SolarEdge Technologies, Inc.

$19.00

SKU: SEDG-1 Category:

Description

SolarEdge’s results were a major disappointment as the company failed to meet Wall Street’s revenue and earnings expectations. They capped the quarter with revenues reaching approximately $725 million. The solar business contributed $676 million, while nonsolar ventures raised $49 million. Notably, 3.3 million power optimizers and 274,000 inverters were shipped during this period. Residential battery shipments totaled 121 megawatt-hours, a decrease from the previous quarter. Solar revenue declined 29% quarter-over-quarter, driven by market slowdown and excess product inventory. Globally, third-quarter revenues were stable, with no significant shifts anticipated in the coming quarters. SolarEdge is adjusting its cost base to address reduced demand, discontinuing manufacturing in Mexico, reducing capacity in China, and enhancing production in the US. The company also decided to cease its non-core light commercial vehicle e-mobility activity. Despite inventory corrections, their team remains confident in its products, anticipating future growth and authorizing a share repurchase program of up to $300 million through 2024.

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