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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