SolarEdge posts profit fall, record revenue in 2022

SolarEdge headquarters. Source: SolarEdge Technologies

Israel-based photovoltaic (PV) inverters supplier SolarEdge Technologies Inc (NASDAQ:SEDG) on Monday reported 2022 results, saying it ended “a challenging yet very successful year” with a record in almost every element of its operations.

The company’s net profit, however, fell to USD 93.8 million from USD 169.2 million in 2021 as the bottom line was affected by intangible asset impairments of USD 114.5 million in the final quarter of the year, mainly related to e-mobility.

Revenues were up 58% year-over-year to a record USD 3.11 billion.

SolarEdge shipped 10.5 GW of inverters and 889 MWh of batteries in the full year. In the fourth quarter, shipments were 3.14 GW and 217.6 MWh, respectively.

USD million	2022	2021	Q4 2022	Q4 2021
Revenues	3,110.3	1,963.9	890.7	551.9
- from the solar segment	2,921.2	1,787.3	837	502.7
GAAP gross margin (%)	27.2	32	29.3	29.1
Non-GAAP gross margin (%)	28.2	33.5	30.2	30.3
GAAP operating profit (loss)	166.1	207.1	(5.2)	41
Non-GAAP operating profit	441.7	321.4	149.6	72.9
GAAP net profit	93.8	169.2	20.8	41
Non-GAAP net profit	351.2	272.9	171.5	62.8

“The global economic and geopolitical events coupled with post pandemic dynamics created an unprecedented demand for solar energy in general and our products in particular,” said SolarEdge chief executive Zvi Lando.

For the first quarter of 2023, the company expects revenues of USD 915 million to USD 945 million, non-GAAP gross margin of 28% to 31% and non-GAAP operating profit of USD 150 million to USD 170 million.

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