Israel-based photovoltaic (PV) inverters supplier SolarEdge Technologies Inc (NASDAQ:SEDG) on Tuesday reported a 4% year-on-year decline in GAAP net income to USD 140.3 million (EUR 116.5m) for 2020. The slight decrease came in spite of the company booking record revenues of USD 1.46 billion, 2% higher on the year, and record revenues from solar products of USD 1.36 billion. GAAP gross margin fell to 31.6%, against 33.6% in 2019. In the fourth quarter alone, SolarEdge saw GAAP net income fall 67% on the year to USD 17.7 million. Revenues slid to USD 358.1 million in the period, down 14% on the year, while revenues related to the solar business eased 16% year-on-year to USD 327.1 million. GAAP gross margin fell to 30.8% from 34.3% in the final quarter of 2019. “Despite the global pandemic, we concluded the year with slight growth in revenues, healthy cash generation and are well positioned for 2021 and beyond, having invested significantly in development of new products to be released this year as well as development of our non-solar businesses, with readiness to supply full powertrain kits for the e-Mobility sector in Europe,” CEO Zvi Lando commented. For the first quarter of this year, the company forecast revenues of between USD 385 million and USD 405 million, including revenues from solar products of between USD 360 million and USD 375 million. Non-GAAP gross margin is seen between 34% and 36%.