SolarEdge reports record European revenues but North America flatline contributes to year-on-year slide

Facebook
Twitter
LinkedIn
Reddit
Email
SolarEdge is forecasting for a US rebound in Q4, but still expects a 14% slide in Q4. Image: SolarEdge.

SolarEdge witnessed record revenues in Europe as sales in North America stagnated in Q3, with the effects of the COVID-19 pandemic still clear and present in the company’s financials.

Reporting its Q3 financial results yesterday, SolarEdge recorded total revenues of US$338.1 million , up 2% for the figure recorded in Q2. However this was down 18% on the company’s revenues in the third quarter of 2019, indicating the ongoing headwinds caused by COVID-19.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Likewise, while solar revenues edged upwards in Q3, up by around 1% sequentially to US$312.5 million, they were down 19% year-on-year.

This came despite a new record revenue figure from European sales, which topped US$165.6 million on the back of surging growth in the Netherlands and Germany, representing just less than half of the firm’s total revenue in the three months ended 30 September.

In contrast, Zvi Lando, chief executive at SolarEdge, told analysts in an investor call following the results disclosure that its revenues from North America – historically the company’s largest market – had flatlined quarter-on-quarter as COVID-19 continued to cast something of a shadow over equipment sales.

This extended into the C&I market, which Lando said was recovering slower than anticipated. Having witnessed distributors and EPCs increase their revenue during the initial months of the pandemic in anticipation of a quick rebound, the company said a continued slowdown in the US, Europe and Australia had meant inventories in the C&I channel remained high, prompting slower shipments in this area.

Lando was however keen to paint a brighter picture for the horizon, with installations rates and distributor sell-through in September up 22% in residential and 40% in commercial compared to August. This has prompted SolarEdge to expect healthier guidance for the coming quarter, with North America residential sales expected to surge by around 50% in Q4.

Such a performance means that SolarEdge has come in around the middle of its outlook range issued within its Q2 results disclosure in August, which projected total revenues of US$325 – 350 million and solar-specific revenues of US$305 – 325 million.

While strong recoveries are expected in Q4, SolarEdge’s guidance for the period still illustrates some of the broader problems facing equipment sales as COVID-19 continues to spread, with a long list of countries now experiencing a second wave of the virus.

SolarEdge has guided total revenues of between US$345 – 365 million, and solar revenues of US$320 – 335 million. While falling in line with this guidance would illustrate sequential growth, performing to the top end of that forecast would constitute year-on-year falls of 13% and 14% respectively.

Total shipments for Q3 stood at 3.3 million power optimisers and 152,500 inverters. Zvi Lando revealed that the first shipment of products to the US from the company’s new Sella 1 factory in Israel had started this quarter, allowing the company to bolster its shipment of non-tariff products into the US. SolarEdge now expects 60% of its products sold in the US will originate from non-tariff regions in Q4.

In addition, Lando talked up the location of the factory being in relatively close proximity to the company’s R&D labs. The first prototypes of 330kW inverters, tailored for mid-sized ground-mount and small utility-scale solar farms, have emerged this quarter and are slated for introduction late next year.

Commenting on the performance, Lando said the third quarter had been typified by significant growth in Europe in spite of the COVID-19-triggered economic slowdown, with signs of a return to pre-COVID levels of activity in the US market.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

July 10, 2025
German renewables company BayWa r.e. has secured a €3 billion (US$3.5 billion) loan for 'operational initiatives and pipeline expansion.'
July 10, 2025
US renewables developer Invenergy has launched commercial operations of 250MW Fairbanks Solar Energy Center in Sullivan County, Indiana. 
July 10, 2025
A report published by the US Department of Energy (DOE) this week claims that the previous government’s support for renewable energy could cause blackouts to “increase by 100 times” by 2030.
July 10, 2025
UbiQD has signed a supply agreement with First Solar to supply its fluorescent quantum dot technology for use in the latter’s PV panels.
July 10, 2025
Copenhagen Energy has partnered with Thy-Mors Energi to set up a 100MW PV and BESS project in Ballerum, about 370km from Copenhagen. 
July 9, 2025
Caelux has finished the first sale of its perovskite glass, which will be paired with a silicon module developed by a 'reputable manufacturer'.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK