SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in
smart energy technology, today announced its financial results for
the fourth quarter ended December 31, 2024 and full year ended
December 31, 2024.
“There are exciting opportunities ahead for SolarEdge,” said
Shuki Nir, CEO of SolarEdge. “We are just getting started on our
turnaround story. The return to positive free cash flow generation
in Q4 is a solid first step, and we expect to be free cash flow
positive in Q1 2025 and for the full year 2025.”
Fourth Quarter 2024 Summary
The Company reported revenues of $196.2 million, down 17% from
$235.4 million in the prior quarter.
Revenues from the solar segment were $189.0 million, down 15%
from $222.1 million in the prior quarter.
The Company shipped 895 MW (AC) of inverters and 130 MWh of
batteries for PV applications.
During the fourth quarter, the Company undertook an asset
valuation analysis which resulted in a write down and impairment of
various assets that impacted both GAAP and Non-GAAP financials. In
total, the write down and impairment amount was $138 million.
GAAP gross margin was negative 57.2%1, compared to negative
309.1%1 in the prior quarter.
Non-GAAP gross margin2 was negative 39.5%1, compared to negative
305.0%1 in the prior quarter.
Gross margin from the solar segment was negative 38.8%1,
compared to negative 285.4%1 in the prior quarter.
GAAP operating expenses were $151.4 million1, compared to
$382.91 million in the prior quarter.
Non-GAAP operating expenses2 were $106.8 million, compared to
$116.3 million in the prior quarter.
GAAP operating loss was $263.7 million1, compared to $1.111
billion in the prior quarter.
Non-GAAP operating loss2 was $184.1 million1, compared to
$833.61 million in the prior quarter.
GAAP net loss was $287.4 million1, compared to $1.231 billion in
the prior quarter.
Non-GAAP net loss2 was $202.5 million1, compared to $899.81
million in the prior quarter.
GAAP net loss per share was $5.001, compared to a GAAP net loss
per share of $21.581 in the prior quarter.
Non-GAAP net loss per share2 was $3.521, compared to a Non-GAAP
net loss per share of $15.781 in the prior quarter.
Cash provided by operating activities was $37.8 million,
compared with $89.4 million used in the prior quarter.
Free cash flow2 generated was $25.5 million, compared with a
free cash flow deficit of $136.7 in the prior year.
As of December 31, 2024, cash, cash equivalents, restricted
cash, bank deposits, restricted bank deposits and marketable
securities totaled $81.8 million, net of debt, compared to $51.3
million as of September 30, 2024.
Full Year 2024 Summary
The Company reported total revenues of $901.5 million, compared
to $2.98 billion in the prior year.
Revenues from the solar segment of $842.4 million, compared to
from $2.82 billion in the prior year.
The Company shipped 3,563 MW (AC) of inverters and 576 MWh of
batteries for PV applications.
During 2024, the company reported write downs and impairments of
various assets that impacted both GAAP and Non-GAAP financials. In
total, the write down and impairment amount was $1.17 billion.
GAAP gross margin was negative 97.3%1, compared to 23.6% in the
prior year.
Non-GAAP gross margin2 was negative 89.7%1, compared to 26.7% in
the prior year.
Gross margin from the solar segment was negative 84.4%1,
compared to 29.2% in the prior year.
GAAP operating expenses were $831.1 million1, compared to
$663.61 million in the prior year.
Non-GAAP operating expenses2 were $447.1 million, compared to
$503.1 million in the prior year.
GAAP operating loss was $1.71 billion1, compared to a GAAP
operating income of $40.21 million in the prior year.
Non-GAAP operating loss2 was $1.25 billion1, compared to
Non-GAAP operating income of $290.0 million in the prior year.
GAAP net loss was $1.81 billion1, compared to GAAP net income of
$34.31 million in the prior year.
Non-GAAP net loss2 was $1.31 billion1, compared to Non-GAAP net
income of $248.4 million in the prior year.
GAAP net loss per share was $31.641, compared to GAAP earnings
per share of $0.611 in the prior year.
Non-GAAP net loss per share2 was $22.991, compared to Non-GAAP
earnings per share of $4.39 in the prior year.
Cash used in operating activities was $313.3 million, compared
to $180.1 million used in the prior year.
Free cash flow2 deficit was $421.5 million, compared with a free
cash flow deficit of $350.6 in the prior year.
Immaterial prior quarter adjustment
During the preparation of the audited financial statements and
subsequent to filing the Form 10-Q for the third quarter of 2024,
the Company considered an amended agreement with a customer which
was signed on December 21, 2024. In connection with such amendment,
the Company determined it was appropriate to revise previously
reported revenues and loans receivables with this customer for the
three and nine months ended, September 30, 2024.
The financial information presented in this earnings release has
been revised accordingly for the period ended September 30, 2024.
The Company will also adjust previously reported financial
information for such immaterial revision in future filings, as
applicable.
For the nine months ended September 30, 2024, the revised
revenues and net loss are $705.2 million and $1,519 million,
respectively, which is $25.5 million lower revenues and $25.5
million higher loss than as previously reported. The revised net
loss per share is $26.67. For the three months ended September 30,
2024, the revised revenues and net loss are $235.4 million and
$1,231 million, respectively, which is $25.5 million lower revenues
and $25.5 million higher loss than as previously reported. The
revised net loss per share is $21.58. The impact on the Company’s
consolidated financial information as of September 30, 2024 was a
reduction of loans receivables of $25.5 million and of total
stockholder equity by $25.5 million.
Outlook for the First Quarter 2025
The Company also provides guidance for the first quarter ending
March 31, 2025 as follows:
- Revenues to be within the range of $195 million to $215
million;
- Non-GAAP gross margin* expected to be within the range of 6% to
10%;
- Non-GAAP operating expenses* to be within the range of $98
million to $103 million.
Due to the closure of our Energy Storage business in Korea,
going forward we will not report segments in our financial
reporting.
*Non-GAAP gross margin and Non-GAAP operating expenses
are non-GAAP financial measures, and these forward-looking measures
have not been reconciled to the most comparable GAAP outlook
because it is not possible to do so without unreasonable efforts
due to the uncertainty and potential variability of reconciling
items, which are dependent on future events and often outside of
management’s control and which could be significant. Because such
items cannot be reasonably predicted with the level of precision
required, we are unable to provide outlook for the comparable GAAP
measures. Forward-looking estimates of Non-GAAP gross margin and
Non-GAAP operating expenses are made in a manner consistent with
the relevant definitions and assumptions noted herein and in our
filings with the SEC.
Conference Call
The Company will host a conference call to discuss its results
for the fourth quarter and year ended December 31, 2024 at 8:00
a.m. ET on Wednesday, February 19, 2025. The call will be
available, live, to interested parties by dialing +1 800-445-7795.
For international callers, please dial +1 785-424-1699. The
Conference ID is SEDG. To avoid a delay in connecting to the
call, please dial in 10 minutes prior to the start time. A live
webcast will also be available in the Investors Relations section
of the Company’s website at: http://investors.solaredge.com.
A replay of the webcast will be available in the Investor
Relations section of the Company’s web site approximately two hours
after the conclusion of the call and will remain available for
approximately 30 calendar days.
______________________________________________________________________
1 Includes impairments and write offs. See financials and
reconciliation for details. 2 Non-GAAP financial measure. See
“Non-GAAP Financial Measures” for additional information on
non-GAAP financial measures and a reconciliation to the most
comparable GAAP measures.
About SolarEdge
SolarEdge is a global leader in smart energy technology. By
leveraging world-class engineering capabilities and with a
relentless focus on innovation, SolarEdge creates smart energy
solutions that power our lives and drive future progress. SolarEdge
developed an intelligent inverter solution that changed the way
power is harvested and managed in photovoltaic (PV) systems. The
SolarEdge DC optimized inverter seeks to maximize power generation
while lowering the cost of energy produced by the PV system.
Continuing to advance smart energy, SolarEdge addresses a broad
range of energy market segments through its PV, storage, EV
charging, batteries, and grid services solutions. SolarEdge is
online at www.solaredge.com.
Use of Non-GAAP Financial Measures
To provide investors and others with additional information
regarding SolarEdge’s results, SolarEdge has disclosed in this
earnings release the following non-GAAP financial measures:
non-GAAP operating income (loss), non-GAAP operating expenses,
non-GAAP gross margin, non-GAAP net income (loss), non-GAAP net
earnings (loss) per share, and non-GAAP net free cash flow.
SolarEdge has provided a reconciliation of each non-GAAP financial
measure used in this earnings release to the most directly
comparable GAAP financial measure below. These non-GAAP financial
measures differ from GAAP in that they exclude stock-based
compensation, amortization and impairment of acquired intangible
assets, restructuring and impairment charges, acquisition,
disposition and other items, certain litigation and other
contingencies, amortization of debt issuance cost, non-cash
interest expense and non-cash revenue recognized from significant
financing component, certain foreign currency exchange rates, gains
and losses on investments, income and losses from equity method
investments and discrete items that impacted our GAAP tax rate. Our
non-GAAP financial measures also reflect the application of our
non-GAAP tax rate.
SolarEdge’s management uses these non-GAAP financial measures to
understand and compare operating results across accounting periods,
for internal budgeting and forecasting purposes, for short- and
long-term operating plans, to calculate bonus payments and to
evaluate SolarEdge’s financial performance, the performance of its
individual functional groups and the ability of operations to
generate cash. Management believes these non-GAAP financial
measures reflect SolarEdge’s ongoing business in a manner that
allows for meaningful period-to-period comparisons and analysis of
trends in SolarEdge’s business, as they exclude charges and gains
that are not reflective of ongoing operating results. Management
also believes that these non-GAAP financial measures provide useful
information to investors and others in understanding and evaluating
SolarEdge’s operating results and future prospects from the same
perspective as management and in comparing financial results across
accounting periods.
The use of non-GAAP financial measures has certain limitations
because they do not reflect all items of income and expense that
affect SolarEdge’s operations. These non-GAAP financial measures
should be considered in addition to, not as a substitute for or in
isolation from, measures prepared in accordance with GAAP and
should not be considered measures of SolarEdge’s liquidity.
Further, these non-GAAP measures may differ from the non-GAAP
information used by other companies, including peer companies, and
therefore comparability may be limited. Management encourages
investors and others to review SolarEdge’s financial information in
its entirety and not rely on a single financial measure.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Statements contained in this press release contains may contain
forward-looking statements that are based on our management’s
expectations, estimates, projections, beliefs and assumptions in
accordance with information currently available to our management.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include information, among
other things, concerning our possible or assumed future results of
operations, return to positive free cash flow generation, future
demands for solar energy solutions, business strategies, technology
developments, new products and services, financing and investment
plans; dividend policy; competitive position, industry and
regulatory environment, general economic conditions; potential
growth opportunities; cancellations and pushouts of existing
backlog; installation rates; goodwill impairment; and the effects
of competition. Forward-looking statements include statements that
are not historical facts and can be identified by terms such as
“anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,”
“intend,” “may,” “plan,” “potential,” “predict,” “project,”
“should,” “will,” “would” or similar expressions and the negatives
of those terms.
Forward-looking statements inherently involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Given these
uncertainties, you should not place undue reliance on
forward-looking statements. Also, forward-looking statements
represent our management’s beliefs and assumptions only as of the
date of this release. Important factors that could cause actual
results to differ materially from our expectations include, but are
not limited to: future demand for renewable energy including solar
energy solutions; our ability to maintain a return to free cash
flow positive generation; our ability to forecast demand for our
products accurately and to match production to such demand as well
as our customers’ ability to forecast demand based on inventory
levels; macroeconomic conditions in our domestic and international
markets, as well as inflation concerns, rising interest rates, and
recessionary concerns; changes, elimination or expiration of
government subsidies and economic incentives for on-grid solar
energy applications; changes in the U.S. trade environment;
federal, state, and local regulations governing the electric
utility industry with respect to solar energy; changes in tax laws,
tax treaties, and regulations or the interpretation of them,
including the Inflation Reduction Act; the retail price of
electricity derived from the utility grid or alternative energy
sources; interest rates and supply of capital in the global
financial markets in general and in the solar market specifically;
competition, including introductions of power optimizer, inverter
and solar photovoltaic system monitoring products by our
competitors; developments in alternative technologies or
improvements in distributed solar energy generation; historic
cyclicality of the solar industry and periodic downturns; product
quality or performance problems in our products; shortages, delays,
price changes, or cessation of operations or production affecting
our suppliers of key components; our dependence upon a small number
of outside contract manufacturers and limited or single source
suppliers; capacity constraints, delivery schedules, manufacturing
yields, and costs of our contract manufacturers and availability of
components; delays, disruptions, and quality control problems in
manufacturing; existing and future responses to and effects of
pandemics, epidemics, or other health crises; disruption in our
global supply chain and rising prices of oil and raw materials as a
result of the conflict between Russia and Ukraine; our customers’
financial stability and our ability to retain customers; our
ability to retain key personnel and attract additional qualified
personnel; performance of distributors and large installers in
selling our products; consolidation in the solar industry among our
customers and distributors; our ability to manage effectively the
growth of our organization and expansion into new markets and
integration of acquired businesses; our ability to recognize
expected benefits from restructuring plans; any unauthorized access
to, disclosure, or theft of personal information or unauthorized
access to our network or other similar cyber incidents; disruption
to our business operations due to the evolving state of war in
Israel and political conditions related to the Israeli government's
plans to significantly reduce the Israeli Supreme Court's judicial
oversight; our dependence on ocean transportation to timely deliver
our products in a cost-effective manner; fluctuations in global
currency exchange rates; the impact of evolving legal and
regulatory requirements, including emerging environmental, social
and governance requirements; changes to net metering policies or
the reduction, elimination or expiration of government subsidies
and economic incentives for on-grid solar energy applications;
federal, state, and local regulations governing the electric
utility industry with respect to solar energy; changes in tax laws,
tax treaties, and regulations or the interpretation of them,
including the Inflation Reduction Act; changes in the U.S. trade
environment, including the imposition of import tariffs; business
practices and regulatory compliance of our raw material suppliers;
our ability to maintain our brand and to protect and defend our
intellectual property; the impairment of our goodwill or other
intangible assets; volatility of our stock price; our customers’
financial stability, creditworthiness, and debt leverage ratio; our
ability to retain key personnel and attract additional qualified
personnel; our ability to effectively design, launch, market, and
sell new generations of our products and services; our ability to
retain, and events affecting, our major customers; our ability to
service our debt; future goodwill impairments; and the other
factors set forth under “Item 1A. Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2023, filed on
February 26, 2024, in subsequent Quarterly Reports on Form 10Q and
in other documents we file from time to time with the SEC that
disclose risks and uncertainties that may affect our business. The
preceding list is not intended to be an exhaustive list of all of
our forward‐looking statements. You should not rely upon
forward‐looking statements as predictions of future events.
Although we believe that the expectations reflected in the
forward‐looking statements are reasonable, we cannot guarantee that
future results, levels of activity, performance and events and
circumstances reflected in the forward‐looking statements will be
achieved or will occur. Statements in this press release speak only
as of the date they were made. The Company undertakes no duty or
obligation to update any forward-looking statements contained in
this release, whether as a result of new information, future events
or changes in its expectations or otherwise, except as may be
required by applicable law, regulation or other competent legal
authority.
SOLAREDGE TECHNOLOGIES
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME (LOSS)
(in thousands, except per share
data)
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Unaudited
Revenues
$
196,217
$
316,044
$
901,456
$
2,976,528
Cost of revenues
308,471
372,469
1,778,660
2,272,705
Gross profit (loss)
(112,254
)
(56,425
)
(877,204
)
703,823
Operating expenses:
Research and development
62,238
75,001
277,237
321,482
Sales and marketing
30,549
38,779
146,865
164,318
General and administrative
36,370
34,628
147,455
146,504
Other operating expenses, net
22,256
32,748
259,527
31,314
Total
operating expenses
151,413
181,156
831,084
663,618
Operating income (loss)
(263,667
)
(237,581
)
(1,708,288
)
40,205
Financial income (expense), net
(12,199
)
22,055
(14,570
)
41,212
Other income (loss), net
(76
)
291
14,547
(318
)
Income (loss) before income taxes
(275,942
)
(215,235
)
(1,708,311
)
81,099
Tax benefits (Income taxes)
(11,041
)
53,202
(96,150
)
(46,420
)
Net loss from equity method
investments
(456
)
(350
)
(1,896
)
(350
)
Net income (loss)
$
(287,439
)
$
(162,383
)
$
(1,806,357
)
$
34,329
SOLAREDGE TECHNOLOGIES
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except per
share data)
December 31,
2024
2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
274,611
$
338,468
Restricted cash
135,328
—
Marketable securities
311,279
521,570
Trade receivables, net of allowances of
$43,038 and $16,400, respectively
160,423
622,425
Inventories, net
645,897
1,443,449
Prepaid expenses and other current
assets
506,769
378,394
Total current
assets
2,034,307
3,304,306
LONG-TERM ASSETS:
Marketable securities
42,597
407,825
Deferred tax assets, net
—
80,912
Property, plant and equipment, net
343,438
614,579
Operating lease right-of-use assets,
net
41,393
64,167
Goodwill and intangible assets, net
58,046
78,341
Loan receivables, net
45,678
2,438
Other long-term assets
64,736
35,163
Total
long-term assets
595,888
1,283,425
Total
assets
2,630,195
4,587,731
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables, net
93,491
386,471
Employees and payroll accruals
76,292
76,966
Warranty obligations
140,249
183,047
Deferred revenues and customers
advances
140,870
40,836
Accrued expenses and other current
liabilities
243,872
205,911
Convertible senior notes, net
346,305
—
Total current
liabilities
1,041,079
893,231
LONG-TERM LIABILITIES:
Convertible senior notes, net
330,006
627,381
Warranty obligations
292,116
335,197
Deferred revenues
231,049
214,607
Finance lease liabilities
39,159
41,892
Operating lease liabilities
30,018
45,070
Other long-term liabilities
8,426
18,444
Total
long-term liabilities
930,774
1,282,591
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ EQUITY:
Common stock of $0.0001 par value -
Authorized: 125,000,000 shares; issued: 58,780,490 shares at
December 31, 2024 and 57,123,437 shares at December 31, 2023;
outstanding: 58,027,126 shares at December 31, 2024 and 57,123,437
shares at December 31, 2023.
6
6
Additional paid-in capital
1,813,198
1,680,622
Treasury stock, at cost; 753,364 shares
held
(50,194
)
—
Accumulated other comprehensive loss
(76,477
)
(46,885
)
Retained earnings (Accumulated
deficit)
(1,028,191
)
778,166
Total
stockholders’ equity
658,342
2,411,909
Total
liabilities and stockholders’ equity
$
2,630,195
$
4,587,731
SOLAREDGE TECHNOLOGIES
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands, except per share
data)
Year ended December
31,
2024
2023
Cash flows from
operating activities:
Net income (loss)
$
(1,806,357
)
$
34,329
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Depreciation and amortization
59,865
57,196
Provision to write down inventories to net
realizable value
738,757
46,369
Loss on impairment and disposal of
property, plant and equipment
224,772
25,168
Stock-based compensation expenses
137,251
149,945
Impairment of goodwill and intangible
assets
24,674
5,622
Deferred income taxes, net
79,209
(43,071
)
Gain from repurchasing of convertible
notes
(15,456
)
—
Loss (gain) from exchange rate
fluctuations
11,918
(26,878
)
Other items
8,030
8,164
Changes in assets and liabilities:
Trade receivables, net
451,707
296,429
Inventories, net
67,799
(737,223
)
Prepaid expenses and other assets
(122,484
)
(92,067
)
Operating lease right-of-use assets,
net
15,805
16,525
Trade payables, net
(285,505
)
(67,795
)
Warranty obligations
(85,541
)
133,090
Deferred revenues and customers
advances
119,519
39,632
Operating lease liabilities
(15,829
)
(15,981
)
Accrued expenses and other liabilities,
net
78,547
(9,567
)
Net cash used in operating activities
(313,319
)
(180,113
)
Cash flows from
investing activities:
Investment in available-for-sale
marketable securities
(253,431
)
(296,396
)
Proceeds from maturities of
available-for-sale marketable securities
719,454
277,382
Proceeds from sales of available-for-sale
marketable securities
114,564
2,807
Purchase of property, plant and
equipment
(108,163
)
(170,523
)
Business combinations, net of cash
acquired
(10,417
)
(16,653
)
Purchase of intangible assets
(10,000
)
(10,600
)
Disbursements for loans receivables
(37,500
)
(58,000
)
Investment in privately-held companies
(25,664
)
(8,000
)
Proceeds from loans receivables
32,150
—
Proceeds from governmental grant
—
6,794
Other investing activities
(4,707
)
4,295
Net cash provided by (used in) investing
activities
416,286
(268,894
)
Cash flows from
financing activities:
Repurchase of common stock
(50,194
)
—
Partial repurchase of Notes 2025
(267,900
)
—
Proceeds from issuance of Notes 2029, net
of issuance costs
329,214
—
Capped call transactions related to Notes
2029
(28,342
)
—
Tax withholding in connection with
stock-based awards, net
(281
)
(9,259
)
Other financing activities
(2,626
)
(2,697
)
Net cash used in financing activities
(20,129
)
(11,956
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(11,367
)
16,319
Increase (decrease) in cash, cash
equivalents and restricted cash
71,471
(444,644
)
Cash and cash equivalents at the beginning
of the period
338,468
783,112
Cash, cash equivalents and restricted
cash, end of period
$
409,939
$
338,468
SOLAREDGE TECHNOLOGIES
INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (Unaudited)
(in thousands, except per share
data and percentages)
Three months ended
Year ended
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
December 31, 2022
Gross profit (loss) (GAAP)
$
(112,254
)
$
(727,794
)
$
(10,969
)
$
(26,187
)
$
(56,425
)
$
(877,204
)
$
703,823
$
844,648
Revenues from finance component
(254
)
(250
)
(246
)
(234
)
(230
)
(984
)
(834
)
(614
)
Discontinued operation
26,118
(6
)
(757
)
(434
)
36,648
24,921
36,648
4,314
Stock-based compensation
3,727
6,039
6,218
5,968
5,468
21,952
23,200
21,818
Amortization of stock-based compensation
capitalized in inventories
1,095
1,484
362
197
343
3,138
1,100
—
Amortization and depreciation of acquired
asset
484
2,034
1,343
1,551
1,555
5,412
6,038
7,429
Restructuring charges
3,770
1,216
4,519
5,822
23,154
15,327
23,154
—
Gross profit (loss) (Non-GAAP)
$
(77,314
)
$
(717,277
)
$
470
$
(13,317
)
$
10,513
$
(807,438
)
$
793,129
$
877,595
Gross margin (loss) (GAAP)
(57.2
)%
(309.1
)%
(4.1
)%
(12.8
)%
(17.9
)%
(97.3
)%
23.6
%
27.2
%
Revenues from finance component
(0.1
)
(0.1
)
0.0
(0.1
)
(0.1
)
(0.1
)
0.0
0.0
Discontinued operation
13.3
0.0
(0.3
)
(0.2
)
11.6
2.8
1.2
0.1
Stock-based compensation
1.9
2.6
2.3
2.9
1.8
2.4
0.9
0.7
Amortization of stock-based compensation
capitalized in inventories
0.6
0.6
0.1
0.1
0.1
0.3
0.0
----
Amortization and depreciation of acquired
asset
0.2
1.0
0.5
0.8
0.5
0.6
0.2
0.2
Restructuring charges
1.9
1.0
1.7
2.8
7.3
1.7
0.8
----
Gross margin (loss) (Non-GAAP)
(39.4
)%
(304.0
)%
0.2
%
(6.5
)%
3.3
%
(89.6
)%
26.7
%
28.2
%
Operating expenses (GAAP)
$
151,413
$
382,940
$
149,213
$
147,518
$
181,156
$
831,084
$
663,618
$
678,528
Stock-based compensation - R&D
(10,653
)
(17,115
)
(17,639
)
(17,139
)
(15,982
)
(62,546
)
(66,944
)
(63,211
)
Stock-based compensation - S&M
(4,452
)
(6,816
)
(8,149
)
(7,911
)
(7,347
)
(27,328
)
(30,987
)
(31,017
)
Stock-based compensation - G&A
(5,600
)
(6,672
)
(6,565
)
(6,588
)
(6,133
)
(25,425
)
(28,814
)
(29,493
)
Amortization and depreciation of acquired
assets - R&D
(189
)
(270
)
(271
)
(270
)
(58
)
(1,000
)
(989
)
(1,206
)
Amortization and depreciation of acquired
assets - S&M
(442
)
(566
)
(467
)
(124
)
(190
)
(1,599
)
(927
)
(822
)
Amortization and depreciation of acquired
assets - G&A
—
(2
)
(2
)
(2
)
(2
)
(6
)
(15
)
(21
)
Discontinued operation
(3,350
)
11
—
47
(388
)
(3,293
)
(388
)
—
Restructuring charges
—
(1,299
)
(366
)
(3,943
)
—
(5,607
)
—
—
Assets impairment and disposal by
abandonment
(17,989
)
(232,102
)
----
(1,732
)
(30,790
)
(251,823
)
(30,790
)
(119,141
)
Gain (loss) from assets sales
(1,910
)
(1,827
)
(951
)
(1,058
)
(172
)
(5,746
)
1,262
2,603
Certain litigation and other
contingencies
—
—
—
399
(1,786
)
399
(1,786
)
—
Acquisition costs
—
—
—
(9
)
—
(9
)
(135
)
(350
)
Operating expenses (Non-GAAP)
$
106,828
$
116,282
$
114,803
$
109,188
$
118,308
$
447,101
$
503,105
$
435,870
SOLAREDGE TECHNOLOGIES
INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (Unaudited)
(in thousands, except per share
data and percentages)
Three months ended
Year ended
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
December 31, 2022
Operating income (loss) (GAAP)
$
(263,667
)
$
(1,110,734
)
$
(160,182
)
$
(173,705
)
$
(237,581
)
$
(1,708,288
)
$
40,205
$
166,120
Revenues from finance component
(254
)
(250
)
(246
)
(234
)
(230
)
(984
)
(834
)
(614
)
Discontinued operation
29,468
(17
)
(757
)
(481
)
37,036
28,214
37,036
4,314
Stock-based compensation
24,432
36,642
38,571
37,606
34,930
137,251
149,945
145,539
Amortization of stock-based compensation
capitalized in inventories
1,095
1,484
362
197
343
3,138
1,100
—
Amortization and depreciation of acquired
assets
1,115
2,872
2,083
1,947
1,805
8,017
7,969
9,478
Restructuring charges
3,770
2,515
4,885
9,765
23,154
20,934
23,154
—
Assets impairment and disposal by
abandonment
17,989
232,102
—
1,732
30,790
251,823
30,790
119,141
Loss (gain) from assets sales
1,910
1,827
951
1,058
172
5,746
(1,262
)
(2,603
)
Certain litigation and other
contingencies
—
—
—
(399
)
1,786
(399
)
1,786
—
Acquisition costs
—
—
—
9
—
9
135
350
Operating income (loss)
(Non-GAAP)
$
(184,142
)
$
(833,559
)
$
(114,333
)
$
(122,505
)
$
(107,795
)
$
(1,254,539
)
$
290,024
$
441,725
Financial income (expense), net
(GAAP)
$
(12,199
)
$
5,558
$
(865
)
$
(7,064
)
$
22,055
$
(14,570
)
$
41,212
$
3,750
Non cash interest expense
3,920
3,785
3,636
3,536
3,422
14,877
12,703
9,954
Unrealized losses (gains)
—
—
—
—
—
—
—
119
Currency fluctuation related to lease
standard
1,089
966
(1,523
)
(1,276
)
4,359
(744
)
(3,055
)
(11,187
)
Financial income (expense), net
(Non-GAAP)
$
(7,190
)
$
10,309
$
1,248
$
(4,804
)
$
29,836
$
(437
)
$
50,860
$
2,636
Other income (loss) (GAAP)
$
(76
)
$
(3,928
)
$
18,551
$
—
$
291
$
14,547
$
(318
)
$
7,285
Loss (gain) from sale of equity and debt
investments
76
(1,072
)
(1,970
)
—
(291
)
(2,966
)
193
(8,008
)
Loss (gain) from business combination
—
—
(1,125
)
—
—
(1,125
)
—
—
Gain from the repurchase of convertible
notes
—
—
(15,456
)
—
—
(15,456
)
—
—
Loss (gain) from impairment of private
held companies
—
5,000
—
—
—
5,000
—
—
Other income (loss) (Non-GAAP)
$
—
$
—
$
—
$
—
$
—
$
—
$
(125
)
$
(723
)
Income tax benefit (expense)
(GAAP)
$
(11,041
)
$
(121,108
)
$
12,245
$
23,754
$
53,202
$
(96,150
)
$
(46,420
)
$
(83,376
)
Income tax adjustment
(176
)
44,602
(357
)
(5,062
)
(27,699
)
39,007
(45,896
)
(9,067
)
Income tax benefit (expense)
(Non-GAAP)
$
(11,217
)
$
(76,506
)
$
11,888
$
18,692
$
25,503
$
(57,143
)
$
(92,316
)
$
(92,443
)
Equity method investments income (loss)
(GAAP)
$
(456
)
$
(577
)
$
(567
)
$
(296
)
$
(350
)
$
(1,896
)
$
(350
)
$
—
Loss from equity method investments
456
577
567
296
350
1,896
350
—
Equity method investments income (loss)
(Non-GAAP)
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
SOLAREDGE TECHNOLOGIES
INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (Unaudited)
(in thousands, except per share
data and percentages)
Three months ended
Year ended
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
December 31, 2022
Net income (loss) (GAAP)
$
(287,439
)
$
(1,230,789
)
$
(130,818
)
$
(157,311
)
$
(162,383
)
$
(1,806,357
)
$
34,329
$
93,779
Revenues from finance component
(254
)
(250
)
(246
)
(234
)
(230
)
(984
)
(834
)
(614
)
Discontinued operation
29,468
(17
)
(757
)
(481
)
37,036
28,214
37,036
4,314
Stock-based compensation
24,432
36,642
38,571
37,606
34,930
137,251
149,945
145,539
Amortization of stock-based compensation
capitalized in inventories
1,095
1,484
362
197
343
3,138
1,100
—
Amortization and depreciation of acquired
assets
1,115
2,872
2,083
1,947
1,805
8,017
7,969
9,478
Restructuring charges
3,770
2,515
4,885
9,765
23,154
20,934
23,154
—
Assets impairment and disposal by
abandonment
17,989
232,102
—
1,732
30,790
251,823
30,790
119,141
Loss (gain) from assets sales
1,910
1,827
951
1,058
172
5,746
(1,262
)
(2,603
)
Certain litigation and other
contingencies
—
—
—
(399
)
1,786
(399
)
1,786
—
Acquisition costs
—
—
—
9
—
9
135
350
Non cash interest expense
3,920
3,785
3,636
3,536
3,422
14,877
12,703
9,954
Unrealized losses (gains)
—
—
—
—
—
—
—
119
Currency fluctuation related to lease
standard
1,089
966
(1,523
)
(1,276
)
4,359
(744
)
(3,055
)
(11,187
)
Loss (gain) from sale of equity and debt
investments
76
(1,072
)
(1,970
)
—
(291
)
(2,966
)
193
(8,008
)
Loss (gain) from business combination
—
—
(1,125
)
—
—
(1,125
)
—
—
Gain from the repurchase of convertible
notes
—
—
(15,456
)
—
—
(15,456
)
—
—
Loss (gain) from impairment of private
held companies
—
5,000
—
—
—
5,000
—
—
Income tax adjustment
(176
)
44,602
(357
)
(5,062
)
(27,699
)
39,007
(45,896
)
(9,067
)
equity method adjustments
456
577
567
296
350
1,896
350
—
Net income (loss) (Non-GAAP)
$
(202,549
)
$
(899,756
)
$
(101,197
)
$
(108,617
)
$
(52,456
)
$
(1,312,119
)
$
248,443
$
351,195
SOLAREDGE TECHNOLOGIES
INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (Unaudited)
(in thousands, except per share
data and percentages)
Three months ended
Year ended
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
December 31, 2022
Net basic earnings (loss) per share
(GAAP)
$
(5.00
)
$
(21.58
)
$
(2.31
)
$
(2.75
)
$
(2.85
)
$
(31.64
)
$
0.61
$
1.70
Revenues from finance component
(0.01
)
(0.01
)
0.00
(0.01
)
(0.01
)
(0.02
)
(0.02
)
(0.01
)
Discontinued operation
0.52
0.00
(0.02
)
(0.01
)
0.65
0.49
0.66
0.08
Stock-based compensation
0.42
0.65
0.69
0.66
0.62
2.41
2.65
2.64
Amortization of stock-based compensation
capitalized in
0.02
0.02
0.00
0.01
0.00
0.05
0.02
—
Amortization and depreciation of acquired
assets
0.02
0.05
0.04
0.03
0.04
0.14
0.14
0.17
Restructuring charges
0.07
0.05
0.08
0.17
0.40
0.37
0.41
—
Assets impairment and disposal by
abandonment
0.31
4.07
—
0.03
0.54
4.41
0.54
2.17
Loss (gain) from assets sales
0.03
0.03
0.02
0.02
0.01
0.10
(0.02
)
(0.05
)
Certain litigation and other
contingencies
—
—
—
(0.01
)
0.03
(0.01
)
0.03
—
Acquisition costs
—
—
—
0.00
—
0.00
0.00
0.01
Non cash interest expense
0.07
0.07
0.07
0.06
0.06
0.26
0.23
0.18
Unrealized losses (gains)
—
—
—
—
—
—
—
0.00
Currency fluctuation related to lease
standard
0.02
0.01
(0.04
)
(0.02
)
0.07
(0.01
)
(0.06
)
(0.21
)
Loss (gain) from sale of equity and debt
investments
0.00
(0.02
)
(0.03
)
0.00
0.00
(0.05
)
0.01
(0.14
)
Loss (gain) from business combination
—
—
(0.02
)
—
—
(0.02
)
—
—
Gain from the repurchase of convertible
notes
—
—
(0.27
)
—
—
(0.27
)
—
—
Loss (gain) from impairment of private
held companies
—
0.09
—
—
—
0.09
—
—
Income tax adjustment
0.00
0.78
(0.01
)
(0.09
)
(0.49
)
0.68
(0.81
)
(0.16
)
equity method adjustments
0.01
0.01
0.01
0.01
0.01
0.03
0.00
—
Net basic earnings (loss) per share
(Non-GAAP)
$
(3.52
)
$
(15.78
)
$
(1.79
)
$
(1.90
)
$
(0.92
)
$
(22.99
)
$
4.39
$
6.38
SOLAREDGE TECHNOLOGIES
INC.
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES (Unaudited)
(in thousands, except per share
data and percentages)
Three months ended
Year ended
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
December 31, 2022
Net diluted earnings (loss) per share
(GAAP)
$
(5.00
)
$
(21.58
)
$
(2.31
)
$
(2.75
)
$
(2.85
)
$
(31.64
)
$
0.60
$
1.65
Revenues from finance component
(0.01
)
(0.01
)
0.00
(0.01
)
(0.01
)
(0.02
)
(0.01
)
(0.01
)
Discontinued operation
0.52
0.00
(0.02
)
(0.01
)
0.65
0.49
0.64
0.08
Stock-based compensation
0.42
0.65
0.69
0.66
0.62
2.41
2.57
2.43
Amortization of stock-based compensation
capitalized in inventories
0.02
0.02
0.00
0.01
0.00
0.05
0.02
—
Amortization and depreciation of acquired
assets
0.02
0.05
0.04
0.03
0.04
0.14
0.14
0.16
Restructuring charges
0.07
0.05
0.08
0.17
0.40
0.37
0.40
—
Assets impairment and disposal by
abandonment
0.31
4.07
—
0.03
0.54
4.41
0.53
2.02
Loss (gain) from assets sales
0.03
0.03
0.02
0.02
0.01
0.10
(0.02
)
(0.04
)
Certain litigation and other
contingencies
—
—
—
(0.01
)
0.03
(0.01
)
0.03
—
Acquisition costs
—
—
—
0.00
—
0.00
0.00
0.00
Non cash interest expense
0.07
0.07
0.07
0.06
0.06
0.26
0.03
0.13
Unrealized losses (gains)
—
—
—
—
—
—
—
0.00
Currency fluctuation related to lease
standard
0.02
0.01
(0.04
)
(0.02
)
0.07
(0.01
)
(0.05
)
(0.19
)
Loss (gain) from sale of equity and debt
investments
0.00
(0.02
)
(0.03
)
—
0.00
(0.05
)
0.00
(0.13
)
Loss (gain) from business combination
—
—
(0.02
)
—
—
(0.02
)
—
—
Gain from the repurchase of convertible
notes
—
—
(0.27
)
—
—
(0.27
)
—
—
Loss (gain) from impairment of private
held companies
—
0.09
—
—
—
0.09
—
—
Income tax adjustment
0.00
0.78
(0.01
)
(0.09
)
(0.49
)
0.68
(0.76
)
(0.15
)
equity method adjustments
0.01
0.01
0.01
0.01
0.01
0.03
0.00
—
Net diluted earnings (loss) per share
(Non-GAAP)
$
(3.52
)
$
(15.78
)
$
(1.79
)
$
(1.90
)
$
(0.92
)
$
(22.99
)
$
4.12
$
5.95
Number of shares used in computing net
diluted earnings (loss) per share (GAAP)
57,467,946
57,029,983
56,687,006
57,140,126
56,916,831
57,082,182
57,237,518
58,100,649
Stock-based compensation
—
—
—
—
—
—
725,859
963,373
Notes due 2025
—
—
—
—
—
—
2,276,818
—
Number of shares used in computing net
diluted earnings (loss) per share (Non-GAAP)
57,467,946
57,029,983
56,687,006
57,140,126
56,916,831
57,082,182
60,240,195
59,064,022
Three months ended
Year ended
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
December 31, 2022
Net cash provided by (used in)
operating activities (GAAP)
$
37,804
$
(89,332
)
$
(44,772
)
$
(217,019
)
$
(139,910
)
$
(313,319
)
$
(180,113
)
$
31,284
Purchases of property and equipment
(12,258
)
(47,370
)
(22,188
)
(26,347
)
(40,501
)
(108,163
)
(170,523
)
(169,341
)
Free cash flow (deficit)
(Non-GAAP)
$
25,546
$
(136,702
)
$
(66,960
)
$
(243,366
)
$
(180,411
)
$
(421,482
)
$
(350,636
)
$
(138,057
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250219900153/en/
Investor Contacts SolarEdge Technologies, Inc. JB Lowe,
Head of Investor Relations investors@solaredge.com
Sapphire Investor Relations, LLC Erica Mannion or Michael Funari
investors@solaredge.com
SolarEdge Technologies (NASDAQ:SEDG)
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SolarEdge Technologies (NASDAQ:SEDG)
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