SolarEdge Technologies (NASDAQ: SEDG) reported Q1 EPS of $0.98, $0.01 worse than the analyst estimate of $0.99. Revenue for the quarter came in at $405.49 million versus the consensus estimate of $396.21 million.

First Quarter 2021 Highlights

• Revenues of $405.5 million
• Revenues from solar products of $376.4 million
• GAAP gross margin of 34.5%
• Non-GAAP gross margin of 36.5%
• GAAP gross margin from sale of solar products of 38.3%
• Record non-GAAP gross margin from sale of solar products of 39.7%
• GAAP net income of $30.1 million
• Non-GAAP net income of $55.5 million
• GAAP net diluted earnings per share (“EPS”) of $0.55
• Non-GAAP net diluted EPS of $0.98
• 1.69 Gigawatts (AC) of inverters shipped

“We are happy to report our first quarter results, representing continued growth in our solar business across geographies and segments,” said Zvi Lando, CEO of SolarEdge. “We are particularly pleased with our operational performance this quarter, which will enable us to meet the continued increase in demand for our residential and commercial products worldwide. This quarter, we also began delivering full powertrain kits for the e-Mobility sector in Europe in line with our growth strategy beyond solar.”

GUIDANCE:

SolarEdge Technologies sees Q2 2021 revenue of $445-465 million, versus the consensus of $446.81 million.

The Company also provides guidance for the second quarter ending June 30, 2021 as follows:

• Revenues to be within the range of $445 million to $465 million
• Non-GAAP gross margin expected to be within the range of 32% to 34%
• Revenues from solar products to be within the range of $405 million to $420 million
• Non-GAAP gross margin from sale of solar products expected to be within the range of 36% to 38%

For earnings history and earnings-related data on SolarEdge Technologies (SEDG) click here.