A SolarEdge announced, this Monday (2), its financial results for the first quarter of 2022. Among the highlights is revenue, which was US$655,1 million – 19% above the US$551,9 million of the previous quarter and 62% above the US$405,5 million in the same quarter last year.
Regarding the recipes of solar segment, the company recorded US$608 million, 21% above the US$502,7 million in the previous quarter and 62% above the US$376,4 million in the same quarter of 2021.
“We are pleased with our record revenues for the first three months, driven by the United States and 14 European countries,” said Zvi Lando, CEO of SolarEdge.
“We continue to demonstrate our operational capabilities by navigating the current supply chain environment, thereby meeting strong global demand for our products and continuing to build long-term manufacturing capacity to support growing businesses,” he highlighted.
gross margin
GAAP gross margin was 27,3%, compared to 29,1% in the previous quarter and 34,5% in the same quarter last year.
The non-GAAP gross margin was 28,4%, compared to 30,3% in the previous quarter and 36,5% in the same quarter of 2021.
Regarding the gross margin of the photovoltaic segment, it was 30,2%, compared to 32,8% in the previous quarter and 39,7% in the same quarter last year.
Net profit
GAAP net income was $33,1 million, 19% below the previous quarter's $41,0 million and 10% above the $30,1 million in the same quarter of 2021.
Non-GAAP net income was $68,8 million, up 10% from the previous quarter's $62,8 million and 24% above the $55,5 million in the same quarter last year.
Cash flow
Cash flow used in SolarEdge's operating activities was $163,0 million, compared to $89,6 million generated in the previous quarter and $24,1 million generated in 2021.
Outlook for the 2th quarter
For the second quarter of this year, the manufacturer expects revenues between US$710 million and US$740 million. Regarding non-GAAP gross margin, the expectation is that it will be in the range of 26% to 29%.
Revenues from the photovoltaic segment should be in the range of US$660 million to US$690 million and gross margin between 28% and 31%.
An answer
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