Q3 Figures: Solaredge With Slump in Sales And Loss in The Billions - Shares Fall Sharply
Milpitas, USA - Solaredge Technologies has announced its financial results for the third quarter of 2024 (Q3 2024). The Israeli inverter specialist's revenue is significantly lower. The company shocks investors with a gigantic loss.
On a GAAP basis, Solaredge recorded a gigantic loss of USD -1.21 billion in Q3, compared to USD -61.2 million in the same quarter of the previous year. According to Solaredge, this extreme slump is attributable to an analysis of asset valuation in the previous quarter, which led to write-downs and impairments of USD -1.03 billion in view of the tense situation in the solar sector.
In Q3 2024, the company delivered inverters with a total capacity of 850 MW and batteries with a storage capacity of 189 MWh (Q3 2023: 3.8 GW / 121 MWh).
“As SolarEdge weathers this difficult period in the Company’s history, we are diligently pursuing three main priorities: financial stability, recapturing market share and refocusing on our core solar and storage opportunities. We are grateful for our passionate and dedicated workforce and proud of our leadership in technological innovation, all of which I am confident will put the Company back on a profitable growth trajectory,” commented Solaredge Interim CEO Ronen Faier on the weak quarterly figures.
For the fourth quarter (October - December 2024), Solaredge expects revenue to be in a range between USD 180 million and USD 200 million. The solar segment is expected to account for between USD 170 million and USD 190 million of this figure. Group-wide, Solaredge anticipates a gross margin of -4 to 0 percent; for the Solar segment, the Management Board expects a range between 0 and 3 percent.
The RENIXX Group's share price has fallen sharply in the current trading week. After four trading days, the share price is down 18% at EUR 13.22 (closing price, November 7, 2024, Stuttgart Stock Exchange).
Source: IWR Online, 08 Nov 2024
