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solaredge SolarEdge Announces Second Quarter 2021 Financial Results August 2 , 2021 MILPITAS , Calif .-- ( BUSINESS WIRE ) -- Aug . 2 , 2021-- SolarEdge Technologies , Inc. ( Nasdaq : SEDG ) , a global leader in smart energy technology , today announced its financial results for the second quarter ended June 30 , 2021 . Second Quarter 2021 Highlights • Revenues of $ 480.1 million • Revenues from solar segment of $ 431.5 million • GAAP gross margin of 32.5 % • Non - GAAP gross margin of 33.9 % • Gross margin from solar segment of 37.4 % . GAAP net income of $ 45.1 million • Non - GAAP net income of $ 72.5 million • GAAP net diluted earnings per share ( " EPS " ) of $ 0.82 • Non - GAAP net diluted EPS of $ 1.28 • 1.64 Gigawatts ( AC ) of inverters shipped " We are happy to finish the second quarter of 2021 with record revenues in both our solar and non - solar businesses and with continued strong demand for our products in the various geographies and across the different segments , " said Zvi Lando , Chief Executive Officer of SolarEdge . " We are successfully navigating through the challenging supply chain environment while continuing to support our customers ' growth and expansion with new and existing products . " Second Quarter 2021 Summary The Company reported revenues of $ 480.1 million , up 18 % from $ 405.5 million in the prior quarter and up 45 % from $ 331.9 million in the same quarter last year . Revenues from the solar segment were $ 431.5 million , up 15 % from $ 376.4 million in the prior quarter and up 39 % from $ 310.1 million in the same quarter last year . GAAP gross margin was 32.5 % , down from 34.5 % in the prior quarter and up from 31.0 % in the same quarter last year . Non - GAAP gross margin was 33.9 % , down from 36.5 % in the prior quarter and up from 32.4 % in the same quarter last year . Gross margin from the solar segment was 37.4 % , down from 39.7 % in the prior quarter and up from 33.8 % in the same quarter last year . GAAP operating expenses were $ 100.6 million , up 5 % from $ 95.9 million in the prior quarter and up 38 % from $ 73.0 million in the same quarter last year . Non - GAAP operating expenses were $ 81.5 million , up 7 % from $ 76.2 million in the prior quarter and up 33 % from $ 61.1 million in the same quarter last year . GAAP operating income was $ 55.6 million , up 26 % from $ 44.1 million in the prior quarter and up 85 % from $ 30.0 million in the same quarter last year . Non - GAAP operating income was $ 81.3 million , up 13 % from $ 71.9 million in the prior quarter and up 75 % from $ 46.6 million in the same quarter last year . GAAP net income was $ 45.1 million , up 50 % from $ 30.1 million in the prior quarter and up 23 % from $ 36.7 million in the same quarter last year . Non - GAAP net income was $ 72.5 million , up 31 % from $ 55.5 million in the prior quarter and up 39 % from $ 52.1 million in the same quarter last year . GAAP net diluted EPS was $ 0.82 , up from $ 0.55 in the prior quarter and up from $ 0.70 in the same quarter last year . Non - GAAP net diluted EPS was $ 1.28 , up from $ 0.98 in the prior quarter and up from $ 0.97 in the same quarter last year . Cash flow from operating activities was $ 38.7 million , up from $ 24.1 million in the prior quarter and down from $ 59.3 million in the same quarter last year . As of June 30 , 2021 , cash , cash equivalents , bank deposits , restricted bank deposit and marketable securities totaled $ 509.3 million , net of debt , compared to $ 515.2 million on March 31 , 2021 . Outlook for the Third Quarter 2021 The Company also provides guidance for the third quarter ending September 30 , 2021 as follows : • Revenues to be within the range of $ 520 million to $ 540 million • Non - GAAP gross margin expected to be within the range of 32 % to 34 %