SolarEdge Technologies reported Q2 2024 revenues of $265.4 million, up 30% QoQ but down 73% YoY, with solar segment revenue of $241.2 million. The company posted a GAAP gross margin of negative 4.1% and a non-GAAP gross margin of 0.2%, including 330 basis points of IRA benefit. GAAP net loss was $130.8 million or $2.31 per share.The company shipped 873 Megawatts (AC) of inverters and 128 MWh of batteries for PV applications during the quarter. Operating cash outflow was $44.8 million, with cash and investments totaling $165.3 million net of debt at quarter-end. The company repurchased 247,468 shares at an average price of $68.70.Looking ahead, SolarEdge expects Q3 2024 revenues between $260-290 million with non-GAAP gross margin between negative 3% to positive 1%. Management anticipates continued undershipping in Q3 but expects a return to higher revenue levels once inventories clear in first half of 2025.

SolarEdge Technologies reported Q2 2024 revenues of $265.4 million, up 30% QoQ but down 73% YoY, with solar segment revenue of $241.2 million. The company posted a GAAP gross margin of negative 4.1% and a non-GAAP gross margin of 0.2%, including 330 basis points of IRA benefit. GAAP net loss was $130.8 million or $2.31 per share.The company shipped 873 Megawatts (AC) of inverters and 128 MWh of batteries for PV applications during the quarter. Operating cash outflow was $44.8 million, with cash and investments totaling $165.3 million net of debt at quarter-end. The company repurchased 247,468 shares at an average price of $68.70.Looking ahead, SolarEdge expects Q3 2024 revenues between $260-290 million with non-GAAP gross margin between negative 3% to positive 1%. Management anticipates continued undershipping in Q3 but expects a return to higher revenue levels once inventories clear in first half of 2025.