Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
SolarEdge Technologies Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
Revenue exhibits a consistent and significant upward trajectory over the analyzed period, growing from 209.8 million US dollars in the first quarter of 2018 to 890.7 million US dollars by the final quarter of 2022. This growth reflects a substantial scaling of operations, with the most aggressive expansion occurring between March 2021 and December 2022.
- Gross Profitability and Cost Management
- Gross profit increased from 79.6 million US dollars in March 2018 to 261.0 million US dollars in December 2022. While the absolute gross profit grew, the cost of revenues also escalated rapidly, particularly in 2022. A notable compression in gross margin is observable during the mid-2019 to early-2020 period, followed by a recovery and expansion in the final year of the data set.
- Operating Expense Trends
- Operating expenses grew in tandem with revenue, though the distribution across categories shifted. Research and development costs showed a steady and aggressive increase, rising from 17.9 million US dollars in March 2018 to 79.0 million US dollars in December 2022, indicating a sustained investment in product innovation. Sales and marketing expenses grew more moderately, while general and administrative expenses climbed from 4.8 million US dollars to 30.0 million US dollars over the same period.
- Operating Income Volatility
- Operating income remained positive for nearly the entire period, peaking at 84.4 million US dollars in September 2022. However, a sharp reversal occurred in the final quarter of 2022, where operating income fell to a loss of 5.2 million US dollars. This decline was driven primarily by a substantial increase in "Other operating expenses," which reached 114.6 million US dollars in December 2022, contrasting sharply with the historical norms of that line item.
- Net Income and Non-Operating Impacts
- Net income demonstrated significant volatility, influenced heavily by tax fluctuations and non-operating items. Despite the operating loss in the final quarter of 2022, net income remained positive at 20.8 million US dollars. This was largely due to a significant positive swing in net financial income, which reached 56.1 million US dollars in December 2022, effectively offsetting the operating deficit.
The overall financial profile indicates a company in a high-growth phase with increasing operational scale. However, the final quarter of 2022 introduces a divergence between operating performance and net profitability, where non-operating financial gains masked a significant spike in other operating costs.
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