SEC Filing | SolarEdge Technologies, Inc.

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zk1517521.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 12, 2015

SOLAREDGE TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-36894		20-5338862
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)


1 HaMada Street, Herziliya Pituach, Israel		4673335
(Address of Principal executive offices)		(Zip Code)

Registrant’s Telephone number, including area code: 972 (9) 957-6620

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2 below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On November 4, 2015, SolarEdge Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2015. The Company previously announced that the Company would hold a conference call and live webcast at 5:00 p.m., Eastern time, on November 5, 2015, to discuss these results. A copy of the press release announcing the Company’s financial results for the quarter ended September 30, 2015 is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

On August 12, 2015, the Company issued a press release announcing its financial results for the fiscal fourth quarter and the fiscal year ended June 30, 2015. A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference. Copies of the earnings summary and supplemental information provided during the Company’s August 12, 2015 conference call related to earnings for the fiscal fourth quarter are furnished hereto as Exhibits 99.3 and 99.4, respectively, and are incorporated herein by reference.

This information, including the exhibits hereto, will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and it will not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) List of Exhibits

Exhibit No.		Description
Exhibit 99.1		Press release dated November 4, 2015
Exhibit 99.2		Press release dated August 12, 2015
Exhibit 99.3		Fourth Fiscal Quarter 2015 Earnings Summary, dated August 12, 2015
Exhibit 99.4		Fourth Fiscal Quarter 2015 Supplemental Information, dated August 12, 2015

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SOLAREDGE TECHNOLOGIES, INC.

Date: November 4, 2015	By:	/s/ Ronen Faier
		Name: Ronen Faier
		Title: Chief Financial Officer

Exhibit Index

Exhibit No.		Description
Exhibit 99.1		Press release dated November 4, 2015
Exhibit 99.2		Press release dated August 12, 2015
Exhibit 99.3		Fourth Fiscal Quarter 2015 Earnings Summary, dated August 12, 2015
Exhibit 99.4		Fourth Fiscal Quarter 2015 Supplemental Information, dated August 12, 2015

exhibit_99-1.htm

Exhibit 99.1

SolarEdge Announces Fiscal First Quarter Financial Results

Fremont, CA — November 4, 2015. SolarEdge Technologies, Inc. (NASDAQ: SEDG) today announced its financial results for the fiscal first quarter ended September 30, 2015.

Fiscal First Quarter 2016 Highlights

Record revenue of $115.1 million, up 16.9% from last quarter and 71.8% year-over-year

GAAP gross margin of 29.1%

GAAP net income of $14.4 million

Non-GAAP net income of $16.3 million

356 Megawatts (AC) of inverters shipped

“We are very satisfied with another strong quarter of record revenues and improved gross margins,” said Guy Sella, Founder, Chairman and CEO of SolarEdge. “In addition to our very positive financial results, this quarter we introduced our new HD Wave inverter topology, demonstrating our technological leadership in the market. We are confident that our global presence and expanded product offering position us well for continued growth.”

Revenues

The Company reported revenues of $115.1 million, an increase of $16.6 million, or 16.9% from the prior quarter and an increase of $48.1 million or 71.8% from the first quarter of fiscal 2015.

Gross margins

GAAP gross margin was 29.1%, up from 28.7% in the prior quarter and up from 20.9% in the fiscal first quarter of 2015. Non-GAAP gross margin was 29.3%, up from 28.9% in the prior quarter and 21.0% in the fiscal first quarter of 2015. This growth was driven primarily by the execution of planned cost reduction measures, increased supply chain efficiencies and economies of scale related to the increased production volumes.

Operating expenses

GAAP operating expenses were $18.7 million, or 16.2% of revenue, a nominal increase from $16.4 million, which represented 16.7% of revenue in the prior quarter and an increase from $11.7 million, or 17.4% of revenue when compared to the same fiscal quarter of 2015.

Operating income

GAAP operating income was $14.9 million, up from $11.9 million in the prior quarter and up from operating income of $2.4 million in the fiscal first quarter of 2015.

Financial Expenses

Financial expenses were $0.1 million compared to $1.7 million in the previous quarter and income of $0.5 million in the same quarter last year.

Net Income

GAAP net income was $14.4 million, up from $9.3 million in the prior quarter and up from $2.5 million in the fiscal first quarter of 2015. Non-GAAP net income was $16.3 million, an increase from $13.8 million in the prior quarter and an increase from $2.8 million in the fiscal first quarter of 2015.

EPS

GAAP net diluted earnings per share (“EPS”) was $0.32, up from $0.21 in the prior quarter and up from $0.00 in the fiscal first quarter of 2015. Non-GAAP net diluted EPS was $0.36, an increase from $0.31 in the prior quarter and an increase from $0.09 in the fiscal first quarter of 2015.

Cash

At September 30, 2015, cash, cash equivalents and restricted cash, totaled $150.3 million compared to $148.4 million on June 30, 2015. During the fiscal first quarter, the Company generated $5.9 million from operating activities.

Outlook for the Fiscal Second Quarter 2016

The Company provides guidance for the fiscal second quarter of 2016 as follows:

Revenues to be within the range of $118.0 million to $121.0 million;

Gross margins to be within the range of 28.0% to 30.0%.

Conference Call

The Company will host a conference call to discuss these results at 5:00 P.M. Eastern Time on Wednesday, November 4, 2015. The call will be available, live, to interested parties by dialing +1 877-795-3610. For international callers, please dial +1 719-325-4769. The Conference ID number is 306165. A live webcast will also be available in the Investors Relations section of SolarEdge 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 remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge provides an intelligent inverter solution that has changed the way power is harvested and managed in solar photovoltaic systems. The SolarEdge DC optimized inverter system maximizes power generation at the individual PV module-level while lowering the cost of energy produced by the solar PV system. The SolarEdge system consists of power optimizers, inverters and a cloud-based monitoring platform and addresses a broad range of solar market segments, from residential solar installations to commercial and small utility-scale solar installations.

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. SolarEdge believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

For a reconciliation of non-GAAP measures to their most comparable GAAP measures, please see “Reconciliation on Non-GAAP Measures” below.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.

Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual revenues, gross margins, other financial results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015 and, Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, when it becomes available, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of November 4, 2015. SolarEdge undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Contacts

SolarEdge Technologies, Inc.

Ronen Faier, Chief Financial Officer

investors@solaredge.com

+1 510-498-3263

Sapphire Investor Relations, LLC

Erica Mannion or Michael Funari

investors@solaredge.com

+1 617-542-6180

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	Three months ended September 30,
	2015			2014
	unaudited

Revenues	$	115,054		$	66,969
Cost of revenues		81,527			52,939

Gross profit		33,527			14,030

Operating expenses:

Research and development, net		6,991			5,059
Sales and marketing		8,244			5,461
General and administrative		3,418			1,159

Total operating expenses		18,653			11,679

Operating income		14,874			2,351

Financial income (expenses), net		(72	)		516

Income before taxes on income		14,802			2,867

Taxes on income		370			347

Net income	$	14,432		$	2,520

Net basic earnings per share of common stock	$	0.37		$	0.00

Net diluted earnings per share of common stock	$	0.32		$	0.00

Weighted average number of shares used in computing net basic earnings per share of common stock		39,301,620			2,812,684

Weighted average number of shares used in computing net diluted earnings per share of common stock		44,455,964			2,812,684

(1)

GAAP net basic and diluted earnings per share are materially different between fiscal first quarter 2016 and fiscal first quarter 2015 since under GAAP, preferred shares do not participate in the earnings per share calculation and for the fiscal first quarter 2015, prior to the Company’s initial public offering, preferred shares were entitled to a dividend distribution which, if distributed, would have exceeded the net income for the relevant period.

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	September 30,		June 30,
	2015		2015
	unaudited
ASSETS
Current assets
Cash and cash equivalents	$	146,729	$	144,750
Restricted cash		3,588		3,639
Trade receivables, net		47,366		35,428
Prepaid expenses and other accounts receivable		20,733		32,645
Inventories		79,907		73,950
Total current assets		298,323		290,412
Property and equipment, net		17,272		14,717
Long-term lease deposit and prepaid expenses		601		529
Long-term deferred charges		779		-
Total assets	$	316,975	$	305,658


LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Trade payables	$	67,180		$	80,684
Employees and payroll accruals		7,898			6,814
Warranty obligations		10,587			9,431
Deferred revenues		2,175			1,676
Accrued expenses and other accounts payable		8,459			6,987
Total current liabilities		96,299			105,592

Long-term liabilities:
Warranty obligations		25,317			22,448
Deferred revenues		9,760			8,289
Lease incentive obligation		2,374			2,385
Total long-term liabilities		37,451			33,122

Commitments and Contingent liabilities

STOCKHOLDERS’ EQUITY:
Share capital		4			4
Additional paid-in capital		289,004			287,152
Accumulated other comprehensive loss		(225	)		(222	)
Accumulated deficit		(105,558	)		(119,990	)

Total stockholders’ equity		183,225			166,944

Total liabilities and stockholders’ equity	$	316,975		$	305,658

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Three months ended September 30,
	2015			2014
	Unaudited
Cash flows provided by (used in) operating activities:
Net income	$	14,432		$	2,520
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation		738			542
Amortization of intangible assets		21			-
Stock-based compensation related to employee and non-employee consultants stock options		1,832			320
Realized losses on Cash Flow Hedges		1			-
Interest expenses related to Bank Loan		-			24
Financial income, net related to term loan		-			(491	)
Remeasurement of warrants to purchase preferred and common stock		-			(15	)
Changes in assets and liabilities:
Inventories		(5,956	)		(4,311	)
Prepaid expenses and other accounts receivable		11,811			(5,527	)
Trade receivables, net		(11,928	)		(7,565	)
Trade payables		(13,500	)		9,871
Employees and payroll accruals		1,044			390
Warranty obligations		4,025			3,101
Deferred revenues		1,970			864
Accrued expenses and other accounts payable		1,467			19
Lease incentive obligation		(11	)		-
Net cash provided by (used in) operating activities		5,946			(258	)

Cash flows used in investing activities:
Purchase of property and equipment		(3,292	)		(1,002	)
Purchase of intangible assets		(800	)		-
Decrease in restricted cash		51			13
Decrease in short and long-term deposits		73			29
Net cash used in investing activities		(3,968	)		(960	)

Cash flows from financing activities:
Proceeds from short-term bank loans		-			6,000
Proceeds from issuance of Series E Convertible Preferred stock		-			20,998
Payments of term loan		-			(798	)
Proceeds from exercise of employee stock options		17			8
Net cash provided by financing activities		17			26,208

Increase in cash and cash equivalents		1,995			24,990
Cash and cash equivalents at the beginning of the period		144,750			9,754
Erosion due to exchange rate differences		(16	)		(2	)
Cash and cash equivalents at the end of the period		146,729			34,742

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands, except per share data)

(unaudited)

	Three months ended
	September 30, 2015			June 30, 2015			September 30, 2014

Gross profit (GAAP)		33,527			28,271			14,030
Stock-based compensation		180			188			37
Gross profit (Non-GAAP)		33,707			28,459			14,067

Gross margin (GAAP)		29.1	%		28.7	%		20.9	%
Stock-based compensation		0.2	%		0.2	%		0.1	%
Gross margin (Non-GAAP)		29.3	%		28.9	%		21.0	%

Operating expenses (GAAP)		18,653			16,398			11,679
Stock-based compensation R&D		395			184			111
Stock-based compensation S&M		616			263			101
Stock-based compensation G&A		641			569			71
Operating expenses (Non-GAAP)		17,001			15,382			11,396

Operating income (GAAP)		14,874			11,873			2,351
Stock-based compensation		1,832			1,204			320
Operating income (Non-GAAP)		16,706			13,077			2,671

Finance expenses (Income) (GAAP)		72			1,699			(516	)
Warrants remeasurement		----			3,285			(15	)
Finance expenses (Non-GAAP)		72			(1,586	)		(501	)

Net income (loss) (GAAP)		14,432			9,261			2,520
Stock-based compensation		1,832			1,204			320
Warrants remeasurement		----			3,285			(15	)
Net income (loss) (Non-GAAP)		16,264			13,750			2,825

Net basic earnings (loss) per share (GAAP)		0.37			0.24			----
Stock-based compensation		0.04			0.03			0.01
Warrants remeasurement		----			0.08			----
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods (1)		----			----			0.09
Net basic earnings (loss) per share (Non-GAAP)		0.41			0.35			0.10

	Three months ended
	September 30, 2015		June 30, 2015		September 30, 2014
Number of shares used in computing net basic earnings (loss) per share (GAAP)		39,301,620		39,160,372		2,812,684
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods (1)		----		----		25,575,898.76
Number of shares used in computing net basic earnings (loss) per share (Non-GAAP)		39,301,620		39,160,372		28,388,583

Net diluted earnings (loss) per share (GAAP)		0.32		0.21		----
Stock-based compensation		0.04		0.02		----
Warrants remeasurement		----		0.08		----
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods (1)		----		----		0.09
Net diluted earnings (loss) per share (Non-GAAP)		0.36		0.31		0.09

Number of shares used in computing net diluted earnings (loss) per share (GAAP)		44,455,964		44,473,080		2,812,684
Stock-based compensation		686,470		319,840		1,552,809
Warrants remeasurement		0		126,634		0
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods (1)		----		----		25,575,898.76
Number of shares used in computing net diluted earnings (loss) per share (Non-GAAP)		45,142,434		44,919,554		29,941,392

(1) Assumes shares of common stock outstanding after accounting for the automatic conversion of the shares of preferred stock then outstanding into common stock at the beginning of fiscal year 2015.

exhibit_99-2.htm

Exhibit 99.2

SolarEdge Announces Fiscal Fourth Quarter and Year End 2015

Financial Results

Fremont, CA — August 12, 2015. SolarEdge Technologies, Inc. (NASDAQ: SEDG) today announced its financial results for the fiscal fourth quarter and year ended June 30, 2015.

Fourth Quarter and Full Fiscal Year 2015 Highlights

Record revenue for fiscal Q4 2015 of $98.4 million, up 13.9% from the prior quarter and 120.8% from fiscal Q4 2014. Record revenue for fiscal year 2015 of $325.1 million, representing a 144.0% year-over-year growth

GAAP gross margin of 28.7% for fiscal Q4 2015 and 25.2% for fiscal year 2015

GAAP net income for fiscal Q4 2015 of $9.3 million, and net income for fiscal year 2015 of $21.1 million

Non-GAAP net income for fiscal Q4 2015 of $13.8 million and net income for fiscal year 2015 of $29.4 million

284 Megawatts (AC) of inverters shipped for fiscal Q4 2015 and 920 Megawatts (AC) for fiscal year 2015

“We completed fiscal 2015 with strong execution on all fronts. We successfully grew our business with our existing and new customers and generated record revenue for the fourth fiscal quarter and the entire fiscal year. Our increased manufacturing capacity coupled with continued cost reduction, brought gross margins to a quarterly and annual record. These revenue and cost reduction initiatives generated strong bottom line results; consecutive profits in each quarter of fiscal 2015 and strong cash flow from operations,” said Guy Sella, Founder, Chairman and CEO of SolarEdge.

Fourth Quarter 2015 Summary

The Company reported revenues of $98.4 million for fiscal Q4 2015, an increase of 13.9% from the prior quarter and 120.8% from fiscal Q4 2014.

GAAP gross margin reached 28.7% for fiscal Q4 2015, up from 27.4% in the prior quarter and up from 19.6% in fiscal Q4 2014.

Non-GAAP gross margin was 28.9%for fiscal Q4 2015, up from 27.6% in the prior quarter and 19.6% in fiscal Q4 2014. This growth was mainly driven by cost reduction measures that were realized this quarter and reduced use of air shipments to a minimum.

GAAP operating expenses were $16.4 million for fiscal Q4 2015, or 16.7% of revenue, an increase from $13.9 million, or 16.1% of revenue from the prior quarter and an increase from $11.2 million, or 25.0% of revenue when compared to fiscal Q4 2014.

GAAP operating income was $11.9 million for fiscal Q4 2015, up from $9.8 million in the prior quarter and up from an operating loss of $2.4 million in fiscal Q4 2014.

GAAP net income was $9.3 million for fiscal Q4 2015, up from $6.0 million in the prior quarter and up from a net loss of $3.0 million in fiscal Q4 2014.

Non-GAAP net income was $13.8 million for fiscal Q4 2015, an increase from $8.7 million in the prior quarter and an increase from a net loss of $2.8 million in fiscal Q4 2014.

GAAP net diluted earnings per share (“EPS”) was $0.21 for fiscal Q4 2015, up from $0.01 in the prior quarter and up from a net diluted loss per share of $1.08 in fiscal Q4 2014.

Non-GAAP net diluted EPS was $0.31 for fiscal Q4 2015, an increase from $0.20 in the prior quarter and an increase from a net diluted loss per share of $0.10 in fiscal Q4 2014.

As of June 30, 2015, cash, cash equivalents and restricted cash, totaled $148.4 million, compared to $138.8 million on March 31, 2015. As of June 30, 2015, the Company did not have any debt.

Full Fiscal Year 2015 Summary

For the full fiscal year 2015, the Company reported:

Revenue of $325.1 million, representing a 144.0% increase from fiscal year 2014

Gross margin of 25.2%, compared to 16.5% in fiscal year 2014

Operating expenses of $53.5 million, up 32.7% from fiscal year 2014

Operating income of $28.3 million, compared to an operating loss of $18.4 million in fiscal year 2014

GAAP net income of $21.1 million, compared to a net loss of $21.4 million in fiscal year 2014

Non-GAAP net income of $29.4 million, compared to a non-GAAP net loss of $20.4 in fiscal year 2014

GAAP net diluted EPS of $0.27, compared to a net diluted loss per share of $7.64 in fiscal year 2014

Non-GAAP net diluted EPS of $0.77, compared to a net diluted loss per share of $0.76 in fiscal year 2014

Outlook for the First Fiscal Quarter 2016

The Company also provides guidance for the first fiscal quarter of 2016 as follows:

Revenues to be within the range of $108 million to $112 million;

Gross margins to be within the range of 27% to 29%.

Conference Call

The Company will host a conference call to discuss these results at 5:00 P.M. Eastern Time on Wednesday, August 12, 2015. The call will be available, live, to interested parties by dialing +1 877-675-4750. For international callers, please dial +1 719-325-4850. The Conference ID number is 7859651. 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.

About SolarEdge

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Registration Statement on Form S-1 (including the related prospectus), Annual Report on Form 10-K for the fiscal year ended June 30, 2015, when it becomes available, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of August 12, 2015. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Contacts

SolarEdge Technologies, Inc.

Ronen Faier, Chief Financial Officer

investors@solaredge.com

+1 510-498-3263

Sapphire Investor Relations, LLC

Erica Mannion or Michael Funari

investors@solaredge.com

+1 415-471-2700

SOLAREDGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

	Three months ended June 30,					Fiscal year ended June 30,
	2015		2014			2015		2014
	(unaudited)					(unaudited)		(audited)
Revenues	$	98,420	$	44,573		$	325,078	$	133,217
Cost of revenues		70,149		35,849			243,295		111,246
Gross profit		28,271		8,724			81,783		21,971

Operating expenses:
Research and development, net		6,701		4,570			22,018		18,256
Sales and marketing		7,432		5,420			24,973		17,792
General and administrative		2,265		1,174			6,535		4,294
Total operating expenses		16,398		11,164			53,526		40,342

Operating income (loss)		11,873		(2,440	)		28,257		(18,371	)
Other expenses		104					104
Financial expenses, net		1,699		470			5,077		2,787

Income (loss) before taxes on income		10,070		(2,910	)		23,076		(21,158	)

Taxes on income		809		132			1,955		220

Net income (loss)	$	9,261	$	(3,042	)	$	21,121	$	(21,378	)

Net basic earnings (loss) per share of common stock (1)	$	0.24	$	(1.08	)	$	0.30	$	(7.64	)
Net diluted earnings (loss) per share of common stock	$	0.21	$	(1.08	)	$	0.27	$	(7.64	)

Number of shares used in computing net basic earnings (loss) per share of common stock		39,160,372		2,809,950			11,902,911		2,798,894
Number of shares used in computing net diluted earnings (loss) per share of common stock		44,473,080		2,809,950			15,269,448		2,798,894

(1)

GAAP net basic and diluted earnings (loss) per share are materially different between fiscal 2015 and fiscal 2014 since under GAAP, preferred shares do not participate in losses and therefore the number of shares used in computing net diluted earnings (loss) per share is materially different between the fiscal years. In addition, under GAAP the conversion of preferred to common stock as of the IPO date reduces the net earnings available for distribution to common shareholders and reduces the number of shares used in computing net basic earnings (loss) per share of common stock.

SOLAREDGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	June 30,			June 30,
	2015			2014
	unaudited			audited
ASSETS
Current assets
Cash and cash equivalents	$	144,750		$	9,754
Restricted cash		3,639			1,602
Trade receivables, net		35,428			19,267
Prepaid expenses and other accounts receivable		32,645			13,151
Inventories		73,950			25,499
Total current assets		290,412			69,273
Property and equipment, net		14,717			5,351
Long-term lease deposit and prepaid expenses		529			367
Long-term deferred charges		-			7
Total assets	$	305,658		$	74,998

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFECIENCY)

Current liabilities:
Short term bank loan	$	-		$	13,326
Current maturities of term loan		-			3,474
Trade payables		80,684			39,438
Employees and payroll accruals		6,814			5,210
Warranty obligations		9,431			5,496
Deferred revenues		1,676			1,729
Accrued expenses and other accounts payable		6,987			4,270
Total current liabilities		105,592			72,943

Long-term liabilities:
Warranty obligations		22,448			12,685
Deferred revenues		8,289			4,252
Warrants to purchase common stock		-			765
Term loan		-			3,444
Lease incentive obligation		2,385			-
Total long-term liabilities		33,122			21,146

Commitments and Contingent liabilities

Convertible Preferred Series A, B, C, D, D-1, D-2 and D-3 stock		-			116,203

Stockholders’ equity (deficiency):
Share capital
Common stock		4			* -
Additional paid-in capital		287,152			5,878
Accumulated other comprehensive loss		(222	)		(61	)
Accumulated deficit		(119,990	)		(141,111	)
Total stockholders’ equity (deficiency)		166,944			(135,294	)

Total liabilities and stockholders’ equity (deficiency)	$	305,658		$	74,998

SOLAREDGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Year ended June 30,
	2015			2014
	unaudited			audited
Cash flows from operating activities:
Net income (loss)	$	21,121		$	(21,378	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		2,253			1,978
Capital loss from disposal of property		104			-
Interest expenses related to short term bank loan		-			44
Stock-based compensation related to employees and non-employee stock options		2,956			1,082
Financial expenses (income), net related to term loan		(992	)		431
Remeasurement of warrants to purchase convertible preferred stock		5,350			(53	)
Changes in assets and liabilities:
Inventories		(48,507	)		(10,681	)
Prepaid expenses and other accounts receivable		(19,563	)		(7,409	)
Trade receivables, net		(16,333	)		(9,911	)
Trade payables		41,111			19,441
Employees and payroll accruals		1,668			1,726
Warranty obligations		13,698			7,803
Deferred revenues		3,989			(500	)
Accrued expenses and other accounts payable		2,530			(418	)
Lease incentive obligation		2,669			-
Net cash provided by (used in) operating activities		12,054			(17,845	)

Cash flows from investing activities:
Purchase of property and equipment		(11,765	)		(2,990	)
Increase in restricted cash		(2,038	)		(156	)
Increase in long-term lease deposit		(134	)		(1	)
Net cash used in investing activities		(13,937	)		(3,147	)

Cash flows from financing activities:
Proceeds from short term bank loan		23,000			21,813
Repayment of short term bank loan		(36,326	)		(12,447	)
Repayments of term loan		(5,919	)		(2,401	)
Proceeds from issuance of Series D-2 Convertible Preferred stock, net		-			669
Proceeds from issuance of Series D-3 Convertible Preferred stock, net		-			9,991
Proceeds from issuance of Series E Convertible Preferred stock, net		24,712			-
Proceeds from initial public offering, net		131,402			-
Proceeds from exercise of employees and non-employee consultants stock options		84			51
Net cash provided by financing activities		136,953			17,676

Increase (decrease) in cash and cash equivalents		135,070			(3,316	)
Cash and cash equivalents at the beginning of the period		9,754			13,142
Effect of exchange rate differences on cash and cash equivalents		(74	)		(72	)
Cash and cash equivalents at the end of the period	$	144,750		$	9,754

SOLAREDGE TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands, except per share data)

(Unaudited)

	Three months ended June 30,						Fiscal Year ended
	2015			2014			2015			2014

Gross profit (GAAP)	$	28,271		$	8,724		$	81,783		$	21,971
Stock-based compensation		188			28			442			108
Gross profit (Non-GAAP)	$	28,459		$	8,752		$	82,225		$	22,079

Gross margin (GAAP)		28.7	%		19.6	%		25.2	%		16.5	%
Stock-based compensation		0.2	%		0.1	%		0.1	%		0.1	%
Gross margin (Non-GAAP)		28.9	%		19.6	%		25.3	%		16.6	%

Operating expenses (GAAP)	$	16,398		$	11,164		$	53,526		$	40,342
Stock-based compensation R&D		184			110			634			397
Stock-based compensation S&M		263			82			809			297
Stock-based compensation G&A		569			71			1,071			280
Operating expenses (Non-GAAP)	$	15,382		$	10,901		$	51,012		$	39,945

Operating income (loss) (GAAP)	$	11,873		$	(2,440	)	$	28,257		$	(18,371	)
Stock-based compensation		1,204			291			2,956			1,082
Operating income (loss) (Non-GAAP)	$	13,077		$	(2,149	)	$	31,213		$	(17,289	)

Finance expenses (GAAP)	$	1,699		$	470		$	5,077		$	2,787
Warrants remeasurement		3,285			(8	)		5,350			(53	)
Finance expenses (Non-GAAP)	$	(1,586	)	$	478		$	(273	)	$	2,840

Net income (loss) (GAAP)	$	9,261		$	(3,042	)	$	21,128		$	(21,378	)
Stock-based compensation		1,204			291			2,956			1,082
Warrants remeasurement		3,285			(8	)		5,350			(53	)
Net income (loss) (Non-GAAP)	$	13,750		$	(2,759	)	$	29,434		$	(20,349	)

Net basic earnings (loss) per share (GAAP)	$	0.24		$	(1.08	)	$	0.30		$	(7.64	)
Stock-based compensation		0.03			0.01			0.09			0.04
Warrants remeasurement		0.08			----			0.15			----
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods (1)		----			0.97			0.31			6.84
Net basic earnings (loss) per share (Non-GAAP)	$	0.35		$	(0.10	)	$	0.85		$	(0.76	)

Number of shares used in computing net basic earnings (loss) per share (GAAP)		39,160,372			2,809,950			11,902,911			2,798,894
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods(1)		----			24,442,902			22,518,959			23,853,132
Number of shares used in computing net basic earnings (loss) per share (Non-GAAP)		39,160,372			27,252,852			34,421,870			26,652,026


Net diluted earnings (loss) per share (GAAP)	$	0.21		$	(1.08	)	$	0.27		$	(7.64	)
Stock-based compensation		0.02			0.01			0.07			0.04
Warrants remeasurement		0.08			----			0.14			----
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods(1)		----			0.97			0.29			6.84
Net diluted earnings (loss) per share (Non-GAAP)	$	0.31		$	(0.10	)	$	0.77		$	(0.76	)

Number of shares used in computing net diluted earnings (loss) per share (GAAP)		44,473,080			2,809,950			15,269,448			2,798,894
Stock-based compensation		319,840			----			582,962			----
Warrants remeasurement		126,634			----			59,288			----
Additional shares giving effect to IPO and conversion of preferred stock at the beginning of the periods(1)		----			24,442,902			22,518,959			23,853,132
Number of shares used in computing net diluted earnings (loss) per share (Non-GAAP)		44,919,554			27,252,852			38,430,657			26,652,026

(1) Assumes shares of common stock outstanding after accounting for (i) the automatic conversion of the shares of preferred stock then outstanding into common stock at the beginning of fiscal year 2014; and (ii) the issuance of 8,050,000 shares of common stock (associated with our initial public offering) at the beginning of the third fiscal quarter instead of the IPO closing date, March 31, 2015.

exhibit_99-3.htm

Exhibit 99.3

| 1|

Fourth Fiscal Quarter 2015

Earnings summary

August 12, 2015

| 2|

SAFE HARBOR

Use of Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking
statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy
solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory
environment; general economic conditions; potential growth opportunities; and the effects of competition.

Forward-looking statements are only predictions based on our current expectations and are inherently subject to risks and uncertainties. They should not
be considered guarantees of future results, which could differ materially from the results set forth in, contemplated by, or underlying this presentation.

Factors that could cause actual results to differ materially from our expectations are described in the reports filed by SolarEdge with the Securities and
Exchange Commission and we encourage you to review our filings carefully, especially the sections entitled “Risk Factors” in our Registration Statement on
Form S-1 (including the related prospectus).

SolarEdge undertakes no duty or obligation to update any forward-looking statements contained in this presentation as a result of new information, future
events or changes in its expectations.

This presentation describes non-GAAP net income and non-GAAP net diluted earnings per share, which are not measures prepared in accordance with U.S.
GAAP (i.e. "Non-GAAP" measures). The Non-GAAP measures are presented in this presentation as we believe that they provide investors with a means of
evaluating and understanding how SolarEdge’s management evaluates the company’s operating performance. These Non-GAAP measures should not be
considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with U.S. GAAP.

| 3|

KEY OPERATING METRICS

$$$

1,138K optimizers
shipped

44K inverters
shipped

284 Megawatts
shipped

$98.4M revenues

| 4|

FISCAL FOURTH QUARTER HIGHLIGHTS

Financial highlights for quarter

Record revenue of $98.4 million, up 13.9% QoQ; 120.8% YoY

GAAP gross margin of 28.7%

GAAP net income of $9.3 million

Non-GAAP net income of $13.8 million

Cash generated from operations $15.7 million

Business highlights for quarter

ASP slightly above plan, despite price pressure

Continued to increase manufacturing capacity

284 Megawatts AC inverters shipped

1,138K optimizers and 44K inverters shipped

| 5|

YEAR OVER YEAR HIGHLIGHTS

Financial highlights for FY 2015

Annual revenues of $325.1 million, YoY growth of 144.0%

GAAP gross margin of 25.2%

GAAP net income of $21.1 million

Non-GAAP net income of $29.4 million

Business highlights for FY 2015

920 Megawatts AC inverters shipped

3,534K optimizers and 150K inverters shipped

Significant increase in U.S. and European market share

Successful IPO

| 6|

NOTEWORTHY

Continue growth in commercial markets in the U.S. and rest of world

Launch of three phase 25-33kW inverters enables broader entry into large
commercial markets

SolarEdge-Tesla collaboration progresses; Tesla-ready products expected to arrive in
market by fourth calendar quarter 2015

First automated assembly center installed in Hungary

| 7|

FINANCIAL RESULTS

USD in millions*	FYQ4 '15	FYQ3 '15	FYQ4 '14
Revenues	98.4	86.4	44.6
Gross margin	28.7%	27.4%	19.6%
Operating expenses	16.4	13.9	11.2
Operating income (loss)	11.9	9.8	-2.4
Net income (loss)	9.3	6.0	-3.0
Net diluted earnings per share	0.21	0.01	-1.08

*with the exception of gross margin and per share data

| 8|

NON-GAAP FINANCIAL RESULTS

*with the exception of gross margin and per share data

USD in millions*	FYQ4 '15	FYQ3 '15	FYQ4 '14
Revenues	98.4	86.4	44.6
Gross margin	28.9%	27.6%	19.6%
Operating expenses	15.4	13.1	10.9
Operating income (loss)	13.1	10.8	-2.1
Net income (loss)	13.8	8.7	-2.8
Net diluted Earnings Per Share	0.31	0.20	-0.10

| 9|

REVENUE GROWTH

120.8%

USD millions

| 10|

UNITS SHIPPED

Optimizers shipped

Inverter shipped

K units

Units

| 11 |

GROSS MARGINS

| 12|

OPERATING EXPENSES

25.0%

17.4%

15.8%

16.1%*

* 15.4% excluding IPO related expenses

16.7%

| 13|

USD thousands

| 14|

BALANCE SHEET & CASH FLOW

*FYQ4 ‘15 and FYQ3 ‘15 includes $0.7M and $3.5M related to leasehold
improvements, respectively

USD in millions	FYQ4 '15	FYQ3 '15	FYQ4 '14
Cash and investments	148.4	138.8	11.4
Inventory	74.0	64.5	25.5
Capital Expenditures*	3.5	5.1	0.7
Total Debt	-	-	20.2
Cash Flow From Operations	15.7	-13.0	-5.0

| 15|

FISCAL FIRST QUARTER OUTLOOK

Revenues to be within the range of $108-112 million

Gross margin to be within the range of 27-29%

| 16|

Appendix

| 17|

RECONCILIATION OF GAAP TO NON-GAAP

| 18

RECONCILIATION OF GAAP TO NON-GAAP

| 19|

| 20 |

RECONCILIATION OF GAAP TO NON-GAAP

| 21|

NASDAQ | SEDG

exhibit_99-4.htm

Exhibit 99.4

Operational Metrics

KPI's $,000	FYQ1 '14			FYQ2 '14			FYQ3 '14			FYQ4 '14			FYQ1 '15			FYQ2 '15			FYQ3 '15			FYQ4 '15			FY 2013			FY 2014			FY 2015

Revenues		30,515			27,569			30,560			44,573			66,969			73,290			86,399			98,420			79,035			133,217			325,078
% Y/Y		65	%		22	%		104	%		94	%		119	%		166	%		183	%		121	%		5	%		69	%		144	%
% Q/Q		33	%		(10	)%		11	%		46	%		50	%		9	%		18	%		14	%

Gross profit $		4,058			2,960			6,229			8,724			14,030			15,781			23,701			28,271			4,409			21,971			81,783
% Y/Y	N\A				(142	)%		308	%		208	%		246	%		433	%		280	%		224	%	N\A				398	%		272	%
% Q/Q		43	%		(27	)%		110	%		40	%		61	%		12	%		50	%		19	%

Gross Margin		13.3	%		10.7	%		20.4	%		19.6	%		20.9	%		21.5	%		27.4	%		28.7	%		5.6	%		16.5	%		25.2	%
% Y/Y		N/A			98	%		100	%		58	%		58	%		101	%		35	%		47	%	N\A				196	%		53	%
% Q/Q		8	%		(19	)%		90	%		(4	)%		7	%		3	%		27	%		5	%

Operating profit (loss)		(4,527	)		(6,859	)		(4,545	)		(2,440	)		2,351			4,234			9,799			11,873			(27,460	)		(18,371	)		28,257
% Y/Y		(50	)%		6	%		(30	)%		(54	)%	N\A			N\A			N\A			N\A				0	%		(33	)%	N\A
% Q/Q		(15	)%		52	%		(34	)%		(46	)%	N\A				80	%		131	%		21	%

Net profit (loss)		(5,311	)		(7,787	)		(5,238	)		(3,042	)		2,520			3,375			5,965			9,261			(28,180	)		(21,378	)		21,121
% Y/Y		(40	)%		21	%		(22	)%		(50	)%	N\A			N\A			N\A			N\A				1	%		(24	)%	N\A
% Q/Q		(14	)%		47	%		(33	)%		(42	)%	N\A				34	%		77	%		55	%

Optimizer shipped (units)		306,901			262,943			328,822			458,585			663,850			785,730			945,586			1,138,362			890,445			1,357,251			3,533,528
Inverter shipped (units)		13,005			12,135			14,936			21,923			31,880			35,696			38,630			44,222			36,088			61,999			150,428
MW shipped		77.0			75.6			83.6			128.6			176.1			213.1			247.6			283.7			239			365			920

Balance Sheet

$,000	June 30, 2015			March 31, 2015

Current Assets
Cash and cash equivalents		144,750			135,204
Restricted cash		3,639			3,575
Trade receivables, net		35,428			45,093
Prepaid expenses and other accounts receivable		32,645			25,312
Inventories		73,950			64,522
Total Current Assets		290,412			273,706

Fixed Assets, net		14,717			11,903
Long term cash investment		529			380

Total Assets		305,658			285,989

Current Liabilities
Accounts payables		80,684			36,233
Employees & related payroll exp.		6,814			6,017
Other accounts payable		6,987			52,428
Short Term Warranty Liabilities		9,431			7,661
Deferred Revenues short terms		1,676			1,098
Total Current Liabilities		105,592			103,437

Long Term Liabilities
Long Term Warranty Liabilities		22,448			20,238
Deferred Revenues Long terms		8,289			6,995
Other Long Term Liabilities		2,385			1,959
Long Term Warrants Liability		----			2,830
Total Long Term Liabilities		33,122			32,022

Stockholders’ Equity (Deficiency):
Common stock		4			4
Additional paid-in capital		287,152			280,040
Accumulated other comprehensive loss		(222	)		(263	)
Accumulated deficit		(119,990	)		(129,251	)
Total Long Term Liabilities		166,944			150,530

Total Liabilities and Equity		305,658			285,989

Cash Flow

	3 months ended
$,000	Jun-15			Jun-14

Cash flows from operating activities:
Net income (loss)		9,261			(3,042	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation		606			527
Capital Gain (loss) from disposal of property		104			----
Interest expenses related to short term bank loan		----			8
Stock-based compensation related to employees and non-employee stock options		1,206			291
Financial expenses, net related to term loan		----			(75	)
Remeasurement of warrants to purchase convertible preferred stock		3,285			(8	)
Changes in assets and liabilities:
Inventories		(9,436	)		(275	)
Prepaid expenses and other accounts receivable		(7,365	)		(3,499	)
Trade receivables, net		9,660			(5,809	)
Trade payables		1,508			4,177
Employees and payroll accruals		785			667
Warranty obligations		3,980			1,060
Deferred revenues		1,873			215
Accrued expenses and other accounts payable		(204	)		805
Lease incentive obligation		426			----

Net cash provided by (used in) operating activities		15,689			(4,958	)

Cash flows from investing activities:
Purchase of property and equipment		(3,511	)		(727	)
Decrease (increase) in restricted cash		(65	)		(138	)
Increase (decrease) in long-term lease deposit		(110	)		(27	)

Net cash used in investing activities		(3,686	)		(892	)

Cash flows from financing activities:
Proceeds from short term bank loan		----			5,452
Repayment of short term bank loan		----			(3,428	)
Proceeds from term loan (net of $100 transaction fee)		----			----
Repayments of term loan		----			(785	)
Deferred charges related to term loan		----			----
Proceeds from issuance of stock, net		----			9,991
Issuance costs		(2,542	)		----
Receipts on account of Convertible Preferred stock		----			(7,115	)
Proceeds from exercise of employee stock options		38			----

Net cash provided by (used in) financing activities		(2,504	)		4,115

Increase (decrease) in cash and cash equivalents		9,499			(1,735	)
Cash and cash equivalents at the beginning of the period		135,204			11,472
Effect of exchange rate differences on cash and cash equivalents		47			17

Cash and cash equivalents at the end of the period		144,750			9,754

P&L GAAP

	FYQ1 '14			FYQ2 '14			FYQ3 '14			FYQ4 '14			FYQ1 '15			FYQ2 '15			FYQ3 '15			FYQ4 '15			FY 2013			FY 2014			FY 2015

Revenues		30,515			27,569			30,560			44,573			66,969			73,290			86,399			98,420			79,035			133,217			325,078
Cost of revenues		26,457			24,609			24,331			35,849			52,939			57,509			62,698			70,149			74,626			111,246			243,295
Gross profit		4,058			2,960			6,229			8,724			14,030			15,781			23,701			28,271			4,409			21,971			81,783
Gross Margin %		13.3	%		10.7	%		20.4	%		19.6	%		20.9	%		21.5	%		27.4	%		28.7	%		5.6	%		16.5	%		25.2	%

Operating expenses:
Research and development, net		4,136			4,686			4,864			4,570			5,059			4,768			5,490			6,701			15,823			18,256			22,018
Sales and marketing		3,657			4,123			4,592			5,420			5,461			5,658			6,422			7,432			12,784			17,792			24,973
General and administrative		792			1,010			1,318			1,174			1,159			1,121			1,990			2,265			3,262			4,294			6,535
Total operating expenses		8,585			9,819			10,774			11,164			11,679			11,547			13,902			16,398			31,869			40,342			53,526

Operating income (loss)		(4,527	)		(6,859	)		(4,545	)		(2,440	)		2,351			4,234			9,799			11,873			(27,460	)		(18,371	)		28,257

Financial expenses (Income)		777			914			626			470			(516	)		458			3,436			1,699			612			2,787			5,077
Other expenses		----			----			----			----			----			----			----			104			----			----			104

Profit (Loss) before taxes on income		(5,304	)		(7,773	)		(5,171	)		(2,910	)		2,867			3,776			6,363			10,070			(28,072	)		(21,158	)		23,076

Taxes on income		7			14			67			132			347			401			398			809			108			220			1,955

Net (Profit) loss		(5,311	)		(7,787	)		(5,238	)		(3,042	)		2,520			3,375			5,965			9,261			(28,180	)		(21,378	)		21,121