Group 1: Market Performance - Solar stocks generally rose, with Array up 7.64%, Canadian Solar ADR up 5.62%, Sunrun up 4.96%, First Solar up 4.32%, SolarEdge up 3.23%, and JinkoSolar ADR up 2.72% [1][2] - The S&P 500 index is currently down 0.45%, the Dow Jones is down 104 points (0.49%), while the Nasdaq is up 13 points (0.31%) [1] Group 2: Regulatory Environment - The U.S. believes that imports of solar products from Southeast Asia harm the domestic industry, laying the groundwork for tariffs on these imports [1]

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=ITEM%201.Financial%20Statements) The company reported a narrowed net loss and positive operating cash flow in Q1 2025 despite ongoing restructuring Condensed Consolidated Balance Sheet Data (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $1,989,683 | $2,050,565 | | **Total assets** | $2,525,173 | $2,646,453 | | **Total current liabilities** | $974,426 | $1,057,337 | | **Total liabilities** | $1,930,960 | $1,988,111 | | **Total stockholders' equity** | $594,213 | $658,342 | Condensed Consolidated Statements of Loss (in thousands, except per share data) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Revenues** | $219,480 | $204,399 | | **Gross profit (loss)** | $17,536 | $(26,187) | | **Operating loss** | $(102,726) | $(173,705) | | **Net loss** | $(98,523) | $(157,311) | | **Net basic and diluted loss per share** | $(1.70) | $(2.75) | Condensed Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $33,823 | $(217,019) | | **Net cash provided by investing activities** | $67,597 | $149,008 | | **Net cash used in financing activities** | $(6,237) | $(50,987) | - The company designs, develops, and sells intelligent inverter solutions for the photovoltaic (PV) market[38](index=38&type=chunk) - The company depends on two contract manufacturers, who jointly accounted for **64.3% of total trade payables** as of March 31, 2025[44](index=44&type=chunk)[45](index=45&type=chunk) - The company announced a restructuring plan in January 2024, reducing headcount by **~900 employees**, and later announced the closure of its Energy Storage Division, impacting an additional **~500 employees**[159](index=159&type=chunk)[160](index=160&type=chunk) - The company is involved in a securities class action lawsuit and related derivative complaints, but a potential range of loss cannot be reasonably estimated at this stage[137](index=137&type=chunk)[142](index=142&type=chunk)[145](index=145&type=chunk) - Following the discontinuation of its Energy Storage activity in 2024, the company now operates as a **single operating segment**[178](index=178&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=35&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue and gross margin improved YoY amid a market slowdown, with a focus on U.S. manufacturing and liquidity management Overview and Key Metrics - The company now operates as a **single solar segment** after discontinuing its LCV e-Mobility, Automation Machines, and Energy Storage businesses to focus on core activities[194](index=194&type=chunk)[195](index=195&type=chunk) - The company is increasing manufacturing in the U.S. (Texas, Florida, Utah) while discontinuing manufacturing in China, Mexico, and Hungary[196](index=196&type=chunk) - The company has faced a slowdown in demand since Q3 2023 due to high inventory in distribution channels and slower installation rates, particularly in Europe[199](index=199&type=chunk) Key Operating Metrics | Metric | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | Inverters shipped | 84,533 | 68,882 | | Power optimizers shipped | 2,251,596 | 1,070,987 | | Megawatts shipped | 1,208 | 946 | | Megawatt hours shipped (batteries) | 177 | 128 | Results of Operations Revenue Comparison (in thousands) | | Q1 2025 | Q1 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $219,480 | $204,399 | $15,081 | 7.4% | - The revenue increase was primarily driven by a **$36.4 million increase** from a higher number of power optimizers sold, partially offset by a $14.1 million decrease in ancillary solar product sales[215](index=215&type=chunk) Gross Profit (Loss) Comparison (in thousands) | | Q1 2025 | Q1 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Cost of revenues** | $201,944 | $230,586 | $(28,642) | (12.4)% | | **Gross profit (loss)** | $17,536 | $(26,187) | $43,723 | (167.0)% | - The improvement in gross profit was mainly due to a **$17.2 million decrease** in warranty expenses and an **$8.7 million decrease** in inventory costs[223](index=223&type=chunk) - R&D expenses decreased by **17.7%** and Sales & Marketing expenses decreased by **18.6%** YoY, primarily due to reduced personnel-related costs from the company's restructuring plan[224](index=224&type=chunk) - Net loss decreased by **$58.8 million (37.4%)** to $98.5 million in Q1 2025 compared to Q1 2024[235](index=235&type=chunk) Liquidity and Capital Resources - As of March 31, 2025, cash and cash equivalents were **$401.4 million**, with an additional $284.3 million in marketable securities and $104.5 million in restricted cash[237](index=237&type=chunk) - Net cash provided by operating activities was **$33.8 million** in Q1 2025, a significant improvement from the **$217.0 million used** in Q1 2024[239](index=239&type=chunk) - Cash used in financing activities decreased from $51.0 million in Q1 2024 to **$6.2 million** in Q1 2025, mainly due to a **$50.0 million reduction** in share repurchases[241](index=241&type=chunk) - In June 2024, the company issued **$300 million of 2.25% convertible senior notes** due 2029 and used proceeds to repurchase a portion of its 2025 notes[245](index=245&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces primary market risks from foreign currency rates, customer concentration, and commodity price volatility - The company's main market risks are foreign currency fluctuations (primarily Euro and NIS), customer concentration, and commodity price volatility[248](index=248&type=chunk) - A hypothetical **10% change** in foreign currency exchange rates would impact net income by **$4.0 million** for the Euro and **$12.8 million** for the NIS for the quarter[249](index=249&type=chunk) - As of March 31, 2025, three major customers accounted for **35.9%** of consolidated trade receivables, while two customers accounted for **41.4%** of total revenues for the quarter[253](index=253&type=chunk) - The company uses derivative financial instruments to hedge portions of anticipated payroll payments denominated in NIS[251](index=251&type=chunk) [Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2025[256](index=256&type=chunk) - There were **no material changes** in the company's internal control over financial reporting during the first quarter of 2025[257](index=257&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings & Risk Factors](index=49&type=section&id=ITEM%201.%20Legal%20Proceedings%20%26%20ITEM%201A.%20Risk%20Factors) The company faces uncertain legal outcomes and highlights new risks from U.S. tariffs on Chinese goods - The company is involved in various legal claims but cannot predict if any resulting liability would have a material adverse effect[258](index=258&type=chunk) - A key risk is the imposition of new U.S. tariffs, including a **145% tariff** on goods from China, which could increase costs for key components and adversely affect financial results[260](index=260&type=chunk) - While the company is exploring alternative suppliers outside of China, there is no assurance of success or that alternatives won't result in increased costs[260](index=260&type=chunk) [Other Items](index=50&type=section&id=Other%20Items%20(Items%202%2C%203%2C%204%2C%205)) The company reported no unregistered equity sales, senior security defaults, or other material information for the quarter - The company reported "None" for Item 2 (Unregistered Sales of Equity Securities), Item 3 (Defaults upon Senior Securities), and Item 5 (Other Information)[264](index=264&type=chunk)[265](index=265&type=chunk) - Item 4 (Mine Safety Disclosures) was reported as "Not applicable"[264](index=264&type=chunk)

[Table_Title] 研究报告 Research Report 8 May 2025 台湾所乐太阳能（SEDG US） 营收超出预期；2025 年第二季度指引高于一致预期 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] 要闻回顾以及最新动态 我们预计市场将把所乐太阳能科技 2025 年第一季度业绩视作利好。公司录得经调净亏损 6600 万美元（一致预期为 亏损 7500 万美元），这主要得益于超预期的营收表现和稳健的成本管控。公司 2025 年第二季度的营收指引高于一 致预期。 点评 2025 年第二季度指引超预期：公司预计 2025 年第二季度营收将达到 2.65 亿-2.85 亿美元（一致预期为 2.46 亿美 元），非通用会计准则下的毛利率为 8%-12%（包含 2%的关税影响），非通用会计准则下的支出费用为 9000-9500 万 美元。 营收超出预期；成本控制稳健：所乐太阳能科技 20 ...

Group 1 - SolarEdge Technologies (NASDAQ: SEDG) has faced significant stock declines due to a series of operational errors, including issues with self-developed batteries and poor inventory management [1] - The company has made investments in the mobility segment that have not yielded positive results, contributing to its stock performance challenges [1] - The focus of the analysis is on identifying companies that can leverage their intellectual property and play a significant role in current geopolitical dynamics, particularly in sectors like energy and technology [1] Group 2 - The investment strategy emphasizes growth companies, particularly in the mid-cap segment, with a systematic approach to balance sheet analysis and stress testing to assess business viability [1] - Long-term capital appreciation is prioritized over short-term speculation, indicating a strategic focus on sustainable growth [1]

SolarEdge Technologies, Inc. (SEDG) reported a first-quarter 2025 adjusted loss of $1.14 per share, narrower than the Zacks Consensus Estimate of a loss of $1.20. The bottom line also improved from the prior-year quarter’s loss of $1.90. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)Barring one-time adjustments, the company incurred a GAAP loss of $1.70 per share compared with a GAAP loss of $2.75 in the year-ago period.The year-over-year improvement in the bottom line can be attr ...

SolarEdge (SEDG) Q1 2025 Earnings Call May 06, 2025 08:00 AM ET Company Participants J.B. Lowe - Head of Investor RelationsShuki Nir - CEOAsaf Alperovitz - CFOChristine Cho - Managing DirectorColin Rusch - Managing Director - Head of Sustainable Growth & Resource Optimization ResearchDrew Chamberlain - Equity Research AssociateHannah Velásquez - Senior Associate - Equity ResearchBrian Lee - Vice PresidentAustin Moeller - Director - Equity ResearchHenry Roberts - Equity Research Associate Conference Call Par ...

SolarEdge (SEDG) Q1 2025 Earnings Call May 06, 2025 08:00 AM ET Speaker0 Hello, and welcome to the SolarEdge Conference Call for the First Quarter March '30 '1, '20 '20 '5. This call is being webcast live on the company's website at www.solaredge.com in the Investors section on the Events Calendar page. This call is the sole property and copyright of SolarEdge with all rights reserved, and any recording, reproduction or transmission of this call without the express written consent of SolarEdge is prohibited ...

SolarEdge Technologies Nasdaq l SEDG Safe Harbor Use of Forward-Looking Statements and Non-GAAP Measures Statements contained in this presentation 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 discussion contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the ...

Exhibit 99.1 SolarEdge Announces First Quarter 2025 Financial Results MILPITAS, Calif. — May 6, 2025. SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the first quarter ended March 31, 2025. GAAP gross margin was 8.0%1, compared to negative 57.2%1 in the prior quarter. Non-GAAP gross margin2 was 7.8%, compared to negative 39.5%1 in the prior quarter. GAAP operating expenses were $120.3 million, compared to $151.41 million in t ...

Investors interested in Oils-Energy stocks should always be looking to find the best-performing companies in the group. Has Expand Energy (EXE) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Oils-Energy peers, we might be able to answer that question.Expand Energy is one of 247 companies in the Oils-Energy group. The Oils-Energy group currently sits at #12 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector grou ...