SolarEdge News

SolarEdge, Isreal-based solar inverters, power optimizers, and monitoring systems manufacturer, has announced its revenue for the second quarter ended June 30, 2021. The company reported $431.5 million of revenues from the solar segment, up 39% from $310.1 million in the year-ago period.

The Chief Executive Officer of SolarEdge, Mr. Zvi Lando said, “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.

We are successfully navigating through the challenging supply chain environment while continuing to support our customers’ growth and expansion with new and existing products.”

The second quarter 2021 highlights are as follows:

  • Revenues of $480.1 million
  • Revenues from the solar segment of $431.5 million
  • GAAP gross margin of 32.5%
  • Non-GAAP gross margin of 33.9%
  • Gross margin from the 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

GAAP gross margin was down from 34.5% in the prior quarter and up from 31.0% in the same quarter last year. Non-GAAP gross margin was down from 36.5% in the prior quarter and up from 32.4% 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.

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.

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