 percent at USD 209.9 million in the first quarter of 2018 from USD 115.1 million last year, and rose 11 percent from USD 189.3 million in the previous quarter.

Moreover, it’s net diluted earnings per share (or EPS) during the quarter stood at USD 0.75, grew from USD 0.32 in the same quarter last year, and from USD 0.42 in the December quarter of 2017.

Commenting on the company’s performance, SolarEdge Technologies, Chairman and CEO, Guy Sella said, “We are pleased to announce strong first quarter results with record revenues and record profitability, despite the traditional seasonal slowdown and continued industry wide components shortages.”

“Our continued technological innovation and operational excellence, coupled with our introduction of new products and financial strength positions us for further growth and industry leadership,” Sella added.

The company’s gross margin rose to 37.9 percent, jumps from 33.6 percent during the same quarter last year, and from 37.5 percent in the prior quarter.

Further, it’s cash flow from operating activities was USD 64.0 million, from USD 25.7 million year over year, and from USD 45.8 million in the prior quarter.

Meanwhile, the company’s guidance for the second quarter ending June 30, 2018 shows it’s revenue to be within the range of USD 220 million to USD 230 million, and gross margin expected to remain flat within the range of 36 percent to 38 percent.