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SolarEdge Announces Second Quarter 2021 Financial Results

SolarEdge Announces Second Quarter 2021 Financial Results

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MILPITAS, Calif : SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Highlights

  • Revenues of $480.1 million
  • Revenues from solar segment of $431.5 million
  • GAAP gross margin of 32.5%
  • Non-GAAP gross margin of 33.9%
  • Gross margin from solar segment of 37.4%
  • GAAP net income of $45.1 million
  • Non-GAAP net income of $72.5 million
  • GAAP net diluted earnings per share (“EPS”) of $0.82
  • Non-GAAP net diluted EPS of $1.28
  • 1.64 Gigawatts (AC) of inverters shipped

“We are happy to finish the second quarter of 2021 with record revenues in both our solar and non-solar businesses and with continued strong demand for our products in the various geographies and across the different segments,” said Zvi Lando, Chief Executive Officer of SolarEdge. “We are successfully navigating through the challenging supply chain environment while continuing to support our customers’ growth and expansion with new and existing products.”

Second Quarter 2021 Summary

The Company reported revenues of $480.1 million, up 18% from $405.5 million in the prior quarter and up 45% from $331.9 million in the same quarter last year.

Revenues from the solar segment were $431.5 million, up 15% from $376.4 million in the prior quarter and up 39% from $310.1 million in the same quarter last year.

GAAP gross margin was 32.5%, down from 34.5% in the prior quarter and up from 31.0% in the same quarter last year.

Non-GAAP gross margin was 33.9%, down from 36.5% in the prior quarter and up from 32.4% in the same quarter last year.

Gross margin from the solar segment was 37.4%, down from 39.7% in the prior quarter and up from 33.8% in the same quarter last year.

GAAP operating expenses were $100.6 million, up 5% from $95.9 million in the prior quarter and up 38% from $73.0 million in the same quarter last year.

Non-GAAP operating expenses were $81.5 million, up 7% from $76.2 million in the prior quarter and up 33% from $61.1 million in the same quarter last year.

GAAP operating income was $55.6 million, up 26% from $44.1 million in the prior quarter and up 85% from $30.0 million in the same quarter last year.

Non-GAAP operating income was $81.3 million, up 13% from $71.9 million in the prior quarter and up 75% from $46.6 million in the same quarter last year.

GAAP net income was $45.1 million, up 50% from $30.1 million in the prior quarter and up 23% from $36.7 million in the same quarter last year.

Non-GAAP net income was $72.5 million, up 31% from $55.5 million in the prior quarter and up 39% from $52.1 million in the same quarter last year.

GAAP net diluted EPS was $0.82, up from $0.55 in the prior quarter and up from $0.70 in the same quarter last year.

Non-GAAP net diluted EPS was $1.28, up from $0.98 in the prior quarter and up from $0.97 in the same quarter last year.

Cash flow from operating activities was $38.7 million, up from $24.1 million in the prior quarter and down from $59.3 million in the same quarter last year.

As of June 30, 2021, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $509.3 million, net of debt, compared to $515.2 million on March 31, 2021.

Outlook for the Third Quarter 2021

The Company also provides guidance for the third quarter ending September 30, 2021 as follows:

  • Revenues to be within the range of $520 million to $540 million
  • Non-GAAP gross margin expected to be within the range of 32% to 34%
  • Revenues from solar segment to be within the range of $460 million to $480 million
  • Gross margin from solar segment expected to be within the range of 35% to 37%

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions.

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Anand Gupta Editor - EQ Int'l Media Network