SolarEdge Technologies, Inc. reported third-quarter 2024 revenues of $260.9 million, missing the consensus estimate of $269.38 million. Revenues from the solar segment were $247.5 million, representing a 63% decrease from the same period last year.
The company posted a GAAP net loss of $1.205 billion, or $21.13 per share, and an adjusted loss of $15.33 per share, significantly wider than the predicted loss of $1.55 per share. This substantial loss was primarily impacted by $1.025 billion in impairment charges, including a $612 million inventory write-down due to lower European demand and a faster shift to domestic content in the U.S.
For the fourth quarter of 2024, SolarEdge provided revenue guidance of $190 million, which was 38.9% below analysts' estimates. The company shipped 850 Megawatts (AC) of inverters and 189 MWh of batteries for PV applications during the quarter, while cash used in operating activities amounted to $63.865 million.
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