SolarEdge Revenue Grows 39% to Reach $431.5 Million in Q2

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An Israel-headquartered photovoltaics company SolarEdge recently released its financial reports for Q2 2021. From the solar segment, the company received a revenue of $431.5 million which is a 39% hike from $310.1 million last year.

Zvi Lando, CEO of SolarEdge, said, “We are happy to finish the second quarter of 2021 with record revenues in both our solar and non-solar businesses and with continued strong demand for our products in the various geographies and across the different segments.”

“We are successfully navigating through the challenging supply chain environment while continuing to support our customers’ growth and expansion with new and existing products,” he further added.

In Q2 2021, GAAP gross margin was 34.5% when compared with the last year’s Q2 where GAAP gross margin was 31.0% whereas Non-GAAP gross margin was 32.4% last year and this year it was 36.5%.

While GAAP operating expenses in Q2 last year were $73.0 million, $95.9 million in Q1 2021, and $100.6 million in Q2 2021. It was 5% up from Q1 2021 and 38% up from Q2 2020. Non-GAAP operating expenses in Q1 were $76.2 million, $81.5 million in Q2 (7% up from Q1), and $61.1 million in Q2 2020 (33% up).

In Q2 2020, GAAP operating income was $30.0 million (85% up), $44.1 million in Q1 2021 (26% up) and $55.6 million in Q2 2021. Non-GAAP operating income in Q1 were $71.9 million, $81.3 million in Q2 (13% up from Q1), and $46.6 million in Q2 2020 (75% up).

GAAP operating income was $55.6 million, up 26% from $44.1 million in the prior quarter and up 85% from $30.0 million in the same quarter last year. Non-GAAP operating income was $81.3 million, up 13% from $71.9 million in the prior quarter and up 75% from $46.6 million in the same quarter last year.

Cash flow from operating activities was $38.7 million, up from $24.1 million in the prior quarter and down from $59.3 million in the same quarter last year. As of June 30, 2021, cash, cash equivalents, bank deposits, restricted bank deposit, and marketable securities totaled $509.3 million, net of debt, compared to $515.2 million on March 31, 2021.

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