SolarEdge’s 2025 Results: Growth, Challenges and a Look Ahead

Revenue & Margins

• Q4 2025: $335.4 M (slight dip, still robust inverter & battery sales)
• GAAP Gross Margin: 22.2% (up from 21.2%)
• Non‑GAAP Gross Margin: 23.3% (improved after trimming one‑time costs)

Operating Expenses & Losses

• Operating expenses rose to $122.8 M from $107.3 M
• Operating loss narrowed to $48.3 M from $35.2 M
• Non‑GAAP loss fell to $11 M from $23.8 M

Full‑Year 2025 Highlights

• Revenue: $1.18 B (31% jump) – powered by nearly 500,000 inverters & >10 M optimizers
• GAAP Gross Margin: 16.6% (positive vs. negative the year before)
• Non‑GAAP Gross Margin: 16.7%
• Operating loss: $301.7 M; Net loss: $405.4 M (vs. >$1B losses in 2024)
• Free Cash Flow: from a $421.5 M deficit to $76.9 M (moving toward positive cash generation)

2026 Outlook (Q1 Forecast)

• Revenue: $290 M – $320 M
• Non‑GAAP Gross Margin target: 20%–24%
• Operating expenses: $88 M – $93 M

Strategic Initiatives

• Launch of the Nexis platform
• Expansion into AI‑driven data center power and other high‑growth areas
• Continued strict cost discipline to strengthen market position

Earnings Call

• Live on February 18, 2026; replay available for one month

SolarEdge’s numbers underscore a solid rebound from prior losses, strategic product expansion, and measured optimism for future growth in the renewable energy sector.