SolarEdge Technologies Reports Record Revenues for Q4 2022 and Full Year 2022
SolarEdge Technologies, Inc. has announced its financial results for the fourth quarter of 2022 and full year ended December 31, 2022.
February 15, 2023. By News Bureau
The global economic and geopolitical events coupled with post-pandemic dynamics created an unprecedented demand for solar energy in general and the company's products in particular. The company reported record revenues of $890.7 million for Q4 2022, up 61% from the same quarter last year.
Revenues from the solar segment were a record $837.0 million, up 66% from the same quarter last year. In full year 2022, the company's total revenues reached a record $3.11 billion, up 58% year over year from 2021. The company also reported record revenues from the solar segment of $2.92 billion, up 63% year over year from 2021.
The company's non-GAAP net income for Q4 2022 was a record $171.5 million, up 173% from the same quarter last year. In full year 2022, the company's non-GAAP net income reached a record $351.2 million, up from $208.7 million in 2021.
The company attributes its success to an extraordinary global team of employees who were able to overcome the hurdles faced during a challenging year. The CEO of SolarEdge Technologies, Zvi Lando, stated that the company is pleased with its Q4 2022 results, which conclude a successful year. He expressed pride in the employees for their hard work and their ability to take advantage of the opportunities presented by the year ahead. He also expects the company to continue its profitable growth momentum.
SolarEdge Technologies Reports Record Revenues for Q4 2022 and Full Year 2022, CEO Optimistic for Future Growth Momentum
SolarEdge Technologies experienced several highlights during the fourth quarter of 2022, including a record 3.14 gigawatts of inverters shipped and 217.6 MWh of batteries shipped. The company also reported a gross margin from the solar segment of 32.4%, up from 28.3% in the prior quarter and down from 32.8% in the same quarter last year.
In terms of GAAP operating expenses, SolarEdge Technologies experienced an increase of 93% from the prior quarter and an increase of 123% from the same quarter last year, reporting $266.2 million in Q4 2022.
The company also reported GAAP operating loss of $5.2 million, down from operating income of $84.4 million in the prior quarter and down from operating income of $41.0 million in the same quarter last year.
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