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MILPITAS, Calif. - SolarEdge Technologies, Inc. (NASDAQ:SEDG), a smart energy technology company, reported fourth-quarter 2024 financial results that showed a wider-than-expected loss but beat revenue estimates.
The company’s stock was unchanged in response to the results.
SolarEdge posted a non-GAAP net loss of $3.52 per share for the quarter, significantly worse than the analyst estimate of a $1.66 loss per share. Revenue came in at $196.2 million, slightly above the consensus estimate of $194.95 million but down 17% from $235.4 million in the previous quarter.
The company shipped 895 MW (AC) of inverters and 130 MWh of batteries for PV applications during the quarter. SolarEdge’s solar segment revenue was $189.0 million, down 15% from $222.1 million in the prior quarter.
CEO Shuki Nir commented, "There are exciting opportunities ahead for SolarEdge. We are just getting started on our turnaround story. The return to positive free cash flow generation in Q4 is a solid first step, and we expect to be free cash flow positive in Q1 2025 and for the full year 2025."
For the first quarter of 2025, SolarEdge expects revenue to be between $195 million and $215 million, compared to the analyst consensus of $207.9 million. The company also anticipates a non-GAAP gross margin of 6% to 10% and non-GAAP operating expenses between $98 million and $103 million.
The fourth quarter results included a $138 million write-down and impairment of various assets, impacting both GAAP and non-GAAP financials. Despite this, SolarEdge reported positive free cash flow of $25.5 million for the quarter, compared to a deficit of $136.7 million in the prior year.
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