From pv magazine USA
SolarEdge Technologies has announced its third-quarter earnings, posting a third consecutive quarter of revenue growth and increased margins. The inverter and battery energy storage supplier posted revenues of $340 million, up from $289 million in the prior quarter. It shipped 1.47 GW of inverters and 269 MWh of batteries for solar projects during the third quarter.
Gross margins were up considerably quarter-over-quarter, climbing from 11.1% to 21.2%. Operating expenses also fell, declining from $148 million to $107 million from the second quarter to the third quarter.
“We’re making steady progress in our turnaround, with three consecutive quarters of revenue growth and improving margins, and we’re not done yet,” said Shuki Nir, CEO of SolarEdge.
SolarEdge has remained focused on increasing margin and generating cash as the distributed solar market cycles through a downturn. The company reported net losses of $50.1 million in the third quarter, which declined from $125 million in the prior quarter. Cash generated in operating activities was $25.6 million, compared with $7.8 million used by operating activities in the prior quarter.
The company trimmed its guidance for the fourth-quarter revenues, expecting between $310 million and $340 million, falling just short of Wall Street consensus estimates of $343 million.
“With energy taking an increasingly vital role in powering the global economy, we believe that SolarEdge is positioned for continued growth, sustained profitability, and leadership in smart energy solutions,” said Nir.
SolarEdge said it will partner with Infineon to advance the development of a solid-state transformer (SST) designed to support AI datacenters.
The new SST is designed to enable direct medium-voltage to 800 V to 1500 V DC conversion with over 99% efficiency.
The two will co-develop a modular SST with a 2 MW to 5 MW building block, combining advanced silicon carbide (SiC) switching technology from Infineon with SolarEdge’s power-conversion and control topology. The product is expected to enable direct medium-voltage (13.8 kV to 34.5 kV) to 800 V – 1500 V DC conversions.
“It is essential that the data center industry is equipped with solutions that deliver higher levels of efficiency and reliability. SolarEdge’s deep expertise in DC architecture uniquely positions us to lead this transformation,” said Nir.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.