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SolarEdge Brings Latest Offering 330kW Inverter & Optimiser to Market
Israeli-based solar inverter manufacturer SolarEdge has announced its financial results for the first quarter ended March 31, 2021, reporting good revenues to shareholders worldwide.
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Zvi Lando, CEO of SolarEdge, said, "We are happy to report our first quarter results, representing continued growth in our solar business across geographies and segments."
In Q1 2021, the company reported revenues of $405.5 million, up 13% from $358.1 million in the prior quarter and down 6% from $431.2 million in the same quarter last year. Revenues related to the sale of solar products were $376.4 million, up 15% from $327.1 million in the prior quarter and down 8% from $407.6 million in the same quarter last year. The firm stated that GAAP gross margin was 34.5% and non-GAAP gross margin was 36.5%. While GAAP gross margin from the sale of solar products was 38.3%, non-GAAP gross margin from the sale of solar products was 39.7%. GAAP operating expenses were $95.9 million and non-GAAP operating expenses were $76.2 million. Additionally, GAAP operating income was $44.1 million and non-GAAP operating income was $71.9 million. GAAP net income was $30.1 million and non-GAAP net income was $55.5 million.
Cash flow from operating activities was $24.1 million, down from $27.2 million in the prior quarter and down from $107.7 million in the same quarter last year. As of March 31, 2021, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $515.2 million, net of debt, compared to $530.2 million on December 31, 2020.
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Lando also commented, "We are particularly pleased with our operational performance this quarter, which will enable us to meet the continued increase in demand for our residential and commercial products worldwide. This quarter, we also began delivering full powertrain kits for the e-Mobility sector in Europe in line with our growth strategy beyond solar."
SolarEdge also provided guidance for the second quarter ending June 30, 2021 with these predictions: revenues are likely to be within the range of $445 million to $465 million. Non-GAAP gross margin is expected to be within the range of 32% to 34% Revenues from solar products might range from $405 million to $420 million. Lastly, Non-GAAP gross margin from sale of solar products is expected to be between 36% and 38%.
