SolarEdge Q2 revenue $265.4M, down 73% YoY; GAAP EPS -$2.31

SOLAREDGE TECHNOLOGIES, INC.

2024-Q2 EPS reported -$5.06 revenue$469,804,000

Revenues $265.4M, down 73% YoY but up 30% sequentially; solar segment $241.2M.
GAAP gross margin -4.1%; non-GAAP gross margin 0.2% including 330bps IRA benefit.
GAAP net loss $130.8M ($2.31/share); non-GAAP net loss $101.2M ($1.79/share).
Cash used in ops $44.8M; cash net of debt $165.3M vs $316.3M prior quarter.
CEO expects undershipping to continue in Q3; inventories to clear by H1 2025.

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