SolarEdge discontinues Energy Storage division; charges $81M-$99M, cuts ~500 jobs

SOLAREDGE TECHNOLOGIES, INC.

Ceasing all Energy Storage activities; headcount reduction of ~500 employees (~12% workforce), primarily in South Korea.
Expected pre-tax charges of $81M-$99M, including $40M-$49M asset impairments, $30M-$37M inventory/purchase order costs, $4M-$5M severance.
Quarterly operating expense savings of ~$7.5M expected by H2 2025; solar battery sales for residential and C&I markets unaffected.
Charges mostly in Q4 2024 and Q1 2025; cash payments of $38M-$46M expected to be offset by collecting and selling storage division assets.

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