Israeli-based solar inverter manufacturer SolarEdge revealed record revenue for the quarter ending June 30, up 13.9% on the previous quarter and 120.8% year-over-year.
SolarEdge’s financial calendar reaches its conclusion on June 30, when many other companies around the world are only nearing the halfway mark, so SolarEdge’s financial report was for the fourth quarter and year ended June 30. The company revealed record quarterly revenue of $98.4 million, which is up 13.9% on the previous quarter, and 120.8% on Q4’14’s $44,573 million.
This helped push their year-ending revenue to record levels as well, reaching $325.1 million, a growth of 144% year-over-year.
284 MW worth of inverters were shipped for the fourth quarter, bringing the year’s total up to 920 MW. GAAP gross margin sat at 28.7% for the quarter and 25.2% for the fiscal year, with GAAP net income for Q4’15 of $13.8 million, and $29.4 million for the fiscal year.
“We completed fiscal 2015 with strong execution on all fronts,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “We successfully grew our business with our existing and new customers and generated record revenue for the fourth fiscal quarter and the entire fiscal year. Our increased manufacturing capacity coupled with continued cost reduction, brought gross margins to a quarterly and annual record. These revenue and cost reduction initiatives generated strong bottom line results; consecutive profits in each quarter of fiscal 2015 and strong cash flow from operations.”
SolarEdge’s operating expenses for the fiscal year 2015 came in at $53.5 million, up 32.7% on the previous year, with operating income of $28.3 million well exceeding the operating loss of $18.4 million in fiscal year 2014.
The company also provided financial outlook for the first fiscal quarter of 2016, with revenue expected to be within the range of $108 million and $112 million, and gross margins to be within 27% and 29%.
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