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SolarEdge Technologies (SEDG) investor relations material
SolarEdge Technologies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 70% year-over-year revenue growth in Q4 and 30% for the full year 2025, with four consecutive quarters of revenue growth and five consecutive quarters of margin expansion.
Gross margins expanded each quarter, and positive free cash flow was generated after a challenging 2024.
Gained market share in all U.S. segments and stabilized or grew share in Europe, ahead of the Nexus Pro platform rollout.
2025 focused on restoring discipline and rebuilding margins; 2026 strategy shifts to profitable growth and global market share expansion via the Nexus platform and investments in AI data center power solutions.
Financial highlights
Q4 non-GAAP revenue was $334 million, up 70% year-over-year, slightly down sequentially; full-year 2025 revenues reached $1.18 billion, up 31% year-over-year.
Q4 non-GAAP gross margin rose to 23.3% from 18.8% in Q3, exceeding guidance; GAAP gross margin was 22.2%.
Q4 non-GAAP operating loss was $11 million; Q4 GAAP operating loss was $48.3 million.
Q4 non-GAAP net loss was $8.2 million; net loss per share was $0.14.
Free cash flow for Q4 was $43 million and $77 million for 2025, reversing a $421 million outflow in 2024.
Outlook and guidance
Q1 2026 revenue expected between $290 million and $320 million, above normal seasonality at midpoint, with no significant one-time or pull-forward revenue included.
Q1 non-GAAP gross margin guidance is 20%-24%; operating expenses expected at $88-$93 million, with higher OpEx due to currency effects.
Positive free cash flow expected in Q1 2026, with continued investment in working capital to support growth.
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