SolarEdge Reports 38% YoY Revenue Decline in Q4, Misses Expectations

21 Feb 2025 CW Team

The solar segment contributed $189 million, down from $282.4 million in Q4 2023. U.S. solar revenue stood at $114 million, while Europe and international markets generated $44.8 million and $30.3 million, respectively.

The company recorded a net loss of $202.5 million for the quarter, widening from $52.5 million in Q4 2023. Earnings per share (EPS) stood at a loss of $3.52, missing analyst estimates by $1.86 and increasing from a loss of $0.92 per share in the same period last year.

An asset valuation analysis in Q4 led to write-downs and impairments totaling $138 million. During the quarter, SolarEdge shipped 895 MW of inverters and 130 MWh of batteries. Of the total shipments, 63% were allocated to commercial and utility-scale projects, while 37% were for residential use.

The average selling price (ASP) per watt, excluding battery shipments, rose 2% quarter-over-quarter (QoQ) to $0.208, driven by price increases in the U.S., which offset reductions and promotions in Europe and other markets. Meanwhile, the blended ASP per kWh for photovoltaic-attached batteries dropped 21% QoQ to $262 due to a higher mix of non-U.S. shipments and price reductions.

SolarEdge ramped up production at its Austin facility to over 70,000 inverters per quarter, while its Florida plant is expected to reach 2 million optimisers per quarter in Q1 2025.

Full-year 2024 performance

SolarEdge posted full-year 2024 revenue of $901.5 million, reflecting a 69.7% YoY decline from $2.98 billion. The solar segment contributed $842.4 million, down from $2.82 billion in 2023.

The company reported a net loss of $1.31 billion for the year, a sharp contrast to the net income of $248.4 million in 2023. Non-GAAP EPS stood at a loss of $22.99, compared to a gain of $4.39 per share in the previous year. Write-downs and impairments amounted to $1.17 billion, while the gross margin plunged to negative 89.7% from 26.7% in 2023.

SolarEdge shipped 3,563 MW of inverters and 576 MWh of batteries in 2024. Q4 sell-through was approximately $400 million, with a 17% QoQ decline in North America. The European market remained sluggish due to macroeconomic challenges, though the company expects distributor inventories to normalise by Q2 2025.

The company also announced the closure of its energy storage business in Korea and will no longer report separate business segments in future financial disclosures.

Q1 2025 outlook

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Israel-based solar inverter manufacturer SolarEdge reported Q4 2024 revenue of $196.21 million, marking a 37.9% year-over-year (YoY) decline from $316 million. Despite the drop, revenue exceeded analyst projections by $6.99 million. The solar segment contributed $189 million, down from $282.4 million in Q4 2023. U.S. solar revenue stood at $114 million, while Europe and international markets generated $44.8 million and $30.3 million, respectively. The company recorded a net loss of $202.5 million for the quarter, widening from $52.5 million in Q4 2023. Earnings per share (EPS) stood at a loss of $3.52, missing analyst estimates by $1.86 and increasing from a loss of $0.92 per share in the same period last year. An asset valuation analysis in Q4 led to write-downs and impairments totaling $138 million. During the quarter, SolarEdge shipped 895 MW of inverters and 130 MWh of batteries. Of the total shipments, 63% were allocated to commercial and utility-scale projects, while 37% were for residential use. The average selling price (ASP) per watt, excluding battery shipments, rose 2% quarter-over-quarter (QoQ) to $0.208, driven by price increases in the U.S., which offset reductions and promotions in Europe and other markets. Meanwhile, the blended ASP per kWh for photovoltaic-attached batteries dropped 21% QoQ to $262 due to a higher mix of non-U.S. shipments and price reductions. SolarEdge ramped up production at its Austin facility to over 70,000 inverters per quarter, while its Florida plant is expected to reach 2 million optimisers per quarter in Q1 2025. Full-year 2024 performance SolarEdge posted full-year 2024 revenue of $901.5 million, reflecting a 69.7% YoY decline from $2.98 billion. The solar segment contributed $842.4 million, down from $2.82 billion in 2023. The company reported a net loss of $1.31 billion for the year, a sharp contrast to the net income of $248.4 million in 2023. Non-GAAP EPS stood at a loss of $22.99, compared to a gain of $4.39 per share in the previous year. Write-downs and impairments amounted to $1.17 billion, while the gross margin plunged to negative 89.7% from 26.7% in 2023. SolarEdge shipped 3,563 MW of inverters and 576 MWh of batteries in 2024. Q4 sell-through was approximately $400 million, with a 17% QoQ decline in North America. The European market remained sluggish due to macroeconomic challenges, though the company expects distributor inventories to normalise by Q2 2025. The company also announced the closure of its energy storage business in Korea and will no longer report separate business segments in future financial disclosures. Q1 2025 outlook

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