SolarEdge stock jumps as the company announces more layoffs
From pv magazine USA
SolarEdge Technologies plans to lay off 400 employees globally, its fourth job-cut announcement in the past year. Last January, for example, the company announced a global workforce-reduction plan that will affect approximately 900 employees, or about 16% of its total workforce.
The company said the reduction is part of a restructuring plan “designed to reduce operating expenses and align its cost structure to current market dynamics.” It said it will provide more details in an upcoming end-of-year earnings release.
With the recent layoffs, the company expects to save about $9 million to $11 million due to the actions, as reported by Reuters. SolarEdge stock (NASDAQ GS: SEDG) is trading 18% higher today.
The layoffs follow a period of instability including 64% drop in revenue in the third quarter of 2024 compared to the same period in 2023.
In November 2024 the company announced it would close and sell off its South Korean battery cell business that supported non-solar BESS applications, resulting in cutting its workforce another 12%. Those in South Korea will be mostly affected, as it attempts to restructure its business.
“The decision to close our Energy Storage division was the result of a thoughtful analysis of our portfolio of businesses and product lines, industry trends, and the competitive environment,” said Faier.
In other news, SolarEdge announced safe harbor agreements with Sunrun, as well as with a financer of residential solar installations. Under the agreements, SolarEdge will provide inverters, Power Optimizers and batteries manufactured at its facilities in the United States, which, when paired with other U.S. made equipment, are expected to enable its partners to qualify for domestic content bonus tax credits. Deliveries under the safe harbor agreements are expected to take place throughout 2025.
SolarEdge also announced that last month, using the Crux platform, it closed its second transaction for the sale of §45X Advanced Manufacturing Production Tax Credits. The transaction includes a portion of the credits that were generated in the third quarter of 2024 that were backed by both U.S. manufactured inverters and U.S. manufactured Power Optimizers, making them eligible for the 11c/w advanced manufacturing production credit.
“The safe harbor agreements and 45X credit sale announced today are important milestones on our recovery path,” said Shuki Nir, chief executive officer of SolarEdge, “They improve visibility into our business outlook, and we believe that they will enhance our cash position, strengthen our balance sheet and further advance our priority of financial stability. I look forward to sharing further updates on our progress in the quarters ahead.”
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