SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares are trading lower after the company reported third-quarter results yesterday. Revenues were $260.9 million, missing the consensus of $269.38 million.
Revenues from the solar segment were $247.5 million, up 3% from $241.2 million in the prior quarter and down 63% from $676.9 million in the same period last year.
The company shipped 850 Megawatts (AC) of inverters and 189 MWh of batteries for PV applications in the quarter.
Adjusted gross margin was negative 265.4% versus a positive margin of 0.2% in the prior quarter and compared to 20.8% last year.
Adjusted operating loss stood at $808.1 million versus an adjusted operating loss of $114.3 million last quarter.
Adjusted loss per share of $15.33 may not be comparable to the consensus loss of $1.63.
Operating cash flow was negative $63.9 million in the quarter. As of September 30, cash, cash equivalents, bank deposits, restricted bank deposits, and marketable securities totaled $53.3 million.
In the third quarter, SolarEdge conducted an asset valuation review, which resulted in a $1.03 billion write-down and impairment of various assets.
Outlook: For the fourth quarter, the company expects revenue of $180 million – $200 million (versus consensus of $308.66 million), revenues from the solar segment of $170 million – $190 million, and adjusted gross margin of negative 4% – 0%.
Investors can gain exposure to the stock via Invesco Solar ETF (NYSE:TAN).
Price Action: SEDG shares are down 17.3% at $12.13 premarket at the last check Thursday.
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