SolarEdge Technologies, Inc., a global leader in smart energy technology, has released its financial report for the fourth quarter ended December 31, 2023, as well as its full-year results for the same period.
Fourth Quarter 2023 Highlights
- Total revenues amounted to $316.0 million.
- Revenues from the solar segment reached $282.4 million.
- GAAP gross margin stood at negative 17.9%, while non-GAAP gross margin was 3.3%.
- Gross margin from the solar segment was 4.0%.
- GAAP operating loss was $237.6 million, with a non-GAAP operating loss of $107.8 million.
- GAAP net loss was $162.4 million, and non-GAAP net loss was $52.5 million.
- GAAP net loss per share was $2.85, with non-GAAP net loss per share at $0.92.
- The company shipped 901 Megawatts (AC) of inverters and 133 MWh of batteries during the quarter.
Full Year 2023 Highlights
- Total revenues for the year amounted to $3.0 billion, with solar segment revenues at $2.8 billion.
- GAAP gross margin was 23.6%, while non-GAAP gross margin was 26.7%.
- Gross margin from the solar segment was 29.2%.
- GAAP operating income reached $40.2 million, while non-GAAP operating income was $290.0 million.
- GAAP net income stood at $34.3 million, with non-GAAP net income at $248.4 million.
- GAAP net diluted earnings per share were $0.60, and non-GAAP net diluted earnings per share were $4.12.
- The company shipped 12.6 Gigawatts (AC) of inverters and 744 MWh of batteries over the year.
Fourth Quarter 2023 Summary
- Revenues decreased by 56% compared to the prior quarter and by 65% compared to the same quarter last year.
- Revenues from the solar segment saw a decrease of 58% compared to the prior quarter and 66% compared to the same quarter last year.
- GAAP gross margin was negative 17.9%, and non-GAAP gross margin was 3.3%.
- GAAP operating expenses increased by 14% compared to the prior quarter but decreased by 32% compared to the same quarter last year.
- GAAP operating loss widened to $237.6 million, with a non-GAAP operating loss of $107.8 million.
- GAAP net loss increased to $162.4 million, with a non-GAAP net loss of $52.5 million.
- Cash used in operating activities was $139.9 million.
Full Year 2023 Summary
- Total revenues decreased by 4% compared to the prior year.
- Revenues from the solar segment also decreased by 4% compared to the prior year.
- GAAP gross margin was 23.6%, and non-GAAP gross margin was 26.7%.
- GAAP operating income decreased by 75% compared to the prior year, while non-GAAP operating income decreased by 34%.
- GAAP net income decreased by 63% compared to the prior year, with a similar decrease in non-GAAP net income.
- Cash used in operating activities was $180.1 million.
Outlook for the First Quarter 2024
- The company expects revenues to be within the range of $175 million to $215 million.
- Non-GAAP gross margin is expected to be within the range of negative 3% to positive 1%, including approximately 850 basis points of net IRA manufacturing tax credit.
- Non-GAAP operating expenses are expected to be within the range of $122 million to $130 million.
- Revenues from the solar segment are expected to be within the range of $160 million to $200 million.
- Gross margin from the solar segment is expected to be within the range of 1% to 5%, including approximately 900 basis points of net IRA manufacturing tax credit.
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