SolarEdge(US:SEDG)2024-05-08 20:15Financial Performance (Q1 2024) - GAAP revenues were $204.4 million[21], a significant decrease compared to $943.9 million in Q1 2023[3] - GAAP gross margin was negative 12.8%[21], a sharp decline from 31.8% in Q1 2023[3] - GAAP net loss was $157.3 million[39], compared to a net income of $138.4 million in Q1 2023[3] - GAAP net diluted loss per share was $2.75[21], versus a net diluted income per share of $2.35 in Q1 2023[3] - Non-GAAP gross margin was negative 6.5%[2] - Non-GAAP net loss was $108.6 million[8] - Non-GAAP net diluted loss per share was $1.90[16] Balance Sheet & Cash Flow (Q1 2024) - Total cash and investments, net of debt, amounted to $316.3 million[21] - Cash used in operations was $217.0 million[39] Segment Performance (Q1 2024) - Revenues from the solar segment were $190.1 million[16] - Gross margin from sales of the solar segment was negative 3.5%[16] - Operating loss from the solar segment was $110.4 million[39] Q2 2024 Guidance - Revenues are expected to be in the range of $250 million to $280 million[59] - Non-GAAP operating expenses are projected to be between $116 million and $120 million[59] - Gross margin from the solar segment is expected to range from negative 3% to positive 1%, including approximately 420 basis points of net IRA manufacturing tax credit[59]