SolarEdge expects to break more records in the first quarter – pv magazine USA

from pv magazine Global

Israeli manufacturer of solar inverters and batteries SolarEdge said he was expecting his record race for revenueincluding its solar activity, will continue during the reference period from April to June 2022.

Announcing its first quarter 2022 figures, the manufacturer said the new revenue record recorded in the January-March period of $655 million is expected to be surpassed by an expected $710-740 million for April. to June.

This figure from the first quarter of 2022 included solar trade worth $608 million, a record for SolarEdge in the segment. The company expects to have generated between $660 million and $690 million in the April-June period.

The company shipped 2.13 GWac of inverters in the first three months of 2022, although its net profit fell 19% from the last three months of 2021 to $33.1 million. No explanation was given for the reverse in the press release issued by SolarEdge to announce the results, nor on the presentation of the slides to investors on the company’s website as photo magazine went to press. But it could reflect the increased materials and shipping costs that have sued solar makers around the world, especially as CEO Zvi Lando said the revenue surge was driven by business in the United States and 14 European countries.

Gross margin for the company’s solar business also fell, from 34.5% in the first three months of 2021 and 32.8% in October-December 2021, to 30.2% in the first three months of 2022. The figure could fall further in April-June. 2022, with SolarEdge stating it could range from 28% to 31%.

Whatever the explanation for the quarterly changes, they do not appear to have affected the company’s bottom line. With SolarEdge raising $651 million on March 17, cash and bank balances that stood at $548 million at the end of December 2021 had grown to $979 million at the end of March 2022, the company said.

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