SolarEdge slashes Q3 guidance; revenue now $720-730M vs prior $880-920M; gross margin halved

SOLAREDGE TECHNOLOGIES, INC.

2023-Q3 EPS reported $3.34 revenue$2,660,484,000

Revenue expected $720-730M, well below prior guidance of $880-920M; GAAP gross margin 19-20%, down from 28-31%.
Non-GAAP gross margin 20.1-21.1% vs prior 28-31%; GAAP operating loss $9-28M; non-GAAP operating income $12-31M vs $115-135M.
CEO Zvi Lando cites substantial unexpected cancellations and pushouts from European distributors due to high channel inventory and slower installations.
Q4 2023 revenues expected to be significantly lower as inventory destocking continues.
Company notes Israeli conflict has not interrupted operations; all facilities open worldwide.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SOLAREDGE TECHNOLOGIES, INC. updated its the third quarter ended September 30, 2023 guidance (lowered).

Period: the third quarter ended September 30, 2023
Guidance: lowered
Result: preliminary results

Exact text from the filing

On October 19, 2023, SolarEdge Technologies, Inc. (the “Company”) issued a press release announcing selected preliminary financial results for its fiscal third quarter ended September 30, 2023.

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8 earnings releases filed in the last 30 days. Browse all earnings releases →

SOLAREDGE TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001178913-23-003352

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