10-K annual report · filed Aug 20, 2015

Solaredge Technologies Inc (SEDG) FY2015 10-K Annual Report

Short answer

Solaredge Technologies Inc (SEDG) filed its fiscal 2015 10-K annual report with the SEC on Aug 20, 2015.

  • Top risk flagged: Net metering scrutiny in U.S. states could reduce customer credits and solar PV demand

Solaredge Technologies Inc FY2015 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • DC-optimized solar system combining module-level power optimizers, inverters and cloud monitoring across residential, commercial and small utility installations
  • New commercial inverter range introduced in June 2015, sized 14.4kW to 33.3kW for North America and 25kW to 33.3kW internationally
  • Energy-storage expansion: third-party battery-compatible inverters expected in fourth quarter 2015, including Tesla Powerwall support
  • U.S. revenue concentration reached 73.3%, versus 7.6% in fiscal 2012, reflecting continued geographic shift from Europe
  • 440 employees, including 188 in R&D; R&D expense increased to $22.0 million from $18.3 million in fiscal 2014

Management Discussion & Analysis

  • Revenue $325.1M, up 144.0% YoY, driven by U.S. system sales and 3.5M power optimizers shipped
  • Gross margin 25.2% vs 16.5%, operating income $28.3M vs $18.4M operating loss
  • U.S. strongest market, 73.3% of revenue; SolarCity largest customer, 24.6% of revenue
  • Operating cash flow $12.1M, capex $11.8M, IPO proceeds $131.2M, no dividend or buyback
  • Outlook: continued sales, R&D and automated-line investment; risks include capacity, working capital and additional capital needs

Risk Factors

  • Net metering scrutiny in U.S. states could reduce customer credits and solar PV demand
  • Israel conflict exposure: rocket fire and reserve-duty call-ups could disrupt R&D and operations
  • Two contract manufacturers in China and Hungary, creating capacity and delivery concentration
  • Competition from SolarEdge’s traditional inverter rivals, microinverter makers and low-cost Asian MLPE entrants
  • SolarCity represented 24.6% of fiscal 2015 revenue, creating major customer concentration risk

Generated from the filing text; verify against the original. How to read a 10-K

Other Solaredge Technologies Inc annual reports

Ask about this 10-K

Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.