SolarEdge announced it has a net operating revenue of $19.1 million through the second quarter of 2017 on net revenues of $22.5 million – an 18% growth over the first quarter.
Overseas sales make up 46% of SolarEdge’s overall revenues, and company officials credited increased sales in Europe for the quarter-on-quarter performance as the euro’s position strengthened significantly. Specifically, the company saw significant sales increases in Germany and Netherlands, a trend it expects to continue well into the third quarter that ends Sept. 30.
“The second quarter of 2017 was a record quarter for us with record revenues of $136 million,” said Guy Sella, Founder, chairman and CEO of SolarEdge. “Our sales in markets outside of the United States continued to grow this quarter further strengthening our diversified revenue base. Our continued cost reduction led by the HD-wave roll out allowed us to further increase profitability and cash flow generation.”
Sella also said commercial sales continue to increase, reaching record highs in the quarter, along with sales of its two newest products – a next generation power optimizer large capacity commercial inverter and the first PV inverter-integrated electric vehicle charger. Finally, the company completed the rollout of its HD Wave producct, making the product available worldwide for the first time.
In response to one analyst’s question, Sella said the company still no signs of change in competitive landscape and added, somewhat cryptically, that SolarEdge was always looking for companies to acquire it believes can add to overall revenues and broadening its product lines.
As for third-quarter guidance, SolarEdge expects its overall revenues to be in the range of $155 million to $165 million.