SEDG appears to have knocked it out of the park last quarter.…

Stock up 12% after hours.

Yeah, I just finished the call. Solid quarter, solid outlook, they’re grabbing marketshare, continuing to gain traction in commercial, their first automated factory line is running full steam ahead and they plan to convert the rest of their factories to automated lines over the next year, they’re beginning to enter Japan (which apparently doesn’t have as much competition), and so on.

They’ve also seen solid uptake on their new storage solutions, though they warn that sometimes companies will buy a lot of a brand-new product in the beginning and then try them out for a while before buying more, so it wasn’t clear to management if we’d see linear growth in that segment just yet (and they weren’t comfortable making projections). But so far so good. They’ll be releasing complementary home-management solutions later in the year.

They built up inventory ahead of Chinese New Year, since most of their factories are in China and everything more or less shuts down, but nearly all of that inventory will go to fulfill backlog orders.

They continue to diversify across customers.

Margins increased again, and they haven’t really seen any benefit yet from automation since only one factory is automated.

Overall, a good call. I’m sure others will chime in with additional comments.