SolarEdge reported revenues for Q1 of $115 million, a strong quarter in an inverter-and-optimizer market that has recently been in flux as previous segment leaders have fallen on hard times.
The company also reported net income of $14 million, down from $21 million year over year. Operating expenses reached $27 million, dwarfing the operating income of $12 million, which was down year-over year from $20 million. Expenses rose 12% from the prior quarter and 27% year over year. SolarEdge also reported that it had shipped 455 MW-AC of inverters in Q1.
“In a quarter where the PV market is exhibiting decline in the United States, we have increased our revenues, profitability and cash flow generation quarter over quarter,” said Guy Sella, founder, chairman and CEO of SolarEdge. “We are confident that with our financial strength, cash balance and substantial R&D capabilities, we are well positioned to continue to increase revenues in existing markets and new markets as we see fit.”
Sella attributed much of the growth to its European properties, though it only accounts for around 36% of its overall marketshare. The other 64% is the U.S. market, which has been buffeted by a number of recent bankruptcies, uncertainty surrounding both federal- and state-level policy and poor weather in Q1 in the Northeast and California.
Investors should expect Q2 to be equally strong, with revenues reaching between $120 million and $130 million, according to Sella.