SolarEdge Announces Fiscal Fourth Quarter and Year End 2015 Financial Results

Published on 17 Aug 2015
SolarEdge Technologies 
SolarEdge Technologies, Inc. today announced its financial results for the fiscal fourth quarter and year ended June 30, 2015.

Fourth Quarter and Full Fiscal Year 2015 Highlights

- Record revenue for fiscal Q4 2015 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 of 28.7% for fiscal Q4 2015 and 25.2% for fiscal year 2015

- GAAP net income for fiscal Q4 2015 of $9.3 million, and net income for fiscal year 2015 of $21.1 million

- Non-GAAP net income for fiscal Q4 2015 of $13.8 million and net income for fiscal year 2015 of $29.4 million

- 284MW (AC) of inverters shipped for fiscal Q4 2015 and 920MW (AC) for fiscal year 2015

"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 reduction 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

The Company reported revenues of $98.4 million for fiscal Q4 2015, an increase of 13.9% from the prior quarter and 120.8% from fiscal Q4 2014.

GAAP gross margin reached 28.7% for fiscal Q4 2015, up from 27.4% in the prior quarter and up from 19.6% in fiscal Q4 2014.

Non-GAAP gross margin was 28.9% for fiscal Q4 2015, up from 27.6% in the prior quarter and 19.6% in fiscal Q4 2014. This growth was mainly driven by cost reduction measures that were realized this quarter and reduced use of air shipments to a minimum.

GAAP operating expenses were $16.4 million for fiscal Q4 2015, or 16.7% of revenue, an increase from $13.9 million, or 16.1% of revenue from the prior quarter and an increase from $11.2 million, or 25.0% of revenue when compared to fiscal Q4 2014.

GAAP operating income was $11.9 million for fiscal Q4 2015, up from $9.8 million in the prior quarter and up from an operating loss of $2.4 million in fiscal Q4 2014.

GAAP net income was $9.3 million for fiscal Q4 2015, up from $6.0 million in the prior quarter and up from a net loss of $3.0 million in fiscal Q4 2014.

Non-GAAP net income was $13.8 million for fiscal Q4 2015, an increase from $8.7 million in the prior quarter and an increase from a net loss of $2.8 million in fiscal Q4 2014.

GAAP net diluted earnings per share ("EPS") was $0.21 for fiscal Q4 2015, up from $0.01 in the prior quarter and up from a net diluted loss per share of $1.08 in fiscal Q4 2014.

Non-GAAP net diluted EPS was $0.31 for fiscal Q4 2015, an increase from $0.20 in the prior quarter and an increase from a net diluted loss per share of $0.10 in fiscal Q4 2014.

As of June 30, 2015, cash, cash equivalents and restricted cash, totaled $148.4 million, compared to $138.8 million on March 31, 2015. As of June 30, 2015, the Company did not have any debt.

Full Fiscal Year 2015 Summary

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

Outlook for the First Fiscal Quarter 2016

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%.


Source: SolarEdge
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