Revenues at SolarEdge rise as non-US share reaches 51%

Solar array. Author: h080.

Israel-based photovoltaic (PV) inverter maker SolarEdge Technologies Inc (NASDAQ:SEDG) on Wednesday reported record revenues of USD 166.6 million (EUR 143.2m) for the third quarter of 2017.

This represents quarter-on-quarter and year-on-year growth of 22% and 30%, respectively.

The company derived 51% of its revenues in the quarter from outside the US as a result of its continued investment in global sales, said chairman and chief executive Guy Sella. It shipped 676 MW alternating current (AC) of inverters in the period.

	Q3 2017	Q3 2016	9-mo 2017	9-mo 2016
Inverters shipped	89,737	63,360	222,518	173,674
Power optimizers shipped	2,041,115	1,645,708	5,285,272	4,550,570
Megawatts shipped	676	466	1,695	1,310

Profitability and cash flow generation were also at record levels in the quarter, the company said. Cash flow from operating activities was USD 33.6 million. GAAP gross margin improved to 34.9% from 34.6% in the preceding quarter and 32.6% a year back.

More details of the company's performance are in the table below.

in USD million	Q3 2017	Q3 2016	9-mo 2017	9-mo 2016
Revenues	166.6	128.5	417.7	378.4
GAAP operating profit	25.4	18.2	56.5	55.9
GAAP net profit	28	15.6	64.7	53.7
Non-GAAP net profit	31.5	20.9	73.8	64.1

"We continue to generate increasing cash flow from operations which enhances our financial strength and allows us to continue to invest in new products and development of new markets," Sella said.

In the fourth quarter, SolarEdge expects to generate revenues of USD 175 million to USD 185 million and achieve a gross margin in the range of 33% to 35%.

(USD 1 = EUR 0.860)

Choose your newsletter by Renewables Now. Join for free!