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SolarEdge reported $260.9 million in revenue for the third quarter of 2024, down from $725.3 million in the same quarter last year. The Israeli manufacturer also posted an operating loss of more than $1 billion, with 850 MW of inverters and 189 MWh of batteries shipped for PV applications.
Israel-based inverter maker SolarEdge reported $260.9 million in revenue for the three-month period ending in the third quarter of 2024. This marks a 2% decline from the previous quarter and a 64% drop compared to the same period in 2023.
Revenue from its solar segment totaled $247.5 million, up 3% on the prior quarter and down 63% from the third quarter of 2023.
Its net loss was $1.21 billion, which compares to a net loss of $130.8 million in the preceding three-month period and $61.2 million in the third quarter of 2023.
The company’s operating loss stood at $1.09 billion, compared to an operating loss of $160.2 million in the second quarter of 2024 and an operating loss of $16.7 million in the third quarter of 2023.
SolarEdge conducted an asset valuation analysis for July through September, leading to a writedown and impairment of $1.03 billion in assets.
The company forecasts fourth-quarter 2024 revenues of $180 million to $200 million, with solar segment revenues expected to fall between $170 million and $190 million.
“As SolarEdge weathers this difficult period in the company’s history, we are diligently pursuing three main priorities: financial stability, recapturing market share and refocusing on our core solar and storage opportunities,” said Ronen Faier, interim CEO of SolarEdge.
The company also revealed that it shipped 850 MW of inverters and 189 MWh of batteries for PV applications in the third quarter of 2024.
In October, SolarEdge unveiled a new inverter for smaller solar projects. In January, it announced a global workforce-reduction plan that is expected to affect approximately 900 employees. |
