SolarEdge reports fiscal year-end results for 2015
SolarEdge Technologies announced its financial results for the fiscal fourth quarter and year ended June 30, 2015. The company shipped 284 MW (AC) of inverters in Q4 and 920 MW at year-end.
For the fourth quarter, SolarEdge reports record revenue for of $98.4 million, up 13.9% from the prior quarter and 120.8% from fiscal Q4 2014. Record revenue for fiscal year 2015 of $325.1 million, representing a 144.0% year-over-year growth. GAAP gross margin came in at 28.7% for fiscal Q4 2015 and 25.2% for fiscal year 2015. GAAP net income for fiscal Q4 2015 was $9.3 million, and net income for fiscal year 2015 was $21.1 million.
“We completed fiscal 2015 with strong execution on all fronts. We successfully grew our business with our existing and new customers and generated record revenue for the fourth fiscal quarter and the entire fiscal year. Our increased manufacturing capacity coupled with continued cost reduction, brought gross margins to a quarterly and annual record. These revenue and cost initiatives generated strong bottom line results; consecutive profits in each quarter of fiscal 2015 and strong cash flow from operations,” said Guy Sella, Founder, Chairman and CEO of SolarEdge.
Fourth Quarter 2015 Summary
Growth was mainly driven by cost reduction measures that were realized this quarter and reduced use of air shipments to a minimum.
For the full fiscal year 2015, the Company reported:
• Revenue of $325.1 million, representing a 144.0% increase from fiscal year 2014
• Gross margin of 25.2%, compared to 16.5% in fiscal year 2014
• Operating expenses of $53.5 million, up 32.7% from fiscal year 2014
• Operating income of $28.3 million, compared to an operating loss of $18.4 million in fiscal year 2014
• GAAP net income of $21.1 million, compared to a net loss of $21.4 million in fiscal year 2014
• Non-GAAP net income of $29.4 million, compared to a non-GAAP net loss of $20.4 in fiscal year 2014
• GAAP net diluted EPS of $0.27, compared to a net diluted loss per share of $7.64 in fiscal year 2014
• Non-GAAP net diluted EPS of $0.77, compared to a net diluted loss per share of $0.76 in fiscal year 2014
The company also provides guidance for the first fiscal quarter of 2016 as follows:
• Revenues to be within the range of $108 million to $112 million;
• Gross margins to be within the range of 27% to 29%.
