SolarEdge boosts profits in fiscal Q3 as revenue nearly trebles

May 8, 2015 21:41 CEST by Lucas Morais

May 8 – Israel-based solar inverter maker SolarEdge Technologies Inc (NASDAQ:SEDG) reported a GAAP net profit of USD 6 million (EUR 5.3m) for its fiscal third quarter (Q3) ended March 31, 2015, after revenues jumped by 182.7% year-over-year.

The bottom line result compares to a profit of USD 3.4 million in the preceding quarter and a net loss of USD 5.2 million a year before. GAAP gross margin grew to 27.4% as a result of cost cuts, reduced share of air shipments and economies of scale related to the increased production volumes, the company said Thursday.

SolarEdge also reported record fiscal Q3 revenues of USD 86.4 million and guided for sales of between USD 92 million and USD 96 million in the fourth quarter. Total inverters shipments amounted to 248 MW alternative current (AC).

Details on SolarEdge’s financial performance are available in the table.

(all amounts in USD)	Q3 2014/15	Q3 2013/14	Q2 2014/15
GAAP net profit (loss)	6 million	(5.2 million)	3.4 million
Non-GAAP net profit (loss)	8.7 million	(5 million)	4.1 million
Operating profit (loss)	9.8 million	(4.5 million)	4.2 million
GAAP gross margin	27.4%	20.4%	21.5%
Non-GAAP gross margin	27.6%	20.5%	21.6%
Revenue	86.4 million	30.6 million	73.3 million

“We continued to see strong growth in the United States and Europe both in the residential and commercial markets. In the past quarter, we continued development of energy storage solutions which we expect to bring to market toward the end of 2015,” commented SolarEdge founder, chairman and chief executive Guy Sella. He also noted that performance in the past quarter improved thanks to the addition of “a new sizeable customer”.

SolarEdge recently completed its initial public offering (IPO) in the US.

(USD 1 = EUR 0.888)

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