Thanks to stronger market demand and new orders, SolarEdge Technologies’ revenue in the first quarter of 2015 reached a new record of US$86.4 million, representing a 17.9% (US$13.1 million) increase from the last quarter and a 182.7% (US$55.8 million) increase year-on-year.
“I am happy to report record revenues of $86 million this quarter. This is in line with our expectations of moderate growth despite seasonality, coupled with the addition of a new sizeable customer. We expect revenue growth to continue through 2015 as originally projected,” said Guy Sella, Founder, Chairman and CEO of SolarEdge.
The company’s increasing manufacturing capacity helps reduce air shipments and combines its planned cost reduction activities which improved the gross margin. These two factors drove the non-GAAP net profit to US$8.7 million for the quarter, marking the third consecutive profitable quarter.
“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,” added Sella.
Third Quarter 2015 Highlights
- Record revenue of $86.4 million, up 17.9% from last quarter and 182.7% year-over-year
- GAAP gross margin of 27.4%
- GAAP net income of $6.0 million
- Non-GAAP net income of $8.7 million
- 248 Megawatts AC inverters shipped
- GAAP operating expenses of $13.9 million; GAAP operation income of $9.8 million
Outlook for the Fourth Quarter
SolarEdge’s guidance for the fourth fiscal quarter of 2015:
- Revenues to be within the range of $92 million to $96 million;
- Gross margins to be within the range of 26% to 28%.
