Solaredge, a technology company that specializes in solutions for the solar energy industry, reported another weak quarter in the first quarter. Despite this, the company remains optimistic about its future prospects and is focusing on new product launches and increased demand in the solar sector for growth opportunities.
In the first quarter, Solaredge’s revenues were higher than analysts’ forecasts at $204 million, a 78% drop from the corresponding quarter. Solar sector revenues fell by 33% to $190 million. However, despite these declines, 45% of revenues came from Europe, 34% from the USA, and the rest from the rest of the world.
The company reported a gross loss of $26.2 million and a net loss according to GAAP rules of $157 million in the first quarter, compared to a profit of $138 million in the corresponding quarter. The company’s cash flow from operations was negative at $217 million, and cash in the treasury decreased by $124 million to $214 million in the quarter.
Looking ahead to the second quarter, Solaredge expects revenues of $250-280 million, which is an improvement over the first quarter but a decrease compared to the corresponding quarter. The company plans to focus on new products in preparation for the next growth cycle in