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					</table><p><a href="https://corporate.solaredge.com/en" target="_blank" rel="noopener">SolarEdge</a>, an Israel-based solar inverters manufacturer, posted a net income of $138.4 million during the first quarter (Q1) of the financial year (FY) 2023, a spike of 318% YoY.</p>
<p>The company attributed its financial performance to diversified geographic and segmental presence, which allows it to avoid excessive dependence on any single market or segment.</p>
<p>Zvi Lando, Chief Executive Officer of SolarEdge, said the company would focus on executing its plans to boost margins and profitability as supply chain issues improve.</p>
<p>The company’s revenue jumped 44% YoY to $943.9 million in January-March.</p>
<p>The company earned $908.5 million in revenue from the solar segment, up 49% YoY.</p>
<p>The operating income in the quarter came in at $144.2 million, a 183% jump YoY. The operating expenses in the first quarter amounted to $156.0 million, a 22% increase YoY.</p>
<p>SolarEdge said it achieved net diluted earnings per share of $2.35. The company shipped 3.6 GW of inverters and 221 MWh of batteries.</p>
<p>During Q1 of 2023, cash flow from operating activities amounted to $7.9 million, down from $111.3 million in the prior quarter.</p>
<p>As of March 31, 2023, the company had a total of $1.01 billion in cash, cash equivalents, bank deposits, restricted bank deposits, and marketable securities net of debt.</p>
<p>The company expects the revenues to be $970 million to $1.01 billion for the next quarter.</p>
<p>Moreover, the revenues from the solar segment are expected to be in the range of $930 million to $980 million, and the gross margin from the solar segment is expected to be within the range of 34% to 37%.</p>
<p>The company <a href="https://www.mercomindia.com/solaredges-q4-revenue-jumps-higher-inverter-shipments" target="_blank" rel="noopener">posted</a> revenue of $890.7 million for the fourth quarter of the financial year 2023, a jump of 61.4% YoY. Higher shipments primarily drove the performance.</p>
<p>SolarEdge’s revenue from the solar segment during the second quarter <a href="https://mercomindia.com/solaredges-revenue-solar-segment-surges-59-yoy-q2-2022/" target="_blank" rel="noopener">totaled</a> $687.6 million, up YoY by 59% from $431.5 million in the same quarter a year ago.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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SolarEdge’s Q1 Net Income Quadruples on Diversified Offerings and Markets

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