Israel-based SolarEdge Technologies, Inc., a leader in smart energy solutions, has released its financial results for Q3 ending September 30, 2024. SolarEdge reported revenues of $260.9 million, reflecting a 2% decrease from the prior quarter’s $265.4 million. The solar segment generated $247.5 million in revenue, a 3% increase from the previous $241.2 million. GAAP gross margin recorded a steep decline to -269.2%, down from -4.1% last quarter. According to the company, it shipped 850 MW (AC) of inverters and 189 MWh of PV batteries. Projected revenues for the next quarter are anticipated between $180 million and $200 million. SolarEdge expects a non-GAAP gross margin between -4% and 0%, including approximately 1,000 basis points from the IRA manufacturing tax credit.
SolarEdge reports 64% revenue drop amid market challenges
SolarEdge sees a year-over-year revenue decline of 64% in Q3 2024, reflecting challenging market conditions. (Image Credit/Source: SOLARbytes/SolarEdge)
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