SolarEdge, an Israel-based inverter manufacturer, reported third-quarter 2024 revenue of $260.9 million, a 2% decrease from the previous quarter and a 64% drop year-over-year.
Revenue from its solar division reached $247.5 million, marking a 3% increase over the previous quarter but a 63% decrease from the same period in 2023.
The company posted a net loss of $1.21 billion for the quarter, significantly higher than the net losses of $130.8 million in the prior quarter and $61.2 million in the third quarter of 2023.
Its operating loss was $1.09 billion, up from $160.2 million in the prior quarter and $16.7 million in the same quarter last year.
During the July-September period, SolarEdge conducted an asset valuation analysis, resulting in a $1.03 billion writedown and asset impairment.
Looking ahead, SolarEdge anticipates fourth-quarter revenue between $180 million and $200 million, with solar division revenue expected to range from $170 million to $190 million.
“As SolarEdge weathers this difficult period in the company’s history, we are diligently pursuing three main priorities: financial stability, recapturing market share, and refocusing on our core solar and storage opportunities,” stated Ronen Faier, SolarEdge’s interim CEO.
The company reported shipping 850 MW of inverters and 189 MWh of batteries for photovoltaic applications in Q3 2024.
In October, SolarEdge introduced a new inverter designed for smaller solar installations, and in January, it announced a global workforce reduction expected to impact around 900 employees.
