SolarEdge Technologies’ fiscal first quarter ended September 30, 2015, and showed record revenue of $115.1 million, up 16.9% from previous quarter and 71.8% year-over-year. The company shipped a total of 356 MW (AC) of inverters.
“We are very satisfied with another strong quarter of record revenues and improved gross margins,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “In addition to our very positive financial results, this quarter we introduced our new HD Wave inverter topology, demonstrating our technological leadership in the market. We are confident that our global presence and expanded product offering position us well for continued growth.”
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All of the details are below:
Revenues
The Company reported revenues of $115.1 million, an increase of $16.6 million, or 16.9% from the prior quarter and an increase of $48.1 million or 71.8 percent from the first quarter of fiscal 2015.
Gross margins
GAAP gross margin was 29.1 percent, up from 28.7 percent in the prior quarter and up from 20.9 percent in the fiscal first quarter of 2015. Non-GAAP gross margin was 29.3 percent, up from 28.9 percent in the prior quarter and 21 percent in the fiscal first quarter of 2015. This growth was driven primarily by the execution of planned cost reduction measures, increased supply chain efficiencies and economies of scale related to the increased production volumes.
Operating expenses
GAAP operating expenses were $18.7 million, or 16.2 percent of revenue, a nominal increase from $16.4 million, which represented 16.7 percent of revenue in the prior quarter and an increase from $11.7 million, or 17.4% of revenue when compared to the same fiscal quarter of 2015.
Operating income
GAAP operating income was $14.9 million, up from $11.9 million in the prior quarter and up from operating income of $2.4 million in the fiscal first quarter of 2015.
Financial Expenses
Financial expenses were $0.1 million compared to $1.7 million in the previous quarter and income of $0.5 million in the same quarter last year.
Net Income
GAAP net income was $14.4 million, up from $9.3 million in the prior quarter and up from $2.5 million in the fiscal first quarter of 2015. Non-GAAP net income was $16.3 million, an increase from $13.8 million in the prior quarter and an increase from $2.8 million in the fiscal first quarter of 2015.
EPS
GAAP net diluted earnings per share (EPS) was $0.32, up from $0.21 in the prior quarter and up from $0.00 in the fiscal first quarter of 2015. Non-GAAP net diluted EPS was $0.36, an increase from $0.31 in the prior quarter and an increase from $0.09 in the fiscal first quarter of 2015.
Cash
At September 30, 2015, cash, cash equivalents and restricted cash, totaled $150.3 million compared to $148.4 million on June 30, 2015. During the fiscal first quarter, the Company generated $5.9 million from operating activities.
Outlook for the Fiscal Second Quarter 2016
• Revenues to be within the range of $118.0 million to $121.0 million;
• Gross margins to be within the range of 28.0% to 30.0%.
— Solar Builder magazine
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