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SolarEdge Technologies (SEDG) has provided an update.
SolarEdge Technologies, Inc. faces uncertainty as a major customer, PM&M Electric, Inc., files for Chapter 7 bankruptcy, endangering the recovery of an $11.4 million debt. Amidst this, the company is proceeding with a private offering of $300 million in convertible senior notes due 2029 to qualified institutional buyers, with an option for an additional $45 million to cover over-allotments. For the second quarter of 2024, the company reconfirms its revenue and gross margin guidance but anticipates a free cash shortfall of approximately $150 million due to various investments and slower accounts receivable payments. These preliminary figures, subject to change upon final review, have not been audited or reviewed by an independent accounting firm.
For detailed information about SEDG stock, go to TipRanks’ Stock Analysis page.