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