SolarEdge books record-high profit, revenues in Q1
- Israel-based solar (PV) inverters vendor SolarEdge Technologies Inc (NASDAQ: SEDG) reported a soaring net profit and a record-high level of revenues generated in the initial quarter of 2023, boosted by "strong international presence and implementation capabilities."
The firm closed the January-March trimester with a GAAP net profit of USD 138.4 million (EUR 123.5 m), zooming by 318% in yearly terms as well as 564% sequentially, its financial report showed last week. Revenues boosted by 44% on the year to USD 943.9 million, with the solar segment being responsible for a lot of them, bringing in USD 908.5 million.
An all-time high operating profit of USD 144.2 million was achieved, increasing from USD 50.9 million a year back. On a quarter-on-quarter basis, the favorable result stands versus a loss of USD 5.2 million in the last 3 months of 2022.
"Our diverse geographic and also segmental footprint allows us to continue to expand revenues without being extremely dependent on any type of solitary market or segment," claimed CEO Zvi Lando.
During the reporting period, SolarEdge shipped 3.6 GW of inverters and 221 MWh of batteries.
For the 2nd quarter, the Israeli business anticipates revenues of in between USD 970 million as well as USD 1.010 billion, a non-GAAP gross margin of 32%-35%, as well as a non-GAAP operating profit of USD 195 million-215 million.
