SolarEdge Technologies, Inc. SEDG reported a third-quarter 2024 adjusted loss of $15.33 per share, wider than the Zacks Consensus Estimate of a loss of $1.55. The bottom line also deteriorated from the prior-year quarter’s loss of 55 cents per share.

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Barring one-time adjustments, the company incurred a GAAP loss of $21.13 per share compared with the GAAP loss of $1.08 per share in the year-ago period.

The year-over-year deterioration in the bottom line can be attributed to significantly lower revenues and higher cost of revenues incurred in the third quarter compared with the prior-year quarter.

SEDG’s Q3 Revenues

The company’s revenues of $260.9 million lagged the Zacks Consensus Estimate of $269.3 million by 3.1%. Moreover, the top line declined 64% from the year-ago quarter’s figure of $725.3 million.

SEDG’s Operational Highlights

SolarEdge Technologies shipped a total of 850 megawatts of inverters and 189 megawatt-hours of batteries in the quarter.

The company incurred an adjusted gross loss of $691.8 million against an adjusted gross profit of $151 million in the prior-year period.

Adjusted operating expenses declined 9.1% year over year to $116.3 million.

The company incurred an adjusted operating loss of $808.1 million against an operating income of $23.1 million in the prior-year quarter.

SEDG’s Financial Performance

SolarEdge Technologies had $303.9 million in cash and cash equivalents as of Sept. 30, 2024 compared with $338.5 million as of Dec. 31, 2023.

The cash outflow from operating activities during the first nine months of 2024 amounted to $325.7 million compared with $40.2 million recorded a year ago.

Total long-term liabilities were $0.96 billion as of Sept. 30, 2024, 25% lower than that reported at 2023-end.

SEDG’s Q4 2024 Guidance

SEDG expects revenues to be in the range of $180-$200 million for the fourth quarter. The Zacks Consensus Estimate is pegged at $299.5 million, which is much higher than the company’s guided range.

Revenues from the solar segment are projected to be in the range of $170-$190 million.

SEDG expects adjusted operating expenses to be in the range of $103-$108 million.

SEDG’s Zacks Rank

SolarEdge currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Solar Releases

Enphase Energy, Inc. ENPH reported third-quarter adjusted earnings of 65 cents per share, reflecting a 36.3% decline from $1.02 reported in the prior-year quarter. The bottom line also lagged the Zacks Consensus Estimate of 78 cents per share by 16.7%.

Enphase Energy’s revenues of $380.9 million missed the consensus estimate of $391 million by 2.6%. The top line also declined 30.9% from the prior-year quarter’s figure of $551.1 million.

First Solar, Inc. FSLR reported third-quarter 2024 earnings of $2.91 per share, which were up 16.4% from the prior-year quarter’s figure of $2.50. However, the bottom line missed the Zacks Consensus Estimate of $3.10 per share by 6.1%.

First Solar’s net sales were $887.7 million, which missed the consensus estimate of $1.07 billion by 17%. The top line, however, improved 10.8% from the year-ago quarter’s $801.1 million.
 
Nextracker NXT reported second-quarter fiscal 2025 earnings of $0.97 per share, which beat the Zacks Consensus Estimate of $0.64. This compares with earnings of $0.65 per share a year ago.

Nextracker’s revenues were $635.57 million, which surpassed the consensus estimate by 4.26%. This compares with year-ago revenues of $573.36 million.

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