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Investing.com -- SolarEdge Technologies (NASDAQ:SEDG) saw its stock surge 15% after reporting better-than-expected first quarter results and issuing an upbeat revenue forecast for the second quarter.
The smart energy technology company posted a narrower loss and higher revenue than analysts anticipated, signaling progress in its turnaround efforts.
SolarEdge reported a first quarter adjusted loss of $1.14 per share, beating the analyst estimate of a $1.16 loss. Revenue rose 12% sequentially to $219.5 million, surpassing the consensus estimate of $204.2 million. The company shipped 1,208 MW (AC) of inverters and 180 MWh of batteries for PV applications during the quarter.
Looking ahead, SolarEdge provided a strong revenue outlook for the second quarter, projecting sales between $265 million and $285 million. This guidance came in well above analysts’ expectations of $243.7 million. The company expects its non-GAAP gross margin to be in the range of 8% to 12% for Q2.
"I am pleased with the steady progress we made on the SolarEdge turnaround this quarter," said CEO Shuki Nir. "We delivered a second straight quarter of positive free cash flow and are executing on our strategic priorities."
The company generated $19.8 million in free cash flow during Q1, excluding cash flow from discontinued operations. SolarEdge ended the quarter with $113.2 million in cash and marketable securities, net of debt, up from $81.9 million at the end of 2024.