{"id":85319,"date":"2024-07-19T05:06:21","date_gmt":"2024-07-18T19:36:21","guid":{"rendered":"https:\/\/www.solarquotes.com.au\/blog\/?p=85319"},"modified":"2024-07-19T05:06:21","modified_gmt":"2024-07-18T19:36:21","slug":"solaredge-staff-layoffs-mb2967","status":"publish","type":"post","link":"https:\/\/www.solarquotes.com.au\/blog\/solaredge-staff-layoffs-mb2967\/","title":{"rendered":"SolarEdge Shedding Staff &#8211; Again"},"content":{"rendered":"<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-85320\" src=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/07\/solaredge-staff-layoffs.jpg\" alt=\"SolarEdge staff layoffs\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/07\/solaredge-staff-layoffs.jpg 1200w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/07\/solaredge-staff-layoffs-300x158.jpg 300w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/07\/solaredge-staff-layoffs-1024x538.jpg 1024w, https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/07\/solaredge-staff-layoffs-768x403.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>2024 keeps getting tougher for Israel-headquartered solar manufacturer SolarEdge, with hundreds more staff to be shown the door.<!--more--><\/p>\n<p>Founded in 2006, SolarEdge produces solar panel optimizers, <a href=\"https:\/\/www.solarquotes.com.au\/inverters\/solaredge-review.html\">inverters<\/a>, <a href=\"https:\/\/www.solarquotes.com.au\/battery-storage\/reviews\/solaredge-review.html\">home batteries<\/a> and <a href=\"https:\/\/www.solarquotes.com.au\/ev-chargers\/reviews\/solaredge-review.html\"> EV chargers<\/a>. The company&#8217;s main claim to fame was being the first to successfully commercialise power optimizers; a type of Module Level Power Electronics (MLPE) device. Not to be confused with microinverters, power optimizers don&#8217;t replace an inverter but work with it; maximizing energy harvesting.<\/p>\n<p>Like many companies riding the solar coaster, SolarEdge has seen its share of ups and downs; but this year been particularly brutal. The firm says a downturn at the end of last year and beginning of 2024 led to an accumulation of excess inventory in its distribution channels; particularly in Europe.<\/p>\n<p>In late January this year, the company announced a restructuring plan that included approximately 900 employees, or 16% of its workforce, <a href=\"https:\/\/investors.solaredge.com\/news-releases\/news-release-details\/solaredge-announces-global-workforce-reduction\">being laid off<\/a> &#8211; around 500 of those in manufacturing. This followed discontinuation of manufacturing in Mexico and scaling back of manufacturing capacity in China.<\/p>\n<p>According to the firm&#8217;s financial results for the first quarter ended March 31, 2024, revenues from the company\u2019s solar segment were USD $190.1 million, <a href=\"https:\/\/www.solarquotes.com.au\/blog\/solaredge-q1-2024-results-mb2918\/\"> down 79%<\/a> from $908.5 million during Q1, 2023. Compared to Q1, 2023, shipments in the first quarter of this year were pretty dismal:<\/p>\n<ul>\n<li>Optimizers (units): down ~83%<\/li>\n<li>Inverters (units): down ~79%<\/li>\n<li>Batteries (MWh): down ~42%<\/li>\n<\/ul>\n<p>Second quarter results are yet to be released, but SolarEdge has previously estimated revenues from its solar segment to be within the range of $225 million to $255 million during Q2. However, since then was news in June that a customer had filed for bankruptcy and SolarEdge may wear an $11.4 million loss. Whether that revenue was expected in Q2 isn&#8217;t clear.<\/p>\n<h2>Hundreds More Layoffs Announced<\/h2>\n<p>In a letter earlier this week, SolarEdge CEO Zvi Lando delivered more bad news for staff concerning the hard road head.<\/p>\n<blockquote><p>&#8220;The most significant and painful measure is a reduction in our workforce, which will impact approximately 400 employees, of which 200 are in Israel,&#8221; <a href=\"https:\/\/investors.solaredge.com\/static-files\/84905633-3fc4-46e7-9b3b-1e7094bfb9dd\">he wrote<\/a>. &#8220;The action is being taken across all departments, and includes a reduction in both headcount and discretionary spending.&#8221;<\/p><\/blockquote>\n<p>Acknowledging the impact this would have on affected employees, Mr. Lando said it was why the company &#8220;preferred to be more cautious in the initial reduction in force earlier this year.&#8221;<\/p>\n<h2>Stock Market Punishment<\/h2>\n<p>We mentioned back in May that SolarEdge shares were trading at USD $49.47 at the time, which was the lowest for at least 5 years and around 86% down from a high of ~$365 in late 2021. Share value has continued to head south, closing at $28.11 yesterday. But this was up on the lowest this year &#8211; $25.05 in early July.<\/p>\n<h2>Moving Past The Carnage<\/h2>\n<p>Mr. Lando said the company will be focusing on:<\/p>\n<ul>\n<li>Increasing customer satisfaction.<\/li>\n<li>Delivering next generations of existing products.<\/li>\n<li>Expanding into new market segments such as ground mount and small-scale utility solar, commercial batteries and trackers.<\/li>\n<li>Controlled spending and increased efficiencies.<\/li>\n<\/ul>\n<blockquote><p>&#8220;Our team has extensive industry experience, and we understand that our market is volatile and cyclical. I believe, that in the not-too-distant future, demand for renewable energy worldwide will rise more rapidly,&#8221; he stated. &#8220;The SolarEdge strategy, vision and mission, therefore, remain unchanged.&#8221;<\/p><\/blockquote>\n<h2>Solar Swings And Roundabouts<\/h2>\n<p>A light at the end of the tunnel that may not be an oncoming train is SolarEdge&#8217;s activities in the USA.<\/p>\n<blockquote><p>&#8220;In North America, we are beginning to see some slight growth in installation rates, and we continue to ramp up our US manufacturing capacity,&#8221; said Mr. Lando. &#8220;This is a major opportunity both for SolarEdge and for our customers.&#8221;<\/p><\/blockquote>\n<p>SolarEdge&#8217;s first facility in Austin, Texas, opened late last year and hit a quarterly manufacturing run rate of 50,000 Home Hub Inverters in Q2 this year. A second facility in Seminole, Florida, shipped 20,000 power optimizers during the quarter.<\/p>\n<blockquote><p>&#8220;SolarEdge has already helped to create ~1,500 new jobs, with the expectation that this will increase to ~1,750 jobs across the two facilities by the end of 2024,&#8221; <a href=\"https:\/\/investors.solaredge.com\/news-releases\/news-release-details\/solaredge-marks-milestones-us-manufacturing-strategy-achieving\">stated the firm last week<\/a>.<\/p><\/blockquote>\n<p>The company set up manufacturing in the USA following incentives offered by the Inflation Reduction Act (IRA) of 2022.<\/p>\n<p>The jobs created in the USA is good news, but no comfort to those who have or are about to lose theirs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2024 keeps getting tougher for Israel-headquartered solar manufacturer SolarEdge, with hundreds more staff to be shown the door.<\/p>\n","protected":false},"author":17,"featured_media":85320,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[678],"tags":[],"class_list":["post-85319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solar-battery-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SolarEdge Shedding Staff - Again<\/title>\n<meta name=\"description\" content=\"2024 keeps getting tougher for Israel-headquartered solar manufacturer SolarEdge, with hundreds more staff to be shown the door.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.solarquotes.com.au\/blog\/solaredge-staff-layoffs-mb2967\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SolarEdge Shedding Staff - Again\" \/>\n<meta property=\"og:description\" content=\"2024 keeps getting tougher for Israel-headquartered solar manufacturer SolarEdge, with hundreds more staff to be shown the door.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.solarquotes.com.au\/blog\/solaredge-staff-layoffs-mb2967\/\" \/>\n<meta property=\"og:site_name\" content=\"SolarQuotes Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SolarQuotes\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-18T19:36:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.solarquotes.com.au\/blog\/wp-content\/uploads\/2024\/07\/solaredge-staff-layoffs.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Michael Bloch\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@solar_quotes\" \/>\n<meta name=\"twitter:site\" content=\"@solar_quotes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/solaredge-staff-layoffs-mb2967\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/solaredge-staff-layoffs-mb2967\/\"},\"author\":{\"name\":\"Michael Bloch\",\"@id\":\"https:\/\/www.solarquotes.com.au\/blog\/#\/schema\/person\/66afd571aa00c2e442f0192ebac2f6f1\"},\"headline\":\"SolarEdge Shedding Staff &#8211; 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