| Operational Metrics |
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KPI's $,000
|
FYQ1 '14
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FYQ2 '14
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FYQ3 '14
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FYQ4 '14
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FYQ1 '15
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FYQ2 '15
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FYQ3 '15
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FYQ4 '15
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FY 2013
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FY 2014
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FY 2015
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|||||||||||||||||||||||||||||||||
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Revenues
|
30,515 | 27,569 | 30,560 | 44,573 | 66,969 | 73,290 | 86,399 | 98,420 | 79,035 | 133,217 | 325,078 | |||||||||||||||||||||||||||||||||
| % Y/Y | 65 | % | 22 | % | 104 | % | 94 | % | 119 | % | 166 | % | 183 | % | 121 | % | 5 | % | 69 | % | 144 | % | ||||||||||||||||||||||
| % Q/Q | 33 | % | (10 | )% | 11 | % | 46 | % | 50 | % | 9 | % | 18 | % | 14 | % | ||||||||||||||||||||||||||||
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Gross profit $
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4,058 | 2,960 | 6,229 | 8,724 | 14,030 | 15,781 | 23,701 | 28,271 | 4,409 | 21,971 | 81,783 | |||||||||||||||||||||||||||||||||
| % Y/Y |
N\A
|
(142 | )% | 308 | % | 208 | % | 246 | % | 433 | % | 280 | % | 224 | % |
N\A
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398 | % | 272 | % | ||||||||||||||||||||||||
| % Q/Q | 43 | % | (27 | )% | 110 | % | 40 | % | 61 | % | 12 | % | 50 | % | 19 | % | ||||||||||||||||||||||||||||
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Gross Margin
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13.3 | % | 10.7 | % | 20.4 | % | 19.6 | % | 20.9 | % | 21.5 | % | 27.4 | % | 28.7 | % | 5.6 | % | 16.5 | % | 25.2 | % | ||||||||||||||||||||||
| % Y/Y | N/A | 98 | % | 100 | % | 58 | % | 58 | % | 101 | % | 35 | % | 47 | % |
N\A
|
196 | % | 53 | % | ||||||||||||||||||||||||
| % Q/Q | 8 | % | (19 | )% | 90 | % | (4 | )% | 7 | % | 3 | % | 27 | % | 5 | % | ||||||||||||||||||||||||||||
|
Operating profit (loss)
|
(4,527 | ) | (6,859 | ) | (4,545 | ) | (2,440 | ) | 2,351 | 4,234 | 9,799 | 11,873 | (27,460 | ) | (18,371 | ) | 28,257 | |||||||||||||||||||||||||||
| % Y/Y | (50 | )% | 6 | % | (30 | )% | (54 | )% |
N\A
|
N\A
|
N\A
|
N\A
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0 | % | (33 | )% |
N\A
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|||||||||||||||||||||||||||
| % Q/Q | (15 | )% | 52 | % | (34 | )% | (46 | )% |
N\A
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80 | % | 131 | % | 21 | % | |||||||||||||||||||||||||||||
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Net profit (loss)
|
(5,311 | ) | (7,787 | ) | (5,238 | ) | (3,042 | ) | 2,520 | 3,375 | 5,965 | 9,261 | (28,180 | ) | (21,378 | ) | 21,121 | |||||||||||||||||||||||||||
| % Y/Y | (40 | )% | 21 | % | (22 | )% | (50 | )% |
N\A
|
N\A
|
N\A
|
N\A
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1 | % | (24 | )% |
N\A
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|||||||||||||||||||||||||||
| % Q/Q | (14 | )% | 47 | % | (33 | )% | (42 | )% |
N\A
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34 | % | 77 | % | 55 | % | |||||||||||||||||||||||||||||
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Optimizer shipped (units)
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306,901 | 262,943 | 328,822 | 458,585 | 663,850 | 785,730 | 945,586 | 1,138,362 | 890,445 | 1,357,251 | 3,533,528 | |||||||||||||||||||||||||||||||||
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Inverter shipped (units)
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13,005 | 12,135 | 14,936 | 21,923 | 31,880 | 35,696 | 38,630 | 44,222 | 36,088 | 61,999 | 150,428 | |||||||||||||||||||||||||||||||||
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MW shipped
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77.0 | 75.6 | 83.6 | 128.6 | 176.1 | 213.1 | 247.6 | 283.7 | 239 | 365 | 920 | |||||||||||||||||||||||||||||||||
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Balance Sheet
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| $,000 |
June 30, 2015
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March 31, 2015
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||||||
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Current Assets
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||||||||
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Cash and cash equivalents
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144,750 | 135,204 | ||||||
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Restricted cash
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3,639 | 3,575 | ||||||
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Trade receivables, net
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35,428 | 45,093 | ||||||
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Prepaid expenses and other accounts receivable
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32,645 | 25,312 | ||||||
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Inventories
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73,950 | 64,522 | ||||||
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Total Current Assets
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290,412 | 273,706 | ||||||
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Fixed Assets, net
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14,717 | 11,903 | ||||||
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Long term cash investment
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529 | 380 | ||||||
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Total Assets
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305,658 | 285,989 | ||||||
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Current Liabilities
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||||||||
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Accounts payables
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80,684 | 36,233 | ||||||
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Employees & related payroll exp.
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6,814 | 6,017 | ||||||
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Other accounts payable
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6,987 | 52,428 | ||||||
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Short Term Warranty Liabilities
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9,431 | 7,661 | ||||||
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Deferred Revenues short terms
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1,676 | 1,098 | ||||||
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Total Current Liabilities
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105,592 | 103,437 | ||||||
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Long Term Liabilities
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||||||||
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Long Term Warranty Liabilities
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22,448 | 20,238 | ||||||
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Deferred Revenues Long terms
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8,289 | 6,995 | ||||||
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Other Long Term Liabilities
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2,385 | 1,959 | ||||||
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Long Term Warrants Liability
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---- | 2,830 | ||||||
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Total Long Term Liabilities
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33,122 | 32,022 | ||||||
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Stockholders’ Equity (Deficiency):
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||||||||
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Common stock
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4 | 4 | ||||||
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Additional paid-in capital
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287,152 | 280,040 | ||||||
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Accumulated other comprehensive loss
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(222 | ) | (263 | ) | ||||
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Accumulated deficit
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(119,990 | ) | (129,251 | ) | ||||
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Total Long Term Liabilities
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166,944 | 150,530 | ||||||
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Total Liabilities and Equity
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305,658 | 285,989 | ||||||
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Cash Flow
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|
3 months ended
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||||||||
| $,000 |
Jun-15
|
Jun-14
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||||||
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Cash flows from operating activities:
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||||||||
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Net income (loss)
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9,261 | (3,042 | ) | |||||
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Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
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||||||||
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Depreciation
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606 | 527 | ||||||
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Capital Gain (loss) from disposal of property
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104 | ---- | ||||||
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Interest expenses related to short term bank loan
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---- | 8 | ||||||
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Stock-based compensation related to employees and non-employee stock options
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1,206 | 291 | ||||||
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Financial expenses, net related to term loan
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---- | (75 | ) | |||||
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Remeasurement of warrants to purchase convertible preferred stock
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3,285 | (8 | ) | |||||
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Changes in assets and liabilities:
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||||||||
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Inventories
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(9,436 | ) | (275 | ) | ||||
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Prepaid expenses and other accounts receivable
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(7,365 | ) | (3,499 | ) | ||||
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Trade receivables, net
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9,660 | (5,809 | ) | |||||
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Trade payables
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1,508 | 4,177 | ||||||
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Employees and payroll accruals
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785 | 667 | ||||||
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Warranty obligations
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3,980 | 1,060 | ||||||
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Deferred revenues
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1,873 | 215 | ||||||
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Accrued expenses and other accounts payable
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(204 | ) | 805 | |||||
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Lease incentive obligation
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426 | ---- | ||||||
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Net cash provided by (used in) operating activities
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15,689 | (4,958 | ) | |||||
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Cash flows from investing activities:
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||||||||
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Purchase of property and equipment
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(3,511 | ) | (727 | ) | ||||
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Decrease (increase) in restricted cash
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(65 | ) | (138 | ) | ||||
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Increase (decrease) in long-term lease deposit
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(110 | ) | (27 | ) | ||||
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Net cash used in investing activities
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(3,686 | ) | (892 | ) | ||||
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Cash flows from financing activities:
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||||||||
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Proceeds from short term bank loan
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---- | 5,452 | ||||||
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Repayment of short term bank loan
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---- | (3,428 | ) | |||||
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Proceeds from term loan (net of $100 transaction fee)
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---- | ---- | ||||||
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Repayments of term loan
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---- | (785 | ) | |||||
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Deferred charges related to term loan
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---- | ---- | ||||||
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Proceeds from issuance of stock, net
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---- | 9,991 | ||||||
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Issuance costs
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(2,542 | ) | ---- | |||||
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Receipts on account of Convertible Preferred stock
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---- | (7,115 | ) | |||||
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Proceeds from exercise of employee stock options
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38 | ---- | ||||||
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Net cash provided by (used in) financing activities
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(2,504 | ) | 4,115 | |||||
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Increase (decrease) in cash and cash equivalents
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9,499 | (1,735 | ) | |||||
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Cash and cash equivalents at the beginning of the period
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135,204 | 11,472 | ||||||
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Effect of exchange rate differences on cash and cash equivalents
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47 | 17 | ||||||
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Cash and cash equivalents at the end of the period
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144,750 | 9,754 | ||||||
| P&L GAAP |
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FYQ1 '14
|
FYQ2 '14
|
FYQ3 '14
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FYQ4 '14
|
FYQ1 '15
|
FYQ2 '15
|
FYQ3 '15
|
FYQ4 '15
|
FY 2013
|
FY 2014
|
FY 2015
|
||||||||||||||||||||||||||||||||||
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Revenues
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30,515 | 27,569 | 30,560 | 44,573 | 66,969 | 73,290 | 86,399 | 98,420 | 79,035 | 133,217 | 325,078 | |||||||||||||||||||||||||||||||||
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Cost of revenues
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26,457 | 24,609 | 24,331 | 35,849 | 52,939 | 57,509 | 62,698 | 70,149 | 74,626 | 111,246 | 243,295 | |||||||||||||||||||||||||||||||||
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Gross profit
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4,058 | 2,960 | 6,229 | 8,724 | 14,030 | 15,781 | 23,701 | 28,271 | 4,409 | 21,971 | 81,783 | |||||||||||||||||||||||||||||||||
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Gross Margin %
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13.3 | % | 10.7 | % | 20.4 | % | 19.6 | % | 20.9 | % | 21.5 | % | 27.4 | % | 28.7 | % | 5.6 | % | 16.5 | % | 25.2 | % | ||||||||||||||||||||||
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Operating expenses:
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Research and development, net
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4,136 | 4,686 | 4,864 | 4,570 | 5,059 | 4,768 | 5,490 | 6,701 | 15,823 | 18,256 | 22,018 | |||||||||||||||||||||||||||||||||
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Sales and marketing
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3,657 | 4,123 | 4,592 | 5,420 | 5,461 | 5,658 | 6,422 | 7,432 | 12,784 | 17,792 | 24,973 | |||||||||||||||||||||||||||||||||
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General and administrative
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792 | 1,010 | 1,318 | 1,174 | 1,159 | 1,121 | 1,990 | 2,265 | 3,262 | 4,294 | 6,535 | |||||||||||||||||||||||||||||||||
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Total operating expenses
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8,585 | 9,819 | 10,774 | 11,164 | 11,679 | 11,547 | 13,902 | 16,398 | 31,869 | 40,342 | 53,526 | |||||||||||||||||||||||||||||||||
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Operating income (loss)
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(4,527 | ) | (6,859 | ) | (4,545 | ) | (2,440 | ) | 2,351 | 4,234 | 9,799 | 11,873 | (27,460 | ) | (18,371 | ) | 28,257 | |||||||||||||||||||||||||||
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Financial expenses (Income)
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777 | 914 | 626 | 470 | (516 | ) | 458 | 3,436 | 1,699 | 612 | 2,787 | 5,077 | ||||||||||||||||||||||||||||||||
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Other expenses
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---- | ---- | ---- | ---- | ---- | ---- | ---- | 104 | ---- | ---- | 104 | |||||||||||||||||||||||||||||||||
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Profit (Loss) before taxes on income
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(5,304 | ) | (7,773 | ) | (5,171 | ) | (2,910 | ) | 2,867 | 3,776 | 6,363 | 10,070 | (28,072 | ) | (21,158 | ) | 23,076 | |||||||||||||||||||||||||||
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Taxes on income
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7 | 14 | 67 | 132 | 347 | 401 | 398 | 809 | 108 | 220 | 1,955 | |||||||||||||||||||||||||||||||||
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Net (Profit) loss
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(5,311 | ) | (7,787 | ) | (5,238 | ) | (3,042 | ) | 2,520 | 3,375 | 5,965 | 9,261 | (28,180 | ) | (21,378 | ) | 21,121 | |||||||||||||||||||||||||||