SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the first quarter ended March 31, 2025.

“I am pleased with the steady progress we made on the SolarEdge turnaround this quarter,” said Shuki Nir, CEO of SolarEdge. “We delivered a second straight quarter of positive free cash flow and are executing on our strategic priorities. Despite an uncertain tariff and regulatory environment, we remain relentlessly focused on elevating our execution across our business.”
First Quarter 2025 Summary
The Company reported revenues of $219.5 million, up 12% from $196.2 million in the prior quarter.
Non-GAAP revenues2, which exclude $7.4 million of revenues related to discontinued operations, were $212.1 million.
The Company shipped 1,208 MW (AC) of inverters and 180 MWh of batteries for PV applications.
GAAP gross margin was 8.0%1, compared to negative 57.2%1 in the prior quarter.
Non-GAAP gross margin2 was 7.8%, compared to negative 39.5%1 in the prior quarter.
GAAP operating expenses were $120.3 million, compared to $151.41 million in the prior quarter.
Non-GAAP operating expenses2 were $89.1 million, compared to $106.8 million in the prior quarter.
GAAP operating loss was $102.71 million, compared to $263.71 million in the prior quarter.
Non-GAAP operating loss2 was $72.4 million, compared to $184.11 million in the prior quarter.
GAAP net loss was $98.51 million, compared to $287.41 million in the prior quarter.
Non-GAAP net loss2 was $66.1 million, compared to $202.51 million in the prior quarter.
GAAP net loss per share was $1.701, compared to a GAAP net loss per share of $5.001 in the prior quarter.
Non-GAAP net loss per share2 was $1.14, compared to a Non-GAAP net loss per share of $3.521 in the prior quarter.
Cash provided by operating activities was $33.8 million, compared with $37.8 million provided in the prior quarter.
Free cash flow2 generated, excluding cash flow from discontinued operations at our Kokam battery manufacturing business, was $19.8 million, compared with $25.5 generated in the prior quarter.
As of March 31, 2025, cash, cash equivalents, restricted cash, bank deposits, restricted bank deposits and marketable securities totaled $113.2 million, net of debt, compared to $81.9 million as of December 31, 2024.
Outlook for the Second Quarter 2025
The Company also provides guidance for the second quarter ending June 30, 2025 as follows:
Revenues to be within the range of $265 million to $285 million;
Non-GAAP gross margin* expected to be within the range of 8% to 12%, including approximately two percentage points of new tariff impact;
Non-GAAP operating expenses* to be within the range of $90 million to $95 million.
*Non-GAAP gross margin and Non-GAAP operating expenses are non-GAAP financial measures, and these forward-looking measures have not been reconciled to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Non-GAAP gross margin and Non-GAAP operating expenses are made in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the SEC.

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1 Includes impairments, write offs and discontinued operation. See financials and reconciliation for details.
2 Non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.
www.solaredge.com

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