Short answer
Solaredge Technologies Inc (SEDG) filed its fiscal 2017 10-K annual report with the SEC on Feb 20, 2018. It reported revenue of $607M (+23.9% year over year) and net income of $84M.
- Top risk flagged: U.S. solar-module tariffs: 30% initial duty, declining to 15% over four years, threatening system demand
FY2017 key financial metrics · XBRL
- Revenue
- $607M
- +23.9% YoY
- Net income
- $84M
- +9.9% YoY
- Operating margin
- 15.0%
- +0.4 pp YoY
- Gross margin
- 35.4%
- +4.4 pp YoY
- EPS (diluted)
- $1.85
- +6.9% YoY
- ROE
- 21.2%
- −5.4 pp YoY
- Operating cash flow
- $137M
- +160.7% YoY
Source: XBRL data from the Solaredge Technologies Inc (SEDG) FY2017 10-K on SEC EDGAR. USD.
Solaredge Technologies Inc FY2017 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: DC-optimized solar inverter systems combining module-level power optimizers, inverters and cloud monitoring
- New offerings: inverter-integrated EV charger and June 2017 extended commercial inverters sized 55kW, 82.5kW and 100kW
- Strategic expansion: energy storage, smart-home automation and larger commercial and utility-scale installations
- Scale metrics: 1,007 employees, 6.7 GW shipped and installations monitored across 121 countries
- 2017 milestone: 10,000-square-meter Israeli manufacturing facility lease for prototypes, production and proprietary equipment development
Management Discussion & Analysis
- Revenue $607.0M, up $117.1M or 23.9% YoY, driven by higher non-U.S. systems sales
- Gross margin 35.4% vs 32.8%, operating income $91.1M vs $71.0M
- Power optimizers best-performing metric, 7.3M units shipped, up 24.5%; commercial products pressured selling price per watt
- Operating cash flow $136.7M, capex $21.4M, marketable-securities purchases $143.7M
- Outlook: continued investments in sales, R&D, automation, and international growth; component shortages and U.S. tariffs key risks
Risk Factors
- U.S. solar-module tariffs: 30% initial duty, declining to 15% over four years, threatening system demand
- Israel exposure: rocket fire from Gaza and Hezbollah threats could disrupt headquarters, R&D, suppliers, and distribution
- Manufacturing concentration: reliance mainly on one contract manufacturer in China, with limited control over capacity and component availability
- Competitive pressure: low-cost Asian inverter and MLPE entrants expanding in Australia and Europe
- Customer concentration: CED represented 14.8% of 2017 revenue, while three major customers accounted for 29.9%
Generated from the filing text; verify against the original. How to read a 10-K
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