SolarEdge Technologies, Inc. (SEDG) 2026 Q2 法說會逐字稿

Hello, and welcome to the SolarEdge conference call for the second quarter ended June 30, 2026. This call is being webcast live on the company's website at www.solaredge.com in the Investors section on the Events Calendar page.

大家好，歡迎參加 SolarEdge 截至 2026 年 6 月 30 日止第二季的電話會議。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.

本次電話會議為 SolarEdge 之專屬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。

I would now like to turn the call over to Erica Mannion at Sapphire Investor Relations. Please go ahead.

現在我想將電話會議交給 Sapphire Investor Relations 的 Erica Mannion。請開始。

Good morning, and thank you for joining us to discuss SolarEdge's operating results for the second quarter, June 30, 2026, as well as the company's outlook for the third quarter of 2026. With me today are Shuki Nir, Chief Executive Officer; Maoz Sigron, Chief Financial Officer; and Meir Adest, Co-Founder of SolarEdge.

各位早安，感謝各位加入我們，一同討論 SolarEdge 截至 2026 年 6 月 30 日止第二季的營運成果，以及公司對 2026 年第三季的展望。今天與我一同出席的有執行長 Shuki Nir、財務長 Maoz Sigron，以及 SolarEdge 共同創辦人 Meir Adest。

Shuki will begin with a brief review of the results for the second quarter ended June 30, 2026. Moz will review the financial results for the second quarter, followed by the company's outlook for the third quarter of 2026. We will open the call for questions. 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.

Shuki 將先簡要回顧截至 2026 年 6 月 30 日止第二季的業績。Maoz 將說明第二季的財務結果，並接續提供公司對 2026 年第三季的展望。之後我們將開放提問。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出現重大差異。

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. We disclaim any obligation to update any forward-looking statements. Please note, during this earnings call, we may refer to certain non-GAAP measures, which are not measures prepared in accordance with US GAAP.

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）提交之文件中所載的「安全港」聲明，以更完整了解相關風險與不確定性。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一般公認會計原則（US GAAP）編製之衡量指標。

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. 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 US GAAP. Listeners who do not have a copy of the quarter ended June 30, 2026, press release may obtain a copy by visiting the Investor Relations section of the company's website.

我們之所以呈列非 GAAP 指標，是因為我們相信其可為投資人提供一種評估與理解公司管理層如何評估公司營運表現的方法。相關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。非 GAAP 指標不應被孤立看待，亦不應作為、替代或優於依 US GAAP 編製之財務衡量指標。未持有截至 2026 年 6 月 30 日止季度新聞稿之聽眾，可造訪公司網站之投資人關係專區取得副本。

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. On our last call, I discussed how 2026 would be a year of transformation and acceleration for the company, built around four main priorities: driving profitable growth, expanding global market share, scaling the SolarEdge Nexis platform, and advancing our opportunity in power infrastructure for the AI factories of the future.

謝謝你，Erica。各位早安，感謝今天加入我們的電話會議。在上一次電話會議中，我談到 2026 年將是公司轉型與加速的一年，圍繞四大優先事項：推動獲利性成長、擴大全球市占率、擴大 SolarEdge Nexis 平台規模，以及推進我們在未來 AI 工廠電力基礎設施領域的機會。

This quarter, we saw tangible progress across each of these priorities, and I'm pleased to say that we reached an important milestone in our turnaround. Starting with our execution towards profitable growth. Since the beginning of 2025, we have grown our quarterly revenue year-over-year and have just delivered a strong second quarter. Revenue grew 20% year-over-year to $346 million, once again, with no significant pull forward of revenue and non-GAAP gross margin expanded for the sixth consecutive quarter.

本季，我們在上述每一項優先事項上都看到具體進展，我也很高興地表示，我們在扭轉局勢方面達成了一個重要里程碑。先從我們在獲利性成長方面的執行談起。自 2025 年初以來，我們的季度營收已連續呈現年增，並剛交出強勁的第二季表現。營收年增 20% 至 3.46 億美元；同樣地，並未出現顯著的提前認列營收（pull forward），且非 GAAP 毛利率已連續第六季擴張。

Combined with our continued expense discipline, we delivered non-GAAP operating profitability for the first time in nearly three years, an important milestone in our transformation and a reflection of the relentless focus our team has maintained on operational efficiency and customer centricity.

再加上我們持續嚴守費用紀律，我們在近三年來首次實現非 GAAP 營業獲利，這是我們轉型的重要里程碑，也反映出團隊對營運效率與以客戶為中心的堅定專注。

Looking to the third quarter, we expect revenue to be in the range of $310 million to $340 million. Most of the sequential decline is expected in Europe at approximately $15 million at the midpoint, mainly due to seasonality. At the same time, given the continued softness in the market, we do not expect the typical third quarter pickup in the US.

展望第三季，我們預期營收將落在 3.10 億至 3.40 億美元之間。按季下滑的大部分預計來自歐洲，以中位數估算約為 1,500 萬美元，主要由於季節性因素。同時，鑑於市場持續疲弱，我們預期美國市場不會出現典型的第三季回升。

Shifting to our second priority, market share gains. Our objective in 2026 has been to grow market share through product innovation, operational focus, and improved customer satisfaction. The US resi market demand remained soft in the second quarter as customers navigated a slower tax equity funding environment and continued uncertainty around FEOC. This environment has resulted in less funds available to start new projects and to pay for the completion of existing ones.

接著談第二項優先事項：市占率提升。我們在 2026 年的目標，是透過產品創新、營運聚焦與提升客戶滿意度來擴大市占。第二季美國住宅（resi）市場需求仍偏疲弱，因客戶正面對較慢的稅務股權（tax equity）資金環境，以及對 FEOC 的持續不確定性。此一環境導致可用資金減少，影響新專案啟動，以及既有專案完工款項的支付。

It has put a strain on installers' businesses and cash flows and led to lower purchases from distributors, who have also reduced the amount of inventory they carry. We expect this softness to continue in the third quarter as the market awaits further clarity and better funding environment. With that said, when the market rebounds, we believe we are well positioned to gain share. This is due to our fit with the TPO business model and the amount of safe harbor transactions closed ahead of the July 4 deadline. We will share more information about the safe harbor transactions in both resi and C&I during our Investor Day on September 10th.

這使安裝商的業務與現金流承受壓力，並導致通路商採購量下降；通路商也降低其持有的庫存水位。我們預期在市場等待更明確訊息與更佳資金環境之際，這種疲弱狀況將延續至第三季。不過，我們相信當市場反彈時，我們具備良好條件以提升市占。這主要歸因於我們與 TPO 商業模式的契合度，以及在 7 月 4 日截止日前完成的安全港（safe harbor）交易數量。我們將在 9 月 10 日的投資人日（Investor Day）分享更多關於住宅與工商業（C&I）安全港交易的資訊。

In US C&I, we have seen strong momentum. Better execution across EPCs, small C&I customers, and enterprise accounts has helped increase our market share to more than 50% of US C&I rooftop installations in the most recent report. In addition, SolarEdge systems now installed on rooftops of more than 60% of Fortune 100 companies. The outlook for this market remains positive, supported by rising electricity prices and data center-driven demand. We have been the only major C&I inverter vendor to deliver US-manufactured products at scale designed to meet domestic content, non-FEOC, and FCC Covered List requirements. Together with the safe harbor agreements we have secured, we believe that we can gain further share in the coming years.

在美國工商業（C&I）市場方面，我們看到強勁動能。在 EPC、小型 C&I 客戶與企業級客戶方面更佳的執行力，已協助我們在最新報告中將市占率提升至美國 C&I 屋頂安裝量的 50% 以上。此外，SolarEdge 系統目前已安裝於超過 60% 的《財富》100 強公司屋頂上。在電價上升與資料中心帶動需求的支撐下，該市場展望仍然正向。我們一直是唯一能以規模交付美國製造產品的主要 C&I 逆變器供應商，且產品設計可符合國產內容（domestic content）、非 FEOC 以及 FCC Covered List 的要求。結合我們已取得的安全港協議，我們相信未來幾年仍可進一步提升市占。

In Europe, we more than doubled our revenue year-over-year as demand for solar grew in anticipation of higher electricity prices, and demand for storage increased in anticipation of the phase-out of net metering across several major markets. We believe the excitement around Nexis, along with the orders we have received in recent months, are positive indicators of our ability to gain share in the DACH region in the coming quarters. We expect a similar momentum across Europe with the planned rollout of the single-phase Nexis in Q1 2027.

在歐洲，隨著市場預期電價上升而帶動太陽能需求成長，以及多個主要市場預期將逐步取消淨計量（net metering）而推升儲能需求，我們的營收年增超過一倍。我們認為市場對 Nexis 的熱度，加上近幾個月收到的訂單，都是我們在未來幾季於 DACH 地區提升市占能力的正面指標。隨著計畫於 2027 年第一季推出單相（single-phase）Nexis，我們預期歐洲各地也將出現類似動能。

In addition, in recent quarters, we have launched retrofit campaigns in the Netherlands and the DACH region, where our combined installed base is greater than 1 million homes. In Q2, we generated more than $20 million in upsell activities, and we expect this opportunity to continue growing.

此外，近幾季我們已在荷蘭與 DACH 地區啟動汰換升級（retrofit）推廣活動，兩地合計的既有安裝基礎已超過 100 萬戶家庭。在第二季，我們透過加購／升級銷售（upsell）活動創造超過 2,000 萬美元營收，且我們預期此一機會將持續成長。

Turning to our third priority, scaling the Nexis platform. At Intersolar Europe in Germany this June, the highlight for us was the fantastic feedback we received from installers about Nexis. As discussed in previous calls, the platform was designed from the ground up to be a leading PV and storage solution in an environment where the grid is congested and utilities introduce dynamic tariffs.

接著談第三項優先事項：擴大 Nexis 平台規模。今年 6 月在德國舉行的 Intersolar Europe 展會上，對我們而言最亮眼的是安裝商對 Nexis 所給予的極佳回饋。如同先前電話會議所述，該平台自零開始設計，旨在於電網壅塞、且公用事業導入動態電價（dynamic tariffs）的環境中，成為領先的光伏（PV）與儲能解決方案。

Recently, an independent renewable energy engineering consultant benchmarked Nexis against a leading competitor in Europe from the homeowner's perspective. The analysis shows that Nexis is expected to deliver EUR5,000 in additional savings over 15 years, driven by superior round-trip efficiency across all power levels and higher PV production. In the second quarter, we began to meaningfully roll out the three-phase version of Nexis in Europe, with shipments exceeding $60 million.

近期，一位獨立的再生能源工程顧問從屋主角度，將 Nexis 與歐洲一家具領先地位的競爭對手進行了基準比較。分析顯示，受惠於在各功率等級下更優異的往返效率以及更高的光伏（PV）發電量，預期 Nexis 在 15 年內可額外帶來 5,000 歐元的節省。在第二季，我們開始在歐洲實質推進 Nexis 三相版本的導入，出貨金額超過 6,000 萬美元。

In the US, initial feedback from installers and TPOs has been very positive, and we expect Nexis installations to grow as we begin to roll out in volume. Nexis has been approved on a growing list of US financing platforms, spanning TPO, prepaid PPA, and loan products, giving installers and homeowners more ways to access SolarEdge Nexis regardless of how they choose to finance.

在美國，安裝商與第三方擁有者（TPO）的初步回饋非常正面，隨著我們開始進行量產導入，預期 Nexis 的安裝量將成長。Nexis 已獲得越來越多美國融資平台的核准，涵蓋 TPO、預付 PPA 與貸款產品，讓安裝商與屋主不論選擇何種融資方式，都有更多途徑取得 SolarEdge Nexis。

Turning to our fourth priority in the AI factory market, where we believe there is a substantial long-term opportunity. In the second quarter, our data center business shifted from development to demonstration as we continue to advance our solution and to engage with prospects and the ecosystem. Prospective customers, which importantly included their technical and engineering teams, had the opportunity to see live demonstrations of our SST in our labs. These demonstrations validated several critical elements of the system, including 99% efficiency across a range of power levels, direct conversion from medium voltage AC to a regulated DC bus, and encouraging installation results. In a number of RFIs we have responded to, efficiency is a key area of focus.

接著談我們在 AI 工廠市場的第四項優先事項，我們相信這裡存在可觀的長期機會。第二季，我們的資料中心業務從開發階段轉向展示階段，持續推進解決方案並與潛在客戶及生態系互動。潛在客戶（重要的是包含其技術與工程團隊）有機會在我們的實驗室觀看 SST 的現場展示。這些展示驗證了系統的多項關鍵要素，包括在一系列功率等級下達到 99% 的效率、由中壓交流電直接轉換為受控的直流匯流排，以及令人鼓舞的安裝成果。在我們回覆的多項 RFI 中，效率是關注的重點領域。

Efficiency directly translates into greater compute capacity within a fixed power envelope, and this additional compute leads to higher revenue, lower cost per token, and improved return on investment for the data center. Our technical progress and customer evaluations and feedback have increased our confidence in both the size of this opportunity and the strength of our position.

效率可直接轉化為在固定電力上限下更高的運算容量，而這些額外的運算能力可為資料中心帶來更高營收、更低的每 token 成本，以及更佳的投資報酬率。我們的技術進展以及客戶評估與回饋，提升了我們對此機會規模與我們競爭地位強度的信心。

We believe SolarEdge is developing a highly differentiated solution that addresses the growing need for greater power efficiency and increased compute capacity within data centers. We remain focused on our next planned milestones, getting to a working system in our lab by the end of this year, followed by pilot installations in 2027 and volume shipments in 2028.

我們相信 SolarEdge 正在開發一套高度差異化的解決方案，可滿足資料中心對更高電力效率與更大運算容量日益成長的需求。我們仍聚焦於下一階段既定里程碑：在今年底前於實驗室完成可運作的系統，接著於 2027 年進行試點安裝，並於 2028 年開始量產出貨。

To summarize, the second quarter marked a meaningful point in our turnaround. We returned to non-GAAP operating profitability and made progress in all four priorities. While we are pleased with this progress, our team continues to focus on maintaining the operating and financial discipline, driving profitable growth, gaining share in our core markets, scaling up the Nexis platform, and advancing our SST to capture the AI factory opportunity.

總結來說，第二季是我們扭轉局勢過程中的一個重要節點。我們恢復至非 GAAP 營運獲利，並在四項優先事項上皆取得進展。儘管我們對這些進展感到欣慰，團隊仍將持續專注於維持營運與財務紀律、推動獲利性成長、在核心市場提升市占、擴大 Nexis 平台規模，以及推進 SST 以掌握 AI 工廠的機會。

Lastly, I would like to welcome our new CFO, Maoz. His experience across finance, operations, capital markets, and organizational transformation is highly relevant as we continue our journey from turnaround to profitable growth. I am confident that his leadership, together with the strength of our finance organization, will serve us well as we enter this next phase.

最後，我想歡迎我們的新任財務長（CFO）Maoz。他在財務、營運、資本市場與組織轉型方面的經驗，與我們持續從扭轉局勢邁向獲利性成長的旅程高度相關。我相信在他的領導下，加上我們財務組織的實力，將能在進入下一階段時為我們帶來很大助益。

With that, I will hand it over to Maoz.

接下來我把時間交給 Maoz。

Thank you, Shuki, and good morning, everyone. I am very pleased to join SolarEdge and to speak with you today on my first earnings call as CFO of the company. I'm excited about the opportunities ahead in residential and C&I, as well as the vast emerging opportunity in AI factories. I have spent time with teams across the organization, and I've been impressed by the extent of the company's technology, the quality of its people, and the operational discipline that has been established.

謝謝你，Shuki，各位早安。我很高興加入 SolarEdge，並在今天以公司財務長身分首次參與財報電話會議與各位交流。我對住宅與商用及工業（C&I）領域的機會，以及 AI 工廠龐大且新興的機會感到振奮。我已與公司各部門團隊交流，對公司技術的深度、人才的素質，以及已建立的營運紀律印象深刻。

My immediate priorities are continuity and execution, including, first, supporting profitable growth of our core business by ensuring our investment in Nexis and in our offering in the AI factory market are aligned with clear milestones and returns. Second, focusing on operational excellence by driving cost discipline and cost structure while strengthening execution rigor across manufacturing and the supply chain. Third, managing cash by prioritizing free cash flow generation, maintaining a strong balance sheet and liquidity position.

我近期的優先事項是延續性與執行力，包括：第一，透過確保我們對 Nexis 以及 AI 工廠市場產品的投資與明確的里程碑與報酬相一致，來支持核心業務的獲利性成長。第二，聚焦營運卓越，推動成本紀律與成本結構優化，同時強化製造與供應鏈的執行嚴謹度。第三，管理現金，優先提升自由現金流，維持強健的資產負債表與流動性水位。

Starting with our quarterly results. GAAP revenue for the second quarter was $346.2 million, up 11.5% quarter-over-quarter and 19.6% year-over-year. Non-GAAP revenue was $345.5 million, up 11.5% quarter-over-quarter and 23% year-over-year, above the midpoint of our guidance range. This result does not include any significant pull forward of revenue from safe harbor. GAAP revenue from the US amounted to $154.9 million, down 2% quarter-over-quarter, and representing 44.7% of our revenue. Revenue from Europe was $154.4 million, up 36% quarter-over-quarter, representing 44.6% of our revenue. International market revenue was $36.9 million, down 5% quarter-over-quarter, representing 10.7% of our revenue.

先從本季業績開始。第二季 GAAP 營收為 3.462 億美元，季增 11.5%，年增 19.6%。第二季非 GAAP 營收為 3.455 億美元，季增 11.5%，年增 23%，高於我們財測區間的中位數。此結果未包含任何來自 safe harbor 的顯著提前認列營收。美國 GAAP 營收為 1.549 億美元，季減 2%，占總營收 44.7%。歐洲營收為 1.544 億美元，季增 36%，占總營收 44.6%。國際市場營收為 3,690 萬美元，季減 5%，占總營收 10.7%。

GAAP gross margin was 27.5% this quarter, compared to 22% in the first quarter and 11.1% in the second quarter of last year. Non-GAAP gross margin was 28.6% this quarter, compared to 23.5% in the first quarter and 13.1% in the second quarter of last year, above the high end of our guidance range. These results include a gross benefit of $13.3 million related to IEEPA tariff refunds. The improvement was driven by continued cost discipline, favorable product mix, the IEEPA refunds, and the improved operational leverage as fixed costs were absorbed over higher volume. GAAP operating expenses for the second quarter were $111.2 million, compared to $123.3 million in the first quarter and$147.6 million in the second quarter of last year.

本季 GAAP 毛利率為 27.5%，相較第一季的 22% 以及去年第二季的 11.1%。本季非 GAAP 毛利率為 28.6%，相較第一季的 23.5% 以及去年第二季的 13.1%，高於我們財測區間的上緣。上述結果包含與 IEEPA 關稅退稅相關的 1,330 萬美元毛利正向貢獻。毛利率改善主要來自持續的成本紀律、有利的產品組合、IEEPA 退稅，以及在更高出貨量下吸收固定成本所帶來的營運槓桿提升。第二季 GAAP 營業費用為 1.112 億美元，相較第一季的 1.233 億美元以及去年第二季的 1.476 億美元。

Non-GAAP operating expenses for the second quarter were $88.5 million, the exact midpoint of our guidance range, compared to $97.7 million in the first quarter and $85.2 million in the second quarter of last year. Despite the continued headwinds we face from a strengthening new Israeli shekel against the US dollar, we are maintaining our ongoing cost control and leveraging efficiency measures to ensure profitable growth.

第二季非 GAAP 營業費用為 8,850 萬美元，正好落在我們財測區間的中位數，相較第一季的 9,770 萬美元以及去年第二季的 8,520 萬美元。儘管我們仍面臨新以色列謝克爾兌美元走強所帶來的持續逆風，我們仍維持既有的成本控管，並運用效率提升措施以確保獲利性成長。

GAAP operating losses for the second quarter were $16 million, compared to GAAP operating losses of $55 million in the first quarter and $115.5 million in the second quarter of last year. Non-GAAP operating income for the second quarter was $10.2 million, compared to non-GAAP operating losses of $24.8 million in the first quarter and $48.3 million in the second quarter of last year.

第二季 GAAP 營業損失為 1,600 萬美元，相較第一季 GAAP 營業損失 5,500 萬美元以及去年第二季 GAAP 營業損失 1.155 億美元。第二季非 GAAP 營業利益為 1,020 萬美元，相較第一季非 GAAP 營業損失 2,480 萬美元以及去年第二季非 GAAP 營業損失 4,830 萬美元。

Our GAAP net loss was $30.8 million in the second quarter compared to GAAP net losses of $57.4 million in the first quarter, and GAAP net losses of $124.7 million in the second quarter of last year. Our non-GAAP net income was $3.6 million in the second quarter, compared to a non-GAAP net loss of $26.3 million in the first quarter, and non-GAAP net loss of $47.7 million in the second quarter of last year, positive for the first time since the second quarter of 2023.

第二季 GAAP 淨損為 3,080 萬美元，相較第一季 GAAP 淨損 5,740 萬美元以及去年第二季 GAAP 淨損 1.247 億美元。第二季非 GAAP 淨利為 360 萬美元，相較第一季非 GAAP 淨損 2,630 萬美元以及去年第二季非 GAAP 淨損 4,770 萬美元，這是自 2023 年第二季以來首次轉正。

GAAP net loss per share was $0.50 in the second quarter, compared to a loss of $0.95 in the first quarter, and a loss of $2.13 in the second quarter of last year. Non-GAAP net profit per diluted share was $0.05 in the second quarter, compared to a loss of $0.43 in the first quarter, and a loss of $0.81 in the second quarter of last year.

第二季 GAAP 每股淨損為 0.50 美元，相較第一季每股淨損 0.95 美元以及去年第二季每股淨損 2.13 美元。第二季非 GAAP 稀釋後每股淨利為 0.05 美元，相較第一季每股淨損 0.43 美元以及去年第二季每股淨損 0.81 美元。

Turning now to our balance sheet. As of June 30, 2026, cash equivalent, and marketable securities were $601.6 million, up from $581.1 million as of December 31, 2025. During the second quarter, we generated $3.1 million of free cash flow, compared to $20.7 million in the first quarter, and a negative free cash flow of $9.1 million in the second quarter of last year. Our capital expenditure in the first half was $12 million. For the full year 2026, we continue to expect capital expenditure within the range of $60 million-$80 million with our principal investment areas remaining.

現在轉到我們的資產負債表。截至2026年6月30日，現金及約當現金與有價證券為6.016億美元，高於2025年12月31日的5.811億美元。第二季我們產生了310萬美元的自由現金流，相較第一季的2,070萬美元，以及去年第二季為負的910萬美元自由現金流。上半年資本支出為1,200萬美元。對於2026年全年，我們仍預期資本支出將落在6,000萬至8,000萬美元區間，主要投資領域維持不變。

First, increased production capacity in the US for both PV and batteries. Second, investment in our new headquarters in Israel, largely related to advanced R&D facilities. Third, investment related to our AI factory offering. And lastly, ongoing maintenance CapEx. We continue to expect positive free cash flow for the full year, reflecting our improving operating performance, continued discipline in managing expenses and capital investments, and our ongoing ability to monetize 45X credits.

第一，在美國擴增光伏（PV）與電池的產能。第二，投資我們位於以色列的新總部，主要與先進研發（R&D）設施相關。第三，與我們的 AI 工廠（AI Factory）產品方案相關的投資。最後，持續性的維護性資本支出（CapEx）。我們仍預期全年自由現金流為正，反映營運表現改善、在費用與資本投資管理上的持續紀律，以及我們持續將 45X 抵免變現的能力。

Turning to our working capital items. Our rigorous focus on cash management continued to yield positive results. In the second quarter, the net AR decreased once again, driven by strong collection, combined with lower DSO and higher DPO. Our conversion cycle continued to improve.

接著談我們的營運資金項目。我們對現金管理的嚴謹聚焦持續帶來正面成果。第二季，淨應收帳款（AR）再次下降，主要受強勁收款帶動，並結合較低的 DSO 與較高的 DPO。我們的轉換週期持續改善。

Turning now to our guidance for the third quarter of 2026. We expect revenue to be within the range of $310 million to $340 million. This range does not include any significant pull forward of revenue. We expect a non-GAAP gross margin of approximately 22% to 26%. This range does not include any impact from potential IEEPA refunds. We expect non-GAAP operating expenses of approximately $86 million to $91 million, in line with our second quarter run rate of $88.5 million, and reflecting continued discipline in our core operations and planned investment in Nexis and AI Factory SST.

現在轉到我們對2026年第三季的財測指引。我們預期營收將落在3.10億至3.40億美元區間。此區間不包含任何顯著的營收提前認列。我們預期非 GAAP 毛利率約為22%至26%。此區間不包含任何潛在 IEEPA 退款的影響。我們預期非 GAAP 營業費用約為8,600萬至9,100萬美元，與第二季8,850萬美元的執行水準一致，並反映我們在核心營運上的持續紀律，以及對 Nexis 與 AI Factory SST 的計畫性投資。

Including the $11.5 million of IEEPA refunds we have already received in July, the midpoint of our guidance imply a non-GAAP operating profit in the third quarter. We believe the combination of our operational discipline, market share gains, and introduction of new innovative products, including Nexis, will continue to drive profitable growth in the years ahead.

包含我們已於7月收到的1,150萬美元 IEEPA 退款後，我們指引中點意味著第三季將出現非 GAAP 營業利益。我們相信，營運紀律、市占率提升，以及包含 Nexis 在內的新創新產品導入的組合，將在未來幾年持續推動獲利性成長。

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

我現在把電話交給接線員，開放提問。接線員？

(Operator Instructions)

（接線員指示）

Christine Cho, Barclays.

Christine Cho，巴克萊（Barclays）。

Good morning. Thank you for taking the question. I wanted to start off with, so I understand, you gave some reasons for the top-line sequential decline. Can we talk about what's driving the lower sequential gross margins? If that's mostly driven by US, Europe, just any color on that as well.

早安。謝謝讓我提問。我想先確認一下，你們提到了一些營收逐季下滑的原因。我們能談談是什麼在驅動毛利率逐季走低嗎？這主要是由美國、歐洲所帶動，或是能否也提供一些相關背景說明。

So thank you for the question. Yes, the gross margin for Q3, we expected 24%. The main reason for that is the scale of the business that is different in Q3 and very much aligned with our fixed cost that we have in the cost of goods. And this is actually the main reason. If you take this out, you actually can see a small improvement quarter-over-quarter.

謝謝你的問題。是的，第三季的毛利率，我們預期為24%。主要原因是第三季的業務規模不同，而這與我們銷貨成本中所承擔的固定成本高度相關。這其實是主要原因。如果把這個因素排除，你其實可以看到毛利率較上季有小幅改善。

Okay. And then in the prepared remarks, you mentioned that with the current backdrop in the US, distributors are coming down on inventory. Do you have a sense of how many weeks they have on hand currently, and how that compares to how much they typically like to carry?

了解。另外在事先準備的講稿中，你提到在美國目前的背景下，經銷商正在降低庫存。你們是否掌握他們目前手上大概有多少週的庫存，以及這與他們通常希望維持的水位相比如何？

And I know you mentioned that you don't expect to see 3Q pickup in the US, but should we think that there's enough inventory in the channel that they can continue to come down in 4Q, and so it's possible that there's a sequential decline in 4Q as well? And how much of this is also being driven by people wanting to de-stock ahead of purchasing Nexis?

我知道你提到不預期美國在第三季會回升，但我們是否應該認為通路裡的庫存足以讓他們在第四季也持續去化，因此第四季也可能出現逐季下滑？另外，這當中有多少也可能是因為大家想在購買 Nexis 之前先去庫存（de-stock）所驅動？

Yeah. So thank you, Christine. How are you? For the channel inventory, as we said, due to the softness in the market, everybody is becoming a little bit more cautious and a little bit more careful. Our channel inventory, to the best of our knowledge, is normalized. It's moving between products and between distributors, both in Europe and the US, but overall, it's normalized. And we don't have a reason to believe that something is going to be materially different going into the quarter.

是的。謝謝你，Christine。你好嗎？關於通路庫存，如同我們所說，由於市場偏弱，大家都變得更謹慎、更小心。就我們所知，我們的通路庫存已回到正常水位。在歐洲與美國之間、以及不同產品與不同經銷商之間會有移動，但整體而言是正常化的。我們沒有理由相信進入本季後情況會出現實質性的不同。

We did mention that because in conversations with distributors and channel partners, they are stating that they are trying to be careful about how much inventory they bring, because it's not yet clear to everybody when the clarity around the FEOC definition is going to happen.

我們確實提到，因為在與經銷商與通路夥伴的對話中，他們表示正試圖謹慎控制進貨庫存量，因為對所有人而言，關於 FEOC 定義何時會明朗化仍不清楚。

Brian Lee, Goldman Sachs.

Brian Lee，高盛（Goldman Sachs）。

Hey. Thanks for taking the questions. Maybe just to kind of piggyback off of Christine's questions, how much -- for the 3Q guide, can you kind of walk us through the pieces? It sounds like you're calling out some European seasonality, some softness in the resi market for the US, and curious kind of what your view is embedded for storage volumes in the 3Q. And then how much of this sort of persists into 4Q? I know you don't want to give guidance, kind of the setup for European seasonality and the channel as well as US resi and storage into year-end.

嗨。謝謝讓我提問。或許延續 Christine 的問題，針對第三季指引，你能否帶我們拆解一下各個組成？聽起來你們提到一些歐洲的季節性因素、美國住宅（resi）市場的疲弱，也想了解你們對第三季儲能出貨量（volumes）在指引中所隱含的看法。另外，這些因素有多少會延續到第四季？我知道你們不想提供指引，但想請教一下歐洲季節性、通路狀況，以及美國住宅與儲能到年底的態勢。

Yeah. Thank you, Brian. So what we have is -- there are two or three factors that are in play here, and some of them are going in one direction and the others on the other one. If you think about seasonality, usually, the fourth quarter, we're not guiding for fourth quarter right now. Usually, fourth quarter is seasonally lower than Q3. However, going into the third quarter, what we said was that we expect Europe to go down in the midpoint, to go down by $15 million, mainly due to seasonality, and it's a combination of PV and storage.

是的。謝謝你，Brian。我們目前看到的是——這裡有兩到三個因素在作用，其中一些朝一個方向，另一些則朝相反方向。如果你想到季節性，通常第四季——我們現在不對第四季提供指引——通常第四季在季節性上會低於第三季。通常第四季季節性會比第三季更低。不過，進入第三季時，我們說過我們預期歐洲在中點將下滑1,500萬美元，主要是季節性所致，且是光伏（PV）與儲能的組合。

And in the US, softness in the resi, we expect it to continue, and again, it's both PV and storage. One thing that people may want to pay attention to is the growth of storage in the revenue, both in Q2, and then we expect that to, over time, without any particular quarter. Any particular quarter can be up or down a little bit, but overall, the industry is moving into higher attach rates of storage. We've seen it in the US, we've seen it in Germany, we've seen it in other places. And the retrofit activities in anticipation of the phase-out of feed-in tariffs, is also a main driver for storage when, in a retrofit installation, it's mostly storage. So all in all, we are expecting storage to become a bigger piece of our business. So that's the second piece.

而在美國，住宅市場的疲弱我們預期會持續，同樣涵蓋光伏（PV）與儲能。有一點大家可能需要留意的是，儲能在營收中的占比成長，無論在第二季已經看到，且我們預期隨時間推進會持續——不針對任何特定季度。任何特定季度可能會有些微上下波動，但整體而言，產業正朝向更高的儲能搭載率（attach rates）發展。我們在美國看到了，在德國看到了，也在其他地方看到了。此外，因應躉購費率（feed-in tariffs）逐步退場而提前進行的既有系統加裝（retrofit）活動，也是儲能的重要驅動因素，因為在 retrofit 安裝中，多數是儲能。因此總體而言，我們預期儲能將成為我們業務中更大的一部分。這是第二個部分。

The third piece is, you asked about what will happen in future quarters. As we said, it ties into clarity around the definition and the ability of the financing companies to secure investments, but then will actually allow additional money to flow into the market, into installers. And when that happens, we will see that the market rebounds. And when the market rebounds, we feel that we are very well-positioned to benefit from that. Our engagement with the TPOs, the safe harbors that we've signed, and the Nexis, with all of its advantages, we believe position us well to benefit from that.

第三點是，你問到未來幾個季度會發生什麼事。如同我們所說，這與定義的明確性以及融資公司取得投資的能力有關，但接著實際上會讓更多資金流入市場、流向安裝商。而當那發生時，我們將會看到市場反彈。而當市場反彈時，我們認為我們處於非常有利的位置可以從中受益。我們與TPO的合作、我們已簽署的安全港（safe harbor）安排，以及Nexis及其所有優勢，我們相信這些都讓我們處於良好位置以從中受益。

Helpful. I appreciate that. And then maybe just a second question. I know you've been clear for the past several quarters, including on this call, that there's no significant pull-forward revenue, no safe harbor. I'm just curious on that dynamic because I know your peer has seen a significant amount of safe harbor over the course of the entirety of 2026.

很有幫助。我很感謝。然後也許再問第二個問題。我知道你們在過去幾個季度一直很清楚地說，包括在這通電話上，沒有顯著的提前認列收入（pull-forward revenue），也沒有安全港。我只是好奇這個動態，因為我知道你們的同業在整個2026年期間看到相當大量的安全港。

So can you kind of walk us through what's the difference between your go-to-market or your safe harbor strategy or maybe customers as to why that's happening? And then also, maybe kind of in relation to that, any thoughts on the recent FCC foreign inverter ban, how does SolarEdge kind of fit into that? And do you need waivers? What's sort of the potential implications that you think that you have to contemplate? Thank you.

所以你們能否帶我們了解一下，你們的市場進入（go-to-market）或安全港策略，或是客戶方面有什麼不同，為什麼會出現這種情況？另外，也許相關地，對於近期FCC對外國逆變器的禁令，你們對此有何看法，SolarEdge在其中扮演什麼角色？你們需要豁免嗎？你們認為可能需要考量的潛在影響是什麼？謝謝。

Thank you, Brian. It was a little bit more than one question, so if I forget something, please remind me. When you refer to our peer and what they've done, you should definitely ask them. But in our conversations with our customers, with our partners, both on the C&I side and the resi side, their strong preference is obviously to go with the physical work test. The physical work test allows them to align their purchases with their demand, basically. So when they need the equipment, they are pulling it or they're buying it from us. That will align our revenue with their purchases, with their installations, and it's a healthier flow of the channel, if you will.

謝謝你，Brian。這有點不只一個問題，所以如果我漏掉了什麼，請提醒我。當你提到我們的同業以及他們做了什麼，你應該直接去問他們。但在我們與客戶、合作夥伴的對話中，無論是商用與工業（C&I）端或住宅（resi）端，他們明顯更偏好採用實體工作測試（physical work test）。實體工作測試讓他們基本上可以把採購與需求對齊。所以當他們需要設備時，他們就會拉貨或向我們採購。這會讓我們的營收與他們的採購、安裝進度一致，若你願意這麼說，這是更健康的通路流動。

Because of that, due to the fact that many of them have seen Nexis, believe in the value that it brings to the table, and they understand very well that even in three or four years from now, it will still be a leading product in the market. Because of all of these reasons, they felt comfortable going with the physical work test, safe harbor deals with that. We've signed, as I mentioned, both on C&I side and the resi side, a significant amount of safe harbor transactions, and we will elaborate on that and share more information during Investor Day.

也因為如此，鑑於他們當中許多人已看過Nexis、相信它能帶來的價值，而且他們非常清楚即使在三、四年後，它仍會是市場上的領先產品。基於所有這些原因，他們覺得採用實體工作測試並以此進行安全港交易是可行的。如我提到的，我們在C&I端與住宅端都簽署了相當可觀的安全港交易，我們會在投資人日進一步說明並分享更多資訊。

As it pertains to the FCC ruling, so as you know, SolarEdge is a Delaware company. We're listed in Nasdaq. The majority of our manufacturing is done in the US, in Utah, in Florida, and in Texas. To the best of our understanding, the FCC Covered List is something that we comply with and we plan to continue being in compliance with. So from that perspective, it's a step in the right direction, maybe, for the safety of the energy market in the US, SolarEdge, being an American company, is definitely part of that, and we see no reason that we won't be in compliance with it.

至於FCC的裁定，如你所知，SolarEdge是一家德拉瓦州公司。我們在納斯達克上市。我們的大部分製造都在美國完成，位於猶他州、佛羅里達州與德州。就我們的理解，FCC Covered List（涵蓋清單）是我們遵循的事項，而且我們計畫持續保持合規。因此從這個角度來看，這或許是朝正確方向邁進的一步，可能有助於美國能源市場的安全；SolarEdge作為一家美國公司，當然也是其中的一部分，我們看不出有任何理由會無法符合其要求。

Philip Shen, Roth Capital Partners.

Philip Shen，Roth Capital Partners。

Thanks, all, for taking the questions. I have a follow-up on Brian's question about the FCC inverter action. And so they talked about exemptions, I think. Well, actually, we wrote about potential for exemptions coming. I don't know if they talked about it, but the point here is that we see potential for the FCC near term to issue exemptions and approve exemptions. It still might take a few weeks. So I was wondering, let's say this takes three weeks, have you guys already applied? For Nexis, for example, to be exempted. And if not, do you think that this process could delay the rollout of Nexis in the US?

謝謝各位回答問題。我想追問Brian關於FCC逆變器措施的問題。他們提到豁免，我想是這樣。嗯，實際上是我們寫到可能會有豁免出來。我不確定他們是否有談到，但重點是我們認為FCC短期內可能會發布豁免並核准豁免。不過可能仍需要幾週時間。所以我想問，假設這需要三週，你們是否已經提出申請？例如針對Nexis申請豁免。如果沒有，你們認為這個流程是否可能延遲Nexis在美國的推出？

And then ultimately, this is, I think, a tailwind more for your C&I business, as there's not much Chinese inverter penetration in the resi business. Just want to confirm that you see if there is a tailwind for you guys that's more of a C&I tailwind as opposed to resi. If you could quantify what you think that tailwind would be, that would be great as well. Thanks.

然後最終我認為，這對你們的C&I業務應該更像是一個順風因素（tailwind），因為在住宅端中國逆變器的滲透率不高。只是想確認你們是否也認為這個順風更多是C&I的順風，而不是住宅端。如果你們能量化一下你們認為這個順風會有多大，那也會很棒。謝謝。

So let me -- thank you, Phil. Let me take the first thing out of the way. I don't know where it's coming from. I'd like to be very, very clear. Nexis is made in the US by a US company. There is no need or reason to ask for exemption. It's part of the FCC list, period. And I don't know where that comes from, but it's not true. So it's not going to delay the Nexis rollout in any way, shape, or form. And as we said, we are actually starting to roll out Nexis in the US as well in the third quarter. It's already been approved by many financing companies, and we expect Nexis to gain traction this quarter and in future quarters.

那我先——謝謝你，Phil。我先把第一點釐清。我不知道這個說法從何而來。我想非常、非常清楚地說：Nexis是由一家美國公司在美國製造。沒有任何需要或理由去申請豁免。它符合FCC清單的要求，就這樣。我不知道這個說法從哪裡來，但它不是真的。所以它不會以任何方式、任何形式延遲Nexis的推出。而且如我們所說，我們也會在第三季開始在美國推出Nexis。它已經獲得許多融資公司的核准，我們預期Nexis在本季以及未來幾季都會取得動能。

As for the C&I opportunity due to the FCC Covered List, so it's not yet clear, as you said, it's not yet clear when it is going to impact companies that are not going to be approved for their new product. It's not yet clear whether their existing products can actually continue to be imported into the US or not, and when, if at all, it will stop.

至於因FCC Covered List而帶來的C&I機會，目前仍不明朗；如你所說，還不清楚它何時會影響那些其新產品無法獲得核准的公司。也還不清楚他們既有產品是否仍能繼續進口到美國，以及何時、若有的話，會停止。

In the last report, we've actually gained share in the C&I market to the point of 50% of the rooftop C&I installations in that quarter. And the reason for that was the superiority of our technology as well as the FEOC and domestic content compliance. And as you know, and you know it very well, Phil, there have been three leaders in the C&I market, SMA, Chint, and SolarEdge. The other two, to the best of our knowledge, are not complying with both. And because of that, we've seen a good traction towards SolarEdge, and that traction, if at all, should continue with the FCC ruling, actually.

在上一份報告中，我們在C&I市場的市占實際上有所提升，達到該季度屋頂型C&I安裝量的50%。其原因在於我們技術的優越性，以及符合FEOC與國內含量（domestic content）的合規要求。如你所知，而且你非常清楚，Phil，C&I市場一直有三個領導者：SMA、Chint，以及SolarEdge。據我們所知，另外兩家並未同時符合這兩項要求。因此我們看到市場對SolarEdge的採用有不錯的動能，而這個動能若有的話，實際上在FCC裁定之後應該會延續。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Thanks so much, guys. Can you talk a little bit about the trend lines on storage pricing? It looks like you're seeing a little bit of improvement on that, and just want to get a sense of whether that's mix related or if you're actually monetizing a little bit more effectively in the market.

非常感謝，各位。你們能談談儲能定價的趨勢線嗎？看起來你們在這方面看到一些改善，我只是想了解這是產品組合（mix）因素所致，還是你們在市場上實際上更有效地變現（monetize）了？

Yeah. Thank you, Colin. So storage pricing, as always, it's a combination of three different products that we are selling at the moment on the storage side. One is the C&I storage in Europe, which has a higher power density. The other ones are the single-phase and the three-phase residential storage. Each one of them is slightly different, and it depends on the market.

是的。謝謝你，Colin。所以儲能定價一如既往，是我們目前在儲能端銷售的三種不同產品的組合。其中一種是歐洲的工商業（C&I）儲能，功率密度較高。另外的是單相與三相的住宅儲能。每一種都略有不同，並且取決於市場。

Overall, our storage prices have remained stable per product. What you're seeing -- the differences that you're seeing quarter to quarter are mainly due to product mix, I would say. As I mentioned earlier, we definitely are seeing a growing demand for storage products in general in the market and for our own storage products specifically. The C&I storage in Europe continues to improve. And then with Nexis, that was designed from the ground up to be a PV plus storage solution. We believe that we are going to continue benefiting from that trend.

整體而言，我們各產品的儲能價格維持穩定。你看到的——季度之間的差異，我認為主要是由產品組合所致。如我先前提到的，我們確實看到市場對儲能產品整體、以及對我們自家儲能產品的需求都在成長。歐洲的工商業（C&I）儲能持續改善。另外，Nexis 是從零開始設計，作為光伏（PV）加儲能的解決方案。我們相信我們將持續從這個趨勢中受益。

Great. And then on the supply chain side, I want to get a sense of any sort of shifts that you're seeing in terms of component availability, pricing, inflationary pressures that we should be thinking about as we get into the back half of 2026.

很好。接著在供應鏈方面，我想了解你們在零組件供應可得性、價格、通膨壓力等方面是否看到任何變化，這些是我們在進入 2026 年下半年時應該考量的。

Yes. So component suppliers, they've always said that shortages are coming. As you know, data center demand is actually creating some strain on some of the components, memory in particular. Our supply chain team has worked diligently in order to secure supply. In some cases, like memory, we have to actually absorb some of the price increases, but at the grand scheme of things, these are not something that is significant. We are working together with our partners to secure supply and to make sure that we are able to support our customers to the best of our ability.

是的。所以零組件供應商一直都在說短缺即將到來。如你所知，資料中心需求其實正在對某些零組件造成壓力，尤其是記憶體。我們的供應鏈團隊一直努力以確保供應。在某些情況下，例如記憶體，我們確實必須吸收部分漲價，但從整體來看，這些並不顯著。我們正與合作夥伴共同努力以確保供應，並確保我們能以最佳能力支援客戶。

Corinne Blanchard, Deutsche Bank.

Corinne Blanchard，德意志銀行。

Hey, good morning. Thank you for taking my question. Maybe shifting gears a little bit here, can you talk about the SST? And I know you have talked previously about the timeline and trying to get more like a proof of concept by the end of this year and then pilot programing a bit in 2027. Can you just maybe tell us what we should be expecting in the next six months for that one?

嗨，早安。謝謝讓我提問。也許稍微換個話題，你能談談 SST 嗎？我知道你之前談過時程，目標是在今年底前更像是完成概念驗證（proof of concept），然後在 2027 年做一些試點（pilot）計畫。你能否告訴我們，未來六個月在這方面我們應該期待看到什麼？

Okay. So thank you for the question. I think the first thing to start with is the fact that we spent the last couple of weeks demonstrating a working prototype of the SST to prospective customers. And really, it was interesting to see the difference between slideshows and presentations and having them see an actual working model after going from medium voltage to 800 volt DC regulated. So I think that alleviate from their perspective a lot of the concerns they had about the maturity of the product.

好的。謝謝你的問題。我想首先要說的是，我們在過去幾週向潛在客戶展示了一個可運作的 SST 原型。而且很有意思的是，從投影片與簡報，到讓他們看到一個實際可運作的模型——能從中壓轉換到受控的 800 伏直流（DC）——兩者差異很大。所以我認為，從他們的角度來看，這大幅緩解了他們對產品成熟度的許多疑慮。

Where we're going from here is, we're going to spend the next few months until the end of the year to get the proof-of-concept prototype fully working at the full three-phase 34.5 kilovolt voltage. And then 2026 will be pilots at the data centers. Sorry, 2027 will be pilots at the data centers so that we could have a meaningful revenue in 2028.

接下來我們要做的是，在接下來幾個月直到年底，把概念驗證原型在完整三相 34.5 千伏的電壓下做到完全可運作。然後 2026 年將會在資料中心進行試點。抱歉，2027 年才會在資料中心進行試點，這樣我們才能在 2028 年取得有意義的營收。

Thank you. And just to rebound on quantifying revenues, when do you expect to be in a position to share maybe like a ballpark of expectation and how much you can contribute to the portfolio?

謝謝。另外回到量化營收的問題，你們預計何時能分享一個大致的預期區間，以及它能為產品組合貢獻多少？

Yeah. So as we've said, we -- it's a transition that the industry is going through, right? And with NVIDIA actually sharing with the entire ecosystem their roadmap for GPUs that will require 800 volt, that will be step 1. The second step is whether people are going to use sidecar or other inefficient solutions or when they will transition into SSTs. And we expect revenue to start in 2028. During our Investor Day on September 10, we are actually going to share more information about how we think about the opportunity and evolution of revenue in that part of the business.

是的。如我們所說，這是產業正在經歷的一個轉型，對吧？而 NVIDIA 向整個生態系分享其 GPU 路線圖，未來將需要 800 伏，這會是第一步。第二步是人們會使用 sidecar 或其他效率較低的解決方案，還是何時會轉向 SST。我們預期營收將從 2028 年開始。在 9 月 10 日的投資人日，我們將分享更多資訊，說明我們如何看待這個機會，以及該業務部分營收的演進。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗（Mizuho）。

Hey, thanks for taking the questions. Maybe just on Q4, obviously not looking for guidance there, but just in terms of seasonality, anything which would be different or similar to what we've seen historically here, (inaudible)

嗨，謝謝讓我提問。也許就第四季而言，我們顯然不是在尋求指引，但就季節性來看，有沒有任何會與我們過去歷史所見不同或相似之處，(聽不清)

Yeah. As you know, we don't guide beyond the current quarter. And when we talk about Q4, I think that, as I mentioned earlier, on one hand, we are seeing the improvement on the storage side more and more. In the Netherlands, for example, people are in anticipation of the elimination of net metering. More and more people would like to upgrade their existing systems into storage.

是的。如你所知，我們不會提供超過當前季度的指引。談到第四季，我認為如我先前提到的，一方面，我們看到儲能端的改善越來越明顯。例如在荷蘭，人們預期淨計量（net metering）將被取消。越來越多人希望把現有系統升級為儲能。

So one can expect that maybe there will be some upside coming from there. Usually, from seasonality, there is a decline in the market between Q3 and Q4. And in our case, actually, we are going to see the ramp-up of Nexis. So between these three moving parts, we are not providing guidance at this stage, and we'll share with you obviously everything as we come closer to Q4.

因此可以預期那邊可能會帶來一些上行空間。通常從季節性來看，市場在第三季到第四季之間會下滑。而就我們而言，實際上我們將看到 Nexis 的放量爬坡。所以在這三個變動因素之間，我們目前不提供指引，並且會在更接近第四季時，當然與你分享所有資訊。

I appreciate that. And just maybe to follow up on Europe. I'm hearing about potential inverter bans on the Chinese players over there. What have you heard on that? What are customers talking about that people with that?

了解，謝謝。再追問一下歐洲。我聽說那邊可能會對中國廠商的逆變器實施禁令。你們聽到的是什麼？客戶對此在談些什麼、大家如何看待？

Yeah. So there is one directive that was already issued in Europe that for projects that are funded by the European Bank they cannot use unauthorized inverters. And that has been the case so far. The only thing that has been actually out and being official. This, as we said in the past, it's mainly applicable for utility and maybe some C&I business opportunity for us. For other segments of the market, namely the C&I and the residential market, there is some sentiment that maybe there will be a ban, but we don't want to speculate about if and when.

是的。歐洲已經發布了一項指令：對於由歐洲銀行資助的專案，不得使用未經授權的逆變器。到目前為止一直都是如此。這是目前唯一已經對外公布且正式的事項。如我們過去所說，這主要適用於公用事業級（utility）以及可能對我們而言的一些工商業（C&I）商機。至於市場的其他區隔，也就是工商業（C&I）與住宅市場，確實有一些情緒認為可能會有禁令，但我們不想臆測是否以及何時會發生。

Thank you. And at this time, there are no further questions in queue. I will now turn the meeting back to Shuki Nir for closing comments.

謝謝。目前問題隊列中沒有其他提問。我現在把會議交回給 Shuki Nir 作結語。

Thank you, everyone, for joining us for today's call. We -- I'd like to thank the SolarEdge team for working really, really hard and after almost three years, moving back to profitability. And thank you all.

謝謝各位參加今天的電話會議。我們——我想感謝 SolarEdge 團隊非常、非常努力地工作，並在將近三年後重回獲利。也謝謝大家。

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。感謝各位撥冗參與。您現在可以斷線。