Solar companies SolarEdge and Sunrun experienced a significant drop in premarket trading due to reduced guidance and weak demand, signaling challenges for the renewable energy sector.
The renewable energy industry is in full collapse mode this week. First, Orsted A/S, the world's largest offshore wind farm developer, abandoned two major US projects due to supply chain and interest rate impacts, and now solar stocks are being clubbed like a baby seal in US premarket trading on Thursday after solar equipment-makers SolarEdge and Sunrun reported dismal guidance amid waning demand. Let's start with solar equipment maker SolarEdge Technologies.
26.5% y/y Operating expense $159.5 million, 47% y/y, estimate $130.3 million Sales and marketing expense $40.4 million, -5.6% y/y, estimate $43.8 million R&D expenses $80.1 million, estimate $82.1 million Adjusted net loss $31.0 million, estimate profit $47.1 million SolarEdge CEO Zvi Lando said in a Wednesday statement 'The results for the third quarter fell short of our prior expectations and are reflecting a slow market environment.' SolarEdge's short interest soars.
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