SolarEdge Technologies, a leader in smart energy technology, announced its financial results for the second quarter ended June 30, 2020.
Second quarter 2020
Revenues of $331.9 million
Revenues from solar products of $310.1 million
Gross margin of 31.0 percent
Gross margin from sale of solar products of 33.1 percent
Net income of $36.7 million
1.44 Gigawatts (AC) of inverters shipped
“This quarter, despite the challenges caused by Covid-19, we maintained profitability while generating cash from operating activity,” said Zivi Lando, CEO of SolarEdge. “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 Technologies reported revenues of $331.9 million, down 23 percent from $431.2 million in the prior quarter and up 2 percent from $325.0 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.
SolarEdge expects revenue of $325-$350 million with gross margin of 32-34 percent during the third quarter ending September 30, 2020. Revenues from solar products will be within the range of $305 million to $325 million, SolarEdge said.