SOLAREDGE TECHNOLOGIES, INC. (SEDG): restructuring charge — 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.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

SOLAREDGE TECHNOLOGIES, INC. announced a restructuring with charges of between $81 million to $99 million affecting Energy Storage Division (approximately 500 employees).

Type: restructuring
Charge: between $81 million to $99 million
Affected area: Energy Storage Division
Headcount: approximately 500 employees

Exact text from the filing

capacity in its solar activities. In connection with the Discontinuation, the Company expects to record aggregate pre-tax Discontinuation and asset-related charges of between $81 million to $99 million, primarily comprised of between $40 million to $49 million of asset-related and impairment charges, between $30 million to $37 million of costs related to

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SOLAREDGE TECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001178913-24-003848

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