SolarEdge Technologies, Inc. (SEDG) 2026 Q1 法說會逐字稿

Welcome to the SolarEdge conference call for the first quarter ended March 31, 2026. This call is being webcast live on the company's website at www.solaredge.com in the Investors section of the event calendar page.

歡迎參加 SolarEdge 截至 2026 年 3 月 31 日止第一季的電話會議。本次電話會議將於公司網站 www.solaredge.com 的「投資人」專區之活動行事曆頁面進行線上即時網路直播。

This call is the sole property and copyright of SolarEdge, with all rights reserved and any recording, reproduction, or transmission of this call without the express written consent of SolarEdge is prohibited. You may listen to a webcast replay of this call by visiting the event calendar page of the SolarEdge investor website. I would now like to turn the call over to Erica Mannion of Sapphire Investor Relations.

本次電話會議為 SolarEdge 之專有財產並受著作權保護，保留一切權利；未經 SolarEdge 明確書面同意，禁止對本次電話會議進行任何錄音、重製或傳輸。您可造訪 SolarEdge 投資人網站的活動行事曆頁面，收聽本次電話會議的網路重播。現在我想將電話會議交給 Sapphire Investor Relations 的 Erica Mannion。

Good morning and thank you for joining us to discuss SolarEdge's operating results for the first quarter ending March 31, 2026, as well as the company's outlook for the second quarter of 2026. With me today are Shuki Nir, Chief Executive Officer; Asaf Alperovitz, Chief Financial Officer; and Meir Adest, Co-founder of SolarEdge.

各位早安，感謝各位參與，與我們一同討論 SolarEdge 截至 2026 年 3 月 31 日止第一季的營運成果，以及公司對 2026 年第二季的展望。今天與我一同出席的有執行長 Shuki Nir、財務長 Asaf Alperovitz，以及 SolarEdge 共同創辦人 Meir Adest。

Shuki will begin with a brief review of the results for the first quarter ended March 31, 2026. Asaf will review the financial results for the first quarter, followed by the company's outlook for the second quarter of 2026. We will then open the call for questions.

Shuki 將先簡要回顧截至 2026 年 3 月 31 日止第一季的業績。接著 Asaf 將說明第一季的財務結果，並提供公司對 2026 年第二季的展望。之後我們將開放提問。

Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We encourage you to review the safe harbor statements contained in our earnings press release and our filings with the SEC for a more complete description of such risks and uncertainties.

請注意，本次電話會議將包含前瞻性陳述，涉及風險與不確定性，可能導致實際結果與管理層目前預期存在重大差異。我們建議您查閱我們的財報新聞稿以及向美國證券交易委員會（SEC）提交的文件中所載之「安全港」聲明，以更完整了解相關風險與不確定性。

We disclaim any obligation to update any forward-looking statement. Please note, during this earnings call, we may refer to certain non-GAAP measures, which are not measures prepared in accordance with U.S. GAAP. The non-GAAP measures are being presented because we believe that they provide investors with a means of evaluating and understanding how the company's management evaluates the company's operating performance.

我們不承擔更新任何前瞻性陳述之義務。另請注意，在本次財報電話會議中，我們可能會提及若干非 GAAP 指標，該等指標並非依照美國公認會計原則（U.S.GAAP）編製之衡量指標。之所以提供非 GAAP 指標，是因為我們相信其可協助投資人評估並理解公司管理層如何評估公司的營運表現。

Reconciliation of these measures can be found in our earnings press release and SEC filings. 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. Listeners who do not have a copy of the quarter ended March 31, 2026, press release may obtain a copy by visiting the Investor Relations section of the company's website.

上述指標之調節表可於我們的財報新聞稿及 SEC 申報文件中查閱。這些非 GAAP 指標不應被孤立看待，亦不應作為依照美國公認會計原則（U.S.GAAP）編製之財務衡量指標的替代品或優於該等指標。尚未取得截至 2026 年 3 月 31 日止季度新聞稿的聽眾，可至公司網站的投資人關係專區取得。

With that, I will turn the call over to Shuki.

接下來，我將把電話會議交給 Shuki。

Thank you, Erica. Good morning, everyone, and thank you for joining our call today. Last quarter, I spoke about SolarEdge shifting from defense to offense, with 2026 being a year of transformation and acceleration for the company. Our priorities are clear, driving towards profitable growth, expanding global market share, scaling SolarEdge Nexus, and investing in high-growth adjacencies such as AI data center power.

謝謝你，Erica。各位早安，感謝大家今天加入我們的電話會議。上一季我曾談到 SolarEdge 正從防守轉為進攻，而 2026 年將是公司轉型與加速的一年。我們的優先事項很明確：推動獲利性成長、擴大全球市占、擴大 SolarEdge Nexus 規模，並投資於高成長的相鄰領域，例如 AI 資料中心電力。

And we are doing this while maintaining the operational and financial discipline we have established. The team's morale and energy are the strongest they have been in years, and we are all aligned around improving our execution and maximizing the various opportunities ahead of us. The first aspect of our transformation is achieving profitable growth.

同時，我們也維持既有的營運與財務紀律。團隊的士氣與能量是多年來最強的，我們也在提升執行力並最大化眼前各項機會方面達成一致。我們轉型的第一個面向是實現獲利性成長。

We have been steadily growing our revenues while expanding our gross margins in recent quarters. First quarter revenue was up on a year-over-year basis for the fifth consecutive quarter, growing 46% over Q1 2025. This was achieved without a significant pull forward of revenue and was once again accompanied by expanded margins.

近幾季我們在擴大毛利率的同時，也持續穩健成長營收。第一季營收已連續第五季年增，較 2025 年第一季成長 46%。這是在未出現顯著提前認列營收的情況下達成，且再度伴隨毛利率擴張。

At the midpoint of our guidance, we expect to approach breakeven operating profit in the second quarter. This marks an important milestone in our transformation and reflects the relentless focus our entire team has had on operational efficiency and delivering best-in-class products and customer experience. The next area of transformation is market share gains, starting with the U.S. Resi market.

以我們財測區間的中位數來看，我們預期第二季的營業利益將接近損益兩平。這是我們轉型過程中的重要里程碑，也反映整個團隊對營運效率以及提供同級最佳產品與客戶體驗的持續專注。下一個轉型領域是市占提升，首先從美國住宅（Resi）市場開始。

The market got off to a slow start this year as customers faced changes in tax credit policies and uncertainty related to Fiat. These uncertainties have slowed tax equity funding for CPOs, creating strain on installers' businesses and cash flows.

今年市場開局偏慢，因客戶面臨稅額抵免政策變動，以及與 Fiat 相關的不確定性。這些不確定性已使 CPO 的稅務股權（tax equity）資金投入放緩，對安裝商的業務與現金流造成壓力。

Even so, we believe we are well positioned to benefit when the market rebounds since the anticipated market evolution towards the 48E tax credit and higher battery attach rates are expected to play directly to our strengths, namely, our position as a leading provider to CPOs, and our fully integrated DC-coupled battery architecture.

即便如此，我們仍相信當市場反彈時，我們具備良好條件受惠，因為市場預期將朝向 48E 稅額抵免以及更高的電池搭載率演進，而這些趨勢將直接發揮我們的優勢：也就是我們作為 CPO 主要供應商的領先地位，以及我們完整整合的 DC 耦合電池架構。

Turning to the U.S. C&I market, where we continue to build momentum. As you know, our scalable architecture of inverters and optimizers enhances the returns for C&I rooftop projects by harvesting more energy, enhancing safety and enabling customers to benefit from tax credits with products that are designed to be both domestic content and FIO compliant.

接著談美國商用與工業（C&I）市場，我們在該市場持續累積動能。如各位所知，我們可擴充的逆變器與優化器架構，能透過擷取更多能源、提升安全性，並讓客戶使用同時符合國產內容（domestic content）與 FIO 規範的產品來享有稅額抵免，從而提升 C&I 屋頂專案的報酬。

These advantages have resulted in share gains, and more specifically in continued penetration of enterprise accounts, which come with a more stable cadence of business and improved visibility. We view this position as structural rather than cyclical. Domestic content and FEO compliance are difficult for non-U.S. Competitors to replicate quickly, and we expect this to continue to support our market share over multiple quarters.

這些優勢帶來市占提升，更具體而言，是我們在企業級客戶的滲透率持續提高；這類客戶通常帶來更穩定的業務節奏與更佳的能見度。我們認為這種地位屬於結構性而非景氣循環性。國產內容與 FEO 合規對非美國競爭對手而言難以在短期內快速複製，我們預期這將在未來多個季度持續支撐我們的市占。

We secured additional Safe Harbor transactions from both Resi and C&I customers in the quarter and expect to secure additional deals in the second quarter, primarily through the physical work test method. These transactions provide several important strategic benefits. First, they increase the visibility of our potential future revenue and share gains.

本季度我們自住宅與 C&I 客戶取得更多 Safe Harbor 交易，並預期第二季將透過實體工作測試（physical work test）方式取得更多交易。這些交易帶來數項重要的策略性效益。首先，它們提升了我們未來潛在營收與市占提升的能見度。

The associated products can be deployed for up to four years and will translate into revenue when the customers take delivery of the entire product. Second, they create a natural entry point for incremental sales. When installers complete a safe harbor solar installation that also requires a battery or an EV charger, we are well positioned to capture that upset.

相關產品可在最長四年內部署，並將在客戶提領整套產品時轉化為營收。第二，它們為額外銷售創造自然的切入點。當安裝商完成一個 Safe Harbor 太陽能安裝案且同時需要電池或電動車充電器時，我們具備良好條件掌握該追加銷售（upsell）機會。

Third. These transactions allow us to size our operations more efficiently and support a more stable and predictable manufacturing profile over time. Next, let's turn to Europe. The market was slow in the first two months of the year, but peaked up in March, a trend that continued into April, driven in part by rising electricity prices in the region.

第三。這些交易使我們能更有效率地配置營運規模，並隨時間推進支持更穩定、可預測的製造輪廓。接下來談歐洲。今年前兩個月市場偏慢，但 3 月回升走強，且此趨勢延續至 4 月，部分原因是該地區電價上漲所帶動。

Despite the slow start, we delivered a strong first quarter in Europe. With revenue reaching its highest point since Q4 2023. The revenue growth is a result of stronger battery demand in both resi and C&I across the region. I would like to highlight that the strength in Europe is even before we have fully ramped the exports of US manufactured products and before the rollout of SolarEdge Nexus platform.

儘管開局偏慢，我們在歐洲仍交出強勁的第一季表現。營收達到自 2023 年第四季以來的最高水準。營收成長主要來自全區住宅與 C&I 市場更強勁的電池需求。我想特別強調，歐洲的強勁表現發生在我們尚未完全提升美國製造產品出口規模、以及 SolarEdge Nexus 平台尚未全面推出之前。

Speaking of Nexus, our third area of transformation is product innovation and leadership. The SolarEdge Nexus launch event in Germany exceeded our expectations. Nearly 1,000 installers joined us in person or via the live stream, creating an atmosphere so electric, you could feel it in the room.

談到 Nexus，我們第三個轉型領域是產品創新與領導地位。SolarEdge Nexus 在德國的發表活動超出我們的預期。近 1,000 名安裝商親臨現場或透過直播參與，現場氣氛熱烈到你在房間裡都能感受到。

What made the moment truly powerful was our customers' reaction. Their enthusiasm wasn't just polite applauds. It was genuine excitement because Nexus was built for the customer. Every feature exists because we listened closely, understood their pain points and learned what they valued and what frustrated them in day-to-day installations and operations.

真正讓這一刻格外有力量的，是我們客戶的反應。他們的熱情不只是禮貌性的掌聲。而是真正的興奮，因為 Nexus 是為客戶而打造。每一項功能之所以存在，都是因為我們仔細傾聽、理解他們的痛點，並了解他們在日常安裝與營運中重視什麼、又對哪些事情感到挫折。

Their feedback became the blueprint for Nexus, and the result is something we believe is truly special. The excitement is already reflected in the order book. Our entire planned Q2 Nexus production is fully booked by European customers, and we continue to expand capacity to meet additional demand. We believe the Nexus platform positions us at the leading edge of technology and future innovation.

他們的回饋成為 Nexus 的藍圖，而成果是我們相信確實非常特別的產品。這股熱度已反映在訂單簿上。我們整個規劃中的第二季 Nexus 產量已被歐洲客戶全數預訂，我們也持續擴充產能以滿足額外需求。我們相信 Nexus 平台使我們站在技術與未來創新的最前沿。

It also enables us to address incremental segments of the market, including larger homes, which account for over 50% of the residential market in Germany. In addition, two weeks ago, we unveiled the second generation of our commercial battery, the CSS Outdoor 197-kilowatt-hour solution, which marks another major step forward in our energy storage roadmap.

它也使我們能夠切入市場的增量區隔，包括更大的住宅；在德國，這類住宅占住宅市場的 50% 以上。此外，兩週前我們發表了第二代商用電池——CSS Outdoor 197 千瓦時解決方案，這標誌著我們在儲能產品路線圖上又向前邁出重要一步。

This new system is purpose-built for medium to large-scale installations, whether deployed as a stand-alone storage asset or paired seamlessly with TV. What sets the solution apart is the software suite, which enables multiple optimization modes for maximizing self-consumption to peak shaving, tariff optimization and managing export and import limitations.

這套新系統是為中大型安裝案量身打造，無論是作為獨立儲能資產部署，或與 TV 無縫搭配皆可。使該解決方案脫穎而出的是其軟體套件，可提供多種最佳化模式，從最大化自用到削峰、電價方案最佳化，以及管理輸出與輸入限制。

The fourth element of our transformation is investing in AI data center power solution. At GTC26, NVIDIA features a live energized 800-volt DC power rack which reinforced that high-voltage DC power is moving from concept to infrastructure roadmap. The 800-volt DC evolution aligns exceptionally well with the technical capabilities SolarEdge has been building for 20 years.

我們轉型的第四個要素是投資於 AI 資料中心供電解決方案。在 GTC26 上，NVIDIA 展示了一個通電運作中的 800 伏直流電源機架，進一步強化了高電壓直流供電正從概念走向基礎設施路線圖。800 伏直流的演進與 SolarEdge 過去 20 年所建立的技術能力高度契合。

We believe this represents a multi-billion-dollar addressable opportunity over time. Our plan is to deliver a working system in 2026, initial pilot installations in 2027, and a broader rollout in 2028. Since our last call, we've continued to advance our solid-state transformer platform and have made progress toward the system capable of converting 34.5 kilovolts directly to 800-volt DC at efficiencies above 99%.

我們相信，隨著時間推進，這代表一個可觸及的數十億美元級市場機會。我們的計畫是在 2026 年交付可運作的系統，於 2027 年進行初期試點安裝，並在 2028 年更廣泛推廣。自上次電話會議以來，我們持續推進固態變壓器平台，並在打造可將 34.5 千伏直接轉換為 800 伏直流、且效率高於 99% 的系統方面取得進展。

To summarize, while executing on our transformation plan, we believe we have a clear line of sight to profitable growth. We have multiple tailwinds supporting continued global market share gains. We are moving toward high-volume shipments of new products, we are advancing our AI data center power solution, we have firmly shifted to offense, and we will press our advantages in every market that we serve.

總結而言，在執行轉型計畫的同時，我們相信已能清楚看見通往獲利成長的路徑。我們有多項順風因素支持全球市占率持續提升。我們正邁向新產品的高出貨量階段、推進 AI 資料中心供電解決方案、已明確轉為主動出擊，並將在我們服務的每個市場中發揮優勢、乘勝追擊。

Lastly, I would like to briefly address our CFO transition. Asaf will continue in his role through June 9, and I would like to use this opportunity to thank him for his professionalism and commitment to the company and for all the work he has done to further our turnaround.

最後，我想簡要說明我們的財務長交接。Asaf 將持續擔任其職務至 6 月 9 日；我也想藉此機會感謝他對公司的專業與投入，以及他為推動我們的扭轉局面所做的一切努力。

Our CFO search is well underway with strong candidates, our finance organization is deep, our systems and processes are well-established, and we expect no disruption to our 2026 plan or to our financial discipline.

我們的財務長尋才工作正在順利進行，候選人素質強；我們的財務組織底蘊深厚，系統與流程也已相當成熟，我們預期不會對 2026 年計畫或財務紀律造成任何干擾。

With that, I will turn the call over to Asaf.

接下來，我把電話會議交給 Asaf。

Thank you, Shuki, and good morning, everyone. Starting with our quarterly results. Non-GAAP revenues for the first quarter were $310 million, up 46% year-over-year and down 7% quarter-over-quarter, outperforming the typical seasonal decline of 10% to 15%.

謝謝你，Shuki，各位早安。先從本季業績開始。第一季非 GAAP 營收為 3.10 億美元，年增 46%，季減 7%，優於典型季節性下滑 10% 至 15% 的幅度。

This result does not include any significant one-time or pull-forward of revenue from Safe Harbor. Revenues from U.S. This quarter amounted $150 million, down 20% quarter-over-quarter and representing 51% of our revenues. Revenues from Europe were $114 million, up 14% quarter-over-quarter and representing 37% of our revenues.

此結果不包含任何來自 Safe Harbor 的重大一次性或提前認列營收。本季美國營收為 1.50 億美元，季減 20%，占總營收 51%。歐洲營收為 1.14 億美元，季增 14%，占總營收 37%。

International markets revenues were $38 million, up 5% quarter-over-quarter and representing 12% of our revenues. Non-GAAP gross margin this quarter was slightly up to 23.5% compared to 23.3% in Q4, towards the high end of our guidance. We achieved higher gross margins despite the lower revenue, largely due to a more favorable product mix and lower seasonal warranty cost.

國際市場營收為 3,800 萬美元，季增 5%，占總營收 12%。本季非 GAAP 毛利率小幅上升至 23.5%，相較於第四季的 23.3%，位於我們指引區間的高端。儘管營收較低，我們仍達成較高毛利率，主要受惠於更有利的產品組合以及較低的季節性保固成本。

A brief note on tariffs. On February 20, the U.S. Supreme Court ruled that certain tariffs imposed under the International Emergency Economic Powers Act, or EPA, were invalid. The refund submission process with the U.S. Customs and Broader Protection has already commenced, and we anticipated that the refunds could total approximately $55 million.

關於關稅簡要說明。2 月 20 日，美國最高法院裁定，依《國際緊急經濟權力法》（International Emergency Economic Powers Act，或 EPA）所課徵的部分關稅無效。向美國海關與邊境保護局提交退款申請的流程已經啟動，我們預期退款總額可能約為 5,500 萬美元。

These potential refunds are not included in our Q2 guidance. Non-GAAP operating expenses for the first quarter were $97.7 million. However, excluding a one-time doubtful debt expense of approximately $14 million, our ongoing operating expenses were approximately $84 million below our guidance range and down from $88.7 million last quarter. This doubtful debt is related to one of our U.S. Customers, but not to Freedom Forever which I will discuss shortly.

這些潛在退款未納入我們第二季指引。第一季非 GAAP 營業費用為 9,770 萬美元。然而，若排除約 1,400 萬美元的一次性呆帳費用，我們的持續性營業費用約為 8,400 萬美元，低於我們的指引區間，且較上季的 8,870 萬美元下降。這筆呆帳與我們的一位美國客戶相關，但不是 Freedom Forever；我稍後會說明。

This OpEx reduction is largely reflective of our ongoing cost control, the efficiency measures we've implemented, and our focus on our core businesses, and we are keeping our costs in check despite the continued headwinds we face from a strengthening new Israeli shekel against the US dollar. A brief note on our exposure to the bankruptcy of Freedom Forever.

這次營業費用下降主要反映我們持續的成本控管、已落實的效率措施，以及我們聚焦核心業務；即便面臨新以色列謝克爾兌美元走強所帶來的持續逆風，我們仍將成本控制在合理範圍內。接著簡要說明我們對 Freedom Forever 破產的曝險。

Freedom has been a long-standing and valued partner of ours, despite the scale they brought to the residential solar market over the years. We have a net zero exposure on our balance sheet as we have not recognized significant revenue from Freedom over the course of the last 18 months.

Freedom 長期以來一直是我們重要且珍視的合作夥伴，並且多年來為住宅太陽能市場帶來可觀規模。我們在資產負債表上的淨曝險為零，因為在過去 18 個月中，我們並未自 Freedom 認列顯著營收。

During this period, payments received were first applied to a reduction in their outstanding balances. Given the uncertainty around Freedom's financial position, remaining amount owed to us have been fully offset by a deferred revenue liability on the balance sheet throughout this 18-month period and netted to zero.

在此期間，收到的款項優先用於降低其未清餘額。鑑於 Freedom 財務狀況的不確定性，在這 18 個月期間，其尚欠我們的餘額已在資產負債表上以遞延收入負債全數抵銷，淨額為零。

We hold the UCC lien against Freedom's assets, representing the amount owed to us by Freedom, which we equal approximately $100 million. We do not know what, if any, the amount will be recovered, but any amount we ultimately recover would be recognized as a benefit in our P&L in the period received.

我們持有針對 Freedom 資產的 UCC 留置權，代表 Freedom 欠我們的金額，約為 1 億美元。我們不確定最終能回收多少（若有），但任何最終回收的金額都將在收到的期間於損益表中認列為收益。

Non-GAAP operating loss for Q1 was approximately $25 million. When excluding the one-time $14 million debt expense, our ongoing operating loss was approximately $11 million, flat with Q4, despite 7% lower revenue. As these results demonstrate, we're relentlessly pursuing even greater operational efficiency as we continue to journey back to profitable growth.

第一季非 GAAP 營業損失約為 2,500 萬美元。若排除一次性的 1,400 萬美元呆帳費用，我們的持續性營業損失約為 1,100 萬美元；儘管營收季減 7%，仍與第四季持平。如這些結果所示，我們正不懈追求更高的營運效率，持續邁向回到獲利成長的道路。

Our non-GAAP net loss was $26.3 million in Q1, compared to a non-GAAP net loss of $8.2 million in Q4. Non-GAAP net loss per share was $0.43 in Q1, compared to $0.14 in Q4. Both non-GAAP net loss and loss per share were also impacted by the one-time $14 million doubtful debt charge I just mentioned.

第一季非 GAAP 淨損為 2,630 萬美元，相較第四季非 GAAP 淨損 820 萬美元。第一季非 GAAP 每股淨損為 0.43 美元，相較第四季為 0.14 美元。非 GAAP 淨損與每股淨損也受到我剛提到的一次性 1,400 萬美元呆帳費用影響。

Turning now to our balance sheet. As of March 31, 2026, our cash and investments totaled approximately $583 million. During the first quarter, we generated roughly $21 million of free cash flow. Our cash and investments increased by about $2 million in the quarter. As free cash flow was partly offset by several items, the largest being a one-time non-operational $26 million payment related to a lease amendment for our new headquarters.

接著看資產負債表。截至 2026 年 3 月 31 日，我們的現金與投資合計約為 5.83 億美元。第一季我們產生約 2,100 萬美元的自由現金流。本季現金與投資增加約 200 萬美元。由於自由現金流部分被數個項目抵銷，其中最大項為一筆一次性、非營運性的 2,600 萬美元付款，與新總部租約修訂相關。

Aligned with our efficiency measures, this amendment significantly reduces our planned footprint when we move into the new Caphooks next year and is expected to lower our annual lease expenses by approximately $8 million. Our capital expenditures this quarter were approximately $4 million. For the full year 2026, we anticipate capital expenditures in the range of $60 million to $80 million.

配合我們的效率措施，這項修訂在我們明年搬入新的 Caphooks 時，將大幅縮減原先規劃的使用面積，並預期每年可降低約 800 萬美元的租賃費用。本季資本支出約為 400 萬美元。對於 2026 全年，我們預期資本支出將落在 6,000 萬至 8,000 萬美元區間。

The main bucket of CapEx this year are: one, increased production capacity in the U.S. for both PV and batteries. Two, investment in our new headquarters in Israel, largely related to advanced R&D facilities. Three, investment related to our AI data center offering and lastly, ongoing maintenance CapEx.

今年資本支出（CapEx）的主要項目包括：第一，在美國擴增光伏（PV）與電池的產能。第二，投資我們在以色列的新總部，主要與先進研發（R&D）設施相關。第三，與我們的 AI 資料中心方案相關的投資；最後，持續性的維護性資本支出。

Despite this higher CapEx and our planned investment in working capital to support our anticipated growth and the Nexus launch, we expect to generate positive cash flow for the full year 2026. This reflects solid underlying operating performance, continued discipline in managing expenses and capital investments, and our continued ability to monetize 45 times credit, which are an important contributor to our cash flow expectations.

儘管資本支出提高，且我們計畫投入營運資金以支援預期成長與 Nexus 上市，我們仍預期 2026 全年將產生正向現金流。這反映了穩健的基礎營運表現、在費用與資本投資管理上的持續紀律，以及我們持續將 45 倍信用（45 times credit）變現的能力，而這是我們現金流預期的重要貢獻來源。

Turning to our working capital items, our rigorous focus on cash management continued to yield positive results. In Q1, our cash conversion cycle reached its fastest point in many years. Driven by lower DSO and higher DPOs. And this is, despite our inventory growing by $44 million, largely related to higher raw materials procurement in support of our Nexus launch and higher battery demand.

接著談營運資金項目，我們對現金管理的嚴格聚焦持續帶來正面成果。在第一季，我們的現金轉換週期達到多年來最快水準。主要由較低的 DSO 與較高的 DPO 所帶動。而這是在我們存貨增加 4,400 萬美元的情況下達成的，該存貨增加主要與為支援 Nexus 上市而提高原物料採購，以及電池需求上升有關。

AR net decreased this quarter to $223 million compared to $267 million last quarter, driven by our strong collection. Turning now to our guidance for the second quarter of 2026. We're expecting revenues to be within the range of $325 million to $355 million. This range does not include any significant one-time pull-forward of revenue.

本季應收帳款淨額（AR net）降至 2.23 億美元，較上季的 2.67 億美元下降，主要受惠於我們強勁的收款表現。接著說明我們對 2026 年第二季的指引。我們預期營收將落在 3.25 億至 3.55 億美元區間。此區間不包含任何顯著的一次性提前認列營收（pull-forward）。

We expect non-GAAP gross margins to be within the range of 23% to 27%. This range does not include any impact from potential EPAC refunds. We expect non-GAAP operating expenses to be in the range of $86 million to $91 million. For comparison, ongoing operating expenses in Q1 were $84 million, excluding the one-time $14 million doubtful debt charge.

我們預期非 GAAP 毛利率將落在 23% 至 27% 區間。此區間不包含任何潛在 EPAC 退款的影響。我們預期非 GAAP 營業費用將落在 8,600 萬至 9,100 萬美元區間。作為比較，第一季的經常性營業費用為 8,400 萬美元（不含一次性的 1,400 萬美元呆帳費用）。

The midpoint of our OpEx guidance, therefore, reflects a modest sequential increase. Driven primarily by the strengthening of the new Israeli shekel against the US dollar, net overhedging activities. At the midpoint of our Q2 guidance, the implied EBIT loss for the period is approximately $3.5 million, bringing us close to breakeven. This represents a meaningful step in our focus on gradual progression toward profitable growth as we move into the third quarter.

因此，我們營業費用（OpEx）指引的中位數反映了溫和的季增。主要由新以色列謝克爾兌美元走強，以及淨超額避險活動所驅動。以第二季指引中位數推算，該期間隱含的 EBIT 虧損約為 350 萬美元，使我們接近損益兩平。這代表我們在邁向獲利性成長、並進入第三季之際，朝著逐步改善的目標邁出重要一步。

I will now turn the call over to the operator to open it up for any questions. Operator?

接下來我將把電話會議交給接線員，開放提問。接線員？

(Operator Instructions)

(接線員指示)

Mark Strouse, JPMorgan Chase & Co

Mark Strouse，摩根大通（JPMorgan Chase & Co）

Yes. Good afternoon, everybody. Thank you very much for taking our questions. Shuki, I think you touched on Europe a bit. I was hoping that you could just kind of give a real-time update what you're seeing in Europe over the last couple of months.

是的。各位下午好。非常感謝你們回答我們的問題。Shuki，我想你稍微提到了一下歐洲。我希望你能就過去幾個月你在歐洲看到的情況，提供一個即時更新。

Not necessarily overall 1Q, but really just since the conflict in Iran broke out, what you're seeing with power pricing, what you're seeing with kind of real-time demand in that region broadly?

不一定是整體第一季的狀況，而是自伊朗衝突爆發以來，你們在電力價格方面看到什麼變化，以及在該地區整體即時需求方面看到什麼？

Yes. Thank you, Mark. So as we said, the first two months of the year started slow. And then since March, including April, which is part of Q2, obviously, we've seen an increased activity and increased demand coming from the region. And it's around across several countries, it's not just unique to one specific country. We believe that it's partially related with the increase and the expected increase in electricity prices, as has been noted.

是的。謝謝你，Mark。如同我們所說，今年前兩個月開局較慢。但自三月起（包含四月，當然屬於第二季的一部分），我們看到來自該地區的活動增加、需求也上升。而且這是跨越多個國家，不是只發生在單一特定國家。我們認為這部分與電價上升以及預期電價將上升有關，正如外界所指出的。

The war in Iran impacts these prices. And what we've seen actually is not only an increase in demand for PV only, but actually an increase in demand for PV plus storage. And as we mentioned before, both in C&I and in RESI, we are seeing that increase.

伊朗戰事會影響這些價格。而我們實際看到的不僅是對單純 PV 的需求增加，還包括對 PV 加儲能的需求增加。如同我們先前提到的，無論在工商（C&I）或住宅（RESI）市場，我們都看到這樣的增長。

And the SolarEdge solution that actually is not only the inverter and the battery, but actually a sophisticated energy management system that in more advanced markets where dynamic tariffs and sometimes negative tariffs make it may change the ROI quite significantly, that combination of a battery inverter and a system that manages the storage, the import/export and other features is very much in need.

而 SolarEdge 的解決方案不僅包含逆變器與電池，還包含一套精密的能源管理系統；在更成熟的市場中，動態電價、甚至有時出現負電價，可能會大幅改變投資報酬率（ROI）。在這種情況下，電池逆變器加上一套可管理儲能、進口/出口以及其他功能的系統，需求非常強。

So we are seeing, as I said, stronger demand coming from the market and we're well positioned to serve it both on the C&I side with the introduction of the second-generation storage solution and with the upcoming rollout of Nexi.

因此，如我所說，我們看到市場需求轉強，而我們也已做好準備來服務該需求：在工商（C&I）端，我們推出第二代儲能解決方案；同時也將隨著 Nexi 即將展開的推廣而受惠。

Okay. And then as my follow-up, I was hoping you could comment on C&I within the U.S. You mentioned that you're gaining share, which makes sense because of your Domcon and Fiat. Just curious if you can comment on the competitive environment, if you're seeing some of your existing competitors potentially move around their operations, if you're seeing any new competitors potentially coming into that space. Thank you.

好的。接著我的追問是，希望你能談談美國的工商（C&I）市場。你提到你們正在提升市占，這很合理，因為你們具備 Domcon 和 Fiat。我想了解競爭環境：你們是否看到既有競爭對手可能在調整其營運布局？或是否看到有新的競爭者可能進入這個領域？謝謝。

Yes. So the US C&I, as there are three leaders in the market, there have been three leaders in the market of rooftop C&I for the last several years, out of these three, we are the only ones who can offer our customers not only a winning solution, but actually something that a product that is qualified for both domestic content and FIO compliance.

是的。美國工商（C&I）市場方面，屋頂型 C&I 過去幾年一直由三家領導者主導；在這三家之中，我們是唯一能為客戶提供不僅是具競爭力的方案，而且是同時符合國產內容（domestic content）與 FIO 合規要求的產品。

So with that, we are seeing something that is not cyclical, it's actually structural, a change that we believe will help us maintain that level of share for future quarters. Now, to the best of our knowledge, none of these two other major competitors have made any changes to their domestic content and/or for one of them, the FIO compliance.

因此，我們看到的不是週期性因素，而是結構性的變化；我們相信這將有助於我們在未來幾季維持這樣的市占水準。就我們所知，另外兩家主要競爭對手都尚未在其國產內容，以及（其中一家）FIO 合規方面做出任何改變。

There are obviously other players that have much lower market share that can penetrate this market, but we believe that we've established our solution not only by harvesting more energy, but actually by integrating together with the systems of enterprises, which is a much more stable and predictable segment of the market.

當然也有其他市占較低的業者可能切入這個市場，但我們認為我們已建立起自身解決方案的優勢，不僅在於能收穫更多能源，更在於能與企業的系統進行整合，而這是市場中更穩定、可預測的區隔。

And also, and we mentioned it as well, we are in the process of securing Safe Harbor transactions with the larger customers, the ones who are interested in that through the physical work test, which helps us secure future revenue and future share as well.

另外，我們也提到過，我們正在與大型客戶推進並確保 Safe Harbor 交易；對於有此需求的客戶，我們透過實體工作測試（physical work test）來完成，這也有助於我們鎖定未來營收與未來市占。

Philip Shin, Roth Capital Partners.

Philip Shin，Roth Capital Partners。

Hey, guys. Thanks for taking my question. First one is a follow-up on Freedom. I think in the documents or the bankruptcy doc, they owe you guys $50 million on a credit line and then $56 million on a product debt line. What do you have a lien on with respect to those credit facilities?

嗨，各位。謝謝讓我提問。第一個問題是關於 Freedom 的追問。我想在文件或破產文件中，他們在一條信用額度上欠你們 5,000 萬美元，另外在一條產品債務額度上欠 5,600 萬美元。就這些信貸安排而言，你們對哪些資產擁有留置權（lien）？

In the first day of the hearing, it seems like these liens are or may be in dispute and that you may not have a lien on cash collateral. So I was wondering if you think that's true. It also seems like the company was late on making payments in Q4 and that's why you may have secured the lien.

在第一天的聽證會上，看起來這些留置權存在或可能存在爭議，而且你們可能對現金擔保品（cash collateral）沒有留置權。所以我想問你們是否認為這是真的。另外看起來該公司在第四季付款延遲，這可能也是你們取得留置權的原因。

So I just was wondering if you could address if you think you're covered on a loan? And then this other $14 million expense you took, that's not Freedom, can you give us a little bit more color on who that might be and what the situation is there?

所以我想請你們說明一下，你們是否認為這筆貸款有受到保障？另外，你們認列的另一筆 1,400 萬美元費用，那不是 Freedom 的部分；你們能否多提供一些資訊，可能是哪一家、以及那邊的情況是什麼？

Hi, Phil. How are you? Good morning and thank you for your question. As it rates for Freedom, maybe I'll give some background on history. I think I related to that in the prepared remarks, and I think we said that we did not recognize any meaningful revenue from Freedom forever over the past 18 months.

嗨，Phil。你好嗎？早安，謝謝你的提問。關於 Freedom，也許我先提供一些歷史背景。我想我在事先準備的發言中有提到，我們也說過，在過去 18 個月裡，我們幾乎沒有從 Freedom 認列任何有意義的營收。

While Freedom, as has been a valued customer of ours over the year, our current financial exposure to them in our books is zero. During this 18-month period, the payments that we received from Freedom were first applied to a reduction in their outstanding balances, the loan you mentioned and so forth.

雖然 Freedom 在過去一年一直是我們重視的客戶，但目前我們在帳上對其的財務曝險為零。在這 18 個月期間，我們從 Freedom 收到的款項，首先用於降低其未清餘額，包括您提到的貸款等等。

And I think we've taken a very cautious approach and because of the uncertainty around Freedom's financial condition and any remaining amount owed to us by them, we have fully offset by deferred revenue liability on our balance sheet throughout this entire period, so net zero exposure.

我認為我們採取了非常審慎的做法；由於對 Freedom 財務狀況的不確定性，以及其可能仍欠我們的任何款項，我們在整個期間都以資產負債表上的遞延收入負債進行全額抵銷，因此淨曝險為零。

As it relates to the lean that you just mentioned, so we do hold the lean. It may allow us for some level of recovery, if any, but we are certainly not relying on that on our outlook. If anything will be received, this will be an upside, and again, we are not relying on that.

至於您剛提到的留置權（lien），我們確實持有該留置權。它或許能讓我們在某種程度上回收一些款項（如果有的話），但我們當然不會在展望中依賴這一點。如果最終能收到任何款項，那將是額外的上行空間；再次強調，我們不依賴它。

I think it's also important. To say before I get to your second question in terms of these $14 million doubtful debt is that when we are looking ahead, we continue to believe that demand for solar and storage will be driven primarily by attractive both project and system economics, regardless of which installation companies are active in the market, in the field.

我認為還有一點也很重要。在我回答您第二個問題、也就是這 1,400 萬美元呆帳之前，我想說的是：展望未來，我們仍然相信，太陽能與儲能的需求主要將由具吸引力的專案與系統經濟性所驅動，無論市場上、現場有哪些安裝公司在運作。

Of course, the solar landscape will further evolve and we expect more partners to choose SolarEdge, particularly. As we scale out the rollout of Nexus, which we believe will strengthen our value proposition and positioning with both installers, distributors and homeowners, of course.

當然，太陽能產業版圖將持續演變，我們預期會有更多合作夥伴選擇 SolarEdge，尤其是。隨著我們擴大 Nexus 的推廣規模，我們相信這將強化我們對安裝商、經銷商以及屋主的價值主張與市場定位。

Now regarding your second question about this $14 million of doubtful debt that we have recognized in this quarter, so it's, as I said, $14 million, it's a US customer that is experiencing financial operational challenges, lately. We believe, and of course, this is not freedom just to avoid any confusion, it's another customer, not related to freedom whatsoever.

接著關於您第二個問題，也就是我們本季認列的 1,400 萬美元呆帳：如我所說，是 1,400 萬美元，對象是一位近期正面臨財務與營運挑戰的美國客戶。我們相信——當然，為避免任何混淆，這不是 Freedom——這是另一位客戶，與 Freedom 完全無關。

We are not disclosing the customer name, and we believe that given the circumstances and the financial challenges this customer is experiencing, we took a conservative and responsible approach. We have actually written down the entire amount the [OWAS]. We do hope, of course, for their recovery.

我們不會揭露該客戶名稱；我們認為在此客戶所面臨的情況與財務挑戰下，我們採取了保守且負責任的做法。我們實際上已將該筆金額全數沖銷。[OWAS]。當然，我們也希望他們能夠復原。

And if conditions improve in the future, if they would improve, we will reassess the situation accordingly. Did I answer your question fully, Phil?

如果未來情況改善——如果真的改善——我們會相應地重新評估狀況。Phil，我是否已完整回答您的問題？

Yes, Asaf. Thank you very much. I appreciate the color and detail.

是的，Asaf。非常感謝。我很感謝你提供的背景與細節。

Sure.

當然。

Brian Lee, Goldman Sachs.

高盛（Goldman Sachs）的 Brian Lee。

Hey. Thanks for taking the questions. I guess one question I had just around the you said for Q1 results as well as Q2 guide, there is not a significant amount of pull forward revenue, i.e., safe harbor. But you did say that there's a significant amount of physical work test Safe Harbor that you're seeing or anticipating.

嗨。謝謝讓我提問。我想問的一個問題是：你們提到第一季實際結果以及第二季指引，都沒有顯著的提前認列營收（也就是 safe harbor）。但你們也說，你們看到或預期會有相當多的「實體工作測試」（physical work test）Safe Harbor。

So, this question would be, I think your peer has had multiple straight quarters of meaningful amount of Safe Harbor revenue as well as what they're anticipating in the current quarter. And you guys apparently are seeing a lot more on the other classification of the physical work test. Is that a function of your strategy go-to-market and sales?

所以我的問題是：我認為你們的同業已經連續好幾季都有相當可觀的 Safe Harbor 營收，而且他們也預期本季會有。而你們顯然在另一種分類——實體工作測試——看到更多。這是你們市場策略與銷售 go-to-market 的結果嗎？

Is that just a function of your customers or is there any kind of market share implications of why your number one competitor in the U.S. Resin market is seeing a lot of sort of interior safe fiber versus the physical work test. Just curious on kind of how we should interpret that.

這只是你們客戶結構的因素嗎？或者，是否有任何市占含意，能解釋為何你們在美國住宅市場的第一大競爭對手看到更多偏向「內部 safe harbor」（interior safe fiber）而不是實體工作測試？只是好奇我們應該如何解讀。

Good morning and thank you for the question. I'll start, and I'm sure Shuki will share more color on the market indication. So as we discussed in the prepared remarks, in the last couple of quarters, we have signed multiple physical Workday transactions with both leading TPOs and enterprise customers alike.

早安，謝謝你的問題。我先回答，之後 Shuki 應該也會補充更多市場面的說明。如同我們在事先準備的講稿中提到的，過去幾季我們已與多家領先的 TPO 與企業客戶簽署了多筆「實體工作測試」交易。

We believe also that some of our existing and potential new customers may be interested in signing additional transactions before July 4, that is. Also, we are in the process of closing more deals, and as I said, we believe we're very well positioned to do that with all TPOs in the market, given our key advantages from harvesting more power, efficiencies at both high and low power, DC coupling solutions, et cetera.

我們也相信，我們部分既有客戶以及潛在新客戶，可能有興趣在 7 月 4 日之前簽署更多交易。此外，我們也正在完成更多交易的收尾；如我所說，鑑於我們的關鍵優勢——例如可收穫更多發電量、在高功率與低功率下的效率、直流耦合（DC coupling）解決方案等等——我們相信我們在與市場上所有 TPO 合作方面都具備非常好的條件。

And we believe it all represents a great opportunity for us to increase market share. And clearly, as we sign such transaction, for us, it increases the visibility significantly for up to four years horizon, and it also helps us secure market share, significant market share.

我們相信這些都代表我們提升市占的絕佳機會。而且很明顯地，當我們簽下這類交易時，對我們而言可大幅提升最長達四年的能見度，同時也有助於我們鞏固市占，顯著的市占。

Shuki, you want to add any color?

Shuki，你要補充一些說明嗎？

Yes, so to your first point, Phil, yes, neither Q1 revenue nor the Q2 guidance assumes any significant pull-forward of revenue related to the 5% safe harbor. I think that we covered it in previous calls, but just to make sure that everybody is on the same page, the 5% safe harbor deals are transactions in which the customer is actually buying the product in the first 100 days after the signing of the contract, and it's not necessarily for products that are going to install in the period.

是的，針對你第一點，Phil，沒錯，無論第一季營收或第二季指引，都沒有假設任何與 5% safe harbor 相關的顯著提前認列營收。我想我們在之前的電話會議已經談過，但為了確保大家理解一致：所謂 5% safe harbor 交易，是指客戶在合約簽署後 100 天內實際購買產品的交易，而且不一定是要在該期間內安裝的產品。

This is why they are referred to as pull forward of revenue, while the physical work test has a built-in advantage to the customers because they will complete the transaction only when they need the product, and this is when they are going to install the product, and from our perspective.

這也是為什麼它被稱為提前認列營收；相較之下，「實體工作測試」對客戶有一個內建優勢，因為他們只會在需要產品時才完成交易，也就是他們要安裝產品的時點；從我們的角度來看。

As Asaf mentioned, it secures future revenue and share, it does allow us to have a more efficient operation because we get predictability for customer forecast and order and it does line up the revenue together with the actual purchases from the customers. There are advantages and disadvantages to physical work test, we believe that the physical work test provides better visibility for us and better and some advantages to the customers.

如 Asaf 所提到的，它能確保未來營收與市占；也讓我們的營運更有效率，因為我們能對客戶的預測與訂單有更高的可預測性，並且讓營收與客戶實際採購時點更一致。實體工作測試有其優缺點；我們相信實體工作測試能為我們提供更好的能見度，也為客戶帶來更好、以及一些優勢。

And because on the Revis side, we've actually are securing the deals using the Nexus platform, that actually provides the level of confidence that the customers need that this is a product that will actually be modern and a leading product also in the next three to four years, and we are sharing the same view.

而且因為在住宅端（Revis side），我們實際上是透過 Nexus 平台來確保這些交易，這也提供了客戶所需要的信心：這將是一個在未來三到四年仍然現代化、且具領先性的產品，而我們也持相同看法。

And that allows us actually to plan forward and for them to plan forward on a system that is robust, that is here to stay and that is about to be rolled out in the coming quarters, which was from the ground up was designed to be PV plus storage plus sophisticated energy management system.

這也讓我們能夠提前規劃，也讓他們能在一個強健、可長期存在、並將在未來幾季推出的系統上提前規劃；該系統從零開始設計，目標是 PV 加儲能，再加上更先進的能源管理系統。

On the C&I side, as Asaf mentioned, large companies, they are interested in physical workplace because they have visibility into their business and what they would like to do with regard to PV, and we are best positioned to support them in that, that's the reason that you see a lot of interest in our physical workplace.

在工商業（C&I）端，如 Asaf 所說，大型公司對「實體工作測試」有興趣，因為他們對自身業務以及在 PV 方面想做什麼具有能見度；而我們在支援他們方面具備最佳條件，這就是你看到我們的「實體工作測試」受到高度關注的原因。

Okay. Yeah. It makes a lot of sense. I'll follow-up on it. Just second question on Europe. It seems like that's going to be a source of strength going forward, and you're seeing some good trends there. Can you kind of level set us a little bit? I know historically Europe's been a lower priced environment based on some of our data, it seems like at least 20% lower, if not more ASV per lot.

好的。是的。這很有道理。我會再追問一下。第二個問題是關於歐洲。看起來未來歐洲會成為一個強勁來源，你們也看到一些不錯的趨勢。你能幫我們稍微校準一下嗎？我知道從歷史來看，根據我們的一些數據，歐洲一直是較低價格的環境，ASV 每批至少低 20%，甚至更多。

And then I think you also had maybe more commercial versus resi mix in Europe historically. What are kind of the pricing and margin implications for you guys as Europe maybe becomes a bigger source of the mix and outgrows some of the challenges that you're seeing in the U.S., as you might get just any thoughts around pricing and margins specific to Europe?

另外，我想你們在歐洲過去的組合可能是商用占比高於住宅。如果歐洲在組合中占比變大，並且成長速度超過你們在美國看到的一些挑戰，那對你們的定價與毛利會有哪些影響？也就是，能否分享任何關於歐洲定價與毛利的看法？

Yes. Thank you, Brian. And as in the last several quarters, we've been excited about the potential in Europe, the potential SolarEdge as in Europe. The region in which SolarEdge lost share in previous years was mainly Europe and was actually was Europe. And we see a huge potential to actually gain share both in the residential, industry and side of the market.

是的。謝謝你，Brian。而且如同過去幾個季度一樣，我們對歐洲的潛力感到振奮，也對 SolarEdge 在歐洲的潛力感到振奮。SolarEdge 在前幾年流失市占的區域主要是在歐洲，實際上就是歐洲。我們看到在住宅、工商業以及市場端都有巨大的潛力可以重新取得市占。

And in a way, we mentioned it, Q2 supply of Nexus for Europe is already all of it is booked. It's not a very large quantity, but it's all booked. And we're working very hard in order to increase the supply to support the Q3 demand.

而且某種程度上，我們也提過，第二季供應給歐洲的 Nexus 目前已經全部被預訂完了。數量不是很大，但已全數被預訂。我們也正非常努力提高供應，以支援第三季的需求。

So, when we bring Nexus and we talked about the launch event and the excitement and all the benefits that Nexus has, and because of that, we don't think and we talked about it in the past. Pricing is not necessarily a matter of just the price in the market, but it's also the relative advantages that one product has versus another and what it does bring to the customer.

所以，當我們推出 Nexus，我們也談到發表活動、大家的興奮，以及 Nexus 所具備的所有優勢與效益；也正因如此，我們不認為——而且我們過去也談過——定價不一定只是市場上的價格問題，還包括某個產品相對於另一個產品的相對優勢，以及它能為客戶帶來什麼。

And while we've always harvested more energy, now with the energy management system that we are introducing and the dynamic tariffs and the increasing electricity prices in Europe, the benefits that are coming from a system that can actually optimize the entire energy consumption, import and export is significantly higher. And we believe that we will be able to actually have -- with stable pricing, we can actually gain market share.

而雖然我們一向能收集更多能源，如今隨著我們導入的能源管理系統、動態電價，以及歐洲電價持續上升，能夠真正最佳化整體能源消耗、進口與出口的系統所帶來的效益顯著更高。我們相信，在價格維持穩定的情況下，我們確實能夠提升市占。

Now as it pertains to margin, Asaf will add more color, but at the outset, we've just started exporting US-made products into Europe. So the inverters and optimizers that are made in the US, when they are going to be exported, when they are exported to Europe, we generate better margin, and Nexus as a platform and as a product has a better cost advantage by itself, so that will be also a tailwind for our margins.

至於毛利率方面，Asaf 會補充更多細節；但一開始，我們才剛開始把美國製造的產品出口到歐洲。因此，在美國製造的逆變器與優化器出口到歐洲時，我們能產生更好的毛利；而 Nexus 作為一個平台與產品，本身也具有更好的成本優勢，因此這也會成為我們毛利率的順風。

Yeah. Maybe just to add, I mean, good morning. As we don't have to break down margins by territory or product, but to give you some color. Very generally, the US RESI margin profile would be the highest and the EU storage or international market storage is the lowest.

是的。我再補充一下，早安。我們不需要按地區或產品拆分毛利率，但給你一些概念。非常概括地說，美國住宅（RESI）的毛利結構會是最高的，而歐盟儲能或國際市場的儲能毛利則是最低的。

But again, now that, as Shuki mentioned, we start exporting US produced products to Europe, the cost structure will significantly improve. With that, of course, we work hard to also enhance the European product margin.

但同樣地，如 Shuki 提到的，我們開始把美國生產的產品出口到歐洲後，成本結構將會顯著改善。同時，我們當然也會努力提升歐洲產品的毛利率。

Julien Dumoulin-Smith, Jefferies LLC.

Julien Dumoulin-Smith，Jefferies LLC。

Hey, guys. Good morning. Thanks for the time i appreciate the opportunity to connect here. I wanted to just follow-up, maybe just on this this other customer and freedom just to what extent -- what market share do they represent with you all?

嗨，各位。早安。謝謝你們撥冗，我很感謝有機會在這裡交流。我想追問一下，關於那位「另一個客戶」以及 Freedom——他們在你們這邊大概代表多少市占？

What market share do they represent in the marketplace such that we just try to understand what that means as a headwind and understand because I heard your comments. Yes, you're saying you're on the offense how do you think about the market sort of displacing those lost sales.

他們在整體市場中代表多少市占？我們想了解這對你們而言作為逆風的意義，以及我也聽到你們的評論。是的，你們說你們正在主動出擊——那你們如何看待市場去取代那些流失的銷售？

Again, i'm thinking more prospectively obviously you've been you know underweighting these customers you know. Of late, how you think about that mixed shift of your own customer base evolves here? And then I've got a follow-up.

我再從更前瞻的角度來看，顯然你們一直以來對這些客戶的比重偏低。最近你們如何看待自家客戶組合的這種結構性轉移在未來的演變？然後我還有一個追問。

Thank you, and good morning. In terms of this $14 million customer for which we have this doubtful debt provision, I can say that for the last three quarters or so, we had very low revenue from them reported in the book. So no direct impact, I would say.

謝謝，早安。就這位我們提列 1,400 萬美元呆帳準備的客戶而言，我可以說在過去大約三個季度，我們從他們那邊入帳的營收非常低。所以我認為沒有直接影響。

And we believe that generally there's no vacuum in the market. So certainly new potential players in installer will get in. And I think as Shuki and I mentioned, considering the Naxis, the rollout and our significant advantages, we believe that we are best positioned to gain market share with such players.

而且我們相信，一般來說市場不會出現真空。因此，肯定會有新的潛在參與者、安裝商進入。我想如同 Shuki 和我提到的，考量 Nexus 的推出以及我們顯著的優勢，我們相信我們最有條件在這些參與者中取得市占。

Yeah, we do recognize, Julian, it's a good point. And we do recognize that these two valued partners of ours, we wish they would do better, they would recover, and they would come back to be loyal partners with SolarEdge.

是的，Julian，我們確實理解——這是個好問題。我們也認知到，這兩位我們珍視的合作夥伴，我們希望他們能做得更好、能夠復甦，並回來成為 SolarEdge 忠誠的合作夥伴。

And the demand is fulfilled by the channel, and it's coming from homeowners, TPOs, and C&I customers, and the advantages that we deliver to them and to the installers are such that we believe, will help, will convince others that they would like to join the SolarEdge installation group. But we do hope that these partners of ours do recover and that they go back to install many SolarEdge systems.

需求是透過通路被滿足的，來源包括屋主、TPO 以及工商業（C&I）客戶；而我們提供給他們以及安裝商的優勢，我們相信將有助於、也會說服其他人加入 SolarEdge 的安裝陣營。但我們也確實希望這些合作夥伴能夠復甦，並回來安裝更多 SolarEdge 系統。

Got it. Excellent. And then maybe taking more of the offensive step, how do you think about coming back, maybe this year providing some sort of analyst day-like view. And providing some sort of presumably multi-year view on not just Rezi, but also the C&I and perhaps novel products here.

了解。很好。那再從更主動的角度，今年你們如何看待回來提供某種像分析師日（Analyst Day）那樣的展望？並提供某種推測上是多年期的展望，不僅是住宅（Resi），也包括工商業（C&I）以及可能的新產品。

How do you think about kind of giving a full-fledged and full-throated view on some of the emerging end markets, but also product portfolio here, just to make sure we've asked explicitly?

你們如何看待就一些新興終端市場以及產品組合，給出一個完整且更有力的觀點？我只是想確認我們有明確地問到。

Yes. Thank you. As when I talked about it, Assaf has been a great partner of mine, and we're making good progress with the CFO transition. And we do plan to have an Investor Day after Labor Day. And on that day, obviously, we will have the new CFO.

是的。謝謝。如我先前提到的，Assaf 一直是我很好的夥伴，我們在 CFO 交接上也取得了良好進展。我們確實計畫在勞動節之後舉辦投資人日（Investor Day）。而在那一天，顯然我們會有新的 CFO。

May will join us, and I will be there as well. Hopefully, you guys will be able to join us as well. Something that will be a bit longer-term and a bit deeper than what we can do on a quarterly one.

May 會加入我們，我也會在場。希望各位也能一起參與。那會是比我們在季度場合能做的更偏長期、也更深入的內容。

Christopher Dendrinos, RBC Capital Markets.

Christopher Dendrinos，RBC Capital Markets。

Yeah. Good morning. Thanks. I just wanted to follow-up on the comment on picking up more installers. And I guess what I'm wondering is, can you speak to adding new customer bases, new customers with that transition to TPO and 48E? Are you in conversations at a new group?

是的。早安。謝謝。我想追問你們剛才提到會爭取更多安裝商的評論。我想知道的是，隨著轉向 TPO 與 48E，你們能否談談新增新的客戶基礎、開發新客戶的情況？你們是否正在與新的群體洽談？

Yes. Thank you, Chris. We've always been in conversations with different installers in the market. We do see an uptick in their interest in working with SolarEdge with the upcoming Nexus. And we believe that installers, installation companies, their business is around identifying what the market needs and then being able to deliver that to the market.

是的。謝謝你，Chris。我們一直都在與市場上不同的安裝商保持對話。隨著 Nexus 即將推出，我們確實看到他們與 SolarEdge 合作的興趣正在升溫。我們相信，安裝商、安裝公司，他們的業務核心在於辨識市場需要什麼，並能把它交付給市場。

So obviously, we are in discussions with different groups and different installation companies. And we believe that once the demand for the SolarEdge solutions is out there, there will be installation companies that will be able to actually install them and bring that value to the customers.

因此，我們當然正在與不同團體、不同安裝公司討論。我們相信，一旦市場上出現對 SolarEdge 解決方案的需求，就會有安裝公司能夠實際進行安裝，並把那個價值帶給客戶。

And then maybe just as a follow-up here on Europe, you highlighted growing demand strength in Germany. Are there other regions where you're seeing similar strength or is this maybe more isolated to Germany?

另外，關於歐洲我再追問一下：你們提到德國的需求強勁成長。你們是否也在其他地區看到類似的強勢，還是這可能比較集中在德國？

Yeah. So what we said about Germany was actually that we're seeing some strength in March and April, but also Nexus is actually opening a new segment for us that is about 50% of the market, which is the large homes. And large installations that are above the 10 kilowatt. We also are seeing an increase in demand for upsell to existing installed base in the Netherlands and in other countries as well.

是的。所以我們先前談到德國時，實際上是說我們在3月和4月看到一些強勁表現，但同時 Nexus 也為我們開啟了一個新的細分市場，約占市場的50%，也就是大型住宅。以及10千瓦以上的大型安裝。我們也看到在荷蘭以及其他國家，針對既有已安裝客戶基礎的加購升級需求正在增加。

In the Netherlands, it's more pronounced, obviously, because of the very large installed base that we have and the benefits that homeowners over there are going to have if they do that ahead of the January 1 expiration of the feed-in tariff.

在荷蘭，這種情況更為明顯，原因很明顯是我們擁有非常龐大的已安裝基礎，而且當地屋主若能在1月1日躉購費率到期之前提前採取行動，將可獲得相應的好處。

We also see in Italy, we have a strength in the commercial storage. So as we mentioned in the previous call, we have focused our energy attention and go-to-market motion into, I would say, 10 countries in Europe, and in all of them, we are seeing that the demand is picking up, and there is interest in partnering with SolarEdge.

我們在義大利也看到商用儲能的強勁需求。因此如同我們在上一通電話會議中提到的，我們把能源相關的投入與市場推進策略聚焦在歐洲大約10個國家；在所有這些國家，我們都看到需求正在回升，且市場對與 SolarEdge 合作有興趣。

One thing, one other segment that we can actually address with Nexus that we didn't mention before is the new build. In different countries, in different states actually, in the U.S. as well, there are incentives for builders if they do include the system over there. And there is a variation of Nexus that is actually very attractive for that segment of the market as well.

另外還有一個我們其實可以透過 Nexus 來切入、但之前沒有提到的細分市場，就是新建案。在不同國家、甚至在美國不同州，若建商把系統納入建案中，會有相應的獎勵措施。而 Nexus 也有一個變體版本，對該市場細分同樣非常有吸引力。

Colin Rusch, Oppenheimer & Co Inc.

Colin Rusch，Oppenheimer & Co Inc.

Thanks so much, guys. Could you talk about remaining inventory in the channel that you guys still see clearing out or any of that may be a little bit of equity over the next couple of quarters?

非常感謝，各位。你們能談談通路端剩餘庫存的情況嗎？你們是否仍看到庫存持續出清，或未來幾季是否可能還會有一些庫存壓力？

Yeah. Thank you, Colin. So as we said in previous calls, the vast majority of our distributors in Europe have already resumed normal levels of inventory. And as days of inventory in the channel is a result of the amount of inventory divided by the sales. And when sales are picking up, actually, what you're seeing is that the days of inventory, by definition, are going down.

是的。謝謝你，Colin。如同我們在先前幾次電話會議中所說，我們在歐洲的絕大多數經銷商已經恢復到正常的庫存水位。而通路庫存天數是由庫存量除以銷售量所決定。當銷售回升時，你會看到庫存天數在定義上就會下降。

So that situation has not changed, if at all, it's even improved a little bit, but as we said before, when we talk about normalized levels of inventory, they'll give and takes, ins and outs, et cetera. Sometimes one distributor can have a bit too much and another distributor can have a bit too little. So when we look at it from a market perspective, from a company's perspective, our channel inventory is normalized.

所以這個情況沒有改變；如果有的話，甚至還略有改善。但如同我們之前所說，當我們談到「正常化」的庫存水位時，仍會有一些增減、進出等波動。有時某個經銷商可能庫存稍多，另一個經銷商可能庫存稍少。因此從市場角度、公司角度來看，我們的通路庫存是正常化的。

And I'd like to emphasize that as we move into the single SKU concept, it will allow our distribution partners to carry much less inventory in order to fulfill the very same sales. Actually, one could say that to fulfill even more sales because they will have to have only one type of inverter for the single-phase or for the three-phase, as an example, or for the C&I.

我也想強調，隨著我們推進單一 SKU 的概念，將使我們的通路夥伴為了完成相同的銷售而能夠持有更少的庫存。事實上，也可以說為了支援更多銷售也只需要更少庫存，因為例如單相、三相或工商業（C&I）等，他們只需要備一種逆變器型號即可。

And that will support different levels of power, as opposed to the four or five different skills that they had to carry before. And we are working with them through this transition. So hopefully, we'll see the channel inventory even becoming healthier in the future.

而它將支援不同的功率等級，而不是像以前那樣必須備四到五種不同的 SKU。我們正與他們一起推動這個轉換。因此希望未來通路庫存能變得更健康。

Excellent. And then following up on the data center opportunity, can you just give us a current status on where you're at from a product development perspective in terms of kind of subunits or subsystems within the product? How mature that is, where you're at with testing at this point, and when we could see a little bit more robust product announcement from you guys?

很好。接著追問資料中心的機會，你能否就產品開發的角度，談談目前進度：例如產品內部的子單元或子系統到什麼程度、成熟度如何、目前測試進展到哪裡，以及你們何時會發布更完整、更具體的產品公告？

Hi. Thanks for the question. Basically, what we're doing these days is preparing prototypes which we could share with hyperscalers and potential hyperscalers, NeoCloud's potential customers. We're planning on showing it off proof of concept towards the end of this year, so that we could then have pilot plans at their data centers throughout next year, leading to a ramp-up and mass deployment in 2028.

你好。謝謝你的問題。基本上，我們目前正在準備原型機，之後可以與超大規模業者（hyperscalers）以及潛在的超大規模業者、也就是 NeoCloud 的潛在客戶分享。我們計畫在今年年底左右展示概念驗證（proof of concept），接著在明年於他們的資料中心進行試點計畫，並在2028年導入放量與大規模部署。

Corinne Blanchard, Deutsche Bank.

Corinne Blanchard，德意志銀行。

Hey. Good morning, Tim. Thank you for taking my question. Maybe one thing I wanted to clarify. We have heard from some of your peers about price cut. Is it a strategy that you have also been implementing or that you intend to implement or are you in a different state of in the market?

嗨。早安，Tim。謝謝你回答我的問題。我想先釐清一點。我們聽到你們的一些同業提到降價。這是否也是你們正在採取或打算採取的策略？還是你們在市場上的狀態不同？

Yes. Thank you. So, we have not implemented the price cuts. And as I mentioned before, we believe that price value is reflected in the price. It's not necessarily a cost-plus model. And we believe that with the value that we bring to the customers that both in terms of the C&I side with the storage and the energy management over there and in the resi side with Nexus that has a much better performance in low power and high power versus competition.

是的。謝謝。所以，我們尚未實施降價。如我先前提到的，我們相信價格反映的是價值。它不一定是成本加成（cost-plus）的模式。我們相信，憑藉我們為客戶帶來的價值——無論是在工商業（C&I）端的儲能與能源管理，或是在住宅端的 Nexus（相較競品在低功率與高功率下都有更好的表現）——

We feel confident that we can gain share while keeping this premium over competition. At the same time, the market is dynamic, and if we see a need to change it, as I mentioned earlier, the Nexus and the products that are made in the U.S. allow us some room that are lower-cost products. And that will allow us some room to move if we need to.

我們有信心在維持相對於競品的溢價的同時，仍能提升市占。同時，市場是動態的；如果我們看到需要調整，如我先前所說，Nexus 以及在美國製造的產品，讓我們在成本較低的產品上有一些空間。若有需要，這也會讓我們有一定的調整餘地。

Thank you maybe another one on battery. I mean your battery shipments were pretty strong this quarter especially again if we compare versus some of your peer. Can you just talk again how do you view that trying to continue for the rest of the year and maybe if you have a different view Europe versus the US that would be helpful. Thank you.

謝謝。再問一個關於電池的問題。你們本季的電池出貨相當強勁，尤其是與一些同業相比。你能再談談你們如何看待這種趨勢在今年剩餘時間的延續性嗎？另外若能分享你們對歐洲與美國的看法是否不同，也會很有幫助。謝謝。

Yes. So, generally speaking, and talking about the market in general, you see a tax rate of storage to PV going up and to the right. I would say, in almost every segment and almost every state or country. Some of them are very advanced. In some places, they have more than 90% attack rate, like NEM3 installations in California, and some of them are still early on in their advancement toward higher attack rates.

是的。一般來說，從整體市場來看，你會看到儲能相對於光伏（PV）的搭配滲透率（attach rate）持續上升、往右上走。我會說幾乎在每個細分市場、每個州或每個國家都是如此。有些地區非常成熟。有些地方的搭配率已超過90%，例如加州的 NEM3 安裝；也有些地區仍處於提升搭配率的早期階段。

So, having a battery -- you can have a battery as a stand-alone as well, our C&I battery can be a stand-alone as well, but the combination of PV plus battery allows in a dynamic rate environment. It allows for a much higher return on investment if it's managed well, and I'll give you just one example.

因此，配置電池——你也可以只裝電池作為獨立系統，我們的工商業（C&I）電池也可以獨立運作——但在動態電價環境下，PV 加電池的組合如果管理得當，能帶來更高的投資報酬率（ROI）。我舉一個例子。

At noon, the rates are very low or sometimes negative. And at night, the rates are high. It would make sense that you charge the battery from the solar during lunchtime. And then when the night comes, and it's peak hour and the rate is high, you'd use the battery in order to power your house or your business.

中午時段電價很低，有時甚至是負電價。而到了晚上，電價就很高。因此合理的做法是在中午用太陽能為電池充電。接著到了晚上尖峰時段、電價較高時，再用電池為你的住宅或企業供電。

And that's required, it's not that sophisticated the way I explained it. In some cases, it becomes a little bit more sophisticated because we need to predict what the solar production is going to be next day and what the rates are. But having that system in place actually increases the ROI quite significantly.

而這是必要的；我剛才的說法其實並不複雜。在某些情況下會更複雜一些，因為我們需要預測隔天的太陽能發電量以及電價走勢。但把這套系統建置起來，確實能相當顯著地提升 ROI。

And the benefit that SolarEdge has, we mentioned it earlier as well, is higher efficiency in low power. And most people don't realize it, but most of the time, their houses are operating on one or two kilowatts and even less. And the round-trip efficiency of SolarAge Nexus is higher than competition on that regard as well.

SolarEdge 的優勢之一（我們先前也提到過）是在低功率下具備更高的效率。多數人沒有意識到，但大部分時間他們的住家用電其實只在一到兩千瓦，甚至更低。而 SolarAge Nexus 的往返效率在這方面也高於競爭對手。

Maheeo Mandloi, Mizuho.

Maheeo Mandloi，瑞穗。

Thanks for the question. Maybe just in the U.S. Solar market, how much of the guidance in Q2 kind of combat that or U.S. market in general? And how to think about the progress here in Q3, Q4 for solar specifically outside of the Nexus platform?

謝謝這個問題。或許就美國太陽能市場而言，第二季指引中有多少是用來因應那個情況，或是整體美國市場的影響？另外，針對太陽能（特別是 Nexus 平台以外的部分），該如何看待第三季、第四季的進展？

Yes. So thank you, Maheeo. And if I understood you correctly, you're asking about how does the RESI U.S. Market dynamics. How are they affecting our Q2 guidance?

是的。所以謝謝你，Maheeo。如果我理解正確，你是在問美國住宅（RESI）市場的動態。它們如何影響我們第二季的指引？

Yeah. As in RESI and commercial combined, yeah, but just trying to understand the mix for U.S. in Q2 and how to think about that in Q4?

對。住宅和商用合併來看，是的，但我主要想了解第二季美國的組合（mix），以及該如何看待第四季？

Yeah. So obviously, as we said, the RESI market in the U.S. started the year slower than anticipated even because of the slowdown in tax equity investment. We hope that this situation is resolved one way or another in the coming months, and then we believe that the market is going to be stronger.

是的。所以很明顯，如我們所說，美國住宅市場今年開局比預期更慢，甚至是因為稅務股權（tax equity）投資放緩所致。我們希望未來幾個月這個情況能以某種方式獲得解決，然後我們相信市場會更強勁。

For Q2, we didn't assume that the market is going to be stronger. On the C&I side, the market continues to be in a good shape. And we are seeing, as we said earlier, we are seeing structural change that is leading toward our share, and we expect that to continue actually.

在第二季，我們並沒有假設市場會轉強。在工商業（C&I）端，市場仍維持良好狀態。而且如我們先前所說，我們看到結構性變化正推動市占率朝向我們，我們也預期這種趨勢會持續。

And I think, hi, good morning. I think you also asked about to give some color beyond Q2. So as we do not provide guidance beyond the next quarter. With that, what we can say and what we believe is that we do have an opportunity to continue growing, certainly in Q3, supported by our market share momentum, the continual rollout of Nexus, the introduction of the new C&I battery storage solution and all of these things that Shuki mentioned. So that's as much as color that we can provide for the longer-term.

另外，我想，嗨，早安。我想你也問到希望我們提供第二季以後的一些補充說明。由於我們不提供下一季以外的指引。在此情況下，我們能說、也相信的是：我們確實有機會持續成長，當然在第三季也是如此，成長動能來自我們市占率的延續、Nexus 的持續推廣、新的 C&I 電池儲能解決方案的推出，以及 Shuki 提到的所有這些事項。所以，這就是我們能對較長期提供的補充說明。

Thank you. Appreciate it.

謝謝。感謝。

Vikram Bagri, Citi.

Vikram Bagri，花旗。

Good morning, everyone. I wanted to go back to the challenges faced by customers in the US. I was wondering how much stress are you seeing in the US market? We have one bankruptcy announced and one doubtful experience. We have a fair idea about who it might be.

各位早安。我想回到美國客戶所面臨的挑戰。我想了解你們在美國市場看到多大的壓力？我們看到有一家宣布破產，還有一家情況存疑。我們大概知道可能是誰。

Are you seeing the situation get worse due to capital cost and availability issues? Is this stress something that you foresee could accelerate after Safe Harbor exploration? And I ask because you saw this Freedom Forever issue, things like coming from a mile away and you managed the balance sheet very well. I was wondering how many more customers are you monitoring for such issues? Is that a meaningful number?

由於資本成本與資金可得性問題，你們是否看到情況惡化？你們是否預期在 Safe Harbor 探索之後，這種壓力可能加速？我之所以這樣問，是因為你們之前看到 Freedom Forever 的問題，很多跡象其實很早就看得出來，而你們也把資產負債表管理得很好。我想知道你們還在監控多少其他客戶是否有類似問題？那個數量是否具有意義？

So maybe I'll start, and then we can provide some more business market indications. We have a very solid team here, Treasury, and we always, of course, look and review, and we have set the processes, procedures to ensure we manage our customers' credit very well. I think that beyond this, thank God, we don't see major exposure, not in the U.S or I would say globally.

我先回答，之後我們也可以再提供一些業務與市場面的指標。我們這裡有一個非常扎實的團隊（財務／資金管理 Treasury），我們當然會持續檢視與審核，也已建立流程與程序，以確保我們能非常妥善地管理客戶信用風險。我認為除此之外，感謝上天，我們看不到重大的曝險，不論是在美國或我會說在全球。

Of course, from time to time, things may change and sometimes you have unexpected surprises. But generally, I would say, we don't see significant exposure related to any of our significant or major customers globally.

當然，情況可能不時會改變，有時也會出現意料之外的驚訝。但整體而言，我會說，我們在全球範圍內，對任何重要或主要客戶都沒有看到顯著的曝險。

Yes. I just would add to that as we said earlier, we -- the market dynamics are right now, there is the concern about a slowdown of tax equity investment. We believe that the underlying demand for solar plus storage systems exists. It does add value to many homeowners around the U.S. The TPOs and other providers are going to find a way to deliver that value to these customers.

是的。我只想補充：如我們先前所說，目前的市場動態是大家擔心稅務股權（tax equity）投資放緩。我們相信太陽能加儲能系統的基本需求仍然存在。它確實能為全美許多屋主帶來價值。第三方持有（TPO）與其他供應商會找到方法，把這個價值交付給這些客戶。

And if whether it will be with this type of investors or other types, we believe that they will find a way. And once they do, once the market rebounds, SolarEdge is very well positioned to benefit from it. We are the natural partner for the TPOs. The battery, the increased touch rate for batteries and solar is something that plays to our strength. So we are, when we look, beyond the current quarter, we believe that we can see the growth resumes.

至於會是透過這類投資人或其他類型的投資人，我們相信他們會找到方法。而一旦他們找到方法、當市場反彈時，SolarEdge 將處於非常有利的位置來受惠。我們是 TPO 的天然合作夥伴。電池，以及太陽能搭配電池的更高採用率（touch rate），都是我們的強項。因此，當我們把視角放到本季之後，我們相信成長會恢復。

And then switching gears, are you on track to onshore residential inverted and optimized production to the US by 2Q? And I think the target was mid-year, if you can update us about the timing since it's a meaningful driver of 45 benefits, and hence the gross margins. Trying to understand how much of that onshoring is baked into second quarter guidance and how much of that shows up in third quarter? Thank you.

另外換個話題，你們是否仍按計畫在第二季前把住宅用逆變器與優化器的生產移回美國（onshore）？我記得目標是年中，如果可以的話請更新一下時程，因為這是 45X（稅額抵減）效益的重要驅動因素，進而影響毛利率。我想了解第二季指引中已納入多少這部分的在地化生產，以及有多少會在第三季反映出來？謝謝。

Yes. So onshoring of manufacturing, and we said it before, we've ramped up our manufacturing. We have a manufacturing facility through our partners. We're working with JBL and Flex. So with our partners, we have manufacturing facilities in Tampa in Florida, in Austin, Texas, and in Salt Lake City, and all three manufacturing facilities are already ramped.

是的。關於製造在地化（onshoring），我們之前也說過，我們已經把製造產能拉升。我們透過合作夥伴設有製造設施。我們與 JBL 和 Flex 合作。因此，透過合作夥伴，我們在佛羅里達州坦帕、德州奧斯汀，以及鹽湖城都有製造基地，而這三個製造基地都已完成產能爬坡。

US demand was actually served by domestic manufacturing since last year. And as we said in our previous call, we started exporting US-made products to Europe and to Asia, and we're continuing in that trend, going into the second quarter. At this stage, I would say for inverters and optimizers, more than 90% of our production is made in the U.S.

自去年起，美國需求實際上就已由國內製造供應。而且如我們在上一通電話會議所說，我們已開始把美國製造的產品出口到歐洲與亞洲，並在進入第二季時持續這個趨勢。在目前階段，我會說就逆變器與優化器而言，我們超過 90% 的產量是在美國製造。

Thank you. At this time, we've reached our allotted time for questions. I'll now turn the call back to Shuki Nir for closing remarks.

謝謝。目前我們已到達提問時間上限。我現在把電話會議交回給 Shuki Nir 作結語。

Yes. Thank you for your interest in SolarEdge and joining our call today. I would also like to thank the SolarEdge team for their continued commitment, and we look forward to updating you in future quarters. Thank you very much.

是的。感謝各位對 SolarEdge 的關注並參與今天的電話會議。我也要感謝 SolarEdge 團隊持續的投入與承諾，我們期待在未來幾季向各位更新進展。非常感謝。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝各位的時間與參與。各位現在可以掛線。