SolarEdge Technologies, Inc., an Israel-based specialist in solar inverters and smart energy technology, announced its financial results for the fourth quarter 2022 and full year ended December 31, 2022. The company reported record revenues of $890.7 million of which $837 million came from the solar segment.
Shipments in 2022 amounted to 14 GWac of inverters and 6 MWh of batteries. The company said its revenue of $3.11 billion is up 58% year over year from 2021. It reported a GAAP gross margin of 27.2% and a gross margin from the solar segment of 8%.
In recent news the company announced that its energy storage division has begun shipping battery cells designed for stationary energy storage applications. Manufactured at its Sella 2 gigafactory in South Korea, the company began shipments of nickel manganese cobalt pouch cells optimized for energy storage applications in the residential, commercial and utility-scale segments.
“We are pleased with our fourth quarter results that conclude a challenging yet very successful year. The global economic and geopolitical events coupled with post pandemic dynamics created an unprecedented demand for solar energy in general and our products in particular,” said Zvi Lando, chief executive officer of SolarEdge. “I am proud that our extraordinary global team of employees was able to overcome the hurdles we faced and conclude a record year in almost every element of our operations. We are excited about the opportunities of the year ahead and expect to continue our profitable growth momentum.”
As of December 31, 2022, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $1.04 billion, net of debt, compared to $937.6 million on September 30, 2022, or $1.65 per share. Its GAAP operating income for 2022 was $166.1 million, down 20% from $207.1 million in the prior year. Cash flow from operating activities is reported as $31.3 million, down from $214.1 million in the prior year.
The outlook for the first quarter of 2023 expects revenues to be within the range of $915 million to $945 million. Non-GAAP gross margin expected to be within the range of 28% to 31%, with non-GAAP operating profit to be within the range of $150 million to $170 million. The company expects revenues from the solar segment to be within the range of $875 million to $905 million, and gross margin from the solar segment expected to be within the range of 31% to 34%.
SolarEdge, which trades on the NASDAQ as SEDG, was trading slightly down at $310.62 at press time.
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