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SolarEdge Sets New Record Quarterly Performance

Israeli-based solar manufacturer SolarEdge has achieved yet another record quarter, reporting revenue of $125 million.

SolarEdge reported its fiscal second quarter financial results for the quarter ending December 31, 2015, and it was good news yet again. Record revenue of $124.8 million, up 8.5% from the previous quarter and up 70.3% year-over-year.

“Execution of our strategy and related business plan has resulted in another successful quarter,” said Guy Sella, Founder, Chairman and CEO of SolarEdge.

“Another successful quarter” follows in the wake of their first fiscal quarter earnings, reported last year, where  SolarEdge took in revenue of $115.1 million, up 16.9% on its previous quarter.

SolarEdge also reported a gross margin of 30.9%, GAAP net income of $24.1 million, and shipped a total of 416 MW of solar inverters during the quarter. The company’s Earnings Per Share (EPS) was also up, reaching $0.55, up from $0.32 in the previous quarter, and up from $0.0 year-over-year.

SolarEdge is also predicting big things for the next quarter, providing guidance of revenues in the range of $121 million to $125 million, and gross margins within the range of 29% to 31%.

SolarEdge Tesla Powerwall StorEDGE“In addition to our revenue growth and increased profitability, this quarter we installed our first HD-wave inverter units and we commenced shipments of our StorEdge solution,” added Sella. “We remain committed to introducing innovative technologies to continue to drive down the cost of and broaden the application of renewable energy technologies.”

StorEdge was made available to the world earlier this year, and has already been deployed in various locations around the world. Purpose-built to store solar energy in a battery for use at a later time, StorEdge is also compatible with Tesla’s own Powerwall.

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