SolarEdge's Q3 net profit jumps 63% y/y

SolarEdge headquarters. Source: SolarEdge Technologies

Photovoltaic (PV) inverters supplier SolarEdge Technologies Inc (NASDAQ:SEDG) saw its third-quarter (Q3) GAAP net profit surge by 63% on the year to USD 45.6 million (EUR 39.9m).

CEO Guy Sella noted that the company has continued to grow both its revenues, which reached a record amount, and market share during the period.

“We shipped 1.1 GW of systems and delivered over three million power optimisers, with record high shipments of commercial products,” said Sella, who is also SolarEdge’s founder and chairman.

The following table gives more details about the company’s financial performance.

Figures in USD (except percentages)	Q3 2018	Q2 2018	Q3 2017
Revenues	236.6m	227.1m	166.6m
GAAP gross margin (%)	33	36.1	34.9
GAAP operating profit	34m	40.7m	25.4m
GAAP net profit	45.6m	34.6m	28m
Non-GAAP net profit	42.7m	40.6m	31.5m
Cash flow from operating activities	34.3m	43.9m	33.7m

For the fourth quarter of the year, SolarEdge forecasts revenues of between USD 245 million and USD 255 million, GAAP gross margins within the range of 30%-32% and non-GAAP gross margins ranging from 32% to 34%.

(USD 1.0 = EUR 0.874)

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