– Sectors – SolarEdge Technologies Inc. (SEDG)

June 30, 2023

SolarEdge’s “Milk” is Souring… But it Hasn’t Yet Gone Fully Bad (i.e., We Believe Cons. has Set the 2Q23E Hurdle Low, After Which Things Become Much More Difficult)

By Gordon L. Johnson II

SolarEdge is Still Seen as Being in the Driver’s Seat as it Relates to the Global Solar Inverter Arms Race, a Thesis We Think Will Change (to the Downside) in 2H23. In this note, we…

SolarEdge Technologies Inc. (SEDG)

SolarEdge’s “Milk” is Souring… But it Hasn’t Yet Gone Fully Bad (i.e., We Believe Cons. has Set the 2Q23E Hurdle Low, After Which Things Become Much More Difficult)

Four Separate “Fire Side” Chats w/ Contacts in China, the EU (Ahead of the SNEC Conf. in Munich), & the U.S. Shed Light on State of Solar Industry

SEDG is Hemorrhaging Cash when Adjusting for it Not Paying its Bills; Battery Biz Disappoints; SELL

3Q21 Revs Miss, 4Q21 Revs-GM Guided Below Cons, & Battery Guide Ramp to 2GWh Seems Uncertain; SELL

The “Blow-Out” Quarter That Wasn’t + Further Inventory Bulge + Weak Gross Margin Guide = SELL

Do Enphase’s 1Q21 Results Provide a “Bird’s Eye View” into What to Expect from SolarEdge Monday?

Many Have Yet To Capitulate, But In the Famous Words of Porky Pig… “Th-Th-Th-That’s All Folks!”

Is the 2yr ITC Extension Set to “Ravage” SEDG’s & ARRY’s Fundamentals, Unbeknownst to Solar Bulls?

Top Line Miss + Weak Guide-Negative FCF + Share Loss + Massive Inventory Build + Storage Late = SELL

First-Ever Shift in Gross Margin Guide to Non-GAAP Basis Implies “Shoddy” Write Down Likely in 3Q20

“Down Goes Frazier”… Or in This Case, SEDG as the “Undisputed Resi Inverter Champion of the World”

1Q20 Enphase Results – Readthrough for SolarEdge Tilted Negative, Barring 2Q Inventory Stuffing

Is Liquidity at America’s Largest Resi Rooftop (RUN+VSLR+NOVA) Installers ~50% Below Stated Levels?

What Does Wednesday’s Nov. ’19 California Solar Initiative Data Say About SEDG’s U.S. Market Share?

Does SEDG Expect 1:6 of its Inverters to Fail & are SEDG-ENPH, Alone, Over-Shipping US Resi Demand?