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solaredge SolarEdge Announces First Quarter 2021 Financial Results May 3 , 2021 MILPITAS , Calif .-- ( BUSINESS WIRE ) -- May 3 , 2021-- SolarEdge Technologies , Inc. ( Nasdaq : SEDG ) , a global leader in smart energy technology , today announced its financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Highlights • Revenues of $ 405.5 million • Revenues from solar products of $ 376.4 million • GAAP gross margin of 34.5 % • Non - GAAP gross margin of 36.5 % • GAAP gross margin from sale of solar products of 38.3 % • Record non - GAAP gross margin from sale of solar products of 39.7 % • GAAP net income of $ 30.1 million • Non - GAAP net income of $ 55.5 million • GAAP net diluted earnings per share ( " EPS " ) of $ 0.55 • Non - GAAP net diluted EPS of $ 0.98 • 1.69 Gigawatts ( AC ) of inverters shipped " We are happy to report our first quarter results , representing continued growth in our solar business across geographies and segments , " said Zvi Lando , CEO of SolarEdge . " We are particularly pleased with our operational performance this quarter , which will enable us to meet the continued increase in demand for our residential and commercial products worldwide . This quarter , we also began delivering full powertrain kits for the e - Mobility sector in Europe in line with our growth strategy beyond solar . " First Quarter 2021 Summary The Company reported revenues of $ 405.5 million , up 13 % from $ 358.1 million in the prior quarter and down 6 % from $ 431.2 million in the same quarter last year . Revenues related to the sale of solar products were $ 376.4 million , up 15 % from $ 327.1 million in the prior quarter and down 8 % from $ 407.6 million in the same quarter last year . GAAP gross margin was 34.5 % , up from 30.8 % in the prior quarter and up from 32.5 % year over year . Non - GAAP gross margin was 36.5 % , up from 32.5 % in the prior quarter and up from 33.6 % year over year . GAAP gross margin from the sale of solar products was 38.3 % , up from 35.3 % in the prior quarter and up from 34.6 % year over year . Non - GAAP gross margin from the sale of solar products was 39.7 % , up from 36.2 % in the prior quarter and up from 35.0 % year over year . GAAP operating expenses were $ 95.9 million , flat with $ 95.9 million in the prior quarter and up 33 % from $ 72.2 million in the same quarter last year . Non - GAAP operating expenses were $ 76.2 million , up 4 % from $ 72.9 million in the prior quarter and up 15 % from $ 66.3 million in the same quarter last year . GAAP operating income was $ 44.1 million , up 206 % from $ 14.4 million in the prior quarter and down 35 % from $ 67.8 million in the same quarter last year . Non - GAAP operating income was $ 71.9 million , up 65 % from $ 43.5 million in the prior quarter and down 9 % from $ 78.6 million in the same quarter last year . GAAP net income was $ 30.1 million , up 70 % from $ 17.7 million in the prior quarter and down 29 % from $ 42.2 million in the same quarter last year . Non - GAAP net income was $ 55.5 million , compared to $ 55.7 million in the prior quarter and up 10 % from $ 50.7 million in the same quarter last year . GAAP EPS was $ 0.55 , up from $ 0.33 in the prior quarter and down from $ 0.81 in the same quarter last year . Non - GAAP net diluted EPS was $ 0.98 , flat with $ 0.98 in the prior quarter and up from $ 0.95 in the same quarter last year . Cash flow from operating activities was $ 24.1 million , down from $ 27.2 million in the prior quarter and down from $ 107.7 million in the same quarter last year . As of March 31 , 2021 , cash , cash equivalents , bank deposits , restricted bank deposit and marketable securities totaled $ 515.2 million , net of debt , compared to $ 530.2 million on December 31 , 2020 . Outlook for the Second Quarter 2021 The Company also provides guidance for the second quarter ending June 30 , 2021 as follows :