SolarEdge Technologies, a leader in smart energy technology, announced its financial results for the first quarter ended March 31, 2021.
Fourth Quarter 2021 Highlights
Revenues of $405.5 million
Revenues from solar products of $376.4 million
Gross margin of 34.5 percent
GAAP gross margin from sale of solar products of 38.3 percent
Net income of $30.1 million
1.69 Gigawatts (AC) of inverters shipped
Zvi Lando, CEO of SolarEdge, said: “We are pleased with our operational performance this quarter, which will enable us to meet the continued increase in demand for our residential and commercial products worldwide. This quarter, we also began delivering full powertrain kits for the e-Mobility sector in Europe in line with our growth strategy beyond solar.”
First Quarter 2021 Summary
SolarEdge reported revenues of $405.5 million, up 13 percent from $358.1 million in the prior quarter and down 6 percent from $431.2 million in the same quarter last year.
Revenues related to the sale of solar products were $376.4 million, up 15 percent from $327.1 million in the prior quarter and down 8 percent from $407.6 million in the same quarter last year.
GAAP gross margin was 34.5 percent, up from 30.8 percent in the prior quarter and up from 32.5 percent year over year.
GAAP gross margin from the sale of solar products was 38.3 percent, up from 35.3 percent in the prior quarter and up from 34.6 percent year over year.
GAAP operating expenses were $95.9 million, flat with $95.9 million in the prior quarter and up 33 percent from $72.2 million in the same quarter last year.
GAAP operating income was $44.1 million, up 206 percent from $14.4 million in the prior quarter and down 35 percent from $67.8 million in the same quarter last year.
GAAP net income was $30.1 million, up 70 percent from $17.7 million in the prior quarter and down 29 percent from $42.2 million in the same quarter last year.
Outlook for the Second Quarter 2021
The company provides guidance for the second quarter ending June 30, 2021 as follows:
Revenues to be within the range of $445 million to $465 million
Revenues from solar products to be within the range of $405 million to $420 million