SolarEdge Technologies Inc. on Sunday said it will lay off about 16% of its workforce, about 900 employees, as part of a restructuring to slash operating costs.
“We have made a very difficult, but necessary decision to implement a workforce reduction and other cost-cutting measures in order to align our cost structure with the rapidly changing market dynamics,” Chief Executive Zvi Lando said in a statement.
SolarEdge said about 500 of the layoffs will occur at its manufacturing sites. The Israel-based solar-power company had previously ended its manufacturing in Mexico, reduced its manufacturing capacity in China and abandoned plans to build a light commercial vehicle.
SolarEdge said it will provide further details of its restructuring in its upcoming earnings release, which is expected by the end of February.
SolarEdge shares
SEDG,
have plunged 77% over the past 12 months, and in November the company swung to a surprise third-quarter loss, citing a slowdown in solar installations. At the time, it also forecast sharply lower sales in its current quarter.
Solar stocks have been battered over the past year, as solar-panel companies face weaker demand amid high interest rates. SunRun Inc.
RUN,
is down about 50% over the past 12 months, while Enphase Energy Inc.
ENPH,
is off 53% and SunPower Corp.
SPWR,
has sunk 81%.