$SEDG (-10,6ย %) | SolarEdge Technologies Q3 Earnings Highlights:
๐น Revenue: $260.9M (Est. $272.8M) ๐ด; DOWN -64% YoY
๐น GAAP EPS: -$21.13; Non-GAAP EPS: -$15.33 (Est. -$1.65) ๐ด
๐น GAAP Net Loss: $1.21B vs. $61.2M loss YoY
๐น Adjusted EBITDA: Not provided due to large write-downs and impairments
๐น GAAP Gross Margin: -269.2%, down significantly from 19.7% YoY
Q4 Guidance
๐น Revenue: $180M - $200M (Est. $309.2M) ๐ด
๐น Non-GAAP Gross Margin: -4% to 0%, inclusive of ~1000 basis points from IRA manufacturing tax credit
๐น Solar Segment Revenue: $170M - $190M
๐น Solar Segment Gross Margin: 0% to 3%, inclusive of ~1050 basis points from IRA manufacturing tax credit
๐น Non-GAAP Operating Expenses: $103M - $108M
Segment Revenue
๐น Solar Segment: $247.5M, DOWN -63% YoY
๐น Non-Solar Revenue: Not specifically detailed
Operational Metrics
๐น Inverters Shipped: 850 MW (AC)
๐น Battery Shipments: 189 MWh for PV applications
Impairments and Write-Downs
๐ธ Total impairments and write-downs of $1.03B, contributing heavily to net loss
CEO Commentary
๐ธ "We are diligently focused on three main priorities: financial stability, recapturing market share, and refocusing on our core solar and storage opportunities. Despite the current challenges, I am confident in our path to restoring profitability." โ Ronen Faier, Interim CEO
Other Financial Metrics
๐น Cash Used in Operating Activities: $63.9M, compared to $40.6M generated in the same quarter last year
๐น Cash, Equivalents, and Marketable Securities: $53.3M, down from $165.3M in Q2