SolarEdge Announces Q4 and FY2023 Financial Results

PVTIME – SolarEdge Technologies, Inc. (SolarEdge, NASDAQ: SEDG), a global leader in smart energy technology, recently announced its financial results for 2023 ended 31 December 2023.

In 2023, SolarEdge achieved revenues of $3.0 billion, down 4% from $3.1 billion in the previous year. In addition, its inverter shipments reached 12.6GW (AC) and battery shipments reached 744MWh. In the fourth quarter, it saw a dramatic drop in shipments for inverters and batteries, 901MW (AC) and 133MWh respectively, down 76.5% compared to the date in the third quarter of 2023.

The company stated that the first half of 2023 saw record installations and expectations for continued growth, with the second half of the year shifting to a weaker market due to higher interest rates and lower power prices, resulting in an inventory build-up that slowed its shipments. However, SolarEdge is confident that its expanding product portfolio and operational and cost reduction initiatives will position it well for the next growth cycle in the solar industry.

Furthermore, SolarEdge announced a restructuring plan that includes a workforce reduction to reduce operating expenses and align its cost structure with current market dynamics. The workforce reduction will affect approximately 16% of SolarEdge’s global workforce, or approximately 900 employees, of which approximately 500 will be at its various manufacturing sites. The cost reduction measures also include the closure of manufacturing operations in Mexico, the reduction of manufacturing capacity in China, and the termination of its e-mobility business for light-duty vehicles.

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