SolarEdge Technologies (SEDG) is cutting 400 employees from its workforce thanks to an inventory backlog and 澳洲幸运5官方开奖结果体彩网:declining revenue, according to a 澳洲幸运5官方开奖结果体彩网:Securities and Exchange Commission🅺 (SEC) filing Monday.

Half the job cuts will occur in Israel, where the company is based. The company had 5,633 employees as of Dec. 31, 2023.

In a letter to employees, 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Zvi Lando cited “an accumulation of excess inventory,” adding that solar installat🌃ion rates are rising slower than expected in 🦹Europe. 

Comparatively, Lando expressed more optimism abou♌t North America. 

North America Showing 'Slight Growth' for SolarEdge

“In North America, we are beginning to𓆉 see some slight growth in installation rates, and we continue to ramp up our U.S. manufacturing capacity,” Lando said. “This is a major opportunity both for SolarEdge and for our customers.”

SolarEdge stock slumped 15% to $26.90 as of 1:53 p.m. 🎃ET Monday, and is down more than 70% so far in 2024.

A chunk of that decline came late last month after SolarEdge announced that one of its customers had 澳洲幸运5官方开奖结果体彩网:filed for Chapter 7 bankruptcy and likely wouldn’t be able to pay its multimillion-dollar debt.