SolarEdge revenue dips 2 percent in second quarter

SolarEdge solutions

SolarEdge Technologies, a leader in smart energy technology, announced its financial results for the second quarter ended June 30, 2020.

Second Quarter 2020 Highlights

# Revenues of $331.9 million

# Revenues from solar products of $310.1 million

# Gross margin of 31 percent

# Net income of $36.7 million

# 1.44 Gigawatts (AC) of inverters shipped

Outlook for the Third Quarter 2020

# Revenues to be within the range of $325 million to $350 million

# Gross margin expected to be within the range of 32 percent to 34 percent

# Revenues from solar products to be within the range of $305 million to $325 million

# Gross margin from sale of solar products expected to be within the range of 33 percent to 35 percent

Zivi Lando, CEO of SolarEdge, said: “Our global strength, and in particular our loyal customer base in the Netherlands, Germany, Italy and Australia, softened the decline in U.S. demand this past quarter”

SolarEdge reported revenues of $331.9 million, down 23 percent from $431.2 million in the prior quarter and up 2 percent from $325 million in the same quarter last year.

Revenues related to the solar business were $310.1 million, down 24 percent from $407.6 million in the prior quarter and up 1 percent from $306.7 million in the same quarter last year.

Gross margin was 31.0 percent, down from 32.5 percent in the prior quarter and down from 34.1 percent year over year.

Gross margin for the solar business was 33.1 percent, down from 34.6 percent in the prior quarter and down from 36.4 percent year over year.

Operating expenses were $73.0 million, up 1 percent from $72.2 million in the prior quarter and up 12 percent from $65.3 million in the same quarter last year.

Operating income was $30.0 million, down 56 percent from $67.8 million in the prior quarter and down 34 percent from $45.4 million in the same quarter last year.

Net income was $36.7 million, down 13 percent from $42.2 million in the prior quarter and up 11 percent from $33.1 million in the same quarter last year.