SolarEdge Q4 2024: Losses narrow, 130 MWh of batteries shipped

SolarEdge Technologies has reported a return to positive free cash flow in the fourth quarter of 2024. The company saw revenues of $196.2 million, down 17% from the previous quarter, and shipped 895 MW (AC) of inverters and 130 MWh of batteries.

Compared to Q3 2024, SolarEdge shipped 189 MWh of batteries for PV applications, meaning Q4 numbers were down 30% quarter-on-quarter. That said, in Q4 2023, SolarEdge said it shipped 133 MWh of batteries, making the year-on-year comparisons closer to even, and follows the closure of its Energy Storage Division.

For the full year 2024, SolarEdge generated $901.5 million in revenue and shipped 3,563 MW (AC) of inverters and 576 MWh of batteries. For the full year 2023, SolarEdge shipped 744 MWh of batteries.

The company is forecasting Q1 2025 revenue in the range of $195 million to $215 million, with a non-GAAP gross margin between 6% and 10%.

Despite the positive cash flow news, SolarEdge continues to grapple with losses, though these have narrowed significantly. A $138 million write-down and impairment of assets during Q4 impacted financial reporting.

Shuki Nir, CEO of SolarEdge: “There are exciting opportunities ahead for SolarEdge. We are just getting started on our turnaround story. The return to positive free cash flow generation in Q4 is a solid first step, and we expect to be free cash flow positive in Q1 2025 and for the full year 2025.”

The return to positive free cash flow in Q4 is an important step in the “turnaround story,” for SolarEdgeafter protracted difficulties following a large-scale downturn in solar activity in the residential sector, caused in part by NEM 3.0 rules in California.

As previously mentioned, SolarEdge recently closed of its Energy Storage Division, though this had no impact on its residential and C&I solar-attached storage solutions.