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The renewable energy meltdown continues as solar power company stocks tumbled on Friday morning after solar equipment maker SolarEdge Technologies warned of sliding European demand.
“During the second part of the third quarter of 2023, we experienced substantial unexpected cancellations and pushouts of existing backlog from our European distributors,” said SolarEdge CEO Zvi Lando in a statement.
Lando said, “We attribute these cancellations and pushouts to higher-than-expected inventory in the channels and slower-than-expected installation rates. In particular, installation rates for the third quarter were much slower at the end of the summer and in September where traditionally there is a rise in installation rates.”
SolarEdge also announced preliminary third-quarter results, with third-quarter revenues ranging from $720 million to $730 million, compared to the previous expectation of $880 million to $920 million.
Shares of SolarEdge crashed as much as 28% in premarket trading in New York. Also, Competitor Enphase Energy plunged 17%, Sunrun -9%, and SunPower -8%.
