SEDGHIGH SIGNALFINANCIAL10-K

SEDG demonstrated meaningful operational improvement with substantially reduced losses and higher revenue, though cash expenditures dropped dramatically.

The company appears to be recovering from severe prior-year losses, with operating losses meaningfully reduced alongside revenue growth of over 30%. However, the sharp decline in capital expenditures and reduced stockholders' equity suggest continued financial constraints that may limit growth investments.

Comparing 2026-02-25 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

SEDG showed notable financial recovery with revenue growing over 30% to $1.2B while operating losses improved substantially from -$1.7B to -$301.7M. The company strengthened its cash position significantly to $455.1M and reduced current liabilities, but stockholders' equity declined 35% and capital expenditures fell dramatically by 78% to just $23.5M. This suggests a company in recovery mode that is conserving cash while working through operational challenges.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+82.3%
-$1.7B→-$301.7M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
-78.3%
$108.2M→$23.5M

Capex reduced 78.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Net Income
P&L
+67.7%
-$1.3B→-$405.4M

Net income grew 67.7% — bottom-line growth signals improving overall business health.

Accounts Receivable
Balance Sheet
+66.7%
$160.4M→$267.4M

Receivables surged 66.7% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Cash & Equivalents
Balance Sheet
+65.7%
$274.6M→$455.1M

Cash position surged 65.7% — strong cash generation or capital raise providing significant financial cushion.

Stockholders Equity
Balance Sheet
-35.1%
$658.3M→$427.5M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Revenue
P&L
+31.4%
$901.5M→$1.2B

Strong top-line growth of 31.4% — accelerating demand or successful expansion into new markets.

Current Liabilities
Balance Sheet
-22.8%
$1.0B→$803.5M

Current liabilities reduced — improved short-term financial position and working capital health.

R&D Expense
P&L
-20.2%
$277.2M→$221.3M

R&D spending cut 20.2% — could signal cost discipline or concerning reduction in innovation investment.

Total Assets
Balance Sheet
-17%
$2.6B→$2.2B

Total assets contracted 17% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-25
ADDED
http://fasb.org/us-gaap/2025#UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember false FY 0001419612 Including stock-based compensation expenses.
Long-lived assets are comprised of property and equipment, net and Operating lease right-of-use assets, net.
Represents indirect costs of goods, consultants and sub-contractors, marketing, bad debt and impairments and dispositions.
Presented under other long-term liabilities The state that contributes to the majority (greater than 50%) of the tax effect in this category is California.
As of February 1, 2026, there were 60,366,291 shares of the registrant s common stock, par value of $0.0001 per share, outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 47 Item 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 49 Item 8.
Business Introduction We are a global smart energy technology company that changed the way power is harvested and managed in photovoltaic (also known as PV) systems.
We have expanded our activity to other areas of smart energy technology, both through organic growth and through acquisitions.
By leveraging world-class engineering capabilities and with a relentless focus on innovation, we now offer energy solutions that include primarily the hardware technology used in residential, commercial, and small scale utility PV systems and also product offerings in the areas of energy storage systems, or ESS, EV chargers, home and commercial energy management software, grid services, software platforms and applications that enable virtual power plants ("VPPs").
REMOVED
- 1419612 - 2025 false FY 0001419612 Represents an amount less than $1.
Inventory write-down is included under Inventories, net on the balance sheet.
http://fasb.org/us-gaap/2024#OtherAssets http://fasb.org/us-gaap/2024#OtherAssets http://fasb.org/us-gaap/2024#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccountsPayableAndAccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2024#FinanceLeaseLiabilityNoncurrent Except for Germany, Netherlands and Italy Long-lived assets are comprised of property and equipment, net and Operating lease right-of-use assets, net.
Represents marketing, bad debt and other production related costs.
As of February 1, 2025, there were 58,782,519 shares of the registrant s common stock, par value of $0.0001 per share, outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 62 Item 9A.
Business Introduction We are a leading provider of an optimized inverter solution that changed the way power is harvested and managed in photovoltaic (also known as PV) systems.
Since we began commercial shipments in 2010, we have shipped approximately 56.2 gigawatts ( GW ) of our DC optimized inverter systems and our products have been installed in solar PV systems in over 145 countries.
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