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					</table><p><a href="https://corporate.solaredge.com/en" target="_blank" rel="noopener">SolarEdge</a>, an Israel-based solar inverter manufacturer, recorded a net loss of $108.6 million in the first quarter (Q1) of 2024, an improvement of 37.7% on a year-over-year (YoY) basis as compared to a net loss of $174.5 million.</p>
<p>Revenue for the quarter stood at $204.4 million, marking a decline of 78% YoY from $943.9 million. Within the solar segment, revenues amounted to $190.1 million, a 79% YoY decrease from $908.5 million.</p>
<p>SolarEdge said the revenue trend aligns with the seasonal pattern observed in the industry, where higher revenues typically occur towards the latter part of the year.</p>
<p>Operating expenses totaled $109.2 million from $123.6 million in the same quarter of the prior year.</p>
<p>The company implemented price reductions in specific regions and for certain products to assist distribution channel partners in achieving optimal inventory levels. These adjustments are expected to be reflected in the company&#8217;s financials starting next quarter.</p>
<p>Cash utilized in operating activities amounted to $217 million, contrasting with $139.9 million in the preceding quarter and $7.9 million generated from operating activities in the corresponding quarter last year.</p>
<p>Zvi Lando, SolarEdge&#8217;s Chief Executive Officer, said, &#8220;Our first quarter results were aligned with our expectations of inventory clearing and typical seasonality.&#8221;</p>
<p>He elaborated that with the arrival of spring, a season historically associated with increased installations, the company anticipates a continued reduction in channel inventory and a boost in revenues.</p>
<p>The company is in the process of developing its next-generation residential battery. This battery will be founded on a unified platform that merges single-phase and three-phase platforms into one cohesive system.</p>
<p>Approximately 100 MW have been installed or are currently undergoing installation for the company&#8217;s tracker product, with confirmed orders for 60 MW slated for installation this year.</p>
<p>The company <a href="https://www.mercomindia.com/solaredge-ninefold-increase-net-loss-q4-2023" target="_blank" rel="noopener">recorded</a> a net loss of $162.4 million in the fourth quarter of 2023, an 880% year-over-year drop from the net profit of $20.8 million, primarily due to the higher interest rates and lower power prices causing an inventory buildup slowing down the shipments.</p>
<p>SolarEdge <a href="https://www.mercomindia.com/solaredge-cuts-global-workforce/" target="_blank" rel="noopener">announced</a> a restructuring initiative in January to trim operating expenses and adapt its cost structure to market conditions.</p>


SolarEdge’s Q1 2024 Net Loss Narrows to $108.6 Million


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					</table><p><a href="https://corporate.solaredge.com/en" target="_blank" rel="noopener">SolarEdge</a>, an Israel-based solar inverter manufacturer, has posted a net income of $119.5 million during the second quarter (Q2) in 2023, a year-over-year (YoY) growth of 692% from $15.1 million.</p>
<p>The company recorded revenue of $991.3 million, a 36% YoY increase from $727.8 million.</p>
<p>The company reported that revenues from its solar business reached a record high of $947 million, while revenues from its non-solar businesses amounted to $44 million, an increase from $35.2 million last quarter which was a result of higher storage division revenues.</p>
<p>The company&#8217;s solar business revenue demonstrated robust growth, with a 4% increase quarter over quarter (QoQ) and an impressive 38% increase YoY. This growth was primarily driven by record revenues in Europe, resulting from strong European adoptions of the company’s products.</p>
<p>SolarEdge noted that its commercial segment has shown remarkable growth over several quarters, with shipments increasing from 1.5 GW in Q4 2022 to 2.1 GW in Q1 of the current year and reaching 2.6 GW in the latest quarter.</p>
<p>The growth is due to component shortages, high energy prices, and rapid expansion to one affected by higher interest rates and excess inventory.</p>
<p>The company achieved a record operating income of $150.4 million, representing a surge of 318% from the $36 million reported in the same quarter last year.</p>
<p><strong>1H 2023 </strong></p>
<p>For the first half (1H) of 2023, the company posted a net income of $257.89 million, a YoY increase of 435% compared to $48.21 million achieved during 1H of 2022.</p>
<p>SolarEdge recorded a revenue of $1.94 billion, a YoY increase of 40% due to increased sales, especially from the growing demand from the European clientele.</p>
<p>As of June 30, 2023, the company&#8217;s total cash, cash equivalents, bank deposits, restricted bank deposits, and marketable securities amounted to $853.5 million after deducting debt.</p>
<p>“We are pleased with our results for the second quarter, in particular our strong performance in Europe in both the residential and commercial solar segments. While the U.S. residential solar market is currently seeing some headwinds primarily related to higher interest rates, we are navigating through this period by leveraging our geographic and multi-segment strengths in the solar markets and expect to benefit from the positive long-term outlook for this sector,” said Zvi Lando, Chief Executive Officer of SolarEdge.</p>
<p>SolarEdge <a href="https://www.mercomindia.com/solaredges-q1-net-diversified-offerings-and-markets" target="_blank" rel="noopener">posted</a> a net income of $138.4 million during Q1, a spike of 318% YoY.</p>
<p>Mercom recently <a href="https://www.mercomindia.com/inverter-suppliers-optimistic-chip-availability" target="_blank" rel="noopener">reported</a> on how solar inverter manufacturers are managing the supply-demand challenge in the face of the semiconductor chip shortage globally.</p>


SolarEdge’s Q2 Net Income Soars by 692% on Higher Solar Inverter Shipments

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