SolarEdge Technologies, Inc. (SEDG)

[@LaughinPaulRyan]

SolarEdge Announces Third Quarter 2020 Financial Results

Source: Business Wire
SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Highlights

Revenues of $338.1 million
Revenues from solar products of $312.5 million
GAAP gross margin of 32.0%
GAAP gross margin from sale of solar products of 34.1%
Non-GAAP gross margin from sale of solar products of 34.8%
GAAP net income of $43.8 million
Non-GAAP net income of $65.9 million
GAAP net diluted earnings per share (“EPS”) of $0.83
Non-GAAP net diluted EPS of $1.21
1.45 Gigawatts (AC) of inverters shipped
“Our third quarter results reflect significant growth in Europe, despite the current economic slowdown caused by the global pandemic,” said Zivi Lando, CEO of SolarEdge. “Our solar business outside the U.S. reached an all-time high and the U.S. market is showing signs of return to pre-pandemic installation levels. In our non-solar business, our e-Mobility team is gearing up to deliver to our customer the first significant batch of full powertrain solutions for assembly in electric vehicles in the fourth quarter. In addition to continuing to generate significant cash from operations this quarter, we raised $618 million, net of expenses, in convertible debt providing additional support for our continued organic and non-organic growth.”