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M&T Bank (MTB) delivered a strong Q1, with EPS of $4.13 and revenue up 6% year-over-year, exceeding expectations. MTB achieved net interest margin expansion to 3.71%, driven by asset yields rising faster than funding costs, and issued robust 2026 net interest income guidance. Loan growth was led by commercial, residential, and consumer segments, while asset quality remained resilient with declining non-accrual loans and stable charge-offs.

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

Headquartered in Buffalo, M&T Bank Corporation (MTB - Free Report) is a Finance stock that has seen a price change of 9.03% so far this year. The company is currently shelling out a dividend of $1.50 per share, with a dividend yield of 2.73%. This compares to the Banks - Major Regional industry's yield of 2.76% and the S&P 500's yield of 1.39%.

Looking at dividend growth, the company's current annualized dividend of $6.00 is up 5.3% from last year. Over the last 5 years, M&T Bank Corporation has increased its dividend 3 times on a year-over-year basis for an average annual increase of 5.36%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. M&T Bank's current payout ratio is 33%, meaning it paid out 33% of its trailing 12-month EPS as dividend.

Looking at this fiscal year, MTB expects solid earnings growth. The Zacks Consensus Estimate for 2026 is $18.68 per share, representing a year-over-year earnings growth rate of 8.60%.

From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. But, not every company offers a quarterly payout.

High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, MTB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE: MTB) will participate in the Barclays Americas Select Franchise Conference being held in London. Representatives of M&T are scheduled to deliver a presentation to investors and analysts on May 5, 2026, at 9:45 a.m. BST (4:45 a.m. ET).

A link to the webcast will be available at https://ir.mtb.com/events-presentations. The webcast may contain material information as well as forward-looking information, and cautionary statements regarding such forward-looking information will be available on the webcast link.

About M&T 
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.

Equal Housing Lender. © 2026 M&T Bank. NMLS# 381076. Member FDIC. All rights reserved.

Investor Contact:
Rajiv Ranjan
Steven Wendelboe
(716) 842-5138

SOURCE M&T Bank Corporation

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M&T Bank Corporation (MTB) Presents at Barclays 18th Annual Americas Select Conference Transcript

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

M&T Bank Corporation (MTB - Free Report) is headquartered in Buffalo, and is in the Finance sector. The stock has seen a price change of 7.91% since the start of the year. The company is paying out a dividend of $1.50 per share at the moment, with a dividend yield of 2.76% compared to the Banks - Major Regional industry's yield of 2.83% and the S&P 500's yield of 1.41%.

Looking at dividend growth, the company's current annualized dividend of $6.00 is up 5.3% from last year. Over the last 5 years, M&T Bank Corporation has increased its dividend 3 times on a year-over-year basis for an average annual increase of 5.36%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. M&T Bank's current payout ratio is 33%, meaning it paid out 33% of its trailing 12-month EPS as dividend.

MTB is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $18.69 per share, representing a year-over-year earnings growth rate of 8.66%.

From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. But, not every company offers a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, MTB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- M&T Bank Corporation ("M&T") (NYSE:MTB) will participate in the Morgan Stanley US Financials Conference being held in New York City. Representatives of M&T are scheduled to deliver a presentation to investors and analysts on June 10, 2026, at 9:00 a.m. (ET).

A link to the webcast will be available at https://ir.mtb.com/events-presentations. The webcast may contain material information as well as forward-looking information, and cautionary statements regarding such forward-looking information will be available on the webcast link.

About M&T 
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com.

Equal Housing Lender. © 2026 M&T Bank. NMLS# 381076. Member FDIC. All rights reserved.

Investor Contact:
Rajiv Ranjan
Steven Wendelboe
(716) 842-5138

SOURCE M&T Bank Corporation

Also from this source

On June 04, 2026, M&T Bank Corp MTB shares rose 3.6% today, bringing the current price to $221.73. This increase comes amidst a 52-week range of $174.76 to $239.00, demonstrating notable volatility and performance over the past year.

GF Value™ verdict: Current price is $221.73 vs GF Value™ of $202.08, indicating the stock is 9.7% overvalued.GF Score™: 75/100, which is considered Above Average and suggests potential for solid long-term returns.Most notable signal: Insiders have sold $0.7M in shares over the last 3 months, with no buying activity. Is MTB Overvalued or Undervalued? M&T Bank Corp's current price of $221.73 is significantly above the GF Value™ estimate of $202.08, marking a 9.7% overvaluation. This suggests that the stock may not provide a favorable entry point for new investors, as it is trading above its intrinsic value. Furthermore, the GF Valuation label indicates that the stock is fairly valued, which implies there is limited margin of safety at this price level. Investors considering a position in MTB should be aware of the potential risks associated with purchasing a stock that is trading above its calculated fair value.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. This methodology provides a comprehensive framework for evaluating whether a stock is overvalued or undervalued, based on its historical performance and market conditions.

How Does MTB's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 12.4x 12.0x (5-Year Median) Forward P/E 11.8x N/A The current P/E ratio of 12.4x is slightly above the 5-year median P/E of 12.0x, indicating that the stock is trading at a premium compared to its historical valuation. This P/E analysis aligns with the GF Value™ verdict of overvaluation, suggesting that the current price may not be justified when considering historical earnings multiples.

What Does MTB's GF Score™ Tell Us? The GF Score™ ranks stocks based on five key aspects, providing a comprehensive view of their potential for long-term growth. The breakdown for M&T Bank Corp is as follows:

Metric Rating GF Score™ 75 Financial Strength 3/10 Profitability 6/10 Growth 6/10 Valuation 7/10 Momentum 8/10 M&T Bank Corp's strongest area is its momentum rank of 8/10, indicating positive price movements over recent periods. However, its financial strength score of 3/10 raises concerns about the company's stability and ability to weather economic downturns. The overall GF Score™ of 75/100 suggests that while MTB has potential for solid returns, there are notable weaknesses in financial strength that could impact its future performance.

What Are Insiders Doing with MTB Stock? In the last three months, insiders have sold approximately $0.7 million worth of M&T Bank Corp shares, with no reported buying activity. This trend may indicate a lack of confidence from insiders about the stock's current valuation or future performance. When insiders sell shares, it could suggest that they believe the stock price has peaked or that they are concerned about the company's prospects.

What This Means for Investors Based on the GF Value™ assessment, M&T Bank Corp is currently overvalued. Investors may want to exercise caution when considering new positions, as the stock is trading above its estimated fair value.

For the complete analysis, visit the M&T Bank Corp MTB stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is MTB's GF Score™?

The GF Score™ for M&T Bank Corp is 75/100, indicating an Above Average rating that suggests potential for solid long-term returns based on key financial metrics.

Is MTB overvalued or undervalued?

According to GF Value™, M&T Bank Corp is currently overvalued, with a price of $221.73 compared to an estimated fair value of $202.08.

What is MTB's P/E ratio?

M&T Bank Corp's current P/E ratio is 12.4x, which is slightly above its 5-year median P/E of 12.0x, suggesting it is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

M&T Bank Corporation (MTB - Free Report) is headquartered in Buffalo, and is in the Finance sector. The stock has seen a price change of 11.89% since the start of the year. Currently paying a dividend of $1.50 per share, the company has a dividend yield of 2.66%. In comparison, the Banks - Major Regional industry's yield is 2.8%, while the S&P 500's yield is 1.45%.

Looking at dividend growth, the company's current annualized dividend of $6.00 is up 5.3% from last year. Over the last 5 years, M&T Bank Corporation has increased its dividend 3 times on a year-over-year basis for an average annual increase of 5.36%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. M&T Bank's current payout ratio is 33%, meaning it paid out 33% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for MTB for this fiscal year. The Zacks Consensus Estimate for 2026 is $18.69 per share, with earnings expected to increase 8.66% from the year ago period.

From greatly improving stock investing profits and reducing overall portfolio risk to providing tax advantages, investors like dividends for a variety of different reasons. But, not every company offers a quarterly payout.

High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, MTB is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

On May 11, 2026, First Solar Inc FSLR shares rose 6.1% to $233.27, showing a strong recovery in price performance over the past week (+10.3%) and month (+14.7%), although the year-to-date performance remains down by 10.7%. The shares have traded within a 52-week range of $133.75 to $285.99.

GF Value™ verdict: Current price is $233.27, compared to GF Value™ of $268.80, indicating a 13.2% undervaluation.GF Score™ of 91/100 suggests a strong overall rating, indicating potential for long-term returns.Insider activity reveals that insiders have sold $15.8M worth of shares in the last three months, with no recent buying. Is FSLR Overvalued or Undervalued? Currently, First Solar Inc FSLR is trading at $233.27, which is below its GF Value™ estimate of $268.80, suggesting that the stock is undervalued by approximately 13.2%. This margin of safety could present an opportunity for investors looking for stocks with favorable intrinsic value metrics. The GF Valuation label indicates that the stock is modestly undervalued, which implies that while there is potential for price appreciation, there are also factors that warrant caution.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The undervaluation of FSLR, coupled with a strong financial strength rating of 9/10, paints a positive picture for potential investment, although the recent insider selling activity might raise concerns regarding insider confidence in the stock's future performance.

How Does FSLR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 15.1x 19.8x Forward P/E 13.4x - First Solar's current P/E ratio of 15.1x is significantly below its 5-year median P/E of 19.8x, indicating that the stock is trading at a discount compared to its historical average. This analysis aligns with the GF Value™ verdict of undervaluation, as the lower current P/E ratio suggests that the market may not fully recognize the company’s growth potential relative to its past performance.

What Does FSLR's GF Score™ Tell Us? Metric Rating GF Score™ 91 Financial Strength 9/10 Profitability 7/10 Growth 9/10 Valuation 8/10 Momentum 8/10 The GF Score™ of 91/100 indicates that First Solar has strong potential for long-term returns. The highest ratings in Financial Strength (9/10) and Growth (9/10) suggest solid operational fundamentals and promising growth prospects. However, the Profitability rank of 7/10 indicates that there might be room for improvement in profit margins or returns compared to peers. Overall, the strong scores in financial strength and growth reinforce the positive outlook for FSLR's valuation.

What Are Insiders Doing with FSLR Stock? In the last three months, insiders at First Solar Inc have sold $15.8 million worth of stock, with no reported insider buying during this period. This trend of selling could suggest a lack of confidence from insiders in the stock's near-term performance or a strategic decision to realize gains. While the absence of buying could be a concern for potential investors, it is also common for insiders to sell shares for various reasons unrelated to the company’s performance, such as personal financial planning.

What This Means for Investors Based on the analysis, First Solar Inc FSLR is currently undervalued according to the GF Value™, presenting a potential opportunity for long-term investors. However, the recent insider selling activity and the modest predictability rating of 1 star warrant a cautious approach. Investors should consider these factors when evaluating FSLR's stock as part of their portfolio.

For the complete analysis, visit the First Solar Inc FSLR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is FSLR's GF Score™?

FSLR's GF Score™ is 91/100, indicating a strong potential for long-term returns based on its financial strength, growth, and overall performance metrics.

Is FSLR overvalued or undervalued?

FSLR is currently undervalued, with a GF Value™ of $268.80 compared to the current price of $233.27, representing a 13.2% margin of safety.

What is FSLR's P/E ratio?

FSLR's P/E ratio is 15.1x, which is 24% below its 5-year median P/E of 19.8x, indicating that the stock is trading at a discount relative to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

First Solar (FSLR - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Shares of this largest U.S. solar company have returned +18.8% over the past month versus the Zacks S&P 500 composite's +3.3% change. The Zacks Solar industry, to which First Solar belongs, has gained 17.4% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

First Solar is expected to post earnings of $3.23 per share for the current quarter, representing a year-over-year change of +1.6%. Over the last 30 days, the Zacks Consensus Estimate has changed -20.1%.

The consensus earnings estimate of $17.64 for the current fiscal year indicates a year-over-year change of +24.1%. This estimate has changed +1% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $24.03 indicates a change of +36.2% from what First Solar is expected to report a year ago. Over the past month, the estimate has changed -0.9%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, First Solar is rated Zacks Rank #3 (Hold).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Projected Revenue GrowthEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of First Solar, the consensus sales estimate of $1.09 billion for the current quarter points to a year-over-year change of -1%. The $5.1 billion and $6.03 billion estimates for the current and next fiscal years indicate changes of -2.3% and +18.2%, respectively.

Last Reported Results and Surprise HistoryFirst Solar reported revenues of $1.04 billion in the last reported quarter, representing a year-over-year change of +23.6%. EPS of $3.22 for the same period compares with $1.95 a year ago.

Compared to the Zacks Consensus Estimate of $1.05 billion, the reported revenues represent a surprise of -0.13%. The EPS surprise was +12.2%.

Over the last four quarters, First Solar surpassed consensus EPS estimates two times. The company topped consensus revenue estimates two times over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

First Solar is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about First Solar. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Before this week began, First Solar (FSLR 1.42%) stock had declined about 1.3% since the start of 2026. This week, however, shares of the solar stock are heading sharply in the other direction. With an analyst providing a bullish outlook for First Solar stock, investors have found sufficient cause to click the buy button.

According to data provided by S&P Global Market Intelligence, shares of First Solar are up 17.7% from the end of trading last Friday through the close of yesterday's market session.

Image source: Getty Images.

One analyst is forecasting bright days ahead for this solar stock Upgrading First Solar stock to buy from hold on Wednesday, GLJ Research analyst Gordon Johnson raised his price target 52% to $315 from $207.82. According to Thefly.com, the company has reduced its risk through the launch of its Series 6 CuRe Copper Replacement program at its Ohio manufacturing campus.

Today's Change

(

-1.42

%) $

-3.86

Current Price

$

267.31

Based on First Solar's shares closing at $269.95 on Tuesday, Johnson's price target implies upside of 16.7%.

Is now the time to power your portfolio with First Solar stock? Instead of placing too much emphasis on one analyst's price target, potential solar stock investors would be better served to evaluate the company's financials. With the company growing both revenue and free cash flow over the past couple of years, First Solar is in sound financial health. And while the current lack of enthusiasm in Washington D.C. may be a headwind for First Solar in the near-term, this certainly isn't a factor that suggests the sun has set on the company's potential growth in the long term.

Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends First Solar. The Motley Fool has a disclosure policy.

First Solar (FSLR - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this largest U.S. solar company have returned +41.8%, compared to the Zacks S&P 500 composite's +5.4% change. During this period, the Zacks Solar industry, which First Solar falls in, has gained 44%. The key question now is: What could be the stock's future direction?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current quarter, First Solar is expected to post earnings of $3.23 per share, indicating a change of +1.6% from the year-ago quarter. The Zacks Consensus Estimate has changed -6.8% over the last 30 days.

The consensus earnings estimate of $17.61 for the current fiscal year indicates a year-over-year change of +23.9%. This estimate has changed +0.8% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $24.03 indicates a change of +36.4% from what First Solar is expected to report a year ago. Over the past month, the estimate has changed +1%.

Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, First Solar is rated Zacks Rank #3 (Hold).

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For First Solar, the consensus sales estimate for the current quarter of $1.06 billion indicates a year-over-year change of -3.3%. For the current and next fiscal years, $5.1 billion and $6.03 billion estimates indicate -2.3% and +18.2% changes, respectively.

Last Reported Results and Surprise HistoryFirst Solar reported revenues of $1.04 billion in the last reported quarter, representing a year-over-year change of +23.6%. EPS of $3.22 for the same period compares with $1.95 a year ago.

Compared to the Zacks Consensus Estimate of $1.05 billion, the reported revenues represent a surprise of -0.13%. The EPS surprise was +12.2%.

Over the last four quarters, First Solar surpassed consensus EPS estimates two times. The company topped consensus revenue estimates two times over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

First Solar is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about First Solar. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: First Solar (FSLR - Free Report) Headquartered in Tempe, AZ, First Solar, Inc. is the world’s largest thin-film PV solar module manufacturer and the largest PV solar module manufacturer in the Western Hemisphere. The company is a leading global provider of comprehensive photovoltaic (PV) solar energy solutions and specializes in designing, manufacturing, and selling solar electric power modules using a proprietary thin-film semiconductor technology. The company sells its products to project developers, system integrators and renewable energy project operators primarily in Europe and Germany in particular. First Solar also engages in designing and deploying commercial solar projects for utilities. The company also develops and sells PV solar power systems that primarily use the modules it manufactures. Additionally, it provides operations and maintenance (“O&M”) services to system owners.

FSLR is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. FSLR has a Growth Style Score of A, forecasting year-over-year earnings growth of 23.9% for the current fiscal year.

Five analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.21 to $17.61 per share. FSLR also boasts an average earnings surprise of +5.4%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, FSLR should be on investors' short list.

First Solar, Inc. remains a compelling buy, trading at attractive 2026E/2027E EV/EBITDA multiples with robust U.S. manufacturing and a strong order book. FSLR's valuation reflects both its scale and visibility, but policy risk—especially reliance on the 45X tax credit—remains the key concern. I maintain a Buy rating for FSLR stock with a $330 price target, viewing the recent pullback as an improved risk/reward entry point.

Wall Street expects a year-over-year increase in earnings on higher revenues when SolarEdge Technologies (SEDG - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on May 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis photovoltaic products maker is expected to post quarterly loss of $0.23 per share in its upcoming report, which represents a year-over-year change of +79.8%.

Revenues are expected to be $303.42 million, up 38.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 7.69% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for SolarEdge?For SolarEdge, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +30.44%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that SolarEdge will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that SolarEdge would post a loss of$0.19 per share when it actually produced a loss of -$0.14, delivering a surprise of +26.32%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

SolarEdge appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the first quarter ended March 31, 2026.

“Our first quarter results reflect strong execution, continued innovation, and business acceleration, with 46% year-over-year revenue growth and a sixth consecutive quarter of margin expansion,” said Shuki Nir, CEO of SolarEdge. “At the midpoint of our Q2 outlook, we expect to be close to breakeven operating profitability. With a return to profitability in sight, we have shifted decisively to offense and are focused on rolling out the SolarEdge Nexis platform and advancing our AI data-center power roadmap.”

First Quarter 2026 Summary

The Company reported revenues of $310.5 million, down 7.4% from $335.4 million in the prior quarter.

Non-GAAP revenues1 were $309.9 million, down 7.1% from $333.8 million the prior quarter.

First quarter revenue does not include significant one-time or pull forward of revenue from safe harbor nor from the 25D rush towards the end of the year.

During the quarter approximately 50.5 thousand inverters, 2.4 million optimizers and 331 MWh of batteries for PV applications were recognized as revenue.

GAAP gross margin was 22.0%, compared to 22.2% in the prior quarter.

Non-GAAP gross margin1 was 23.5%, compared to 23.3% in the prior quarter.

GAAP operating expenses were $123.3 million, compared to $122.8 million in the prior quarter.

Non-GAAP operating expenses1 were $97.7 million, compared to $88.7 million in the prior quarter. Excluding a one-time expense of approximately $14 million, our operating expenses were approximately $84 million.

GAAP operating loss was $55.0 million, compared to $48.3 million in the prior quarter.

Non-GAAP operating loss1 was $24.8 million, compared to $11.0 million in the prior quarter. Excluding a one-time expense of approximately $14 million, our operating loss was approximately $11 million, approximately flat with the prior quarter.

GAAP net loss was $57.4 million, compared to $132.1 million in the prior quarter.

Non-GAAP net loss1 was $26.3 million, compared to $8.2 million in the prior quarter. Excluding a one-time expense of approximately $14 million, our net loss was approximately $11.9 million.

GAAP net loss per share was $0.95, compared to $2.21 in the prior quarter.

Non-GAAP net loss per share1 was $0.43, compared to $0.14 in the prior quarter. Excluding a one-time expense of approximately $14 million, our net loss per share was approximately $0.20.

Cash flow from operating activities was $24.4 million, compared with $52.6 million in the prior quarter.

Free cash flow1 generated was $20.7 million, compared to $43.3 million in the prior quarter.

As of March 31, 2026, our cash and investments portfolio, net of debt, grew by $2.0 million to $246.2 million, compared to $244.2 million as of December 31, 2025.

Outlook for the Second Quarter 2026

The Company also provides guidance for the second quarter ending June 30, 2026 as follows:

Revenues to be within the range of $325 million to $355 million; this range does not include significant one-time or pull forward of revenue. Non-GAAP gross margin* expected to be within the range of 23% to 27% Non-GAAP operating expenses* to be within the range of $86 million to $91 million. *Non-GAAP gross margin and Non-GAAP operating expenses are non-GAAP financial measures, and these forward-looking measures have not been reconciled to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlook for the comparable GAAP measures. Forward-looking estimates of Non-GAAP gross margin and Non-GAAP operating expenses are made in a manner consistent with the relevant definitions and assumptions noted herein and in our filings with the SEC.

Conference Call

The Company will host a conference call to discuss its results for the first quarter ended March 31, 2026 at 8:00 a.m. ET on Wednesday, May 6, 2026. The call will be available, live, to interested parties by dialing +1 800-225-9448. For international callers, please dial +1 203-518-9708. The Conference ID is SEDG. To avoid a delay in connecting to the call, please dial in 10 minutes prior to the start time. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com

A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, batteries, EV charging, smart energy management, and grid services solutions. SolarEdge is online at www.solaredge.com.

Use of Non-GAAP Financial Measures

To provide investors and others with additional information regarding SolarEdge’s results, SolarEdge has disclosed in this earnings release the following non-GAAP financial measures: non-GAAP revenue, non-GAAP operating income (loss), non-GAAP operating expenses, non-GAAP gross margin, non-GAAP net income (loss), non-GAAP net earnings (loss) per share, and non-GAAP net free cash flow. SolarEdge has provided a reconciliation of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure below. These non-GAAP financial measures differ from GAAP in that they exclude stock-based compensation, amortization and impairment of acquired intangible assets, restructuring and impairment charges, acquisition, disposition and other items, certain litigation and other contingencies, amortization of debt issuance cost, non-cash interest expense and non-cash revenue recognized from significant financing component, certain foreign currency exchange rates, gains and losses on investments, income and losses from equity method investments and discrete items that impacted our GAAP tax rate. Our non-GAAP financial measures also reflect the application of our non-GAAP tax rate.

SolarEdge’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short- and long-term operating plans, to calculate bonus payments and to evaluate SolarEdge’s financial performance, the performance of its individual functional groups and the ability of operations to generate cash. Management believes these non-GAAP financial measures reflect SolarEdge’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in SolarEdge’s business, as they exclude charges and gains that are not reflective of ongoing operating results. Management also believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating SolarEdge’s operating results and future prospects from the same perspective as management and in comparing financial results across accounting periods.

The use of non-GAAP financial measures has certain limitations because they do not reflect all items of income and expense that affect SolarEdge’s operations. These non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, measures prepared in accordance with GAAP and should not be considered measures of SolarEdge’s liquidity. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore comparability may be limited. Management encourages investors and others to review SolarEdge’s financial information in its entirety and not rely on a single financial measure.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements contained in this press release contains may contain forward-looking statements that are based on our management’s expectations, estimates, projections, beliefs and assumptions in accordance with information currently available to our management. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include information, among other things, concerning our possible or assumed future results of operations, return to positive free cash flow generation, future demands for solar energy solutions, business strategies, technology developments, new products and services, financing and investment plans; dividend policy; competitive position, industry and regulatory environment, general economic conditions; potential growth opportunities; cancellations and pushouts of existing backlog; installation rates; goodwill impairment; the effects of competition; tariff impacts and the impacts of the One Big Beautiful Bill Act. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this release. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: our ability to be profitable in the future; the rapidly evolving and competitive nature of the solar industry; changes in tax laws, tax treaties, and regulations or the interpretation of them, including the Inflation Reduction Act and the H.R. 1; future demand for renewable energy including solar energy solutions; our ability to maintain a return to free cash flow positive generation; macroeconomic conditions in our domestic and international markets, as well as inflation concerns, rising interest rates and recessionary concerns; changes in the U.S. and global trade environments, including the imposition and/or increase of import tariffs or other restrictive trade measures; the retail price of electricity derived from the utility grid or alternative energy sources; our ability to forecast demand for our products accurately and to match production to such demand as well as our customers’ ability to forecast demand based on inventory levels; interest rates and supply of capital in the global financial markets in general and in the PV market specifically; competition, including introductions of power optimizer, inverter, EV chargers, batteries and PV system monitoring products by our competitors; the retail price of electricity derived from the utility grid or alternative energy sources; developments in alternative technologies or improvements in distributed solar energy generation; historic cyclicality of the solar industry and periodic downturns; product quality or performance problems in our products; changes in our geographic footprint or product and service offerings; our dependence upon a small number of outside contract manufacturers and limited or single source suppliers; delays, disruptions, and quality control problems in manufacturing; shortages, delays, price changes, or cessation of operations or production affecting our suppliers of key components; capacity constraints, delivery schedules, manufacturing yields, and costs of our contract manufacturers and availability of components; changing political, geopolitical conditions, and the conditions of the global energy market; performance of distributors and large installers in selling our products; consolidation in the solar industry among our customers and distributors; our ability to implement our new Enterprise Resource Planning ("ERP") system; our ability to successfully operate our global operations with a reduced work force; our ability to recognize expected benefits from restructuring plans; any unauthorized access to, disclosure, or theft of confidential or personal information or unauthorized access to our network or other similar cyber incidents; attempts by third parties, our employees, or our vendors might gain unauthorized access to our network or seek to compromise our products and services; emerging issues related to the development and use of artificial intelligence; loss of key executives, and our ability to retain key personnel and attract additional qualified personnel; disruption to our business operations due to the evolving conflict in Israel and other conditions in Israel that affect our operations; tax benefits that are available to us under Israeli law require us to meet various conditions and may be terminated or reduced in the future; difficulty to enforce a judgment of a U.S. court against our officers and directors, to assert U.S. securities laws claims in Israel; our dependence on ocean transportation to timely deliver our products in a cost-effective manner; fluctuations in global currency exchange rates; the impact of evolving legal and regulatory requirements, including corporate social responsibility and sustainability requirements; existing and future responses to and effects of pandemics, epidemics or other health crises; reduction, elimination or expiration of government subsidies and economic incentives for on-grid solar electricity applications; changes to net metering policies may reduce demand for electricity from PV systems; stringent and changing data privacy and security laws, rules, regulations and other obligations; federal, state, and local regulations governing the electric utility industry with respect to solar energy; business practices and regulatory compliance of our raw material suppliers; our ability to maintain our brand and to protect and defend our intellectual property; volatility of our stock price; our customers’ financial stability, creditworthiness, and debt leverage ratio; our ability to effectively design, launch, market, and sell new generations of our products and services; our ability to retain, and events affecting, our major customers; our ability to service our debt; impairment of our goodwill or other long-lived and intangible assets; our liquidity and ability to service our debt; and the other factors set forth under “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed on February 25, 2026, in subsequent Quarterly Reports on Form 10Q and in other documents we file from time to time with the SEC that disclose risks and uncertainties that may affect our business. The preceding list is not intended to be an exhaustive list of all of our forward‐looking statements. You should not rely upon forward‐looking statements as predictions of future events. Although we believe that the expectations reflected in the forward‐looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward‐looking statements will be achieved or will occur. Statements in this press release speak only as of the date they were made. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release, whether as a result of new information, future events or changes in its expectations or otherwise, except as may be required by applicable law, regulation or other competent legal authority.

SOLAREDGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except per share data)

  Three Months Ended

March 31,

2026

2025

Unaudited

Revenues

$

310,501

$

219,480

Cost of revenues

242,220

201,944

Gross profit

68,281

17,536

Operating expenses:

Research and development, net

50,155

61,997

Sales and marketing

27,449

31,657

General and administrative

36,422

30,183

Other operating expense (income), net

9,298

(3,575

)

Total operating expenses

123,324

120,262

Operating loss

(55,043

)

(102,726

)

Financial income (expense), net

(1,037

)

10,068

Other income, net

—

148

Loss before income taxes

(56,080

)

(92,510

)

Income taxes

(1,286

)

(5,726

)

Net loss from equity method investments

—

(287

)

Net loss

$

(57,366

)

$

(98,523

)

  SOLAREDGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

  March 31,

2026

December 31,

2025

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

512,381

$

455,075

Restricted cash

40,985

84,771

Marketable securities

29,269

38,097

Trade receivables, net of allowances of $30,478 and $17,224, respectively

222,704

267,441

Inventories, net

596,824

552,632

Prepaid expenses and other current assets

414,518

341,831

Total current assets

1,816,681

1,739,847

LONG-TERM ASSETS:

Property, plant and equipment, net

264,965

269,351

Operating lease right-of-use assets, net

50,085

48,178

Intangible assets, net

6,420

7,129

Goodwill

49,852

50,123

Other long-term assets

72,505

67,566

Total long-term assets

443,827

442,347

Total assets

2,260,508

2,182,194

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Trade payables

404,507

271,983

Employees and payroll accruals

81,990

73,992

Warranty obligations

83,685

89,330

Deferred revenues and customers advances

38,540

70,371

Accrued expenses and other current liabilities

288,549

297,819

Total current liabilities

897,271

803,495

LONG-TERM LIABILITIES:

Convertible senior notes, net

331,944

331,561

Warranty obligations

238,129

268,559

Deferred revenues and customers advances

313,949

293,328

Finance lease liabilities

18,323

18,558

Operating lease liabilities

39,307

36,648

Other long-term liabilities

10,865

2,581

Total long-term liabilities

952,517

951,235

STOCKHOLDERS’ EQUITY:

Common stock of $0.0001 par value - Authorized: 125,000,000; Issued and outstanding: 60,817,930 and 60,360,154 shares as of March 31, 2026 and December 31, 2025, respectively

6

6

Additional paid-in capital

1,896,782

1,872,760

Accumulated other comprehensive income (loss)

4,937

(11,663

)

Accumulated deficit

(1,491,005

)

(1,433,639

)

Total stockholders’ equity

410,720

427,464

Total liabilities and stockholders’ equity

$

2,260,508

$

2,182,194

  SOLAREDGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except per share data)

  Three Months Ended March 31

2026

2025

Cash flows from operating activities:

Net loss

$

(57,366

)

$

(98,523

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

5,941

12,001

Stock-based compensation expenses

19,852

31,426

Loss from business disposition

7,600

—

Loss (gain) from exchange rate fluctuations

659

(2,930

)

Other items

(939

)

1,242

Changes in assets and liabilities:

Trade receivables, net

43,559

29,247

Inventories, net

(38,339

)

12,285

Prepaid expenses and other assets

(88,163

)

100,361

Operating lease right-of-use assets, net

3,288

3,659

Trade payables

132,556

30,275

Employees and payroll accruals

9,625

208

Warranty obligations

(36,064

)

(19,745

)

Deferred revenues and customers advances

(11,168

)

(51,970

)

Operating lease liabilities

(3,805

)

(3,571

)

Accrued expenses and other liabilities

37,192

(10,142

)

Net cash provided by operating activities

24,428

33,823

Cash flows from investing activities:

Investment in available-for-sale marketable securities

—

(72,465

)

Proceeds from maturities of available-for-sale marketable securities

8,811

142,931

Purchase of property, plant and equipment

(3,701

)

(10,109

)

Business dispositions, net of cash sold

(2,631

)

—

Repayment related to governmental grant

—

(6,643

)

Withdrawal from restricted bank deposits

2,700

80

Payments made before lease commencement

(26,162

)

—

Proceeds from loan receivables

56

13,653

Other investing activities

487

150

Net cash provided by (used in) investing activities

(20,440

)

67,597

Cash flows from financing activities:

Repurchase of convertible debt

—

(5,093

)

Issuance of common stock upon exercise of stock-based awards

3,850

10

Tax withholding in connection with stock-based awards, net

(1,487

)

(338

)

Other financing activities

(375

)

(816

)

Net cash provided by (used in) financing activities

1,988

(6,237

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(1,146

)

701

Increase in cash, cash equivalents and restricted cash including cash classified within current held-for-sale assets

4,830

95,884

Change in cash classified within current held-for-sale assets

8,690

—

Increase in cash, cash equivalents and restricted cash

13,520

95,884

Cash, cash equivalents and restricted cash, beginning of period

539,846

409,939

Cash, cash equivalents and restricted cash, end of period

$

553,366

$

505,823

  SOLAREDGE TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

  Three months ended

Year ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2025

December 31,

2024

December 31,

2023

Gross profit (loss) (GAAP)

$

68,281

$

74,471

$

72,143

$

32,131

$

17,536

$

196,281

$

(877,204

)

$

703,823

Revenues from finance component

(498

)

(456

)

(351

)

(304

)

(264

)

(1,375

)

(984

)

(834

)

Discontinued operation revenues

(64

)

(1,107

)

(85

)

(8,132

)

(7,098

)

(16,422

)

—

—

Discontinued operation cost of revenues

573

(331

)

(13,101

)

7,834

792

(4,806

)

24,921

36,648

Stock-based compensation

3,607

3,687

3,959

4,004

4,372

16,022

21,952

23,200

Amortization of stock-based compensation capitalized in inventories

313

613

825

882

381

2,701

3,138

1,100

Amortization and depreciation of acquired asset

500

495

501

483

491

1,970

5,412

6,038

Restructuring charges

278

344

31

10

430

815

15,327

23,154

Gross profit (loss) (Non-GAAP)

$

72,990

$

77,716

$

63,922

$

36,908

$

16,640

$

195,186

$

(807,438

)

$

793,129

Gross margin (loss) (GAAP)

22.0

%

22.2

%

21.2

%

11.1

%

8.0

%

16.6

%

(97.3

)%

23.6

%

Revenues from finance component

(0.2

)

0.0

0.0

0.0

0.0

(0.1

)

(0.1

)

0.0

Discontinued operation revenues

0.0

0.0

0.0

(2.8

)

(3.2

)

(1.4

)

—

—

Discontinued operation cost of revenues

0.2

0.0

(3.9

)

3.0

0.4

(0.4

)

2.8

1.2

Stock-based compensation

1.1

1.1

1.2

1.4

2.0

1.4

2.4

0.9

Amortization of stock-based compensation capitalized in inventories

0.1

0.0

0.2

0.3

0.2

0.2

0.3

0.0

Amortization and depreciation of acquired asset

0.2

0.0

0.1

0.2

0.2

0.3

0.6

0.2

Restructuring charges

0.1

0.0

0.0

0.0

0.2

0.1

1.7

0.8

Gross margin (loss) (Non-GAAP)

23.5

%

23.3

%

18.8

%

13.2

%

7.8

%

16.7

%

(89.6

)%

26.7

%

Operating expenses (GAAP)

$

123,324

$

122,781

$

107,293

$

147,624

$

120,262

$

497,960

$

831,084

$

663,618

Stock-based compensation - R&D

(8,061

)

(8,442

)

(10,681

)

(9,856

)

(15,911

)

(44,890

)

(62,546

)

(66,944

)

Stock-based compensation - S&M

(4,151

)

(4,298

)

(4,348

)

(4,342

)

(4,742

)

(17,730

)

(27,328

)

(30,987

)

Stock-based compensation - G&A

(4,033

)

(3,546

)

(2,897

)

(1,059

)

(6,401

)

(13,903

)

(25,425

)

(28,814

)

Amortization and depreciation of acquired assets - R&D

—

—

—

—

—

—

(1,000

)

(989

)

Amortization and depreciation of acquired assets - S&M

(116

)

(116

)

(116

)

(116

)

(424

)

(772

)

(1,599

)

(927

)

Amortization and depreciation of acquired assets - G&A

—

—

—

—

—

—

(6

)

(15

)

Amortization of stock-based compensation capitalized in assets

(110

)

—

—

—

—

—

—

—

Discontinued operation

556

(6,989

)

(316

)

(27,069

)

(1,522

)

(35,896

)

(3,293

)

(388

)

Restructuring charges

(371

)

(423

)

(426

)

(867

)

(2,613

)

(4,329

)

(5,607

)

—

Assets impairment and disposal by abandonment

(970

)

(3,135

)

(672

)

(1,967

)

(224

)

(5,998

)

(251,823

)

(30,790

)

Gain (loss) from assets sales

(8,327

)

(7,117

)

(158

)

(17,108

)

662

(23,721

)

(5,746

)

1,262

Certain litigation and other contingencies

—

—

—

—

—

—

399

(1,786

)

Acquisition costs

—

—

—

—

—

—

(9

)

(135

)

Operating expenses (Non-GAAP)

$

97,741

$

88,715

$

87,679

$

85,240

$

89,087

$

350,721

$

447,101

$

503,105

  SOLAREDGE TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

  Three months ended

Year ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2025

December 31,

2024

December

31, 2023

Operating income (loss) (GAAP)

$

(55,043

)

$

(48,310

)

$

(35,150

)

$

(115,493

)

$

(102,726

)

$

(301,679

)

$

(1,708,288

)

$

40,205

Revenues from finance component

(498

)

(456

)

(351

)

(304

)

(264

)

(1,375

)

(984

)

(834

)

Discontinued operation

(47

)

5,551

(12,870

)

26,771

(4,784

)

14,668

28,214

37,036

Stock-based compensation

19,852

19,973

21,885

19,261

31,426

92,545

137,251

149,945

Amortization of stock-based compensation capitalized in inventories

313

613

825

882

381

2,701

3,138

1,100

Amortization and depreciation of acquired assets

616

611

617

599

915

2,742

8,017

7,969

Amortization of stock-based compensation capitalized in assets

110

—

—

—

—

—

—

—

Restructuring charges

649

767

457

877

3,043

5,144

20,934

23,154

Assets impairment and disposal by abandonment

970

3,135

672

1,967

224

5,998

251,823

30,790

Loss (gain) from assets sales

8,327

7,117

158

17,108

(662

)

23,721

5,746

(1,262

)

Certain litigation and other contingencies

—

—

—

—

—

—

(399

)

1,786

Acquisition costs

—

—

—

—

—

—

9

135

Operating income (loss) (Non-GAAP)

$

(24,751

)

$

(10,999

)

$

(23,757

)

$

(48,332

)

$

(72,447

)

$

(155,535

)

$

(1,254,539

)

$

290,024

Financial income (expense), net (GAAP)

$

(1,037

)

$

(77,784

)

$

3,040

$

(7,323

)

$

10,068

$

(71,999

)

$

(14,570

)

$

41,212

Non cash interest expense

4,793

4,420

4,462

4,326

4,051

17,259

14,877

12,703

Currency fluctuation related to lease standard

(317

)

3,360

1,552

7,151

(1,633

)

10,430

(744

)

(3,055

)

Discontinued operation

3

1,402

(958

)

2,265

(276

)

2,433

—

—

CTA reclassification upon liquidation of a foreign subsidiary

225

59,520

—

—

—

59,520

—

—

One‑time foreign exchange impact from VAT settlement agreement

(3,900

)

10,963

—

—

—

10,963

—

—

Financial income (expense), net (Non-GAAP)

$

(233

)

$

1,881

$

8,096

$

6,419

$

12,210

$

28,606

$

(437

)

$

50,860

Other income (loss) (GAAP)

$

—

$

(6,582

)

$

(15,011

)

$

4,017

$

148

$

(17,428

)

$

14,547

$

(318

)

Loss (gain) from sale of equity and debt investments

—

—

—

—

(2

)

(2

)

(2,966

)

193

Gain from business combination

—

—

—

—

—

—

(1,125

)

—

Gain from the repurchase of convertible notes

—

—

—

—

(146

)

(146

)

(15,456

)

—

Loss (gain) from sale of privately-held companies

—

155

—

(4,017

)

—

(3,862

)

—

—

Loss from impairment of privately-held companies

—

6,427

15,011

—

—

21,438

5,000

—

Other income (loss) (Non-GAAP)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

(125

)

Income tax benefit (expense) (GAAP)

$

(1,286

)

$

564

$

(2,563

)

$

(5,657

)

$

(5,726

)

$

(13,382

)

$

(96,150

)

$

(46,420

)

Income tax adjustment

(15

)

389

(124

)

(100

)

(155

)

10

39,007

(45,896

)

Income tax benefit (expense) (Non-GAAP)

$

(1,301

)

$

953

$

(2,687

)

$

(5,757

)

$

(5,881

)

$

(13,372

)

$

(57,143

)

$

(92,316

)

Equity method investments income (loss) (GAAP)

$

—

$

(9

)

$

(376

)

$

(288

)

$

(287

)

$

(960

)

$

(1,896

)

$

(350

)

Loss from equity method investments

—

9

376

288

287

960

1,896

350

Equity method investments income (loss) (Non-GAAP)

$

—

$

—

$

—

$

—

$

—

$

—

$

—

$

—

  SOLAREDGE TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

  Three months ended

Year ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2025

December 31,

2024

December 31,

2023

Net income (loss) (GAAP)

$

(57,366

)

$

(132,121

)

$

(50,060

)

$

(124,744

)

$

(98,523

)

$

(405,448

)

$

(1,806,357

)

$

34,329

Revenues from finance component

(498

)

(456

)

(351

)

(304

)

(264

)

(1,375

)

(984

)

(834

)

Discontinued operation

(44

)

6,953

(13,828

)

29,036

(5,060

)

17,101

28,214

37,036

Stock-based compensation

19,852

19,973

21,885

19,261

31,426

92,545

137,251

149,945

Amortization of stock-based compensation capitalized in inventories

313

613

825

882

381

2,701

3,138

1,100

Amortization and depreciation of acquired assets

616

611

617

599

915

2,742

8,017

7,969

Amortization of stock-based compensation capitalized in assets

110

—

—

—

—

—

—

—

Restructuring charges

649

767

457

877

3,043

5,144

20,934

23,154

Assets impairment and disposal by abandonment

970

3,135

672

1,967

224

5,998

251,823

30,790

Loss (gain) from assets sales

8,327

7,117

158

17,108

(662

)

23,721

5,746

(1,262

)

Certain litigation and other contingencies

—

—

—

—

—

—

(399

)

1,786

Acquisition costs

—

—

—

—

—

—

9

135

Non cash interest expense

4,793

4,420

4,462

4,326

4,051

17,259

14,877

12,703

CTA reclassification upon liquidation of a foreign subsidiary

225

59,520

—

—

—

59,520

—

—

One‑time foreign exchange impact from VAT settlement agreement

(3,900

)

10,963

—

—

—

10,963

—

—

Currency fluctuation related to lease standard

(317

)

3,360

1,552

7,151

(1,633

)

10,430

(744

)

(3,055

)

Loss (gain) from sale of equity and debt investments

—

—

—

—

(2

)

(2

)

(2,966

)

193

Loss (gain) from business combination

—

—

—

—

—

—

(1,125

)

—

Gain from the repurchase of convertible notes

—

—

—

—

(146

)

(146

)

(15,456

)

—

Loss (gain) from sale of privately-held companies

—

155

—

(4,017

)

—

(3,862

)

—

—

Loss from impairment of privately-held companies

—

6,427

15,011

—

—

21,438

5,000

—

Income tax adjustment

(15

)

389

(124

)

(100

)

(155

)

10

39,007

(45,896

)

Equity method adjustments

—

9

376

288

287

960

1,896

350

Net income (loss) (Non-GAAP)

$

(26,285

)

$

(8,165

)

$

(18,348

)

$

(47,670

)

$

(66,118

)

$

(140,301

)

$

(1,312,119

)

$

248,443

SOLAREDGE TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

  Three months ended

Year ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2025

December 31,

2024

December 31,

2023

Net basic earnings (loss) per share (GAAP)

$

(0.95

)

$

(2.21

)

$

(0.84

)

$

(2.13

)

$

(1.70

)

$

(6.88

)

$

(31.64

)

$

0.61

Revenues from finance component

(0.01

)

(0.01

)

(0.01

)

(0.01

)

0.00

(0.02

)

(0.02

)

(0.02

)

Discontinued operation

0.00

0.12

(0.23

)

0.50

(0.09

)

0.29

0.49

0.66

Stock-based compensation

0.33

0.33

0.37

0.33

0.54

1.57

2.41

2.65

Amortization of stock-based compensation capitalized in inventories

0.01

0.01

0.01

0.01

0.01

0.05

0.05

0.02

Amortization and depreciation of acquired assets

0.01

0.01

0.01

0.01

0.02

0.04

0.14

0.14

Amortization of stock-based compensation capitalized in assets

0.00

—

—

—

—

—

—

—

Restructuring charges

0.01

0.02

0.01

0.02

0.05

0.09

0.37

0.41

Assets impairment and disposal by abandonment

0.02

0.05

0.01

0.03

0.00

0.10

4.41

0.54

Loss (gain) from assets sales

0.14

0.12

0.00

0.30

(0.01

)

0.40

0.10

(0.02

)

Certain litigation and other contingencies

—

—

—

—

—

—

(0.01

)

0.03

Acquisition costs

—

—

—

—

—

—

0.00

0.00

Non cash interest expense

0.08

0.07

0.08

0.07

0.07

0.30

0.26

0.23

CTA reclassification upon liquidation of a foreign subsidiary

0.00

1.00

—

—

—

1.01

—

—

One‑time foreign exchange impact from VAT settlement agreement

(0.06

)

0.18

—

—

—

0.18

—

—

Currency fluctuation related to lease standard

(0.01

)

0.06

0.02

0.12

(0.03

)

0.18

(0.01

)

(0.06

)

Loss (gain) from sale of equity and debt investments

—

—

—

—

—

0.00

(0.05

)

0.01

Loss (gain) from business combination

—

—

—

—

—

—

(0.02

)

—

Gain from the repurchase of convertible notes

—

—

—

—

0.00

0.00

(0.27

)

—

Loss (gain) from sale of privately-held companies

—

0.00

—

(0.06

)

—

(0.07

)

—

—

Loss from impairment of privately-held companies

—

0.11

0.26

—

—

0.36

0.09

—

Income tax adjustment

0.00

0.00

(0.01

)

0.00

0.00

0.00

0.68

(0.81

)

Equity method adjustments

—

0.00

0.01

0.00

0.00

0.02

0.03

0.00

Net basic earnings (loss) per share (Non-GAAP)

$

(0.43

)

$

(0.14

)

$

(0.31

)

$

(0.81

)

$

(1.14

)

$

(2.38

)

$

(22.99

)

$

4.39

  SOLAREDGE TECHNOLOGIES, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)

  Three months ended

Year ended

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2025

December 31,

2024

December 31,

2023

Net diluted earnings (loss) per share (GAAP)

$

(0.95

)

$

(2.21

)

$

(0.84

)

$

(2.13

)

$

(1.70

)

$

(6.88

)

$

(31.64

)

$

0.60

Revenues from finance component

(0.01

)

(0.01

)

(0.01

)

(0.01

)

0.00

(0.02

)

(0.02

)

(0.01

)

Discontinued operation

0.00

0.12

(0.23

)

0.50

(0.09

)

0.29

0.49

0.64

Stock-based compensation

0.33

0.33

0.37

0.33

0.54

1.57

2.41

2.57

Amortization of stock-based compensation capitalized in inventories

0.01

0.01

0.01

0.01

0.01

0.05

0.05

0.02

Amortization and depreciation of acquired assets

0.01

0.01

0.01

0.01

0.02

0.04

0.14

0.14

Amortization of stock-based compensation capitalized in assets

0.00

—

—

—

—

—

—

—

Restructuring charges

0.01

0.02

0.01

0.02

0.05

0.09

0.37

0.40

Assets impairment and disposal by abandonment

0.02

0.05

0.01

0.03

0.00

0.10

4.41

0.53

Loss (gain) from assets sales

0.14

0.12

0.00

0.30

(0.01

)

0.40

0.10

(0.02

)

Certain litigation and other contingencies

—

—

—

—

—

—

(0.01

)

0.03

Acquisition costs

—

—

—

—

—

—

0.00

0.00

Non cash interest expense

0.08

0.07

0.08

0.07

0.07

0.30

0.26

0.03

CTA reclassification upon liquidation of a foreign subsidiary

0.00

1.00

—

—

—

1.01

—

—

One‑time foreign exchange impact from VAT settlement agreement

(0.06

)

0.18

—

—

—

0.18

—

—

Currency fluctuation related to lease standard

(0.01

)

0.06

0.02

0.12

(0.03

)

0.18

(0.01

)

(0.05

)

Loss (gain) from sale of equity and debt investments

—

—

—

—

0.00

0.00

(0.05

)

0.00

Loss (gain) from business combination

—

—

—

—

—

—

(0.02

)

—

Gain from the repurchase of convertible notes

0.00

—

—

—

0.00

0.00

(0.27

)

—

Loss (gain) from sale of privately-held companies

—

0.00

—

(0.06

)

—

(0.07

)

—

—

Loss from impairment of privately-held companies

—

0.11

0.26

—

—

0.36

0.09

—

Income tax adjustment

0.00

0.00

(0.01

)

0.00

0.00

0.00

0.68

(0.76

)

Equity method adjustments

—

0.00

0.01

0.00

0.00

0.02

0.03

0.00

Net diluted earnings (loss) per share (Non-GAAP)

$

(0.43

)

$

(0.14

)

$

(0.31

)

$

(0.81

)

$

(1.14

)

$

(2.38

)

$

(22.99

)

$

4.12

Number of shares used in computing net diluted earnings (loss) per share (GAAP)

60,517,248

59,828,042

59,278,269

58,567,394

58,121,502

58,954,380

57,082,182

57,237,518

Stock-based compensation

—

—

—

—

—

—

—

725,859

Notes due 2025

—

—

—

—

—

—

—

2,276,818

Number of shares used in computing net diluted earnings (loss) per share (Non-GAAP)

60,517,248

59,828,042

59,278,269

58,567,394

58,121,502

58,954,380

57,082,182

60,240,195

Net cash provided by (used in) operating activities (GAAP)

$

24,428

$

52,629

$

25,608

$

(7,799

)

$

33,823

$

104,261

$

(313,319

)

$

(180,113

)

Purchase of property, plant and equipment

(3,701

)

(9,293

)

(2,809

)

(1,256

)

(10,109

)

(23,467

)

(108,163

)

(170,523

)

Discontinued operation

—

—

—

—

(3,867

)

(3,867

)

—

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Free cash flow (deficit) (Non-GAAP)

$

20,727

$

43,336

$

22,799

$

(9,055

)

$

19,847

$

76,927

$

(421,482

)

$

(350,636

)

More News From SolarEdge Technologies, Inc.

Key Takeaways SolarEdge reported Q1 2026 adjusted loss of 43 cents, wider than estimates but improved year over year.SEDG revenues rose 41.5% to $310.5M, beating estimates, with strong growth in shipments and gross profit.SolarEdge expects Q2 revenues of $325-$355M, with gross margin projected between 23% and 27%. SolarEdge Technologies, Inc. (SEDG - Free Report) reported a first-quarter 2026 adjusted loss of 43 cents per share, wider than the Zacks Consensus Estimate of a loss of 23 cents. The bottom line improved from the prior-year quarter’s loss of $1.14 per share.

Barring one-time adjustments, the company incurred a GAAP loss of 95 cents per share compared with a GAAP loss of $1.70 in the year-ago period.

SEDG’s RevenuesRevenues of $310.5 million surpassed the Zacks Consensus Estimate of $303 million by 2.3%. The top line also increased 41.5% from the year-ago quarter’s $219.5 million.

SEDG’s Operational HighlightsSolarEdge Technologies shipped approximately 50.5 thousand inverters, 2.4 million optimizers and 331 MWh of batteries for PV applications in the first quarter.

The company reported an adjusted gross profit of $68.3 million compared with $17.5 million in the prior-year period.

Adjusted operating expenses increased 2.5% year over year to $123.3 million.

SEDG incurred an adjusted operating loss of $55 million compared with an operating loss of $102.7 million in the prior-year quarter.

SEDG’s Financial PerformanceAs of March 31, 2026, SolarEdge Technologies had cash and cash equivalents worth $512.4 million compared with $455.1 million as of Dec. 31, 2025.

As of the same date, total long-term liabilities were $952.5 million compared with $951.2 million as of Dec. 31, 2025.

The net cash provided by operating activities in the first three months of 2026 amounted to $24.4 million compared with $33.8 million in the year-ago period.

SEDG’s Q2 2026 GuidanceSEDG expects revenues to be in the range of $325-$355 million for the second quarter of 2026. The Zacks Consensus Estimate is pegged at $342.7 million, higher than the midpoint of the company’s guided range.

Adjusted operating expenses are projected to be in the range of $86-$91 million, while the adjusted gross margin is expected to be between 23% and 27%.

SEDG’s Zacks RankThe company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Recent Solar ReleasesFirst Solar, Inc. (FSLR - Free Report) reported first-quarter 2026 earnings of $3.22 per share, which beat the Zacks Consensus Estimate of $2.87 by 12.1%. The bottom line increased 65.1% from the prior-year quarter’s figure of $1.95.

First Solar’s first-quarter net sales were $1.04 billion, which missed the Zacks Consensus Estimate by 0.1%. However, the top line rose 23.6% from the year-ago quarter’s $0.84 billion.

Enphase Energy, Inc. (ENPH - Free Report) reported first-quarter 2026 adjusted earnings of 47 cents per share, which decreased 30.9% from 68 cents reported in the prior-year quarter. However, the bottom line topped the Zacks Consensus Estimate of 43 cents by 8.2%.

Enphase Energy’s first-quarter revenues of $282.9 million missed the Zacks Consensus Estimate of $284 million by 0.2%. The top line decreased 28.6% from the prior-year quarter’s reported figure of $356.1 million.

An Upcoming Solar ReleaseCanadian Solar Inc. (CSIQ - Free Report) is slated to report first-quarter 2026 results on May 14, before market open. The Zacks Consensus Estimate for CSIQ’s first-quarter loss is pegged at $1.08 per share, indicating a year-over-year decline of 0.9%.

The Zacks Consensus Estimate for CSIQ’s first-quarter sales is pegged at $947.6 million, implying a year-over-year decline of 20.8%.

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MILPITAS, Calif. & HERZLIYA, Israel--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (“SolarEdge” or the “Company”) (Nasdaq: SEDG), a global leader in smart energy technology, announced today the appointment of Mr. Maoz Sigron as the Company’s new Chief Financial Officer (CFO), effective May 31, 2026. Maoz Sigron succeeds Mr. Asaf Alperovitz, who is stepping down from the role to pursue another professional opportunity outside of the industry. Asaf will remain with the Company through June 9, 2026 to assist with a smooth handover.

Mr. Sigron has over 20 years of financial and operational experience across global organizations, with a strong track record in governance, M&A, capital markets, budgeting and operational discipline in NASDAQ- and TASE-listed companies. Most recently, he served as CFO and later COO at Perion Network Ltd. (NASDAQ & TASE: PERI). Earlier in his career, Mr. Sigron held senior finance leadership positions at Allot Ltd. (NASDAQ: ALLT, TASE: ALLT), Tnuva, and Stratasys Ltd. (NASDAQ: SSYS). Throughout his career, Mr. Sigron has succeeded in driving strategic business transformation, raising capital on NASDAQ through equity offerings, directing M&A processes for several strategic acquisitions, achieving substantial operational efficiencies, and supporting complex, multi-market operations. He holds a BA in Accounting and Business Management from The College of Management Academic Studies.

“Maoz joins SolarEdge at a pivotal moment for the company as we continue to execute on our strategic priorities, with a focus on operational efficiency, strengthening financial discipline, and positioning the Company for long-term, profitable growth,” said Shuki Nir, CEO of SolarEdge. “I am delighted to welcome Maoz to the team and am confident that his combination of financial rigor and hands-on leadership will help us strengthen execution and continue to improve our financial performance. I also extend my appreciation to Asaf Alperovitz for his leadership and for the role he played in setting the stage for profitable growth, and we wish him all the best in what’s next.”

“SolarEdge is a company with a strong culture of innovation, a differentiated market position, and significant global growth opportunities,” said Mr. Sigron. “I am excited to join Shuki and the talented SolarEdge team and help drive the company’s next phase of growth by continuing to strengthen financial performance and disciplined execution across the organization. I look forward to building on the company’s momentum as we continue to advance our strategic priorities and drive meaningful long-term value for our customers and stakeholders.”

About SolarEdge

SolarEdge is a global smart energy technology company. SolarEdge develops, manufactures, and sells products that address a broad range of energy market segments through its diversified product offering, including residential, commercial and large scale photovoltaic or PV, energy storage and backup solutions, electric vehicle (“EV”) charging capabilities, home energy management, grid services and virtual power plants. By leveraging engineering capabilities and focusing on innovation, safety and reliability, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge is online at www.solaredge.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: management transitions, our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.

Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K/A for the year ended December 31, 2025, filed on March 23, 2026, and other reports filed with the SEC. All information set forth in this release is as of May 11, 2026. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

More News From SolarEdge Technologies, Inc.

Back to Newsroom

Adjusted for one-time charges, SolarEdge delivered solid first quarter results and provided Q2 guidance largely in line with consensus expectations. While the U.S. residential solar market has started the year on a weak note, the Middle East conflict has boosted demand from Europe. While the company is entering into safe harbor agreements with customers ahead of the section 48E investment tax credit expiration in July, these transactions won't benefit revenues in the near-term.

On May 21, 2026, SolarEdge Technologies Inc SEDG shares rose 12.1% to $62.93. This price increase comes amid a remarkable performance over the past year, where the stock has surged 217.5%, despite a more challenging 3-year trajectory that saw a decline of 40.2%. The current price is within a 52-week range of $13.73 to $65.16.

GF Value™ verdict: Current price of $62.93 vs GF Value™ of $28.46 indicates that the stock is 121.1% overvalued.GF Score™ of 60/100 suggests the stock is above average but has room for improvement in certain areas.Notable signal: Insiders sold $0.1M in the last 3 months with no insider buying, raising potential concerns about confidence in the stock's future performance. Is SEDG Overvalued or Undervalued? According to the GF Value™, SolarEdge Technologies Inc SEDG is significantly overvalued, with a current price of $62.93 compared to the intrinsic value estimate of $28.46. This indicates a substantial margin of safety is absent, as the stock is trading at a premium of 121.1% over its calculated fair value. The GF Valuation label suggests that investors should exercise caution when considering this stock, as the current price does not reflect a favorable buying opportunity.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the significant overvaluation indicated, investors face the risk of a potential price correction should market sentiment shift or if the company fails to meet growth expectations in the coming quarters.

How Does SEDG's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 1337.0x 103.5x With a forward P/E of 1337.0x, SolarEdge Technologies Inc is trading significantly above its historical median P/E of 103.5x. This analysis aligns with the GF Value™ verdict, reinforcing the notion that the stock is overvalued compared to its historical performance metrics. The extreme forward P/E ratio raises additional concerns regarding the sustainability of such high valuations in the current market environment.

What Does SEDG's GF Score™ Tell Us? Metric Rating GF Score™ 60/100 Financial Strength 4/10 Profitability 6/10 Growth 4/10 Valuation 1/10 Momentum 6/10 The GF Score™ of 60/100 indicates that while SolarEdge Technologies Inc has some strengths, such as decent profitability and momentum ranks (6/10), it faces considerable weaknesses in financial strength (4/10) and valuation (1/10). The low valuation rank is particularly concerning, as it suggests that the stock may not be a sound investment at its current price level.

What Are Insiders Doing with SEDG Stock? In the past three months, insiders have sold approximately $0.1 million worth of shares, with no insider buying reported during this period. This selling activity may suggest a lack of confidence among company executives regarding the stock's future performance and could be interpreted as a bearish signal for potential investors. In the absence of insider buying, it raises questions about the management's outlook and the company's financial prospects moving forward.

What This Means for Investors Based on the analysis of GF Value™, SolarEdge Technologies Inc SEDG is currently overvalued. With a significant premium over its intrinsic value and concerning valuation metrics, potential investors may want to proceed with caution. The current market dynamics and insider selling activity further underscore the need for a thorough evaluation before making investment decisions.

For the complete analysis, visit the SolarEdge Technologies Inc SEDG stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is SEDG's GF Score™?

SEDG has a GF Score™ of 60/100, indicating that it is above average but has significant room for improvement in valuation and financial strength.

Is SEDG overvalued or undervalued?

Based on the GF Value™ verdict, SEDG is currently overvalued, trading at a premium of 121.1% over its estimated fair value.

What is SEDG's P/E ratio?

SEDG's current P/E ratio is 1337.0x, which is significantly higher than its 5-year median P/E of 103.5x, further supporting the conclusion that the stock is overvalued.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

SolarEdge Technologies, Inc. (SEDG) Presents at TD Cowen's 54th Annual Technology, Media & Telecom Conference Transcript

Key Takeaways Gilead said Livdelzi significantly improved ALP normalization versus placebo at 52 weeks in PBC.GILD's IDEAL enrolled 96 adults; safety findings were consistent with prior Livdelzi studies.Gilead said strong Livdelzi uptake and Hepcludex approval have bolstered its liver franchise. Gilead Sciences, Inc. (GILD - Free Report) announced positive results from the late-stage IDEAL study in patients with primary biliary cholangitis (PBC).

Results showed that Livdelzi (seladelpar) significantly increased the proportion of patients achieving normalization of alkaline phosphatase (ALP), an important marker of liver disease progression, compared with placebo after 52 weeks.

The positive results were seen in patients with inadequately controlled PBC, characterized by ALP levels above the upper limit of normal (ULN) but below 1.67 times the ULN, despite treatment with ursodeoxycholic acid (UDCA), or in those unable to tolerate UDCA.

Although this patient group is commonly seen in clinical practice, it has historically been underrepresented in randomized clinical trials.

Livdelzi is an orally administered peroxisome proliferator-activated receptor delta (PPAR-δ) agonist. It is indicated for the treatment of PBC in combination with UDCA in adults who have had an inadequate response to UDCA, or as monotherapy in patients unable to tolerate UDCA.

More on GILD’s IDEAL Study ResultsIDEAL is a phase III, randomized, double-blind, placebo-controlled trial evaluating Livdelzi in adults with PBC whose disease remains inadequately controlled despite treatment with UDCA who are unable to tolerate UDCA. Eligible participants had ALP levels above the ULN but below 1.67 times the ULN.

The study’s primary objective is to assess the efficacy of Livdelzi versus placebo at week 52 in achieving ALP normalization. The trial enrolled 96 adults aged 18 to 75 years.

The safety findings from the IDEAL study were consistent with the established safety profile of Livdelzi observed in previous clinical trials, with no new safety signals or unexpected adverse events reported.

PBC is a chronic autoimmune liver disorder characterized by damage to the bile ducts, affecting approximately 130,000 individuals in the United States. The condition occurs more frequently in women and, if left untreated, can lead to progressive liver damage, liver failure, and the eventual need for a liver transplant.

The FDA approved Livdelzi for PBC under accelerated approval based on a reduction of ALP. Improvement in survival or prevention of liver decompensation events has not been demonstrated. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trial(s).

Gilead intends to present the complete IDEAL study findings at a forthcoming medical conference and will work with regulatory agencies worldwide to review and discuss the results.

GILD’s Efforts to Bolster PortfolioThe strong uptake of Livdelzi has fueled liver disease franchise sales in the first quarter.

Last month, the FDA granted accelerated approval to Hepcludex (bulevirtide-gmod) for adults with chronic hepatitis delta virus (HDV) infection.

The approval makes Hepcludex the first FDA-approved therapy for HDV in the United States.

The FDA approval of Hepcludex bolsters the GILD’s liver disease franchise, which spans treatments for HCV, chronic HBV, and chronic HDV.

Gilead’s shares have gained 4% year to date against the industry's decline of 2.2%.

Image Source: Zacks Investment Research

Gilead’s first-quarter results were good. HIV business continues to maintain momentum, driven by the solid performance of Biktarvy and Descovy, and incremental contributions from Yeztugo.

Driven by increased Yeztugo sales expectations and strong first-quarter HIV performance, Gilead now projects total 2026 HIV sales growth of approximately 8% year over year, up from its prior guidance of 6% issued in February.

Approval of better HIV treatments should strengthen the HIV franchise in the wake of increasing competition from the likes of GSK plc (GSK - Free Report) .

GSK continues to grow its HIV business, driven by strong patient demand for long-acting injectable medicines (Cabenuva and Apretude) and Dovato.

GILD lowered its full-year earnings outlook due to expected acquired IPR&D charges of $11.5 billion and financing expenses associated with the Arcellx, Ouro Medicines and Tubulis GmbH deals.

Gilead’s aggressive dealmaking strategy — including the acquisition of Arcellx and agreements with Ouro and Tubulis — highlights the company’s commitment to diversifying beyond its core HIV franchise into higher-growth oncology and immunology markets. While these transactions strengthen Gilead’s long-term pipeline and growth potential, the sizable upfront payments and integration-related costs are pressuring near-term profitability.

This, in turn, has prompted Gilead to lower its EPS guidance, raising investor concerns about margin pressure and the timeline required for these acquisitions to generate meaningful returns.

GILD’s Zacks Rank & Key PicksGILD currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the biotech sector are Liquidia Corporation (LQDA - Free Report) and Immunocore (IMCR - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 30 days, estimates for Liquidia’s 2026 earnings per share have increased to $2.97 from $1.50. Over the same period, EPS estimates for 2027 have risen to $4.81 from $2.91. LQDA shares have gained 60.7% year to date.

Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.

Over the past 30 days, bottom-line estimates for Immunocore have improved from a loss of 88 cents to earnings of 6 cents for 2026. Over the same period, earnings estimates for 2027 have increased to 87 cents per share from 24 cents. IMCR shares have lost 18.4% year to date.

Companies will collaborate on the development of gamgertamig, a potential first-in-class and best-in-class T cell engager in autoimmune diseases

Foster City, Calif. and Mechelen, Belgium; June 4, 2026, 22.15 CET – Gilead Sciences, Inc. (Nasdaq: GILD) and Lakefront Biotherapeutics NV (Euronext & Nasdaq: LKFT) today announced the successful completion of the previously announced acquisition of Ouro Medicines to advance T cell engager therapies for autoimmune diseases.

The acquisition adds gamgertamig (OM336), a clinical-stage BCMAxCD3 T cell engager, to Gilead’s growing inflammation portfolio and will be the foundation of Lakefront’s clinical development pipeline. Gamgertamig is designed to enable rapid and deep plasma cell and B cell depletion following a limited subcutaneously administered treatment course with the potential to induce durable disease control in severe antibody-mediated orphan diseases including autoimmune hemolytic anemia (AIHA) and immune thrombocytopenia (ITP). Gamgertamig has been granted both Fast Track and Orphan Drug Designation by the U.S. FDA for the treatment of AIHA and ITP and is expected to enter registrational studies as early as 2027.

The addition of gamgertamig builds on Gilead’s long-term strategy to invest in differentiated science and accelerate the development of therapies that address significant unmet need. Combined with existing expertise in immunology and cell therapy, this approach supports the company’s ambition to shift treatment paradigms from chronic disease management toward the potential for durable immune reset.

Under the terms of the agreement, Gilead acquired all the outstanding equity of Ouro Medicines for $1,675 million and up to $500 million in contingent milestone payments. Lakefront and Gilead will equally split the upfront payment, subject to customary adjustments, and contingent milestone payments of up to $500 million.

With this transaction, Lakefront has acquired substantially all of Ouro Medicines’ team and operational assets in connection with Gilead’s acquisition of Ouro Medicines and will collaborate with Gilead on the development of gamgertamig. As part of the collaboration, Lakefront is responsible for the ongoing and future Phase 1/2 clinical studies of gamgertamig, with Gilead leading the registrational and later-stage studies. Gilead will retain sole worldwide commercialization rights, including all related costs, globally outside of Keymed’s territories. Lakefront will receive tiered royalties of 20%–23% on net sales of gamgertamig from Gilead.

Lakefront has also in-licensed a preclinical portfolio of three additional autoimmune focused programs originally from Ouro with an opt-in for Gilead for a 50/50 profit split post clinical proof-of-concept for $75 million per program.

The transaction provides relief under the Option, License and Collaboration Agreement dated July 14, 2019, between Lakefront and Gilead (the “OLCA”) to enable Lakefront to deploy at least $500 million of its available cash independently from Gilead and outside the scope of the OLCA and the Ouro transaction, including up to $150 million for share buybacks.

The Ouro portfolio will be the cornerstone of Lakefront’s R&D pipeline. Following this transaction, Lakefront will continue to have a majority of its cash remaining for additional strategic transactions and other capital allocation priorities. Lakefront’s year-end 2026 cash balance is expected to be approximately €2B.

About Gamgertamig

Gamgertamig is an investigational BCMAxCD3 bispecific T cell engager for the treatment of autoantibodies driven immune-mediated disease. Gamgertamig has been granted Orphan Drug Designation and Fast Track Designation by the U.S. FDA for certain autoimmune diseases. Gamgertamig is currently in Phase 2 studies is expected to enter registrational studies as early as 2027. Gamgertamig is in-licensed from Keymed Biosciences, which owns the rights to develop the program in Greater China.

About Gilead Sciences

Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades, with the goal of creating a healthier world for all people. The company is committed to advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis, COVID-19, cancer and inflammation. In 2025, Gilead announced a planned $32 billion investment to further strengthen its U.S. footprint to power the next era of discovery, job creation and public health preparedness – while continuing to invest globally to ensure patients everywhere benefit from its scientific innovation. Gilead operates in more than 35 countries worldwide, with headquarters in Foster City, Calif.

About Lakefront® Biotherapeutics

Lakefront Biotherapeutics (formerly known as Galapagos) is a biotechnology company built to bring meaningful medicines to patients with serious diseases in therapeutic areas of unmet need. The Company combines world-class deal making expertise with capital to identify, acquire, and advance promising opportunities that have the potential to drive value for patients and shareholders. Applying a modality-agnostic asset selection approach and operational flexibility, Lakefront Biotherapeutics prioritizes oncology and immunology & inflammation programs with clear clinical proof-of-concept in emerging areas. For more information, visit lakefrontbio.com or follow us on Linkedin or X.

CONTACTS: Gilead
Ashleigh Koss, Media

[email protected]                            

Jacquie Ross, Investors

[email protected]

CONTACT: Lakefront Biotherapeutics
Sherri Spear
+1 412 522 6418
[email protected]

Gilead Forward-Looking Statement

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectation of Gilead and Ouro Medicines and members of their respective senior management teams. In some cases, forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “seek,” “may,” “plan,” “project,” “should,” “target,” “will,” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, without limitation, statements regarding the transactions and related matters, prospective performance and opportunities, post-closing operations and the outlook for the companies’ businesses; the potential of Ouro Medicines’ programs; timing of prospective clinical trials; Gilead’s long-term strategy; and any assumptions underlying any of the foregoing. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include: the effects of the transactions on relationships with employees, other business partners or governmental entities; the difficulty of predicting the timing or outcome of regulatory approvals or actions, if any; the risk that the businesses will not be integrated successfully and that other anticipated benefits from the transactions will not be realized; the impact of competitive products and pricing; other business effects, including the effects of industry, economic or political conditions outside of the companies’ control; transaction costs; actual or contingent liabilities; the risk that Gilead may not realize the expected benefits of the Ouro Medicines acquisition or the Lakefront license and collaboration; the ability of Gilead to advance their product pipeline and successfully commercialize product candidates following the acquisition; the ability of the parties to initiate and complete clinical trials involving such product candidates in the currently anticipated timelines or at all; the possibility of unfavorable results from one or more of such trials involving such product candidates; uncertainties relating to regulatory applications and related filing and approval timelines, including potential applications for programs and/or indications currently under evaluation, and the risk that any regulatory approvals, if granted, may be subject to significant limitations on use or subject to withdrawal or other adverse actions by the applicable regulatory authority; and any assumptions underlying any of the foregoing. These and other risks, uncertainties and factors are described in detail in Gilead’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as filed with the U.S. Securities and Exchange Commission. The reader is cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and is cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements are based on information currently available to Gilead, and Gilead assumes no obligation and disclaims any intent to update any such forward-looking statements.

Lakefront Biotherapeutics Forward-Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, all of which involve certain risks and uncertainties. These statements are often, but are not always, made through the use of words or phrases such as “believe,” “anticipate,” “expect,” “intend,” “plan,” “seek,” “upcoming,” “future,” “estimate,” “may,” “will,” “could,” “would,” “potential,” “forward,” “goal,” “next,” “continue,” “should,” “encouraging,” “aim,” “progress,” “remain,’ “explore,” “further” as well as similar expressions. These statements include, but are not limited to, statements regarding Lakefront’s business development strategy and clinical development pipeline, expected benefits and potential of gamgertamig, post-closing operations and benefits of the transaction, timing of prospective clinical trials, and our expected cash balance in 2026 and expected uses of cash. Lakefront cautions the reader that forward-looking statements are based on our management’s current expectations and beliefs and are not guarantees of future performance. Forward-looking statements may involve known and unknown risks, uncertainties and other factors which might cause actual events, financial condition and liquidity, performance or achievements, or the industry in which we operate, to be materially different from any historic or future results, financial conditions, performance or achievements expressed or implied by such forward-looking statements. In addition, even if our results, performance, financial condition and liquidity, and the development of the industry in which Lakefront operates are consistent with such forward-looking statements, they may not be predictive of results or developments in future periods. Such risks include, but are not limited to, the risk that Lakefront’s financial estimates, including cash position, may be incorrect (including because one or more of its assumptions may not be realized); risks associated with the changes to our capital allocation strategies; the risk that we will not be able to execute on our currently contemplated business plan or strategy and/or will revise our business plan or strategy; risks related to our ability to successfully identify, pursue and consummate new transformational business development transactions, including our ability to identify product candidates that will have commercial success and/or be profitable; the risk that the commercial potential of gamgertamig proves to be inaccurate; the risk that the businesses will not be integrated successfully and that other anticipated benefits from the transactions will not be realized; the inherent risks and uncertainties associated with competitive developments, clinical trials, recruitment of patients, product development activities and regulatory approval requirements; risks related to our reliance on collaborations with third parties (including, but not limited to, our collaboration partner Gilead); the impact of competitive products and pricing; and the risk that our estimates regarding the commercial potential of our product candidates (if approved) or expectations regarding the costs and revenues associated with the commercialization rights may be inaccurate. A further list and description of these risks, uncertainties and other risks can be found in our filings and reports with the Securities and Exchange Commission (SEC), including in our most recent annual report on Form 20‐F filed with the SEC and our subsequent filings and reports filed with the SEC. Given these risks and uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. In addition, even if the result of our operations, financial condition and liquidity, or the industry in which we operate, are consistent with such forward-looking statements, they may not be predictive of results, performance or achievements in future periods. These forward-looking statements speak only as of the date of publication of this release. We expressly disclaim any obligation to update any such forward-looking statements in this release to reflect any change in our expectations or any change in events, conditions or circumstances, unless specifically required by law or regulation.

# # #

Lakefront and the Lakefront logo are trademarks of Lakefront Biotherapeutics NV, or its related companies.

GILEAD SCIENCES AND LAKEFRONT COMPLETE ACQUISITION OF OURO MEDICINES TO FURTHER EXPAND INFLAMMATION PIPELINE

Assembly Biosciences NASDAQ: ASMB is awaiting a key development plan from partner Gilead Sciences for its herpes simplex virus programs while advancing ABI-6250 into multiple liver disease indications, Chief Executive Officer Jason Okazaki said during a Jefferies biotech event.

Okazaki said 2024 was “a pretty big year” for the company’s HSV work, with ABI-5366 and ABI-1179 both showing “high proof of concept” in Phase 1b studies. Gilead opted into both programs in December and now controls development and commercialization, he said.

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The next expected catalyst is Gilead’s clinical development plan, which Okazaki said should indicate whether one or both molecules will move into Phase 2 and Phase 3, as well as outline commercialization plans. Assembly then has the option to opt into a 40/60 U.S. cost and profit share, a decision Okazaki said the company expects to make around mid-year.

Okazaki said Assembly will evaluate the opportunity largely through a quantitative analysis comparing the potential U.S. profit share against the costs of development and commercialization, as well as the alternative of receiving milestones and royalties without sharing costs. He added that funding a 40% share of Phase 2, Phase 3 and commercial launch expenses would likely require “a significant raise down the road,” making dilution a consideration.

ABI-6250 Expands Beyond Hepatitis Delta Assembly is also preparing to advance ABI-6250, an NTCP inhibitor, in hepatitis delta and cholestatic liver diseases. Okazaki said the company reported positive Phase 1a data last year showing target engagement and bile acid elevation, and has completed chronic toxicology studies. Assembly plans to start a Phase 2 study in hepatitis delta by the end of this year, with data expected in the second half of next year.

The company recently announced plans to study ABI-6250 in primary biliary cholangitis, or PBC, and primary sclerosing cholangitis, or PSC. Okazaki said the expansion followed about 18 months of discussions with key opinion leaders and a pre-IND meeting with the FDA. He said Assembly has received funding for the program through the end of Phase 2 and expects to initiate PBC and PSC studies in the first quarter of 2027, with data expected in the first half of 2028.

Katie Kitrinos, Assembly’s senior vice president of preclinical R&D, said ABI-6250 was initially developed as a small-molecule NTCP inhibitor for chronic hepatitis delta because NTCP is the receptor the virus uses to enter cells. She said Phase 1a results showed dose-dependent increases in serum bile acids that were “consistent with or actually higher than” levels observed with 2 milligram and 8.5 milligram doses of bulevirtide.

Kitrinos said preclinical work also showed ABI-6250 had low nanomolar potency against bile acid transport, supporting its potential use in cholestatic liver disease. The company views the drug as potentially hepatoprotective because it is designed to prevent bile acids from entering hepatocytes.

PBC and PSC Study Design Kitrinos said the planned PBC and PSC basket study is intended to be operationally efficient because the same clinical sites could enroll patients with either disease. Okazaki said the study design includes testing ABI-6250 as a second-line single agent and as an add-on to PPAR therapy, reflecting how the company believes the drug could be positioned commercially if successful.

Kitrinos said the company will evaluate biochemical endpoints such as alkaline phosphatase, ALT and bilirubin, as well as non-invasive fibrosis measures including FibroScan and ELF score. The study will also assess pruritus, or itch, and quality-of-life measures.

For PBC, Kitrinos said Assembly will focus heavily on alkaline phosphatase because biochemical endpoints are considered approvable in that indication. For PSC, she said current approvable endpoints are based on clinical outcomes, but the planned 12-week Phase 2 study will instead look for directional changes across biomarkers, fibrosis measures and pruritus scores.

On safety, Kitrinos said the Phase 1a study showed a favorable profile over 10 days of dosing, with no adverse events of pruritus. She added that chronic toxicology studies showed “great safety margins” and no notable safety signals requiring follow-up.

Hepatitis Delta and Potential Oral Advantage In hepatitis delta, Kitrinos said Assembly expects to run a longer Phase 2 trial, likely 24 to 48 weeks, with multiple doses. The goal is to achieve serum bile acid elevations consistent with or greater than those observed with bulevirtide, which she said have been associated with multiple-log reductions in RNA and ALT normalization.

Kitrinos said ABI-6250 could offer an advantage as a daily oral small molecule. Because hepatitis delta patients are also infected with hepatitis B and typically take a daily oral nucleoside therapy, she said ABI-6250’s expected low dose could make it suitable for co-formulation with a nucleoside, potentially allowing treatment of both viruses in one daily pill.

HBV Program Seeking Partner Okazaki also discussed ABI-4334, Assembly’s hepatitis B program for which sole rights were returned to the company. He said Assembly has begun a formal partnering process with a bank to identify potential global partners.

Okazaki said Assembly continues to believe a core inhibitor, or CAM, could be one of the cornerstones of a hepatitis B cure regimen alongside a nucleoside backbone. However, he said the company does not have the additional immunomodulatory component needed to pursue the combination strategy on its own.

“Most important for us is making sure somebody could actually take that to the next stage,” Okazaki said, adding that Assembly is flexible on deal structure and focused on finding a partner with a scientific rationale for advancing the asset.

Cash Runway Okazaki said Assembly’s last published cash runway extended into 2028 and that the company has not updated guidance since a recent $115 million financing. He said the financing should fund the company beyond the planned PBC and PSC trials in 2028, and that it is “safe to say” the runway extends into the second half of 2028, potentially longer depending on the Gilead development plan and Assembly’s opt-in decision.

About Assembly Biosciences NASDAQ: ASMBAssembly Biosciences, Inc NASDAQ: ASMB is a clinical-stage biotechnology company dedicated to the discovery, development and commercialization of novel therapies for hepatitis B virus (HBV) and hepatitis D virus (HDV) infections. The company's core expertise lies in small-molecule modulation of viral proteins and host-targeted pathways to achieve sustained viral suppression and potential functional cure. Assembly's research model integrates medicinal chemistry, structural biology and translational virology to advance its pipeline from early discovery through clinical development.

The company's lead programs include core protein allosteric modulators (CpAMs) designed to disrupt the HBV lifecycle by interfering with capsid assembly and viral DNA replication, as well as prenylation inhibitors targeting the HDV lifecycle.

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