Overview

• SolarEdge Technologies, a solar power equipment provider, warns of lower-than-expected Q3 results due to a significant drop in its European business, with CEO Zvi Lando citing 'substantial unexpected cancellations and pushouts' of existing backlog from European distributors.
• The company, headquartered in Israel, has reduced its Q3 revenue guidance from an initial $880-920 million to $720-730 million, signaling a significant fall in revenue due to decreased European demand.
• The reduced guidance does not result from the ongoing Israel-Hamas conflict as stated by CEO Zvi Lando, but due to increased cancellations and slowed installation rates at the end of the summer and September.
• The decrease in demand and piling inventory are affecting other firms in the industry, causing SolarEdge's shares and those of other solar sector companies to fall to their three-year low, with shares down over 30%.
• Despite the challenges, SolarEdge's offices and facilities remain operational worldwide, providing uninterrupted manufacturing and customer support. The company is scheduled to release its financial report on November 1.