SEDG.NASDAQSolaredge Technologies, INC
10-K: SolarEdge Narrows Losses in 2025 Amid Strategic Shifts
Sentiment:
Annual Report
SolarEdge Technologies, Inc. reported a significant reduction in net loss and a return to gross profit in 2025, driven by increased sales and strategic operational adjustments.
Delay expectedThe company's inability to complete sales of Advanced Manufacturing Production Tax Credits (AMPTCs) or delays in doing so may affect the timing of cash inflows, potentially delaying the realization of credit value by 18-24 months.The new campus in Israel, originally scheduled for completion by the end of 2026, had its leased area reduced by approximately 40% in November 2025, indicating a potential adjustment or delay in the original expansion plan.
Capital raiseIn June 2024, the company sold $300 million aggregate principal amount of 2.25% convertible senior notes due 2029, with net proceeds of approximately $293.2 million.In July 2024, an additional $37 million aggregate principal amount of Notes 2029 were sold, with net proceeds of approximately $36.2 million.The company used approximately $25.2 million and $3.1 million of the net proceeds from these offerings to pay the cost of capped call transactions.Approximately $267.9 million of the net proceeds from the June 2024 offering were used to repurchase $285.0 million principal amount of outstanding 0.000% Notes 2025.The company intends to use the remainder of the net proceeds from the Notes 2029 offerings for general corporate purposes.Management believes that cash provided by operating activities, cash and cash equivalents, restricted cash, and available-for-sale marketable securities will be sufficient to meet anticipated cash needs for at least the next 12 months and in the longer term, including capital expenditures, operational commitments, and debt redemption.The company may need to raise additional capital or debt financing to execute on current or future business strategies, including R&D, market expansion, acquisitions, or responding to competitive pressures.
Better than expectedNet loss decreased significantly by 77.6% from $1,806.4 million in 2024 to $405.4 million in 2025.The company returned to a gross profit of 16.6% in 2025, a substantial improvement from a gross loss of 97.3% in 2024.Revenues increased by 31.4% in 2025, indicating a recovery in sales volume for key products like optimizers, inverters, and batteries.
Summary
- Revenues increased by $283.0 million, or 31.4%, to $1,184.4 million in 2025, up from $901.5 million in 2024.
- The company returned to a gross profit of $196.3 million (16.6% of revenue) in 2025, a substantial improvement from a gross loss of $877.2 million (97.3% of revenue) in 2024.
- Net loss significantly decreased by 77.6% to $405.4 million in 2025, compared to a net loss of $1,806.4 million in 2024.
- Operating expenses decreased by $333.1 million, or 40.1%, to $498.0 million in 2025, primarily due to workforce reductions and lower impairment losses.
- The number of power optimizers recognized as revenue increased by 59.1% to 10.6 million units, and inverters by 42.3% to 349.6 thousand units in 2025.
- Battery megawatt hours recognized as revenue increased by 61.3% to 897.4 MWh in 2025, reflecting rising demand.
- Strategic focus on core markets and product lines led to discontinuing e-Mobility, Energy Storage, and PV Tracker businesses, and centralizing manufacturing in the U.S. (Texas, Florida, Utah) while discontinuing operations in China, Mexico, and Hungary.
- The company substantially completed the implementation of its new global ERP system during Q2 2025, aiming to improve user access security and automate processes.
- A class action lawsuit and multiple derivative complaints alleging federal securities law violations and breach of fiduciary duty are ongoing, with motions to dismiss partially granted.
- A lawsuit from Stellantis Europe S.p.A. claiming breach of contract related to e-Mobility was denied injunction, but an appeal is pending. The e-Mobility business was sold on February 11, 2026.
- Ampt, LLC filed a lawsuit seeking to enforce a $54 million agreement, which SolarEdge had invoked a force majeure clause for in October 2023.
Sentiment
Score: 6
Explanation: StockSavvy.ai views this filing as moderately positive, reflecting a significant financial recovery from the previous year's substantial losses and a return to gross profitability, alongside strategic restructuring. However, ongoing net losses, increased financial expenses, and significant legal and geopolitical risks temper the overall sentiment.
Positives
- Revenues increased by 31.4% to $1,184.4 million in 2025, indicating a recovery in sales.
- Gross profit improved significantly to 16.6% in 2025 from a gross loss of 97.3% in 2024, primarily due to decreased inventory write-downs and lower fixed costs relative to higher revenues.
- Net loss decreased substantially by 77.6% to $405.4 million in 2025, showing improved financial performance.
- Operating expenses were reduced by 40.1% in 2025, reflecting successful cost reduction and restructuring efforts.
- Increased sales volume for power optimizers (59.1%), inverters (42.3%), and batteries (61.3%) in 2025.
- The company is benefiting from U.S. Inflation Reduction Act (IRA) incentives for domestic manufacturing, selling a significant part of Advanced Manufacturing Production Tax Credits (AMPTCs) generated.
- Successful implementation of a new global ERP system during Q2 2025 is expected to improve operational efficiency.
- Introduction of new products like the SolarEdge Nexis Inverters and the MultiRange Concept for simplified inventory management and installation.
- AI-powered virtual support agents and agent assistants were rolled out in December 2025 to enhance customer service and operational efficiency.
Negatives
- The company incurred a net loss of $405.4 million in 2025, continuing a trend of unprofitability.
- Financial expenses, net, increased significantly by 394.2% to $72.0 million in 2025, mainly due to foreign exchange rate fluctuations and increased interest expenses on Notes 2029.
- The H.R.1 legislation shortens the term of investment tax credits (48E) and production tax credits (45Y) for customers from 2034 to 2027, and eliminates the residential tax credit (25D) at the end of 2025, potentially reducing demand for products.
- New Foreign Entity of Concern (FEOC) requirements under H.R.1, effective January 1, 2026, could challenge the company's ability to meet non-FEOC content percentages for tax credits, impacting revenue and gross margins.
- Ongoing legal proceedings, including multiple class action and derivative lawsuits, pose potential liabilities and divert management attention.
- The conflict in Israel continues to disrupt business operations, impacting workforce availability (13% of Israeli employees called to active reserve duty in 2025) and creating geopolitical risks.
- The company fully impaired its investments in privately-held companies as of December 31, 2025, and recorded an impairment charge of $21.4 million in 2025.
- A customer, Posigen, Inc., filed for Chapter 11 bankruptcy in November 2025, leading to order cancellations and potential debt write-offs.
Risks
- Ability to achieve and sustain future profitability given past net losses and ongoing costs for development and expansion.
- Rapidly evolving and competitive nature of the solar industry, including new technologies and aggressive pricing from competitors, particularly low-cost Asian manufacturers.
- Changes in tax laws, treaties, regulations, or their interpretation, including the Inflation Reduction Act (IRA) and H.R.1, which could adversely affect tax credits for the company and its customers.
- Fluctuations in demand for solar energy solutions, and the company's ability to accurately forecast customer demand, leading to potential excess or shortages of inventory.
- Macroeconomic conditions, including inflation, rising interest rates, and recessionary concerns, which may reduce customer capital spending on solar systems.
- Changes in U.S. and global trade environments, including tariffs and restrictive trade measures, impacting component sourcing and product costs.
- Declines in the retail price of electricity from the utility grid or alternative energy sources, making PV systems less attractive.
- Dependence on a small number of outside contract manufacturers and limited or single-source suppliers, making the company vulnerable to capacity constraints, quality issues, and supply chain disruptions.
- Delays, disruptions, or quality control problems in manufacturing operations, especially with new product introductions or capacity expansions.
- Defects or performance problems in products, leading to warranty claims, reputational damage, and increased costs.
- Disruption to business operations due to the evolving conflict in Israel, affecting workforce availability, manufacturing, and R&D.
- Risks related to the development and use of artificial intelligence, including legal/regulatory actions, reputational damage, and security threats.
- Loss of key executives and ability to retain/attract qualified personnel, especially following recent leadership changes and workforce reductions.
- Fluctuations in global currency exchange rates, impacting profitability as a significant portion of revenues and expenses are in non-USD currencies.
- Stringent and changing data privacy and security laws (e.g., GDPR, CCPA) and cybersecurity threats, potentially leading to legal/regulatory action, reputational harm, and operational disruption.
- Existing electric utility industry regulations and changes to net metering policies, which could reduce demand for PV systems.
- Difficulty in protecting intellectual property rights and potential claims of infringement by third parties.
- Volatility of the company's stock price due to various internal and external factors.
- Provisions in the certificate of incorporation and by-laws that may delay or prevent a change of control or management changes.
- Inability to raise funds necessary to settle conversion of convertible senior notes or repurchase notes upon a fundamental change.
- Potential for large-scale and uncapped liability from business engagements with South Korean military bodies in the lithium-ion battery and energy storage business.
Future Outlook
SolarEdge plans to launch its next-generation residential product portfolio, SolarEdge Nexis, and introduce the MultiRange Concept to simplify inverter stocking and installation. The company will continue to invest in R&D for new products and features, including AI algorithms for problem detection in field systems and expanded APIs for third-party integration. Management expects cash from operations, cash equivalents, restricted cash, and marketable securities to be sufficient for anticipated cash needs for at least the next 12 months and longer term, including capital expenditures and debt redemption. The company will continue to monitor regulatory guidance and developments related to H.R.1 and Pillar 2 tax rules.
Management Comments
- Management believes the increase in sales in 2025 is due to more normalized channel inventory in both the United States and Europe, despite a prolonged softness in demand.
- Management notes that the attachment rate of batteries within solar installations is rising globally, contributing to increased demand for batteries.
- The company's strategic focus on core markets and product lines is intended to better align resources with areas exhibiting the strongest potential.
- The Single SKU concept for inverters is expected to simplify forecasting, manufacturing, inventory management, logistics, service, and support for both the company and its customers.
- Management acknowledges the ongoing and evolving nature of the conflict in Israel and its potential adverse effects on business operations, despite no material disruptions to date.
Industry Context
StockSavvy.ai notes that SolarEdge's performance reflects a broader, albeit volatile, trend in the solar energy market. The industry experienced a downturn in 2023-2025, particularly in Europe, leading to financial distress for some players and consolidation activities among distributors and installers. The increased demand for storage and battery solutions is a significant market trend, which SolarEdge is capitalizing on with its expanded offerings. The U.S. Inflation Reduction Act (IRA) and subsequent H.R.1 legislation are profoundly shaping the U.S. solar manufacturing landscape, incentivizing domestic production but also introducing complex eligibility criteria and potential phase-outs of tax credits. Competition remains intense, with traditional inverter manufacturers, microinverter providers, and low-cost Asian manufacturers vying for market share, pushing for higher power PV modules and enhanced safety features. The shift towards distributed, interconnected energy networks and virtual power plants (VPPs) is also a key industry evolution that SolarEdge is addressing with its inverter and software solutions.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Chief Executive Officer | Zvi Lando | Ronen Faier (interim) | 2024-08-26 | Resignation of Zvi Lando |
| Chief Financial Officer | Ronen Faier | Ariel Porat | 2024-08-26 | Ronen Faier appointed interim CEO |
| Chief Executive Officer | Ronen Faier (interim) | Shuki Nir | 2024-12-04 | Appointment of Shuki Nir |
| VP General Counsel and Corporate Secretary | Rachel Prishkolnik | Dalia Litay (Chief Legal Officer) | 2024-12-31 | Retirement of Rachel Prishkolnik |
| Chief Financial Officer | Ariel Porat | Asaf Alperovitz | 2025-03-03 | Replacement of Ariel Porat |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Board Classification | The board of directors is divided into three classes with staggered, three-year terms, which will terminate upon the election of directors at the 2026 annual meeting of stockholders, after which all board members will be subject to annual elections. | 2026 annual meeting of stockholders | This change will transition the board to annual elections, potentially increasing shareholder influence over board composition. |
| Forum Selection Clause | The certificate of incorporation designates Delaware state courts (or federal district court for Delaware) as the exclusive forum for certain corporate claims and U.S. federal district courts as the exclusive forum for Securities Act claims. | N/A (existing provision) | Limits stockholders' ability to choose a judicial forum for disputes, potentially concentrating litigation in Delaware or federal courts. |
| Anti-Takeover Provisions | Provisions in the certificate of incorporation and by-laws, such as authorizing blank check preferred stock, limiting stockholder ability to call special meetings or act by written consent, and requiring cause for director removal until 2026, may delay or prevent a change of control. | N/A (existing provisions, some with 2026 termination) | Could depress the trading price of common stock by discouraging takeover attempts and promote continuity of current management. |
| Insider Trading Policy | The Insider Trading Policy was revised and adopted by the Board of Directors on February 17, 2026, to include updated guidelines for Rule 10b5-1 trading plans, cooling-off periods, and restrictions on speculative transactions, hedging, pledging, and trading on margin. | 2026-02-17 | Enhances compliance with federal securities laws and protects the company and insiders from liabilities related to insider trading, potentially affecting how executives manage their stock holdings. |
Legal Proceedings
- Consolidated Securities Litigation: A proposed class action complaint filed by Daphne Shen (November 3, 2023) and Javier Cascallar (December 13, 2023) alleging violations of federal securities laws. The court consolidated the actions (February 7, 2024) and partially granted motions to dismiss, leaving allegations related to inventory levels and European demand. Lead Plaintiffs filed for class certification on October 17, 2025, with Defendants' opposition filed January 16, 2026, and Plaintiffs' reply due February 20, 2026. Fact discovery is ongoing.
- Consolidated Derivative Action: Multiple purported derivative complaints filed by Abdul Hirani (March 15, 2024), Jonathan Blaufarb (June 10, 2024), Edwin Isaac (August 7, 2024), Mike Maddox (May 22, 2025), and Jerald Chauncey, Jr. (September 9, 2025) against current and former executive officers and board members. These actions make similar allegations to the Consolidated Securities Litigation and are currently stayed pending the close of fact discovery in the Consolidated Securities Litigation.
- Stellantis Europe S.p.A. Lawsuit: An application for injunctive relief filed on January 13, 2025, claiming SolarEdge e-Mobility breached a contract. The court denied Stellantis' request for injunction on May 8, 2025, but Stellantis appealed on July 2, 2025. The next hearing is scheduled for March 13, 2026. The company disputes the allegations. The e-Mobility business was sold on February 11, 2026.
- Ampt, LLC Lawsuit: A lawsuit filed on September 15, 2025, seeking to enforce a $54 million agreement, for which SolarEdge had invoked a force majeure clause in October 2023. Mediation on January 5, 2026, was inconclusive. The case is scheduled for trial on November 1, 2027.
Stakeholder Impact
- Shareholders: Potential for increased value due to reduced net losses and strategic focus, but ongoing legal proceedings and market volatility pose risks to stock price. Dilution risk from future equity raises is also present.
- Employees: Workforce reductions implemented as part of restructuring plans may negatively impact morale and institutional knowledge, but efforts to align the workforce with market conditions aim for long-term stability. Employees in Israel are affected by the ongoing conflict, with some called to active reserve duty.
- Customers: Benefit from new product introductions (SolarEdge Nexis, MultiRange Concept) and enhanced safety features. However, changes to U.S. tax incentives (H.R.1) and potential challenges in meeting FEOC requirements could negatively impact their eligibility for tax credits, affecting demand.
- Suppliers: Dependence on a limited number of contract manufacturers and single-source suppliers creates vulnerability to capacity constraints, quality issues, and price changes. Adjustments to supply chains due to trade tensions are ongoing.
- Creditors: The company's ability to service its debt, including convertible senior notes, is a key consideration, though current liquidity is deemed sufficient for the next 12 months.
Next Steps
- Launch of the next-generation SolarEdge Nexis Inverters for single-phase and three-phase residential markets.
- Introduction of the MultiRange Concept for select residential and commercial inverters to simplify inventory management and installation.
- Continued research and development to improve ASICs, power optimizers (e.g., SolarEdge Duo Power Optimizer), and inverter technology.
- Further development of AI algorithms for problem detection in field systems and expansion of public Application Programming Interfaces (APIs).
- Ongoing monitoring and evaluation of the impact of H.R.1 and new Foreign Entity of Concern (FEOC) requirements on tax credits and manufacturing strategy.
- Fact discovery is ongoing for the Consolidated Securities Litigation, with a reply to the class certification motion due February 20, 2026.
- The appeal in the Stellantis lawsuit is scheduled for a hearing on March 13, 2026.
- The Ampt, LLC lawsuit is scheduled for trial on November 1, 2027, with a disclosure schedule beginning January 2026.
- The new campus in Israel is scheduled to be completed by the end of 2026, replacing the current headquarters.
Key Dates
| Date | Description |
|---|---|
| 2020-09-25 | Issued $632.5 million aggregate principal amount of 0.00% convertible senior notes (Notes 2025). |
| 2021 | Released first lithium-ion residential batteries for sale in the U.S. and Europe. |
| 2022-01-01 | Section 174 of the U.S Internal Revenue Code, requiring amortization of R&D expenditures, became effective. |
| 2022-08 | U.S. government enacted the Inflation Reduction Act (IRA). |
| 2023-01-01 | Company established manufacturing capabilities in the U.S. to benefit from IRA incentives. |
| 2023-10 | Company decided to discontinue its LCV e-Mobility activity. Ampt, LLC lawsuit initiated, invoking force majeure clause. |
| 2023-10-07 | War between Hamas and Israel intensified, impacting business operations. |
| 2023-11-01 | Board of Directors approved a share repurchase program of up to $300 million. |
| 2023-11-03 | Daphne Shen filed a proposed class action complaint for federal securities law violations. |
| 2023-11 | Houthis attacked international shipping lanes in the Red Sea, impacting global shipping. |
| 2023-12-13 | Javier Cascallar filed a similar proposed class action complaint. |
| 2024-01-02 | Motions filed to consolidate Shen and Cascallar litigations and appoint lead plaintiffs. |
| 2024-01-21 | Company announced a restructuring plan, including a reduction of approximately 900 employees. |
| 2024-02-07 | Court consolidated the two class action lawsuits (Consolidated Securities Litigation). |
| 2024-03 | Company completed an investment of $5,000 in Stardust Solution, Inc. |
| 2024-03-15 | Abdul Hirani filed a purported derivative complaint. |
| 2024-04 | Company completed the acquisition of Wevo Energy Ltd. Company completed an investment of approximately $17,000 in Ampeers Energy GmbH. |
| 2024-04-22 | Plaintiffs filed an amended complaint in the Consolidated Securities Litigation, adding two officers. |
| 2024-06-10 | Jonathan Blaufarb filed a second purported derivative complaint. |
| 2024-06-28 | Sold $300 million aggregate principal amount of 2.25% convertible senior notes due 2029 (Notes 2029). |
| 2024-07 | Company announced additional workforce reductions, laying off approximately 400 employees. |
| 2024-07-08 | Sold an additional $37 million aggregate principal amount of Notes 2029. |
| 2024-08-07 | Edwin Isaac filed a purported derivative complaint. |
| 2024-08-26 | Former CEO Zvi Lando resigned; Ronen Faier appointed interim CEO. |
| 2024-09-09 | Parties agreed to stay Hirani and Blaufarb actions pending motion to dismiss decision in Consolidated Securities Litigation. |
| 2024-10-24 | Regulations concerning Section 45X of the IRA were published by the U.S. Treasury Department. |
| 2024-11 | Company announced discontinuation of its Energy Storage business related to battery manufacturing in South Korea. Sun Power Inc acquired Ambia Solar. |
| 2024-12-04 | Court issued an order granting in part the motion to dismiss in the Consolidated Securities Litigation. Shuki Nir appointed CEO. |
| 2024-12-31 | Rachel Prishkolnik retired as VP General Counsel and Corporate Secretary. Share repurchase program expired. |
| 2025-01 | Company announced adoption of an additional restructuring plan, including workforce reduction. Dalia Litay became Chief Legal Officer. |
| 2025-01-03 | Plaintiffs filed a Second Amended Complaint in the Consolidated Securities Litigation. |
| 2025-01-13 | Stellantis Europe S.p.A. submitted an application for injunctive relief against SolarEdge e-Mobility. |
| 2025-03-03 | Asaf Alperovitz replaced Ariel Porat as CFO. |
| 2025-03 | Company repurchased $5,250 principal amount of Notes 2025. |
| 2025-03-25 | The 2015 Global Incentive Plan expired. |
| 2025-04 | Company divested from its PV tracker business. Court issued an order granting in part the second motion to dismiss in the Consolidated Securities Litigation. |
| 2025-05-08 | Court denied Stellantis' request for injunction. |
| 2025-05-22 | Mike Maddox filed a purported derivative complaint. |
| 2025-06-16 | Domestic content threshold for Section 48E projects increased to 45%. |
| 2025-06-20 | Parties entered into a new stipulation staying the consolidated derivative action. |
| 2025-06-30 | Parties filed a stipulation agreeing to stay the Isaac matter. |
| 2025-07-02 | Stellantis appealed the court's denial of injunction. |
| 2025-07-04 | H.R.1 was enacted into law, amending clean energy tax credits. |
| 2025-07-07 | President issued an Executive Order on foreign controlled energy sources. |
| 2025-07-21 | Parties filed a stipulation agreeing to stay the Maddox matter. |
| 2025-08-15 | U.S. Treasury Department released IRS Notice 2025-42, guidance for H.R.1. |
| 2025-09-04 | Sold last battery cell manufacturing facility in South Korea as part of Energy Storage Division closure. |
| 2025-09-09 | Jerald Chauncey, Jr. filed a complaint in the Delaware Court of Chancery. |
| 2025-09-15 | Company settled all remaining Notes 2025. Ampt, LLC filed a lawsuit in the District of Delaware. |
| 2025-09 | SunPower Inc. acquired Sunder Energy. Solaris Assets, LLC acquired Sunnova Energy International Inc. Introduced SolarEdge ONE EV Charger. |
| 2025-10-01 | Governor of California signed Senate Bill 302 (SB 302) into law regarding tax credits. |
| 2025-10-07 | Parties filed a stipulation agreeing to stay the Chauncey matter. Israel, Hamas, US, and other countries agreed to a ceasefire framework in Gaza. |
| 2025-10-17 | Lead Plaintiffs filed a motion for class certification in the Consolidated Securities Litigation. |
| 2025-11 | Posigen, Inc., a customer, filed for Chapter 11 bankruptcy. Company amended lease agreement for new campus to reduce leased area. |
| 2025-12 | Company decided to substantially complete the liquidation process of SolarEdge Technologies Korea Co., Ltd. FASB issued ASU 2025-10 and ASU 2025-11. Israeli law enacted to implement Qualified Domestic Minimum Top-Up Tax (Israeli QDMTT). |
| 2026-01-01 | Domestic content threshold for Section 48E projects increased to 50%. New FEOC requirements for Sections 45X, 45Y, and 48E of the Code became effective. Israeli QDMTT law takes effect. |
| 2026-01-05 | Ampt, LLC mediation inconclusive. |
| 2026-01-16 | Defendants filed opposition to class certification motion in Consolidated Securities Litigation. |
| 2026-02-11 | Company completed the sale of its remaining e-Mobility activity. |
| 2026-02-12 | U.S. Treasury Department and IRS released IRS Notice 2026-15, providing additional guidance on H.R.1 related to Prohibited Foreign Entity rules. |
| 2026-02-17 | Board of Directors revised and adopted the Insider Trading Policy. |
| 2026-02-20 | Plaintiffs' reply due for class certification motion in Consolidated Securities Litigation. |
| 2026-02-25 | Date of this Annual Report on Form 10-K. |
| 2026-03-13 | Next hearing scheduled for Stellantis appeal. |
| 2026-11-01 | Ampt, LLC lawsuit scheduled for trial. |
Recommendation
holdSolarEdge's 2025 results show a significant improvement in financial health, with a substantial reduction in net loss and a return to gross profitability, driven by increased sales and strategic restructuring. The company is actively adapting to market conditions by focusing on core products and leveraging U.S. manufacturing incentives. However, significant headwinds remain, including ongoing net losses, increased financial expenses, the adverse impact of H.R.1 on customer tax credits, and multiple pending legal proceedings. The geopolitical conflict in Israel also presents an unpredictable operational risk. While the recovery is positive, these persistent challenges and uncertainties suggest a 'hold' recommendation, as the stock's future performance will heavily depend on successful navigation of these complex issues and sustained profitability.
Keywords
Solar energy, Photovoltaic (PV), Inverters, Power optimizers, Energy storage systems (ESS), EV chargers, Smart energy management, Grid services, Virtual power plants (VPPs), Renewable energy, SEC filing, 10-K, Financial results, Corporate governance, Risk factors, IRA, H.R.1, Manufacturing, Supply chain, Cybersecurity, Legal proceedings, Israel conflict
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