Solaredge again increases sales with declining margins
Post date: 05/08/2022 - 08:21
Israeli inverter and power electronics supplier Solaredge’s figures for the second quarter of this year slightly missed recent analyst estimates and posted declining – though still high – margins, leading to a falling share price for its recently steeply rising stock. However, the company was able to deliver on its own announcements made in its May first-quarter earnings release.
Revenue reached a new high of $727.8 million (announced was $710 million to $740 million), up 11.1 percent from the first quarter and 51.6 percent higher than the same period last year. Just over 94 percent of revenue ($687.6 million) came from solar, and inverter capacity sold was 2.52 gigawatts (Q1: 2.13 gigawatts).
Solaredge calculated non-GAAP gross profit margin of 26.7 percent, also within the announced 26 to 29 percent range. Non-GAAP profit margin was 25.1 percent, compared to 27.3 percent in Q1 and 32.5 percent in the same period last year.