SolarEdge Announces First Quarter 2025 Financial Results

 

 

“I am pleased with the steady progress we made on the SolarEdge turnaround this quarter,” said Shuki Nir, CEO of SolarEdge. “We delivered a second straight quarter of positive free cash flow and are executing on our strategic priorities. Despite an uncertain tariff and regulatory environment, we remain relentlessly focused on elevating our execution across our business.”

First Quarter 2025 Summary

 

The Company reported revenues of $219.5 million, up 12% from $196.2 million in the prior quarter.

 

Non-GAAP revenues2, which exclude $7.4 million of revenues related to discontinued operations, were $212.1 million.

 

The Company shipped 1,208 MW (AC) of inverters and 180 MWh of batteries for PV applications.

 

GAAP gross margin was 8.0%1, compared to negative 57.2%1 in the prior quarter.

 

Non-GAAP gross margin2 was 7.8%, compared to negative 39.5%1 in the prior quarter.

 

GAAP operating expenses were $120.3 million, compared to $151.41 million in the prior quarter.

 

Non-GAAP operating expenses2 were $89.1 million, compared to $106.8 million in the prior quarter.

 

GAAP operating loss was $102.71 million, compared to $263.71 million in the prior quarter.

 

Non-GAAP operating loss2 was $72.4 million, compared to $184.11 million in the prior quarter.

 

GAAP net loss was $98.51 million, compared to $287.41 million in the prior quarter.

 

Non-GAAP net loss2 was $66.1 million, compared to $202.51 million in the prior quarter.

 

GAAP net loss per share was $1.701, compared to a GAAP net loss per share of $5.001 in the prior quarter.

 

Non-GAAP net loss per share2 was $1.14, compared to a Non-GAAP net loss per share of $3.521 in the prior quarter.

 

Cash provided by operating activities was $33.8 million, compared with $37.8 million provided in the prior quarter.

 

Free cash flow2 generated, excluding cash flow from discontinued operations at our Kokam battery manufacturing business, was $19.8 million, compared with $25.5 generated in the prior quarter.

 

As of March 31, 2025, cash, cash equivalents, restricted cash, bank deposits, restricted bank deposits and marketable securities totaled $113.2 million, net of debt, compared to $81.9 million as of December 31, 2024.

 

Outlook for the Second Quarter 2025

 

The Company also provides guidance for the second quarter ending June 30, 2025 as follows:

 

*Non-GAAP gross margin and Non-GAAP operating expenses are non-GAAP financial measures, and these forward-looking measures have not been reconciled to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Non-GAAP gross margin and Non-GAAP operating expenses are made in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the SEC.

 

Conference Call

 

The Company will host a conference call to discuss its results for the first quarter ended March 31, 2025 at 8:00 a.m. ET on Tuesday, May 6, 2025. The call will be available, live, to interested parties by dialing +1 800-579-2543. For international callers, please dial +1 785-424-1789. The Conference ID is SEDG. To avoid a delay in connecting to the call, please dial in 10 minutes prior to the start time. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com

 

A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

1 Includes impairments, write offs and discontinued operation. See financials and reconciliation for details.

2 Non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.

About SolarEdge

 

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, and grid services solutions. SolarEdge is online at www.solaredge.com

 

Use of Non-GAAP Financial Measures

 

Statements contained in this press release contains may contain forward-looking statements that are based on our management’s expectations, estimates, projections, beliefs and assumptions in accordance with information currently available to our management. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements include information, among other things, concerning our possible or assumed future results of operations, return to positive free cash flow generation, future demands for solar energy solutions, business strategies, technology developments, new products and services, financing and investment plans; dividend policy; competitive position, industry and regulatory environment, general economic conditions; potential growth opportunities; cancellations and pushouts of existing backlog; installation rates; goodwill impairment; and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this release. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: future demand for renewable energy including solar energy solutions; our ability to maintain a return to free cash flow positive generation; our ability to forecast demand for our products accurately and to match production to such demand as well as our customers’ ability to forecast demand based on inventory levels; changes in tax laws, tax treaties, and regulations or the interpretation of them, including the Inflation Reduction Act; changes in the U.S. or global trade environment, including the recent imposition of import tariffs by the U.S. and any future increase in such tariffs and/or subsequent retaliatory tariffs or other restrictive trade measures that other countries have taken or may take in response; our ability to estimate the impact of tariffs on our operations; our ability to successfully operate our global operations with a reduced work force; macroeconomic conditions in our domestic and international markets, as well as inflation concerns, rising interest rates, and recessionary concerns; changes, elimination or expiration of government subsidies and economic incentives for on-grid solar energy applications; the retail price of electricity derived from the utility grid or alternative energy sources; interest rates and supply of capital in the global financial markets in general and in the solar market specifically; competition, including introductions of power optimizer, inverter and solar photovoltaic system monitoring products by our competitors; developments in alternative technologies or improvements in distributed solar energy generation; historic cyclicality of the solar industry and periodic downturns; product quality or performance problems in our products; shortages, delays, price changes, or cessation of operations or production affecting our suppliers of key components; our dependence upon a small number of outside contract manufacturers and limited or single source suppliers; changes to net metering policies or the reduction, elimination or expiration of government subsidies and economic incentives for on-grid solar energy applications; capacity constraints, delivery schedules, manufacturing yields, and costs of our contract manufacturers and availability of components; performance of distributors and large installers in selling our products; consolidation in the solar industry among our customers and distributors; our ability to effectively manage changes in our organization and expansion into new markets; our ability to recognize expected benefits from restructuring plans; any unauthorized access to, disclosure, or theft of personal information or unauthorized access to our network or other similar cyber incidents; our ability to implement our new ERP system; our ability to integrate acquired businesses; disruption to our business operations due to the evolving state of war in Israel and political conditions related to the Israeli government's plans to significantly reduce the Israeli Supreme Court's judicial oversight; our dependence on ocean transportation to timely deliver our products in a cost-effective manner; fluctuations in global currency exchange rates; the impact of evolving legal and regulatory requirements, including emerging corporate social responsibility and sustainability requirements; existing and future responses to and effects of pandemics, epidemics or other health crises; federal, state, and local regulations governing the electric utility industry with respect to solar energy; business practices and regulatory compliance of our raw material suppliers; our ability to maintain our brand and to protect and defend our intellectual property; volatility of our stock price; our customers’ financial stability, creditworthiness, and debt leverage ratio; our ability to effectively design, launch, market, and sell new generations of our products and services; our ability to retain, and events affecting, our major customers; our ability to service our debt; impairment of our goodwill or other long-lived and intangible assets; our liquidity and ability to service our debt;; and the other factors set forth under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 25, 2025, in subsequent Quarterly Reports on Form 10Q and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business. The preceding list is not intended to be an exhaustive list of all of our forward‐looking statements. You should not rely upon forward‐looking statements as predictions of future events. Although we believe that the expectations reflected in the forward‐looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward‐looking statements will be achieved or will occur. Statements in this press release speak only as of the date they were made. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or changes in its expectations or otherwise, except as may be required by applicable law, regulation or other competent legal authority.

Investor Contacts

SolarEdge Technologies, Inc.

JB Lowe, Head of Investor Relations
investors@solaredge.com

Sapphire Investor Relations, LLC

Erica Mannion or Michael Funari

		Three Months Ended March 31,
		2025				2024
		Unaudited
Revenues		$	219,480			$	204,399
Cost of revenues			201,944				230,586
Gross profit (loss)			17,536				(26,187	)
Operating expenses:
Research and development			61,997				75,351
Sales and marketing			31,657				38,911
General and administrative			30,183				30,865
Other operating expense (income), net			(3,575	)			2,391
Total operating expenses			120,262				147,518
Operating loss			(102,726	)			(173,705	)
Financial income (expense), net			10,068				(7,064	)
Other income, net			148				—
Loss before income taxes			(92,510	)			(180,769	)
Tax benefits (income taxes)			(5,726	)			23,754
Net loss from equity method investments			(287	)			(296	)
Net loss		$	(98,523	)		$	(157,311	)

		March 31, 2025				December 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	401,364			$	274,611
Restricted cash			104,459				135,328
Marketable securities			250,267				311,279
Trade receivables, net of allowances of $35,970 and $43,038, respectively			132,577				160,423
Inventories, net			636,597				645,897
Prepaid expenses and other current assets			464,419				523,027
Total current assets			1,989,683				2,050,565
LONG-TERM ASSETS:
Marketable securities			34,051				42,597
Property, plant and equipment, net			339,824				343,438
Operating lease right-of-use assets, net			48,639				41,393
Intangible assets, net			8,874				9,666
Goodwill			48,626				48,380
Loan receivables, net			—				45,678
Other long-term assets			55,476				64,736
Total long-term assets			535,490				595,888
Total assets			2,525,173				2,646,453
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables			135,435				107,543
Employees and payroll accruals			76,360				76,292
Warranty obligations			125,172				140,249
Deferred revenues and customers advances			76,491				140,870
Accrued expenses and other current liabilities			219,496				246,078
Convertible senior notes, net			341,472				346,305
Total current liabilities			974,426				1,057,337
LONG-TERM LIABILITIES:
Convertible senior notes, net			330,389				330,006
Warranty obligations			287,530				292,116
Deferred revenues			243,649				231,049
Finance lease liabilities			37,862				39,159
Operating lease liabilities			33,325				30,018
Other long-term liabilities			23,779				8,426
Total long-term liabilities			956,534				930,774
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS’ EQUITY:
Common stock of $0.0001 par value - Authorized: 125,000,000 shares; issued: 59,043,817 shares on March 31, 2025 and 58,780,490 shares on December 31, 2024; outstanding: 58,290,453 shares on March 31, 2025 and 58,027,126 shares on December 31, 2024.			6				6
Additional paid-in capital			1,845,719				1,813,198
Treasury stock, at cost; 753,364 shares held			(50,194	)			(50,194	)
Accumulated other comprehensive loss			(74,604	)			(76,477	)
Accumulated deficit			(1,126,714	)			(1,028,191	)
Total stockholders’ equity			594,213				658,342
Total liabilities and stockholders’ equity		$	2,525,173			$	2,646,453

		Three Months Ended March 31,
		2025				2024
Cash flows from operating activities:
Net loss		$	(98,523	)		$	(157,311	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			12,001				14,988
Stock-based compensation expenses			31,426				37,606
Deferred income taxes, net			(1,029	)			(41,847	)
Loss (gain) from exchange rate fluctuations			(2,930	)			7,799
Other items			2,271				4,371
Changes in assets and liabilities:
Trade receivables, net			29,247				210,376
Inventories, net			12,285				(105,810	)
Prepaid expenses and other assets			100,361				52,187
Operating lease right-of-use assets, net			3,659				5,255
Trade payables			30,275				(215,120	)
Warranty obligations			(19,745	)			(15,582	)
Deferred revenues and customers advances			(51,970	)			(523	)
Operating lease liabilities			(3,571	)			(5,219	)
Accrued expenses and other liabilities			(9,934	)			(8,189	)
Net cash provided by (used in) operating activities			33,823				(217,019	)
Cash flows from investing activities:
Investment in available-for-sale marketable securities			(72,465	)			(129,221	)
Proceeds from maturities of available-for-sale marketable securities			142,931				319,605
Purchase of property, plant and equipment			(10,109	)			(26,347	)
Repayment related to governmental grant			(6,643	)			—
Disbursements for loans receivables			—				(7,500	)
Investment in privately-held companies			—				(8,831	)
Proceeds from loan receivables			13,653				1,625
Other investing activities			230				(323	)
Net cash provided by investing activities			67,597				149,008
Cash flows from financing activities:
Repurchase of common stock			—				(33,222	)
Payments on account of repurchase of common stock			—				(16,778	)
Repurchase of convertible debt			(5,093	)			—
Other financing activities			(1,144	)			(987	)
Net cash used in financing activities			(6,237	)			(50,987	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			701				(5,241	)
Increase (decrease) in cash, cash equivalents and restricted cash			95,884				(124,239	)
Cash, cash equivalents and restricted cash, beginning of period			409,939				338,468
Cash, cash equivalents and restricted cash, end of period		$	505,823			$	214,229

		Three months ended																				Year ended
		March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2024				December 31, 2023				December 31, 2022
Gross profit (loss) (GAAP)		$	17,536			$	(112,254	)		$	(727,794	)		$	(10,969	)		$	(26,187	)		$	(877,204	)		$	703,823			$	844,648
Revenues from finance component			(264	)			(254	)			(250	)			(246	)			(234	)			(984	)			(834	)			(614	)
Discontinued operation revenues			(7,098	)			—				—				—				—				—				—				—
Discontinued operation cost of revenues			792				26,118				(6	)			(757	)			(434	)			24,921				36,648				4,314
Stock-based compensation			4,372				3,727				6,039				6,218				5,968				21,952				23,200				21,818
Amortization of stock-based compensation capitalized in inventories			381				1,095				1,484				362				197				3,138				1,100				—
Amortization and depreciation of acquired asset			491				484				2,034				1,343				1,551				5,412				6,038				7,429
Restructuring charges			430				3,770				1,216				4,519				5,822				15,327				23,154				—
Gross profit (loss) (Non-GAAP)		$	16,640			$	(77,314	)		$	(717,277	)		$	470			$	(13,317	)		$	(807,438	)		$	793,129			$	877,595
Gross margin (loss) (GAAP)			8.0	%			(57.2	)%			(309.1	)%			(4.1	)%			(12.8	)%			(97.3	)%			23.6	%			27.2	%
Revenues from finance component			0.0				(0.1	)			(0.1	)			0.0				(0.1	)			(0.1	)			0.0				0.0
Discontinued operation revenues			(3.2	)			—				—				—				—				—				—				—
Discontinued operation cost of revenues			0.4				13.3				0.0				(0.3	)			(0.2	)			2.8				1.2				0.1
Stock-based compensation			2.0				1.9				2.6				2.3				2.9				2.4				0.9				0.7
Amortization of stock-based compensation capitalized in inventories			0.2				0.6				0.6				0.1				0.1				0.3				0.0				—
Amortization and depreciation of acquired asset			0.2				0.2				1.0				0.5				0.8				0.6				0.2				0.2
Restructuring charges			0.2				1.9				1.0				1.7				2.8				1.7				0.8				—
Gross margin (loss) (Non-GAAP)			7.8	%			(39.4	)%			(304.0	)%			0.2	%			(6.5	)%			(89.6	)%			26.7	%			28.2	%
Operating expenses (GAAP)		$	120,262			$	151,413			$	382,940			$	149,213			$	147,518			$	831,084			$	663,618			$	678,528
Stock-based compensation - R&D			(15,911	)			(10,653	)			(17,115	)			(17,639	)			(17,139	)			(62,546	)			(66,944	)			(63,211	)
Stock-based compensation - S&M			(4,742	)			(4,452	)			(6,816	)			(8,149	)			(7,911	)			(27,328	)			(30,987	)			(31,017	)
Stock-based compensation - G&A			(6,401	)			(5,600	)			(6,672	)			(6,565	)			(6,588	)			(25,425	)			(28,814	)			(29,493	)
Amortization and depreciation of acquired assets - R&D			—				(189	)			(270	)			(271	)			(270	)			(1,000	)			(989	)			(1,206	)
Amortization and depreciation of acquired assets - S&M			(424	)			(442	)			(566	)			(467	)			(124	)			(1,599	)			(927	)			(822	)
Amortization and depreciation of acquired assets - G&A			—				—				(2	)			(2	)			(2	)			(6	)			(15	)			(21	)
Discontinued operation			(1,522	)			(3,350	)			11				—				47				(3,293	)			(388	)			—
Restructuring charges			(2,613	)			—				(1,299	)			(366	)			(3,943	)			(5,607	)			—				—
Assets impairment and disposal by abandonment			(224	)			(17,989	)			(232,102	)			—				(1,732	)			(251,823	)			(30,790	)			(119,141	)
Gain (loss) from assets sales			662				(1,910	)			(1,827	)			(951	)			(1,058	)			(5,746	)			1,262				2,603
Certain litigation and other contingencies			—				—				—				—				399				399				(1,786	)			—
Acquisition costs			—				—				—				—				(9	)			(9	)			(135	)			(350	)
Operating expenses (Non-GAAP)		$	89,087			$	106,828			$	116,282			$	114,803			$	109,188			$	447,101			$	503,105			$	435,870

		Three months ended																				Year ended
		March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2024				December 31, 2023				December 31, 2022
Operating income (loss) (GAAP)		$	(102,726	)		$	(263,667	)		$	(1,110,734	)		$	(160,182	)		$	(173,705	)		$	(1,708,288	)		$	40,205			$	166,120
Revenues from finance component			(264	)			(254	)			(250	)			(246	)			(234	)			(984	)			(834	)			(614	)
Discontinued operation			(4,784	)			29,468				(17	)			(757	)			(481	)			28,214				37,036				4,314
Stock-based compensation			31,426				24,432				36,642				38,571				37,606				137,251				149,945				145,539
Amortization of stock-based compensation capitalized in inventories			381				1,095				1,484				362				197				3,138				1,100				—
Amortization and depreciation of acquired assets			915				1,115				2,872				2,083				1,947				8,017				7,969				9,478
Restructuring charges			3,043				3,770				2,515				4,885				9,765				20,934				23,154				—
Assets impairment and disposal by abandonment			224				17,989				232,102				—				1,732				251,823				30,790				119,141
Loss (gain) from assets sales			(662	)			1,910				1,827				951				1,058				5,746				(1,262	)			(2,603	)
Certain litigation and other contingencies			—				—				—				—				(399	)			(399	)			1,786				—
Acquisition costs			—				—				—				—				9				9				135				350
Operating income (loss) (Non-GAAP)		$	(72,447	)		$	(184,142	)		$	(833,559	)		$	(114,333	)		$	(122,505	)		$	(1,254,539	)		$	290,024			$	441,725
Financial income (expense), net (GAAP)		$	10,068			$	(12,199	)		$	5,558			$	(865	)		$	(7,064	)		$	(14,570	)		$	41,212			$	3,750
Non cash interest expense			4,051				3,920				3,785				3,636				3,536				14,877				12,703				9,954
Unrealized losses			—				—				—				—				—				—				—				119
Currency fluctuation related to lease standard			(1,633	)			1,089				966				(1,523	)			(1,276	)			(744	)			(3,055	)			(11,187	)
Discontinued operation			(276	)			—				—				—				—				—				—				—
Financial income (expense), net (Non-GAAP)		$	12,210			$	(7,190	)		$	10,309			$	1,248			$	(4,804	)		$	(437	)		$	50,860			$	2,636
Other income (loss) (GAAP)		$	148			$	(76	)		$	(3,928	)		$	18,551			$	—			$	14,547			$	(318	)		$	7,285
Loss (gain) from sale of equity and debt investments			(2	)			76				(1,072	)			(1,970	)			—				(2,966	)			193				(8,008	)
Gain from business combination			—				—				—				(1,125	)			—				(1,125	)			—				—
Gain from the repurchase of convertible notes			(146	)			—				—				(15,456	)			—				(15,456	)			—				—
Loss from impairment of  private held companies			—				—				5,000				—				—				5,000				—				—
Other income (loss) (Non-GAAP)		$	—			$	—			$	—			$	—			$	—			$	—			$	(125	)		$	(723	)
Income tax benefit (expense) (GAAP)		$	(5,726	)		$	(11,041	)		$	(121,108	)		$	12,245			$	23,754			$	(96,150	)		$	(46,420	)		$	(83,376	)
Income tax adjustment			(155	)			(176	)			44,602				(357	)			(5,062	)			39,007				(45,896	)			(9,067	)
Income tax benefit (expense) (Non-GAAP)		$	(5,881	)		$	(11,217	)		$	(76,506	)		$	11,888			$	18,692			$	(57,143	)		$	(92,316	)		$	(92,443	)
Equity method investments loss (GAAP)		$	(287	)		$	(456	)		$	(577	)		$	(567	)		$	(296	)		$	(1,896	)		$	(350	)		$	—
Loss from equity method investments			287				456				577				567				296				1,896				350				—
Equity method investments loss (Non-GAAP)		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—

		Three months ended																				Year ended
		March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2024				December 31, 2023				December 31, 2022
Net income (loss) (GAAP)		$	(98,523	)		$	(287,439	)		$	(1,230,789	)		$	(130,818	)		$	(157,311	)		$	(1,806,357	)		$	34,329			$	93,779
Revenues from finance component			(264	)			(254	)			(250	)			(246	)			(234	)			(984	)			(834	)			(614	)
Discontinued operation			(5,060	)			29,468				(17	)			(757	)			(481	)			28,214				37,036				4,314
Stock-based compensation			31,426				24,432				36,642				38,571				37,606				137,251				149,945				145,539
Amortization of stock-based compensation capitalized in inventories			381				1,095				1,484				362				197				3,138				1,100				—
Amortization and depreciation of acquired assets			915				1,115				2,872				2,083				1,947				8,017				7,969				9,478
Restructuring charges			3,043				3,770				2,515				4,885				9,765				20,934				23,154				—
Assets impairment and disposal by abandonment			224				17,989				232,102				—				1,732				251,823				30,790				119,141
Loss (gain) from assets sales			(662	)			1,910				1,827				951				1,058				5,746				(1,262	)			(2,603	)
Certain litigation and other contingencies			—				—				—				—				(399	)			(399	)			1,786				—
Acquisition costs			—				—				—				—				9				9				135				350
Non cash interest expense			4,051				3,920				3,785				3,636				3,536				14,877				12,703				9,954
Unrealized losses			—				—				—				—				—				—				—				119
Currency fluctuation related to lease standard			(1,633	)			1,089				966				(1,523	)			(1,276	)			(744	)			(3,055	)			(11,187	)
Loss (gain) from sale of equity and debt investments			(2	)			76				(1,072	)			(1,970	)			—				(2,966	)			193				(8,008	)
Gain from business combination			—				—				—				(1,125	)			—				(1,125	)			—				—
Gain from the repurchase of convertible notes			(146	)			—				—				(15,456	)			—				(15,456	)			—				—
Loss from impairment of  private held companies			—				—				5,000				—				—				5,000				—				—
Income tax adjustment			(155	)			(176	)			44,602				(357	)			(5,062	)			39,007				(45,896	)			(9,067	)
Loss from equity method investments			287				456				577				567				296				1,896				350				—
Net income (loss) (Non-GAAP)		$	(66,118	)		$	(202,549	)		$	(899,756	)		$	(101,197	)		$	(108,617	)		$	(1,312,119	)		$	248,443			$	351,195

		Three months ended																				Year ended
		March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2024				December 31, 2023				December 31, 2022
Net basic earnings (loss) per share (GAAP)		$	(1.70	)		$	(5.00	)		$	(21.58	)		$	(2.31	)		$	(2.75	)		$	(31.64	)		$	0.61			$	1.70
Revenues from finance component			0.00				(0.01	)			(0.01	)			0.00				(0.01	)			(0.02	)			(0.02	)			(0.01	)
Discontinued operation			(0.09	)			0.52				0.00				(0.02	)			(0.01	)			0.49				0.66				0.08
Stock-based compensation			0.54				0.42				0.65				0.69				0.66				2.41				2.65				2.64
Amortization of stock-based compensation capitalized in inventories			0.01				0.02				0.02				0.00				0.01				0.05				0.02				—
Amortization and depreciation of acquired assets			0.02				0.02				0.05				0.04				0.03				0.14				0.14				0.17
Restructuring charges			0.05				0.07				0.05				0.08				0.17				0.37				0.41				—
Assets impairment and disposal by abandonment			0.00				0.31				4.07				----				0.03				4.41				0.54				2.17
Loss (gain) from assets sales			(0.01	)			0.03				0.03				0.02				0.02				0.10				(0.02	)			(0.05	)
Certain litigation and other contingencies			—				—				—				—				(0.01	)			(0.01	)			0.03				—
Acquisition costs			—				—				—				—				0.00				0.00				0.00				0.01
Non cash interest expense			0.07				0.07				0.07				0.07				0.06				0.26				0.23				0.18
Unrealized losses			—				—				—				—				—				—				—				0.00
Currency fluctuation related to lease standard			(0.03	)			0.02				0.01				(0.04	)			(0.02	)			(0.01	)			(0.06	)			(0.21	)
Loss (gain) from sale of equity and debt investments			0.00				0.00				(0.02	)			(0.03	)			—				(0.05	)			0.01				(0.14	)
Gain from business combination			—				—				—				(0.02	)			—				(0.02	)			—				—
Gain from the repurchase of convertible notes			0.00				—				—				(0.27	)			—				(0.27	)			—				—
Loss from impairment of  private held companies			—				—				0.09				—				—				0.09				—				—
Income tax adjustment			0.00				0.00				0.78				(0.01	)			(0.09	)			0.68				(0.81	)			(0.16	)
Loss from equity method investments			0.00				0.01				0.01				0.01				0.01				0.03				0.00				—
Net basic earnings (loss) per share (Non-GAAP)		$	(1.14	)		$	(3.52	)		$	(15.78	)		$	(1.79	)		$	(1.90	)		$	(22.99	)		$	4.39			$	6.38

		Three months ended																				Year ended
		March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024				March 31, 2024				December 31, 2024				December 31, 2023				December 31, 2022
Net diluted earnings (loss) per share (GAAP)		$	(1.70	)		$	(5.00	)		$	(21.58	)		$	(2.31	)		$	(2.75	)		$	(31.64	)		$	0.60			$	1.65
Revenues from finance component			0.00				(0.01	)			(0.01	)			0.00				(0.01	)			(0.02	)			(0.01	)			(0.01	)
Discontinued operation			(0.09	)			0.52				0.00				(0.02	)			(0.01	)			0.49				0.64				0.08
Stock-based compensation			0.54				0.42				0.65				0.69				0.66				2.41				2.57				2.43
Amortization of stock-based compensation capitalized in inventories			0.01				0.02				0.02				0.00				0.01				0.05				0.02				—
Amortization and depreciation of acquired assets			0.02				0.02				0.05				0.04				0.03				0.14				0.14				0.16
Restructuring charges			0.05				0.07				0.05				0.08				0.17				0.37				0.40				—
Assets impairment and disposal by abandonment			0.00				0.31				4.07				—				0.03				4.41				0.53				2.02
Loss (gain) from assets sales			(0.01	)			0.03				0.03				0.02				0.02				0.10				(0.02	)			(0.04	)
Certain litigation and other contingencies			—				—				—				—				(0.01	)			(0.01	)			0.03				—
Acquisition costs			—				—				—				—				0.00				0.00				0.00				0.00
Non cash interest expense			0.07				0.07				0.07				0.07				0.06				0.26				0.03				0.13
Unrealized losses			—				—				—				—				—				—				0.00				0.00
Currency fluctuation related to lease standard			(0.03	)			0.02				0.01				(0.04	)			(0.02	)			(0.01	)			(0.05	)			(0.19	)
Loss (gain) from sale of equity and debt investments			0.00				0.00				(0.02	)			(0.03	)			—				(0.05	)			0.00				(0.13	)
Gain from business combination			—				—				—				(0.02	)			—				(0.02	)			—				—
Gain from the repurchase of convertible notes			0.00				—				—				(0.27	)			—				(0.27	)			—				—
Loss from impairment of  private held companies			—				—				0.09				—				—				0.09				—				—
Income tax adjustment			0.00				0.00				0.78				(0.01	)			(0.09	)			0.68				(0.76	)			(0.15	)
Loss from equity method investments			0.00				0.01				0.01				0.01				0.01				0.03				0.00				—
Net diluted earnings (loss) per share (Non-GAAP)		$	(1.14	)		$	(3.52	)		$	(15.78	)		$	(1.79	)		$	(1.90	)		$	(22.99	)		$	4.12			$	5.95
Number of shares used in computing net diluted earnings (loss) per share (GAAP)			58,121,502				57,467,946				57,029,983				56,687,006				57,140,126				57,082,182				57,237,518				58,100,649
Stock-based compensation			—				—				—				—				—				—				725,859				963,373
Notes due 2025			—				—				—				—				—				—				2,276,818				—
Number of shares used in computing net diluted earnings (loss) per share (Non-GAAP)			58,121,502				57,467,946				57,029,983				56,687,006				57,140,126				57,082,182				60,240,195				59,064,022
Net cash provided by (used in) operating activities (GAAP)		$	33,823			$	37,804			$	(89,332	)		$	(44,772	)		$	(217,019	)		$	(313,319	)		$	(180,113	)		$	31,284
Purchases of property and equipment			(10,109	)			(12,258	)			(47,370	)			(22,188	)			(26,347	)			(108,163	)			(170,523	)			(169,341	)
Discontinued operation			(3,867	)			—				—				—				—				—				—				—
Free cash flow (deficit) (Non-GAAP)		$	19,847			$	25,546			$	(136,702	)		$	(66,960	)		$	(243,366	)		$	(421,482	)		$	(350,636	)		$	(138,057	)