SolarEdge, an Israel-based solar inverters manufacturer, posted revenue of $890.7 million for the fourth quarter of the financial year 2023, a jump of 61.4% year-over-year (YoY). The performance was primarily driven by higher shipments.

The company’s solar segment recorded a 70.4% YoY growth to $857 million for the quarter.

However, SolarEdge’s consolidated net income for the October-December quarter nearly halved YoY to $20.8 million on account of intangible asset impairment amounting to $114.5 million, which included $107.4 million for e-mobility and $7.1 million for automation machines.

For the quarter, the company shipped 6.67 million power optimizers, up 30.2% YoY.

It also shipped 315,289 inverters in the quarter, which showed a 60% YoY growth. Further, the total systems shipments increased to 3.1 GW, a 63% jump YoY.

The inverter manufacturer shipped 217.6 MWh of batteries during the period, up 419% YoY.

SolarEdge has over 53,000 residential installers to date, and the company caters to the residential solar needs of customers across more than 133 countries. It owns over 2.8 million residential sites where the company targets installing solar for its customers.

Full financial year

SolarEdge’s total revenue for the entire year increased by 58.4% YoY to $3.1 billion from $1.9 billion in FY 2022.

The company cumulatively shipped 40 GW of systems globally during FY 2023.

The inverter maker’s net income decreased by 44.6% YoY to $93.8 million compared to $169.2 million.

SolarEdge said that it shipped 10.5 GW of systems during FY 2023, which includes 5.3 GW and 5.1 GW of systems shipped to the company’s residential and commercial customers, respectively.

During the year, the company was selected as a supplier of electric powertrain units and batteries for Fiat E-Ducato, which is a large electric van by Stellantis.

SolarEdge manufactures powertrains with the gearbox, engine, battery, software, and accessories, extending the company’s access to the high-growth global electric vehicles market.

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.

Recently, a supplier of microinverter-based solar-plus-storage systems, Enphase Energy, recorded a YoY surge in profit at $153.8 million for Q2.