SolarEdge, an Israel-based solar inverters manufacturer, posted a net income of $138.4 million during the first quarter (Q1) of the financial year (FY) 2023, a spike of 318% YoY.

The company attributed its financial performance to diversified geographic and segmental presence, which allows it to avoid excessive dependence on any single market or segment.

Zvi Lando, Chief Executive Officer of SolarEdge, said the company would focus on executing its plans to boost margins and profitability as supply chain issues improve.

The company’s revenue jumped 44% YoY to $943.9 million in January-March.

The company earned $908.5 million in revenue from the solar segment, up 49% YoY.

The operating income in the quarter came in at $144.2 million, a 183% jump YoY. The operating expenses in the first quarter amounted to $156.0 million, a 22% increase YoY.

SolarEdge said it achieved net diluted earnings per share of $2.35. The company shipped 3.6 GW of inverters and 221 MWh of batteries.

During Q1 of 2023, cash flow from operating activities amounted to $7.9 million, down from $111.3 million in the prior quarter.

As of March 31, 2023, the company had a total of $1.01 billion in cash, cash equivalents, bank deposits, restricted bank deposits, and marketable securities net of debt.

The company expects the revenues to be $970 million to $1.01 billion for the next quarter.

Moreover, the revenues from the solar segment are expected to be in the range of $930 million to $980 million, and the gross margin from the solar segment is expected to be within the range of 34% to 37%.

The company posted revenue of $890.7 million for the fourth quarter of the financial year 2023, a jump of 61.4% YoY. Higher shipments primarily drove the performance.

SolarEdge’s revenue from the solar segment during the second quarter totaled $687.6 million, up YoY by 59% from $431.5 million in the same quarter a year ago.