v3.24.3

SEGMENT INFORMATION | 9 Months Ended
--- | ---
Sep. 30, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION | NOTE 24: SEGMENT INFORMATION Following the discontinuation of its e-Mobility LCV activity, the Company operates in three different operating segments: Solar, Energy Storage and Automation Machines. The Company’s Interim Chief Executive Officer, who is the chief operating decision maker (“CODM”), makes resource allocation decisions and assesses performance based on financial information presented on a consolidated basis, accompanied by disaggregated information about revenues and contributed profit by the operating segments. The Company does not allocate to its operating segments revenue recognized due to advance payments received for performance obligations that extend for a period greater than one year (“financing component”), related to Accounting Standard Codification 606, “Revenue from Contracts with Customers” (ASC 606). Segment profit (loss) is comprised of gross profit (loss) for the segment less operating expenses that do not include amortization, disposal by abandonment and impairment of long-lived assets, and impairment of purchased intangible assets, stock based compensation expenses, restructuring charges, discontinued activity charges and certain other items. The Company manages its assets on a group basis, not by segments, as many of its assets are shared or co-mingled. The Company’s CODM does not regularly review asset information by segments and, therefore, the Company does not report asset information by segment. The Company identified two operating segments as reportable, the Solar segment and the Energy Storage segment. The other operating segments are insignificant individually and therefore their results are presented together under “All other”. The Solar segment includes the design, development, manufacturing, and sales of an intelligent inverter solution designed to maximize power generation at the individual PV module level and batteries for PV applications. The Solar segment solution consists mainly of the Company’s power optimizers, inverters, batteries, energy management solutions, and cloud‑based monitoring platform. The Energy Storage segment includes the design, development, manufacturing, and sales of high-energy, high-power, lithium-ion cells and racks and containerized battery systems for commercial and industrial ("C&I") and utility markets. The Energy Storage segment provides purpose-built components and solutions, hardware and software, as well as pre and post sales engineering support to design, build, and manage battery and system solutions according to the customer’s use cases and mission profiles. The “All other” category includes automated machines and e-Mobility (in prior periods). The following tables present information on reportable segments profit (loss) for the period presented:
|  | Solar |  |  | Energy Storage |  |  | All other |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |
Revenues |  | $ | 247,516 |  |  | $ | 10,900 |  |  | $ | 2,237 |
Cost of revenues |  |  | 855,832 |  |  |  | 95,323 |  |  |  | 1,307 |
Gross profit (loss) |  |  | (608,316 | ) |  |  | (84,423 | ) |  |  | 930 |
Research and development |  |  | 47,569 |  |  |  | 4,590 |  |  |  | 179 |
Sales and marketing |  |  | 28,369 |  |  |  | 997 |  |  |  | 212 |
General and administrative |  |  | 33,037 |  |  |  | 1,278 |  |  |  | 51 |
Segments profit (loss) |  | $ | (717,291 | ) |  | $ | (91,288 | ) |  | $ | 488 |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 676,929 |  |  | $ | 24,215 |  |  | $ | 23,946 |
Cost of revenues |  |  | 514,390 |  |  |  | 35,931 |  |  |  | 23,748 |
Gross profit (loss) |  |  | 162,539 |  |  |  | (11,716 | ) |  |  | 198 |
Research and development |  |  | 56,886 |  |  |  | 4,134 |  |  |  | 2,252 |
Sales and marketing |  |  | 30,810 |  |  |  | 1,009 |  |  |  | 472 |
General and administrative |  |  | 29,711 |  |  |  | 1,827 |  |  |  | 855 |
Segments profit (loss) |  | $ | 45,132 |  |  | $ | (18,686 | ) |  | $ | (3,381 | )
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 678,861 |  |  | $ | 42,960 |  |  | $ | 8,156 |
Cost of revenues |  |  | 1,290,748 |  |  |  | 138,107 |  |  |  | 5,778 |
Gross profit (loss) |  |  | (611,887 | ) |  |  | (95,147 | ) |  |  | 2,378 |
Research and development |  |  | 145,683 |  |  |  | 12,268 |  |  |  | 535 |
Sales and marketing |  |  | 87,664 |  |  |  | 2,839 |  |  |  | 671 |
General and administrative |  |  | 87,500 |  |  |  | 2,807 |  |  |  | 306 |
Segments profit (loss) |  | $ | (932,734 | ) |  | $ | (113,061 | ) |  | $ | 866 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  | $ | 2,532,794 |  |  | $ | 52,492 |  |  | $ | 74,594 |
Cost of revenues |  |  | 1,723,438 |  |  |  | 82,912 |  |  |  | 70,914 |
Gross profit (loss) |  |  | 809,356 |  |  |  | (30,420 | ) |  |  | 3,680 |
Research and development |  |  | 174,811 |  |  |  | 12,348 |  |  |  | 7,429 |
Sales and marketing |  |  | 96,091 |  |  |  | 3,047 |  |  |  | 2,024 |
General and administrative |  |  | 79,599 |  |  |  | 6,650 |  |  |  | 2,798 |
Segments profit (loss) |  | $ | 458,855 |  |  | $ | (52,465 | ) |  | $ | (8,571 | )
The following table presents information on reportable segments reconciliation to consolidated revenues for the periods presented:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Solar segment revenues |  | $ | 247,516 |  |  | $ | 676,929 |  |  | $ | 678,861 |  |  | $ | 2,532,794 |
Energy Storage segment revenues |  |  | 10,900 |  |  |  | 24,215 |  |  |  | 42,960 |  |  |  | 52,492 |
All other segment revenues |  |  | 2,237 |  |  |  | 23,946 |  |  |  | 8,156 |  |  |  | 74,594 |
Revenues from finance component |  |  | 250 |  |  |  | 215 |  |  |  | 730 |  |  |  | 604 |
Consolidated revenues |  | $ | 260,903 |  |  | $ | 725,305 |  |  | $ | 730,707 |  |  | $ | 2,660,484 |
The following table presents information on reportable segments reconciliation to consolidated operating income for the periods presented:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Solar segment profit (loss) |  | $ | (717,291 | ) |  | $ | 45,132 |  |  | $ | (932,734 | ) |  | $ | 458,855 |
Energy Storage segment loss |  |  | (91,288 | ) |  |  | (18,686 | ) |  |  | (113,061 | ) |  |  | (52,465 | )
All other segment profit (loss) |  |  | 488 |  |  |  | (3,381 | ) |  |  | 866 |  |  |  | (8,571 | )
Segments operating profit (loss) |  |  | (808,091 | ) |  |  | 23,065 |  |  |  | (1,044,929 | ) |  |  | 397,819 |
Amounts not allocated to segments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stock based compensation expenses |  |  | (36,641 | ) |  |  | (36,815 | ) |  |  | (112,818 | ) |  |  | (115,015 | )
Restructuring and other exit activities |  |  | (2,498 | ) |  |  | - |  |  |  | (15,910 | ) |  |  | - |
Impairment and disposal by abandonment of long-lived assets |  |  | (232,102 | ) |  |  | - |  |  |  | (233,834 | ) |  |  | - |
Amortization and depreciation of acquired assets |  |  | (2,872 | ) |  |  | (2,750 | ) |  |  | (6,902 | ) |  |  | (6,164 | )
Other unallocated income (expenses) |  |  | (3,062 | ) |  |  | (226 | ) |  |  | (4,760 | ) |  |  | 1,146 |
Consolidated operating income (loss) |  |  | (1,085,266 | ) |  |  | (16,726 | ) |  |  | (1,419,153 | ) |  |  | 277,786 |
Financial income (expense), net |  |  | 5,558 |  |  |  | (7,901 | ) |  |  | (2,371 | ) |  |  | 19,157 |
Other income (loss), net |  |  | (3,928 | ) |  |  | (484 | ) |  |  | 14,623 |  |  |  | (609 | )
Income (loss) before income taxes |  | $ | (1,083,636 | ) |  | $ | (25,111 | ) |  | $ | (1,406,901 | ) |  | $ | 296,334 |

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- Definition The entire disclosure for reporting segments including data and tables. 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