The solar power industry has faced challenges along with the broader renewable energy sector since the end of the COVID-19 pandemic. SolarEdge Technologies (NASDAQ:SEDG) is a California-based company that designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations around the world. Like some of its peers, SolarEdge has encountered turbulence following its recent earnings release.
SolarEdge Technologies unveiled its fourth quarter (Q4) and full-year fiscal 2023 earnings on Tuesday, February 20, 2024. In Q4 2023, SolarEdge delivered revenues of $316 million as revenues from its solar segment stood at $282 million. Moreover, the company reported a GAAP operating loss of $237 million and a GAAP net loss of $162 million or a net loss of $2.85 per share.
For the full year, SolarEdge posted revenues of $3.0 billion as the solar segment contributed $2.8 billion to the total. Meanwhile, the company’s GAAP operating income hit $40.2 million. SolarEdge posted a paltry GAAP net income of $34.3 million or diluted earnings per share of $0.60.
Looking ahead to the first quarter of fiscal 2024, SolarEdge is projecting revenues in the range of $175 million and $215 million. Meanwhile, it expects non-GAAP operating expenses in the range of $122 million and $130 million.
Shares of SolarEdge currently possess a solid price-to-earnings ratio of 20 at the time of this writing. That puts this stock in good value territory relative to its industry competitors. Better yet, it is still projecting a strong earnings forecast.
