SolarEdge Technologies, Inc. ( SEDG ) shares are trading higher after the company reported first-quarter results.

Revenues of $219.5 million, up 12% sequentially, beat the consensus of $203.66 million.

The company shipped 1,208 Megawatts (AC) of inverters and 180 MWh of batteries for PV applications in the quarter.

Also Read: Goldman Sachs Analyst Optimistic On SolarEdge’s Strong Domestic Manufacturing, European Expansion

Adjusted gross margin was 7.8% versus negative 39.5% in the prior quarter, and adjusted operating loss narrowed to $72.4 million from $184.1 million in the prior quarter.

Adjusted loss per share of $1.14 beat the street view for a loss of $1.16.

Operating cash flow for the quarter was $33.8 million and free cash flow (excluding cash flow from discontinued operations) was $19.8 million.

As of March 31, cash, cash equivalents, bank deposits, restricted bank deposits, and marketable securities totaled $113.2 million, net of debt, compared to $81.9 million as of Dec. 31, 2024.

Outlook: For the second quarter, the company expects revenue of $265 million-$285 million (versus consensus of $247.96 million) and adjusted gross margin of 8% – 12%.

In April, the company disclosed that Marcel Gani had resigned from its board of directors, effective April 8.

Investors can gain exposure to the stock via ProShares S&P Kensho Cleantech ETF ( CTEX ) and SPDR S&PKensho Clean Power ETF .

Price Action: SEDG shares are up 14.12% at $14.74 at last check on Tuesday.

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Image created using artificial intelligence via Midjourney.