SolarEdge Provides Q2 Guidance Update, Announces $300M Notes Offering and Customer Bankruptcy

SOLAREDGE TECHNOLOGIES, INC.

Customer PM&M Electric filed Chapter 7 bankruptcy, owing SolarEdge approximately $11.4 million under a secured promissory note.
SolarEdge intends to offer $300 million convertible senior notes due 2029, with initial purchasers option for additional $45 million.
Company reconfirms Q2 2024 revenue guidance of $250M-$280M but expects free cash flow used of ~$150 million in the quarter.
Net proceeds from notes offering will fund capped call transactions, redeem portion of 0.000% convertible notes due 2025, and general corporate purposes.

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