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SolarEdge Technologies

catalyst tomorrowNo base rate yet — SEDG has 0 graded prints on the record, and the bar is 3.PowerWebsite
Ticker
SEDG
Beat
energy
Size
Public Company
Revenue
$346M
as of Jun 2026
Cash
$527M
as of Jun 2026
Researched · Fresh
7 days ago

A real turnaround that has already been paid for — six straight quarters of margin repair and the return to positive operating cash flow are genuine, but at ~$60 the stock prices in a clean, AMPTC-independent recovery the filings explicitly say does not yet exist (ex-45X credits, SolarEdge is still gross-loss-making), so the asymmetry from here is poor.

Orbit · who it trades with and competes with
3 on the rings · 0 trade · 3 rival
3 mentions across our dossiers
Focus · Energy
SolarEdge Technologies
SEDG · public
No published house view
Competes with
Next prints in its web
Links · 3 companies · 0 trade · 3 rival
“Peers from the 10-K's own stock-performance peer group (Enphase, SolarEdge, Shoals, FTC Solar) plus the only true direct tracker peer, Nextracker (now "Nextpower," NXT).”Array Technologies · RIVAL · from Array Technologies’s dossier
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Price

Weekly closes

SEDG · weekly close
30.05 USD−9.8%
Friday 30 Oct 2026 · last 52 Fridays 29.06–76.35
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 11,199,638 sh · 4.45 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 1 days, Scheduled · 4 Nov 2026, scheduled
30.05USD-9.8%energy +1.0%SEDG · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
11,199,638 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
4.45
see the whole series
Financials

The reported figures

Revenue · quarterly
$346M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$346M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
SolarEdge Technologies, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$725M USD-2.3% share of revenue-$5.4M USD$45.9M USD$551M USD56.8M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$316M USD-75.2% share of revenue-$180M USD$40.5M USD$338M USD57.1M sharesFiled · primarysec.gov
Q1 ’2431 Mar 2024$204M USD-85.0% share of revenue-$243M USD$26.3M USD$214M USD57.3M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$265M USD-60.4% share of revenue-$67.0M USD$22.2M USD$259M USD57.3M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$235M USD—-$137M USD$47.4M USD$304M USD58.0M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$196M USD—$25.5M USD$12.3M USD$275M USD58.8M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$219M USD-46.8% share of revenue$23.7M USD$10.1M USD$401M USD59.0M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$289M USD-39.9% share of revenue-$9.1M USD$1.3M USD$545M USD59.4M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$340M USD-10.3% share of revenue$22.8M USD$2.8M USD$440M USD59.8M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$335M USD-14.4% share of revenue$43.3M USD$9.3M USD$455M USD60.4M sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$311M USD-17.7% share of revenue$20.7M USD$3.7M USD$512M USD60.8M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$346M USD-4.6% share of revenue$3.1M USD$8.3M USD$527M USD61.5M sharesFiled · primarysec.gov

SolarEdge Technologies’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$346M+20% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $725M, as of Sep 2023Revenue Q4 ’23: $316M, as of Dec 2023Revenue Q1 ’24: $204M, as of Mar 2024Revenue Q2 ’24: $265M, as of Jun 2024Revenue Q3 ’24: $235M, as of Sep 2024Revenue Q4 ’24: $196M, as of Dec 2024Revenue Q1 ’25: $219M, as of Mar 2025Revenue Q2 ’25: $289M, as of Jun 2025Revenue Q3 ’25: $340M, as of Sep 2025Revenue Q4 ’25: $335M, as of Dec 2025Revenue Q1 ’26: $311M, as of Mar 2026Revenue Q2 ’26: $346M, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
-4.6%+35.3 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: -2.3%, as of Sep 2023Operating margin Q4 ’23: -75.2%, as of Dec 2023Operating margin Q1 ’24: -85.0%, as of Mar 2024Operating margin Q2 ’24: -60.4%, as of Jun 2024Operating margin Q1 ’25: -46.8%, as of Mar 2025Operating margin Q2 ’25: -39.9%, as of Jun 2025Operating margin Q3 ’25: -10.3%, as of Sep 2025Operating margin Q4 ’25: -14.4%, as of Dec 2025Operating margin Q1 ’26: -17.7%, as of Mar 2026Operating margin Q2 ’26: -4.6%, as of Jun 2026

A margin beyond ±100%, or on zero revenue, is left out as not meaningful.

Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$3.1M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$5.4M, as of Sep 2023Free cash flow Q4 ’23: -$180M, as of Dec 2023Free cash flow Q1 ’24: -$243M, as of Mar 2024Free cash flow Q2 ’24: -$67.0M, as of Jun 2024Free cash flow Q3 ’24: -$137M, as of Sep 2024Free cash flow Q4 ’24: $25.5M, as of Dec 2024Free cash flow Q1 ’25: $23.7M, as of Mar 2025Free cash flow Q2 ’25: -$9.1M, as of Jun 2025Free cash flow Q3 ’25: $22.8M, as of Sep 2025Free cash flow Q4 ’25: $43.3M, as of Dec 2025Free cash flow Q1 ’26: $20.7M, as of Mar 2026Free cash flow Q2 ’26: $3.1M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$527M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $551M, as of Sep 2023Cash Q4 ’23: $338M, as of Dec 2023Cash Q1 ’24: $214M, as of Mar 2024Cash Q2 ’24: $259M, as of Jun 2024Cash Q3 ’24: $304M, as of Sep 2024Cash Q4 ’24: $275M, as of Dec 2024Cash Q1 ’25: $401M, as of Mar 2025Cash Q2 ’25: $545M, as of Jun 2025Cash Q3 ’25: $440M, as of Sep 2025Cash Q4 ’25: $455M, as of Dec 2025Cash Q1 ’26: $512M, as of Mar 2026Cash Q2 ’26: $527M, as of Jun 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
61.5M+8.3% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 56.8M, as of Sep 2023Shares outstanding Q4 ’23: 57.1M, as of Dec 2023Shares outstanding Q1 ’24: 57.3M, as of Mar 2024Shares outstanding Q2 ’24: 57.3M, as of Jun 2024Shares outstanding Q3 ’24: 58.0M, as of Sep 2024Shares outstanding Q4 ’24: 58.8M, as of Dec 2024Shares outstanding Q1 ’25: 59.0M, as of Mar 2025Shares outstanding Q2 ’25: 59.4M, as of Jun 2025Shares outstanding Q3 ’25: 59.8M, as of Sep 2025Shares outstanding Q4 ’25: 60.4M, as of Dec 2025Shares outstanding Q1 ’26: 60.8M, as of Mar 2026Shares outstanding Q2 ’26: 61.5M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-27editorial noteSources added: 0 → 5The dossier's cited-link count grew from 0 to 5 (deep-dive-2026-06-20.md → deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteMargin figure revised: 16.6% → 27.5%Margin moved from 16.6% (deep-dive-2026-06-20.md) to 27.5% (deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteRevenue figure revised: 42.1% → $346.2MRevenue moved from 42.1% (deep-dive-2026-06-20.md) to $346.2M (deep-dive-2026-10-27.md).dossier
2026-10-05filing8-K Item 5.02: Chief Revenue Officer Daniel Huber resignsDaniel Huber notified the board on 1 Oct 2026 of his resignation as Chief Revenue Officer; employment ends 31 Mar 2027; the filing states it is not the result of any disagreement.agent:company-events · SEC EDGAR 8-K
dossier age
7 days
researched 27 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 18 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 559 words, 14 filing mentions
  2. The dossier: What held, 52 words, 4 filing mentions
Research

The SolarEdge Technologies dossier

The verdict

A real turnaround that has already been paid for — six straight quarters of margin repair and the return to positive operating cash flow are genuine, but at ~$60 the stock prices in a clean, AMPTC-independent recovery the filings explicitly say does not yet exist (ex-45X credits, SolarEdge is still gross-loss-making), so the asymmetry from here is poor.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Q2 results. GAAP revenue $346.2M, up 11.5% on Q1 2026 ($310.5M) and 19.6% on Q2 2025 ($289.4M). GAAP gross margin 27.5% (Q1 2026: 22.0%; Q2 2025: 11.1%); non-GAAP gross margin 28.6%. Both include a $13.3M benefit from IEEPA tariff refunds. GAAP operating loss $16.0M (Q1 2026: $55.0M; Q2 2025: $115.5M); non-GAAP operating income $10.2M (Q1 2026: loss of $24.8M). GAAP net loss $30.8M ($(0.50) per share); non-GAAP net income $3.6M ($0.05). Free cash flowCash left after paying to run and maintain the business. Unlike profit, it is hard to flatter with accounting choices. $3.1M (Q1 2026: $20.7M; Q2 2025: negative $9.1M). [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-05, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1419612/000117891326003833/exhibit_99-1.htm; quarter ended 2026-06-30]
  2. Liquidity. Cash and investments net of debt $264.6M at 2026-06-30, up $20.4M from $244.2M at 2025-12-31. 61,525,748 shares outstanding at 2026-08-03. [sec.gov: 8-K filed 2026-08-05, exhibit 99.1, same URL as item 1; Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-05, https://www.sec.gov/Archives/edgar/data/1419612/000117891326003854/zk2635807.htm]
  3. Q3 2026 guidance. Revenue $310M to $340M, non-GAAP gross margin 22% to 26%, non-GAAP operating expenses $86M to $91M. The guidance excludes IEEPA refunds in Q3; the company says that including the $11.5M of IEEPA refunds received in July, the guidance midpoint implies a non-GAAP operating profit in Q3. [sec.gov: 8-K filed 2026-08-05, exhibit 99.1, same URL as item 1]
  4. AMPTC dependence unchanged in the filing text. The 10-Q says that excluding the advanced manufacturing production tax credit (AMPTC) incentives the company would have transitioned into a gross loss, for both periods presented in the Q2 comparison. [sec.gov: 10-Q filed 2026-08-05, same URL as item 2]
  5. IEEPA refunds and tariffs. In Q2 the company received and recognised $13.6M of IEEPA refunds and interest ($13.3M as a reduction of cost of revenues, $0.3M as interest income); remaining claims are subject to CBP review. In July 2026 the U.S. imposed Section 301 tariffs generally of 10% to 12.5% on imports from numerous trading partners. [sec.gov: 10-Q filed 2026-08-05, same URL as item 2]
  6. Treasury guidance. The 10-Q cites IRS Notice 2026-15 (2026-02-12) on the prohibited-foreign-entity rules, confirming reliance on safe harbor tables for material-assistance determinations; the passages read do not report a final rule. [sec.gov: 10-Q filed 2026-08-05, same URL as item 2]
  7. Management changes. CFO Asaf Alperovitz ceased to serve effective 2026-05-31 and the compensation committee approved a special cash bonus of NIS 279,000 on 2026-06-22; the Q2 10-Q is signed by Maoz Sigron as Chief Financial Officer (his appointment date is not stated in the passages read). [sec.gov: 8-K filed 2026-06-25, https://www.sec.gov/Archives/edgar/data/1419612/000117891326003337/zk2635609.htm] On 2026-10-01 Chief Revenue Officer Daniel Huber gave notice of resignation, with employment ending 2027-03-31 and no disagreement reported. [sec.gov: 8-K filed 2026-10-05, https://www.sec.gov/Archives/edgar/data/1419612/000117891326004710/zk2636192.htm]
  8. Investor Day. The company held a 2026 Investor Day webcast on 2026-09-10; the 8-K furnishes no figures. [sec.gov: 8-K filed 2026-09-10, https://www.sec.gov/Archives/edgar/data/1419612/000117891326004477/zk2636103.htm]
  9. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "Q2-2026 print vs the breakeven-EBIT guide (rev $325-355M, GM 23-27%)" meets item 1: revenue $346.2M, non-GAAP gross margin 28.6% including the $13.3M IEEPA benefit, non-GAAP operating income $10.2M. The carried bear case "ex-AMPTC = gross loss" meets item 4. The carried catalyst "CBP IEEPA tariff-refund determination (potential cash inflow)" meets item 5 (refunds started; remaining claims under review). The carried catalyst on the "Treasury/IRS final PFE & 45X" rule is not answered by the passages read (item 6). The carried seed's price figures (~$60.80) and reference targets rest on market data this delta does not refresh.

What held

  • Gross margin has expanded year on year for a sixth straight quarter per the company, but the 10-Q still states a gross loss without AMPTC (items 1, 4). [sec.gov: 8-K filed 2026-08-05, exhibit 99.1; 10-Q filed 2026-08-05]
  • Free cash flow remained positive (item 1). [sec.gov: 8-K filed 2026-08-05, exhibit 99.1]

How our view changed

2 dossiers

Every dossier we have written on SolarEdge Technologies, newest first.

  1. current

    A real turnaround that has already been paid for

  2. A real turnaround that has already been paid for

Research trail

The research around SolarEdge Technologies

Covered in the Knowledge Base

Energy & Power

Company details

IndustryEnergy
SizePublic Company
WebsiteVisit SolarEdge Technologies

Others in energy

5 names

Where SolarEdge Technologies sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.