SolarEdge headquarters in Herzliya, Israel
Image: David Shay
Israel-based inverter manufacturer SolarEdge reported $260.9 million in revenue for the three-month period ending in the third quarter of 2024. This represents a 2% decline from the previous quarter and a 64% decline compared to the same period in 2023.
Solar segment revenue totaled $247.5 million, up 3% from the prior quarter and down 63% from Q3 2023.
Net loss was $1.21 billion, compared to a net loss of $130.8 million in the prior three-month period and $61.2 million in the third quarter of 2023.
The company’s operating loss was $1.09 billion, compared to an operating loss of $160.2 million in the second quarter of 2024 and an operating loss of $16.7 million in the third quarter of 2023.
SolarEdge conducted an asset valuation analysis for July through September, which resulted in a write-down and impairment of $1.03 billion in assets.
The company forecasts fourth-quarter 2024 revenue of $180 million to $200 million, with solar segment revenue expected to fall between $170 million and $190 million.
“As SolarEdge navigates this difficult period in the company’s history, we are diligently pursuing three key priorities: financial stability, regaining market share and refocusing on our core solar and storage capabilities,” said Ronen Faier, interim CEO of SolarEdge.
The company also announced that it shipped 850 MW of inverters and 189 MWh of batteries for PV applications in the third quarter of 2024.
In October, SolarEdge unveiled a new inverter for smaller solar projects. In January it announced one global workforce reduction plan This is expected to affect approximately 900 employees.
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