SolarEdge reported $260.9 million in revenue for the third quarter of 2024, down from $725.3 million within the the same quarter final 365 days. The Israeli producer also posted an working lack of larger than $1 billion, with 850 MW of inverters and 189 MWh of batteries shipped for PV functions.

SolarEdge HQ in Herzliya, Israel

Image: David Shay

Israel-based entirely inverter maker SolarEdge reported $260.9 million in revenue for the three-month length ending within the third quarter of 2024. This marks a 2% decline from the outdated quarter and a 64% tumble in comparison with the the same length in 2023.

Earnings from its list voltaic section totaled $247.5 million, up 3% on the prior quarter and down 63% from the third quarter of 2023.

Its get loss modified into $1.21 billion, which compares to a get lack of $130.8 million within the preceding three-month length and $61.2 million within the third quarter of 2023.

The corporate’s working loss stood at $1.09 billion, in comparison with an working lack of $160.2 million within the 2nd quarter of 2024 and an working lack of $16.7 million within the third quarter of 2023.

SolarEdge performed an asset valuation prognosis for July thru September, main to a writedown and impairment of $1.03 billion in sources.

The corporate forecasts fourth-quarter 2024 revenues of $180 million to $200 million, with list voltaic section revenues anticipated to tumble between $170 million and $190 million.

“As SolarEdge weathers this sophisticated length within the company’s history, we’re diligently pursuing three major priorities: financial steadiness, recapturing market fragment and refocusing on our core list voltaic and storage alternatives,” stated Ronen Faier, intervening time CEO of SolarEdge.

The corporate also revealed that it shipped 850 MW of inverters and 189 MWh of batteries for PV functions within the third quarter of 2024.

In October, SolarEdge unveiled a contemporary inverter for smaller list voltaic projects. In January, it offered a global team-bargain opinion that is anticipated to impress approximately 900 employees.

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