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The action is being taken across all departments, and includes a reduction in both headcount and discretionary spending.
"The downturn of the market at the end of 2023 and beginning of 2024 had led to an accumulation of excess inventory in our distribution channels. We know that as inventory channels clear, our sales volumes are lower than the rate of installations and that this clearing process will take time. Our underlying business is also impacted by the current downturn in the solar industry, particularly in Europe where, as evident in market analysts’ reports, PV installation rates are increasing slower than expected and there is considerable uncertainty and variability between different European countries in terms of current business levels and outlook.
In North America, we are beginning to see some slight growth in installation rates, and we continue to ramp up our US manufacturing capacity. This is a major opportunity both for SolarEdge and for our customers.
Posted In: SEDG
