SolarEdge Technologies has released its financial results for the fourth fiscal quarter 2015 (4Q2015), with the year ending June 30, 2015. The company registered a record revenue of $98.4 million for 4Q2015, an increase of 13.9% from the previous quarter and an impressive 120.8% from fiscal 4Q2014. Record revenue of $325.1 million was also registered for the fiscal year 2015, enabling a YoY growth of 144%.
The company shipped out 284MW (AC) of inverters for 4Q2015 and 920MW for the fiscal year 2015.
"We completed fiscal 2015 with strong execution on all fronts. We successfully grew our business with our existing and new customers and generated record revenue for the fourth fiscal quarter and the entire fiscal year. Our increased manufacturing capacity coupled with continued cost reduction, brought gross margins to a quarterly and annual record. These revenue and cost reduction initiatives generated strong bottom line results; consecutive profits in each quarter of fiscal 2015 and strong cash flow from operations," said Guy Sella, Founder, Chairman and CEO of SolarEdge.
The company’s outlook for the first fiscal quarter of 2016 sees revenues to be within $108 to $112 million and gross margins to be within 27% and 29%.
In February this year, SolarEdge went public and began trading on the NASDAQ with an IPO of 7 million shares of common stock at $18 per share. Solar analysts stated that the timing of the company’s entrance onto NASDAQ was indicative of its confidence that the module-level power electronics business will continue to grow.
Apart from the reported $98.4 million revenue for 4Q2015, the company also reached a GAAP gross margin of 28.7% in the quarter. Non-GAAP gross margin was 28.9% for 4Q2015, up from 27.6% in the prior quarter. This growth has been attributed to cost reduction measures that were taken in this quarter and the reduction of air shipments use to a minimum.
GAAP operating expenses were $16.4 million for fiscal 4Q2015, or 16.7% of revenue, an increase from $13.9 million, or 16.1% of revenue from the prior quarter. GAAP operating income was $11.9 million 4Q2015, up from $9.8 million in the prior quarter. GAAP net income was $9.3 million for fiscal 4Q2015, up from $6.0 million in 3Q2015. Non-GAAP net income was $13.8 million for fiscal 4Q2015, an increase from $8.7 million in 3Q2015.
GAAP net diluted earnings per share (EPS) was $0.21 for fiscal 4Q2015, up from $0.01 in the prior quarter. Non-GAAP net diluted EPS was $0.31 for 4Q2015, an increase from $0.20 in 3Q2015.
As of June 30, 2015, cash, cash equivalents and restricted cash, totaled $148.4 million, compared to $138.8 million on March 31, 2015. As of June 30, 2015, SolarEdge did not have any debt.
Details of full fiscal year
Apart from the revenue totaling $325.1 million, SolarEdge’s gross margin was recorded at 25.2%, comapred to 16.5% in 2014. The operating expenses increased 32.7% from 2014 to $53.5 million. The operating income however was $28.3 million, compared to the operating loss of $18.4 million made in 2014. GAAP net income was at $21.1 million, again an improvement from the net loss of $21.4 incurred in 2014. Non-GAAP net income was $29.4 million compared to a non-GAAP net loss of $20.4 in fiscal year 2014. GAAP net diluted EPS was $0.27 compared to a net diluted loss per share of $7.64 the year before. Non-GAAP net diluted EPS was $0.77, compared to a net diluted loss per share of $0.76 in 2014 fiscal year.