SolarEdge Announces Third Quarter 2025 Financial Results

MILPITAS, Calif.--(BUSINESS WIRE)-- SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the third quarter ended September 30, 2025.

“We’re making steady progress in our turnaround, with three consecutive quarters of revenue growth and improving margins, and we’re not done yet,” said Shuki Nir, CEO of SolarEdge. “With energy taking an increasingly vital role in powering the global economy, we believe that SolarEdge is positioned for continued growth, sustained profitability, and leadership in smart energy solutions.”

Third Quarter 2025 Summary

The Company reported revenues of $340.2¹ million, up 18% from $289.4¹ million in the prior quarter.

Non-GAAP revenues² were $339.7 million, up 21% from $281.0 million the prior quarter.

During the quarter approximately 92.7 thousand inverters, 2.95 million optimizers and 230 MWh of batteries for PV applications were recognized as revenue.

The Company shipped 1,471 MW (AC) of inverters in the quarter and 269 MWh of batteries for PV applications during the quarter.³

GAAP gross margin was 21.2 %¹, compared to 11.1%¹ in the prior quarter.

Non-GAAP gross margin² was 18.8%, compared to 13.1% in the prior quarter. Tariffs had a negative impact of approximately 2% in the third quarter.

GAAP operating expenses were $107.3¹ million, compared to $147.6¹ million in the prior quarter.

Non-GAAP operating expenses² were $87.7 million, compared to $85.2 million in the prior quarter.

GAAP operating loss was $35.2¹ million, compared to $115.5¹ million in the prior quarter.

Non-GAAP operating loss² was $23.8 million, compared to $48.3 million in the prior quarter.

GAAP net loss was $50.1 million¹, compared to $124.7¹ million in the prior quarter.

Non-GAAP net loss² was $18.3 million, compared to $47.7 million in the prior quarter.

GAAP net loss per share was $0.84¹, compared to a GAAP net loss per share of $2.13¹ in the prior quarter.

Non-GAAP net loss per share² was $0.31, compared to a Non-GAAP net loss per share of $0.81 in the prior quarter.

Cash generated in operating activities was $25.6 million, compared with $7.8 million used by operating activities in the prior quarter.

Free cash flow² generated was $22.8 million, compared with free cash flow used of $9.1 million in the prior quarter.

As of September 30, 2025, our cash and investments portfolio, net of debt, grew by $77.0 million to $208.8 million, compared to $131.8 million as of June 30, 2025.

1 Includes impairments, write offs and discontinued operation. See financials and reconciliation for details.

2 Non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.

3 Starting in Q4 2025, we are going to be reporting on the key performance metrics consisting of i) inverters recognized as revenue, ii) optimizers recognized as revenue, and iii) mWh of batteries recognized as revenue and will stop reporting on what we no longer consider to be our key performance metrics of i) inverters shipped, ii) optimizers shipped, iii) mWh of batteries shipped, and iv) Megawatts shipped because we believe revenue recognition is a more accurate measurement than products shipped, for the purpose of assessing the Company’s actual earnings rather than mere operational activity and due to our reducing the variety of SKUs in a manner in which we would no longer be able to track Megawatts shipped as a metric.

Outlook for the Fourth Quarter 2025

The Company also provides guidance for the fourth quarter ending December 31, 2025 as follows:

• Revenues to be within the range of $310 million to $340 million;
• Non-GAAP gross margin* expected to be within the range of 19% to 23%, including approximately 2% of tariff impact;
• Non-GAAP operating expenses* to be within the range of $85 million to $90 million.

*Non-GAAP gross margin and Non-GAAP operating expenses are non-GAAP financial measures, and these forward-looking measures have not been reconciled to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Non-GAAP gross margin and Non-GAAP operating expenses are made in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the SEC.

Conference Call

The Company will host a conference call to discuss its results for the third quarter ended September 30, 2025 at 8:00 a.m. ET on Wednesday, November 5, 2025. The call will be available, live, to interested parties by dialing +1 800-225-9448. For international callers, please dial +1 203-518-9708. The Conference ID is SEDG. To avoid a delay in connecting to the call, please dial in 10 minutes prior to the start time. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com

______________________________________________________________________

A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, and grid services solutions. SolarEdge is online at www.solaredge.com

Use of Non-GAAP Financial Measures

To provide investors and others with additional information regarding SolarEdge’s results, SolarEdge has disclosed in this earnings release the following non-GAAP financial measures: non-GAAP revenue, non-GAAP operating income (loss), non-GAAP operating expenses, non-GAAP gross margin, non-GAAP net income (loss), non-GAAP net earnings (loss) per share, and non-GAAP net free cash flow. SolarEdge has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure below. These non-GAAP financial measures differ from GAAP in that they exclude stock-based compensation, amortization and impairment of acquired intangible assets, restructuring and impairment charges, acquisition, disposition and other items, certain litigation and other contingencies, amortization of debt issuance cost, non-cash interest expense and non-cash revenue recognized from significant financing component, certain foreign currency exchange rates, gains and losses on investments, income and losses from equity method investments and discrete items that impacted our GAAP tax rate. Our non-GAAP financial measures also reflect the application of our non-GAAP tax rate.

SolarEdge’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, to calculate bonus payments and to evaluate SolarEdge’s financial performance, the performance of its individual functional groups and the ability of operations to generate cash. Management believes these non-GAAP financial measures reflect SolarEdge’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in SolarEdge’s business, as they exclude charges and gains that are not reflective of ongoing operating results. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating SolarEdge’s operating results and future prospects from the same perspective as management and in comparing financial results across accounting periods.

The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense that affect SolarEdge’s operations. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP and should not be considered measures of SolarEdge’s liquidity. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review SolarEdge’s financial information in its entirety and not rely on a single financial measure.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements contained in this press release contains may contain forward-looking statements that are based on our management’s expectations, estimates, projections, beliefs and assumptions in accordance with information currently available to our management. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include information, among other things, concerning our possible or assumed future results of operations, return to positive free cash flow generation, future demands for solar energy solutions, business strategies, technology developments, new products and services, financing and investment plans; dividend policy; competitive position, industry and regulatory environment, general economic conditions; potential growth opportunities; cancellations and pushouts of existing backlog; installation rates; goodwill impairment; the effects of competition; tariff impacts and the impacts of the One Big Beautiful Bill Act. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this release. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: the impact of the continued U.S. government shutdown; future demand for renewable energy including solar energy solutions; our ability to maintain a return to free cash flow positive generation; our ability to forecast demand for our products accurately and to match production to such demand as well as our customers’ ability to forecast demand based on inventory levels; changes in tax laws, tax treaties, and regulations or the interpretation of them, including the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in the U.S. or global trade environment, including the recent imposition of import tariffs by the U.S. and any future increase in such tariffs and/or subsequent retaliatory tariffs or other restrictive trade measures that other countries have taken or may take in response; tariff impacts and our ability to estimate the impact of tariffs on our operations; our ability to successfully operate our global operations with a reduced work force; macroeconomic conditions in our domestic and international markets, as well as inflation concerns, rising interest rates, and recessionary concerns; changes, elimination or expiration of government subsidies and economic incentives for on-grid solar energy applications;; the retail price of electricity derived from the utility grid or alternative energy sources; interest rates and supply of capital in the global financial markets in general and in the solar market specifically; competition, including introductions of power optimizer, inverter and solar photovoltaic system monitoring products by our competitors; developments in alternative technologies or improvements in distributed solar energy generation; historic cyclicality of the solar industry and periodic downturns; product quality or performance problems in our products; shortages, delays, price changes, or cessation of operations or production affecting our suppliers of key components; our dependence upon a small number of outside contract manufacturers and limited or single source suppliers; changes to net metering policies or the reduction, elimination or expiration of government subsidies and economic incentives for on-grid solar energy applications; capacity constraints, delivery schedules, manufacturing yields, and costs of our contract manufacturers and availability of components; performance of distributors and large installers in selling our products; consolidation in the solar industry among our customers and distributors; our ability to effectively manage changes in our organization and expansion into new markets; our ability to recognize expected benefits from restructuring plans; any unauthorized access to, disclosure, or theft of personal information or unauthorized access to our network or other similar cyber incidents; our ability to implement our new ERP system; our ability to integrate acquired businesses; disruption to our business operations due to the evolving state of war in Israel and political conditions related to the war and Israeli government's plans to significantly reduce the Israeli Supreme Court's judicial oversight; our dependence on ocean transportation to timely deliver our products in a cost-effective manner; fluctuations in global currency exchange rates; the impact of evolving legal and regulatory requirements, including corporate social responsibility and sustainability requirements; existing and future responses to and effects of pandemics, epidemics or other health crises; federal, state, and local regulations governing the electric utility industry with respect to solar energy; business practices and regulatory compliance of our raw material suppliers; our ability to maintain our brand and to protect and defend our intellectual property; volatility of our stock price; our customers’ financial stability, creditworthiness, and debt leverage ratio; our ability to effectively design, launch, market, and sell new generations of our products and services; our ability to retain, and events affecting, our major customers; our ability to service our debt; impairment of our goodwill or other long-lived and intangible assets; our liquidity and ability to service our debt;; and the other factors set forth under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 25, 2025, in subsequent Quarterly Reports on Form 10Q and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business. The preceding list is not intended to be an exhaustive list of all of our forward‐looking statements. You should not rely upon forward‐looking statements as predictions of future events. Although we believe that the expectations reflected in the forward‐looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward‐looking statements will be achieved or will occur. Statements in this press release speak only as of the date they were made. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or changes in its expectations or otherwise, except as may be required by applicable law, regulation or other competent legal authority.

SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except per share data)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
		Unaudited								Unaudited
Revenues		$	340,177			$	235,435			$	849,086			$	705,239
Cost of revenues			268,034				963,229				727,276				1,470,189
Gross profit (loss)			72,143				(727,794	)			121,810				(764,950	)
Operating expenses:
Research and development			54,146				70,372				169,529				214,999
Sales and marketing			26,911				37,427				87,293				116,316
General and administrative			26,574				41,212				76,546				111,085
Other operating expense (income), net			(338	)			233,929				41,811				237,271
Total operating expenses			107,293				382,940				375,179				679,671
Operating loss			(35,150	)			(1,110,734	)			(253,369	)			(1,444,621	)
Financial income (expense), net			3,040				5,558				5,785				(2,371	)
Other income (expense), net			(15,011	)			(3,928	)			(10,846	)			14,623
Loss before income taxes			(47,121	)			(1,109,104	)			(258,430	)			(1,432,369	)
Income taxes			(2,563	)			(121,108	)			(13,946	)			(85,109	)
Net loss from equity method investments			(376	)			(577	)			(951	)			(1,440	)
Net loss		$	(50,060	)		$	(1,230,789	)		$	(273,327	)		$	(1,518,918	)

SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
		September 30, 2025				December 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	439,515			$	274,611
Restricted cash			47,481				135,328
Marketable securities			59,064				311,279
Trade receivables, net of allowances of $20,840 and $43,038, respectively			286,258				160,423
Inventories, net			530,799				645,897
Prepaid expenses and other current assets			404,399				523,027
Total current assets			1,767,516				2,050,565
LONG-TERM ASSETS:
Marketable securities			—				42,597
Property, plant and equipment, net			318,230				343,438
Operating lease right-of-use assets, net			41,937				41,393
Intangible assets, net			7,754				9,666
Goodwill			50,520				48,380
Loan receivables, net			—				45,678
Other long-term assets			46,353				64,736
Total long-term assets			464,794				595,888
Total assets			2,232,310				2,646,453
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables			283,505				107,543
Employees and payroll accruals			70,829				76,292
Warranty obligations			111,738				140,249
Deferred revenues and customers advances			45,873				140,870
Accrued expenses and other current liabilities			262,842				246,078
Convertible senior notes, net			—				346,305
Total current liabilities			774,787				1,057,337
LONG-TERM LIABILITIES:
Convertible senior notes, net			331,169				330,006
Warranty obligations			283,106				292,116
Deferred revenues			277,131				231,049
Finance lease liabilities			40,959				39,159
Operating lease liabilities			29,961				30,018
Other long-term liabilities			15,437				8,426
Total long-term liabilities			977,763				930,774
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ EQUITY:
Common stock of $0.0001 par value - Authorized: 125,000,000 shares; issued: 59,800,052 shares as of September 30, 2025 and 58,780,490 shares as of December 31, 2024; outstanding: 59,559,546 shares as of September 30, 2025 and 58,027,126 shares as of December 31, 2024.			6				6
Additional paid-in capital			1,861,340				1,813,198
Treasury stock, at cost; 240,506 and 753,364 stocks held as of September 30, 2025 and December 31, 2024, respectively			(16,024	)			(50,194	)
Accumulated other comprehensive loss			(64,044	)			(76,477	)
Accumulated deficit			(1,301,518	)			(1,028,191	)
Total stockholders’ equity			479,760				658,342
Total liabilities and stockholders’ equity		$	2,232,310			$	2,646,453

SOLAREDGE TECHNOLOGIES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except per share data)
		Nine Months Ended September 30
		2025				2024
Cash flows from operating activities:
Net loss		$	(273,327	)		$	(1,518,918	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			23,430				47,215
Loss on impairment and disposal of property, plant and equipment			2,665				206,620
Provision to write down inventories to net realizable value			12,533				638,966
Impairment of asset held-for-sale			36,277				—
Impairment of goodwill and intangible assets			0				24,725
Impairment of privately-held companies			15,057				5,000
Stock-based compensation expenses			72,572				112,818
Loss from business disposition			17,875				—
Deferred income taxes, net			(976	)			79,831
Gain from repurchasing of convertible notes			—				(15,455	)
Loss from exchange rate fluctuations			2,874				8,243
Loss (gain) from sale of property, plant and equipment			(10,075	)			1,838
Other items			(1,408	)			3,461
Changes in assets and liabilities:
Trade receivables, net			(124,459	)			379,214
Inventories, net			117,875				15,858
Prepaid expenses and other assets			58,655				74,108
Operating lease right-of-use assets, net			8,185				12,286
Trade payables			175,906				(385,342	)
Warranty obligations			(37,316	)			(39,294	)
Deferred revenues and customers advances			(46,597	)			1,253
Operating lease liabilities			(10,051	)			(11,881	)
Accrued expenses and other liabilities			11,937				8,330
Net cash provided by (used in) operating activities			51,632				(351,124	)
Cash flows from investing activities:
Investment in available-for-sale marketable securities			(454,635	)			(200,919	)
Proceeds from maturities of available-for-sale marketable securities			682,866				632,866
Proceeds from sales of available-for-sale marketable securities			76,288				70,642
Purchase of property, plant and equipment			(14,174	)			(95,905	)
Business combinations, net of cash acquired			—				(10,417	)
Proceeds from sale of investment in privately-held company			4,000				—
Business dispositions, net of cash sold			(7,322	)			(2,598	)
Proceeds from sale of property, plant and equipment			38,026				1,733
Repayment related to governmental grant			(6,643	)			—
Purchase of intangible assets			—				(10,000	)
Disbursements for loans receivables			—				(37,500	)
Investment in privately-held companies			(300	)			(25,742	)
Proceeds from loan receivables			50,743				27,092
Other investing activities			2,932				(5,029	)
Net cash provided by investing activities			371,781				344,223
Cash flows from financing activities:
Repurchase of common stock			—				(50,315	)
Proceeds from issuance of Notes 2029, net of issuance costs			—				329,214
Capped call transactions related to Notes 2029			—				(28,342	)
Payment for settlement of convertible notes			(342,250	)			—
Repurchase of convertible debt			(5,093	)			(267,900	)
Other financing activities			(2,194	)			(2,530	)
Net cash used in financing activities			(349,537	)			(19,873	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			3,181				(7,790	)
Increase (decrease) in cash, cash equivalents and restricted cash			77,057				(34,564	)
Cash, cash equivalents and restricted cash, beginning of period			409,939				338,468
Cash, cash equivalents and restricted cash, end of period		$	486,996			$	303,904

SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)
		Three months ended																				Year ended
		September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				December 31, 2024				December 31, 2023				December 31, 2022
Gross profit (loss) (GAAP)		$	72,143			$	32,131			$	17,536			$	(112,254	)		$	(727,794	)		$	(877,204	)		$	703,823			$	844,648
Revenues from finance component			(351	)			(304	)			(264	)			(254	)			(250	)			(984	)			(834	)			(614	)
Discontinued operation revenues			(85	)			(8,132	)			(7,098	)			—				—				—				—				—
Discontinued operation cost of revenues			(13,101	)			7,834				792				26,118				(6	)			24,921				36,648				4,314
Stock-based compensation			3,959				4,004				4,372				3,727				6,038				21,952				23,200				21,818
Amortization of stock-based compensation capitalized in inventories			825				882				381				1,095				1,484				3,138				1,100				—
Amortization and depreciation of acquired asset			501				483				491				484				2,034				5,412				6,038				7,429
Restructuring charges			31				10				430				3,770				1,217				15,327				23,154				—
Gross profit (loss) (Non-GAAP)		$	63,922			$	36,908			$	16,640			$	(77,314	)		$	(717,277	)		$	(807,438	)		$	793,129			$	877,595
Gross margin (loss) (GAAP)			21.2	%			11.1	%			8.0	%			(57.2	)%			(309.1	)%			(97.3	)%			23.6	%			27.2	%
Revenues from finance component			0.0				0.0				0.0				(0.1	)			(0.1	)			(0.1	)			0.0				0.0
Discontinued operation revenues			0.0				(2.8	)			(3.2	)			—				—				—				—				—
Discontinued operation cost of revenues			(3.9	)			3.0				0.4				13.3				0.0				2.8				1.2				0.1
Stock-based compensation			1.2				1.4				2.0				1.9				2.6				2.4				0.9				0.7
Amortization of stock-based compensation capitalized in inventories			0.2				0.3				0.2				0.6				0.6				0.3				0.0				—
Amortization and depreciation of acquired asset			0.1				0.2				0.2				0.2				1.0				0.6				0.2				0.2
Restructuring charges			0.0				0.0				0.2				1.9				1.0				1.7				0.8				—
Gross margin (loss) (Non-GAAP)			18.8	%			13.2	%			7.8	%			(39.4	)%			(304.0	)%			(89.6	)%			26.7	%			28.2	%
Operating expenses (GAAP)		$	107,293			$	147,624			$	120,262			$	151,413			$	382,940			$	831,084			$	663,618			$	678,528
Stock-based compensation - R&D			(10,681	)			(9,856	)			(15,911	)			(10,653	)			(17,115	)			(62,546	)			(66,944	)			(63,211	)
Stock-based compensation - S&M			(4,348	)			(4,342	)			(4,742	)			(4,452	)			(6,816	)			(27,328	)			(30,987	)			(31,017	)
Stock-based compensation - G&A			(2,897	)			(1,059	)			(6,401	)			(5,600	)			(6,672	)			(25,425	)			(28,814	)			(29,493	)
Amortization and depreciation of acquired assets - R&D			—				—				—				(189	)			(270	)			(1,000	)			(989	)			(1,206	)
Amortization and depreciation of acquired assets - S&M			(116	)			(116	)			(424	)			(442	)			(566	)			(1,599	)			(927	)			(822	)
Amortization and depreciation of acquired assets - G&A			—				—				—				—				(2	)			(6	)			(15	)			(21	)
Discontinued operation			(316	)			(27,069	)			(1,522	)			(3,350	)			11				(3,293	)			(388	)			—
Restructuring charges			(426	)			(867	)			(2,613	)			—				(1,299	)			(5,607	)			—				—
Assets impairment and disposal by abandonment			(672	)			(1,967	)			(224	)			(17,989	)			(232,102	)			(251,823	)			(30,790	)			(119,141	)
Gain (loss) from assets sales			(158	)			(17,108	)			662				(1,910	)			(1,827	)			(5,746	)			1,262				2,603
Certain litigation and other contingencies			—				—				—				—				—				399				(1,786	)			—
Acquisition costs			—				—				—				—				—				(9	)			(135	)			(350	)
Operating expenses (Non-GAAP)		$	87,679			$	85,240			$	89,087			$	106,828			$	116,282			$	447,101			$	503,105			$	435,870

SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)
		Three months ended																				Year ended
		September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				December 31, 2024				December 31, 2023				December 31, 2022
Operating income (loss) (GAAP)		$	(35,150	)		$	(115,493	)		$	(102,726	)		$	(263,667	)		$	(1,110,734	)		$	(1,708,288	)		$	40,205			$	166,120
Revenues from finance component			(351	)			(304	)			(264	)			(254	)			(250	)			(984	)			(834	)			(614	)
Discontinued operation			(12,870	)			26,771				(4,784	)			29,468				(17	)			28,214				37,036				4,314
Stock-based compensation			21,885				19,261				31,426				24,432				36,641				137,251				149,945				145,539
Amortization of stock-based compensation capitalized in inventories			825				882				381				1,095				1,484				3,138				1,100				—
Amortization and depreciation of acquired assets			617				599				915				1,115				2,872				8,017				7,969				9,478
Restructuring charges			457				877				3,043				3,770				2,516				20,934				23,154				—
Assets impairment and disposal by abandonment			672				1,967				224				17,989				232,102				251,823				30,790				119,141
Loss (gain) from assets sales			158				17,108				(662	)			1,910				1,827				5,746				(1,262	)			(2,603	)
Certain litigation and other contingencies			—				—				—				—				—				(399	)			1,786				—
Acquisition costs			—				—				—				—				—				9				135				350
Operating income (loss) (Non-GAAP)		$	(23,757	)		$	(48,332	)		$	(72,447	)		$	(184,142	)		$	(833,559	)		$	(1,254,539	)		$	290,024			$	441,725
Financial income (expense), net (GAAP)		$	3,040			$	(7,323	)		$	10,068			$	(12,199	)		$	5,558			$	(14,570	)		$	41,212			$	3,750
Non cash interest expense			4,462				4,326				4,051				3,920				3,785				14,877				12,703				9,954
Unrealized losses			—				—				—				—				—				—				—				119
Currency fluctuation related to lease standard			1,552				7,151				(1,633	)			1,089				966				(744	)			(3,055	)			(11,187	)
Discontinued operation			(958	)			2,265				(276	)			—				—				—				—				—
Financial income (expense), net (Non-GAAP)		$	8,096			$	6,419			$	12,210			$	(7,190	)		$	10,309			$	(437	)		$	50,860			$	2,636
Other income (loss) (GAAP)		$	(15,011	)		$	4,017			$	148			$	(76	)		$	(3,928	)		$	14,547			$	(318	)		$	7,285
Loss (gain) from sale of equity and debt investments			—				—				(2	)			76				(1,072	)			(2,966	)			193				(8,008	)
Loss (gain) from business combination			—				—				—				—				—				(1,125	)			—				—
Gain from the repurchase of convertible notes			—				—				(146	)			—				—				(15,456	)			—				—
Gain From sale of private held companies			—				(4,017	)			—				—				—				—				—				—
Loss from impairment of private held companies			15,011				—				—				—				5,000				5,000				—				—
Other income (loss) (Non-GAAP)		$	—			$	—			$	—			$	—			$	—			$	—			$	(125	)		$	(723	)
Income tax benefit (expense) (GAAP)		$	(2,563	)		$	(5,657	)		$	(5,726	)		$	(11,041	)		$	(121,108	)		$	(96,150	)		$	(46,420	)		$	(83,376	)
Income tax adjustment			(124	)			(100	)			(155	)			(176	)			44,602				39,007				(45,896	)			(9,067	)
Income tax benefit (expense) (Non-GAAP)		$	(2,687	)		$	(5,757	)		$	(5,881	)		$	(11,217	)		$	(76,506	)		$	(57,143	)		$	(92,316	)		$	(92,443	)
Equity method investments income (loss) (GAAP)		$	(376	)		$	(288	)		$	(287	)		$	(456	)		$	(577	)		$	(1,896	)		$	(350	)		$	—
Loss from equity method investments			376				288				287				456				577				1,896				350				—
Equity method investments income (loss) (Non-GAAP)		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—

SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)
		Three months ended																				Year ended
		September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				December 31, 2024				December 31, 2023				December 31, 2022
Net income (loss) (GAAP)		$	(50,060	)		$	(124,744	)		$	(98,523	)		$	(287,439	)		$	(1,230,789	)		$	(1,806,357	)		$	34,329			$	93,779
Revenues from finance component			(351	)			(304	)			(264	)			(254	)			(250	)			(984	)			(834	)			(614	)
Discontinued operation			(13,828	)			29,036				(5,060	)			29,468				(17	)			28,214				37,036				4,314
Stock-based compensation			21,885				19,261				31,426				24,432				36,641				137,251				149,945				145,539
Amortization of stock-based compensation capitalized in inventories			825				882				381				1,095				1,484				3,138				1,100				—
Amortization and depreciation of acquired assets			617				599				915				1,115				2,872				8,017				7,969				9,478
Restructuring charges			457				877				3,043				3,770				2,516				20,934				23,154				—
Assets impairment and disposal by abandonment			672				1,967				224				17,989				232,102				251,823				30,790				119,141
Loss (gain) from assets sales			158				17,108				(662	)			1,910				1,827				5,746				(1,262	)			(2,603	)
Certain litigation and other contingencies			—				—				—				—				—				(399	)			1,786				—
Acquisition costs			—				—				—				—				—				9				135				350
Non cash interest expense			4,462				4,326				4,051				3,920				3,785				14,877				12,703				9,954
Unrealized losses			—				—				—				—				—				—				—				119
Currency fluctuation related to lease standard			1,552				7,151				(1,633	)			1,089				966				(744	)			(3,055	)			(11,187	)
Loss (gain) from sale of equity and debt investments			—				—				(2	)			76				(1,072	)			(2,966	)			193				(8,008	)
Loss (gain) from business combination			—				—				—				—				—				(1,125	)			—				—
Gain from the repurchase of convertible notes			—				—				(146	)			—				—				(15,456	)			—				—
Gain From sale of private held companies			—				(4,017	)			—				—				—				—				—				—
Loss from impairment of private held companies			15,011				—				—				—				5,000				5,000				—				—
Income tax adjustment			(124	)			(100	)			(155	)			(176	)			44,602				39,007				(45,896	)			(9,067	)
Loss from equity method investments			376				288				287				456				577				1,896				350				—
Net income (loss) (Non-GAAP)		$	(18,348	)		$	(47,670	)		$	(66,118	)		$	(202,549	)		$	(899,756	)		$	(1,312,119	)		$	248,443			$	351,195

SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)
		Three months ended																				Year ended
		September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				December 31, 2024				December 31, 2023				December 31, 2022
Net basic earnings (loss) per share (GAAP)		$	(0.84	)		$	(2.13	)		$	(1.70	)		$	(5.00	)		$	(21.58	)		$	(31.64	)		$	0.61			$	1.70
Revenues from finance component			(0.01	)			(0.01	)			0.00				(0.01	)			(0.01	)			(0.02	)			(0.02	)			(0.01	)
Discontinued operation			(0.23	)			0.50				(0.09	)			0.52				0.00				0.49				0.66				0.08
Stock-based compensation			0.37				0.33				0.54				0.42				0.65				2.41				2.65				2.64
Amortization of stock-based compensation capitalized in inventories			0.01				0.01				0.01				0.02				0.02				0.05				0.02				—
Amortization and depreciation of acquired assets			0.01				0.01				0.02				0.02				0.05				0.14				0.14				0.17
Restructuring charges			0.01				0.02				0.05				0.07				0.05				0.37				0.41				—
Assets impairment and disposal by abandonment			0.01				0.03				0.00				0.31				4.07				4.41				0.54				2.17
Loss (gain) from assets sales			0.00				0.30				(0.01	)			0.03				0.03				0.10				(0.02	)			(0.05	)
Certain litigation and other contingencies			—				—				—				—				—				(0.01	)			0.03				—
Acquisition costs			—				—				—				—				—				0.00				0.00				0.01
Non cash interest expense			0.08				0.07				0.07				0.07				0.07				0.26				0.23				0.18
Unrealized losses			—				—				—				—				—				—				—				0.00
Currency fluctuation related to lease standard			0.02				0.12				(0.03	)			0.02				0.01				(0.01	)			(0.06	)			(0.21	)
Loss (gain) from sale of equity and debt investments			—				—				0.00				0.00				(0.02	)			(0.05	)			0.01				(0.14	)
Loss (gain) from business combination			—				—				—				—				—				(0.02	)			—				—
Gain from the repurchase of convertible notes			—				—				0.00				—				—				(0.27	)			—				—
Gain From sale of private held companies			—				(0.06	)			—				—				—				—				—				—
Loss from impairment of private held companies			0.26				—				—				—				0.09				0.09				—				—
Income tax adjustment			(0.01	)			0.00				0.00				0.00				0.78				0.68				(0.81	)			(0.16	)
Loss from equity method investments			0.01				0.00				0.00				0.01				0.01				0.03				0.00				—
Net basic earnings (loss) per share (Non-GAAP)		$	(0.31	)		$	(0.81	)		$	(1.14	)		$	(3.52	)		$	(15.78	)		$	(22.99	)		$	4.39			$	6.38

SOLAREDGE TECHNOLOGIES INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
(in thousands, except per share data and percentages)
		Three months ended																				Year ended
		September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				December 31, 2024				December 31, 2023				December 31, 2022
Net diluted earnings (loss) per share (GAAP)		$	(0.84	)		$	(2.13	)		$	(1.70	)		$	(5.00	)		$	(21.58	)		$	(31.64	)		$	0.60			$	1.65
Revenues from finance component			(0.01	)			(0.01	)			0.00				(0.01	)			(0.01	)			(0.02	)			(0.01	)			(0.01	)
Discontinued operation			(0.23	)			0.50				(0.09	)			0.52				0.00				0.49				0.64				0.08
Stock-based compensation			0.37				0.33				0.54				0.42				0.65				2.41				2.57				2.43
Amortization of stock-based compensation capitalized in inventories			0.01				0.01				0.01				0.02				0.02				0.05				0.02				—
Amortization and depreciation of acquired assets			0.01				0.01				0.02				0.02				0.05				0.14				0.14				0.16
Restructuring charges			0.01				0.02				0.05				0.07				0.05				0.37				0.40				—
Assets impairment and disposal by abandonment			0.01				0.03				0.00				0.31				4.07				4.41				0.53				2.02
Loss (gain) from assets sales			0.00				0.30				(0.01	)			0.03				0.03				0.10				(0.02	)			(0.04	)
Certain litigation and other contingencies			—				—				—				—				—				(0.01	)			0.03				—
Acquisition costs			—				—				—				—				—				0.00				0.00				0.00
Non cash interest expense			0.08				0.07				0.07				0.07				0.07				0.26				0.03				0.13
Unrealized losses			—				—				—				—				—				—				—				0.00
Currency fluctuation related to lease standard			0.02				0.12				(0.03	)			0.02				0.01				(0.01	)			(0.05	)			(0.19	)
Loss (gain) from sale of equity and debt investments			—				—				0.00				0.00				(0.02	)			(0.05	)			0.00				(0.13	)
Loss (gain) from business combination			—				—				—				—				—				(0.02	)			—				—
Gain from the repurchase of convertible notes			—				—				0.00				—				—				(0.27	)			—				—
Gain From sale of private held companies			—				(0.06	)			—				—				—				—				—				—
Loss from impairment of private held companies			0.26				—				—				—				0.09				0.09				—				—
Income tax adjustment			(0.01	)			0.00				0.00				0.00				0.78				0.68				(0.76	)			(0.15	)
equity method adjustments			0.01				0.00				0.00				0.01				0.01				0.03				0.00				—
Net diluted earnings (loss) per share (Non-GAAP)		$	(0.31	)		$	(0.81	)		$	(1.14	)		$	(3.52	)		$	(15.78	)		$	(22.99	)		$	4.12			$	5.95
Number of shares used in computing net diluted earnings (loss) per share (GAAP)			59,278,269				58,567,394				58,121,502				57,467,946				57,029,983				57,082,182				57,237,518				58,100,649
Stock-based compensation			—				—				—				—				—				—				725,859				963,373
Notes due 2025			—				—				—				—				—				—				2,276,818				—
Number of shares used in computing net diluted earnings (loss) per share (Non-GAAP)			59,278,269				58,567,394				58,121,502				57,467,946				57,029,983				57,082,182				60,240,195				59,064,022
Net cash provided by (used in) operating activities (GAAP)		$	25,608			$	(7,799	)		$	33,823			$	37,804			$	(89,332	)		$	(313,319	)		$	(180,113	)		$	31,284
Purchases of property and equipment			(2,809	)			(1,256	)			(10,109	)			(12,258	)			(47,370	)			(108,163	)			(170,523	)			(169,341	)
Discontinued operation			—				—				(3,867	)			—				—				—				—				—
Free cash flow (deficit) (Non-GAAP)		$	22,799			$	(9,055	)		$	19,847			$	25,546			$	(136,702	)		$	(421,482	)		$	(350,636	)		$	(138,057	)

 

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Investor Contacts

SolarEdge Technologies, Inc.

JB Lowe, Head of Investor Relations

investors@solaredge.com

Sapphire Investor Relations, LLC

Erica Mannion or Michael Funari

investors@solaredge.com

Source: SolarEdge Technologies, Inc.