Zinger Key Points
- SolarEdge's Q1 revenue beat expectations, showing a 12% sequential increase.
- The company's Q2 revenue outlook of $265 million-$285 million also surpassed consensus estimates.
- Get access to the leaderboards pointing to tomorrow’s biggest stock movers.
SolarEdge Technologies, Inc. SEDG shares are trading higher after the company reported first-quarter results.
Revenues of $219.5 million, up 12% sequentially, beat the consensus of $203.66 million.
The company shipped 1,208 Megawatts (AC) of inverters and 180 MWh of batteries for PV applications in the quarter.
Also Read: Goldman Sachs Analyst Optimistic On SolarEdge’s Strong Domestic Manufacturing, European Expansion
Adjusted gross margin was 7.8% versus negative 39.5% in the prior quarter, and adjusted operating loss narrowed to $72.4 million from $184.1 million in the prior quarter.
Adjusted loss per share of $1.14 beat the street view for a loss of $1.16.
Operating cash flow for the quarter was $33.8 million and free cash flow (excluding cash flow from discontinued operations) was $19.8 million.
As of March 31, cash, cash equivalents, bank deposits, restricted bank deposits, and marketable securities totaled $113.2 million, net of debt, compared to $81.9 million as of Dec. 31, 2024.
Outlook: For the second quarter, the company expects revenue of $265 million-$285 million (versus consensus of $247.96 million) and adjusted gross margin of 8% – 12%.
In April, the company disclosed that Marcel Gani had resigned from its board of directors, effective April 8.
Investors can gain exposure to the stock via ProShares S&P Kensho Cleantech ETF CTEX and SPDR S&PKensho Clean Power ETF CNRG.
Price Action: SEDG shares are up 14.12% at $14.74 at last check on Tuesday.
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