U.S. photovoltaic inverter manufacturer SolarEdge announced on Monday that it will lay off 400 employees globally in response to the sluggishness of the entire industry. The company expects costs related to the layoffs to be approximately 3 million to 5 million, with most of these costs to be recognized in the first quarter of fiscal year 2025. The layoffs are expected to result in savings of about 9 million to 11 million.
This marks the fourth round of layoffs at SolarEdge in nearly two years, with the cumulative number of layoffs exceeding 2,200.
The first round of layoffs occurred in January 2023, when 900 employees were terminated. The second round took place in July 2024, with 400 employees dismissed, half of them in Israel. The third round of layoffs was announced in November 2024, when the company shut down its energy storage business and dismissed 500 employees in South Korea.
Behind the successive layoffs is the decline in industry demand and intensifying competition. The company is currently dealing with excess inventory issues.
In addition to the layoffs, SolarEdge stated that it is considering taking additional measures to cut more costs and will announce them later.
