SolarEdge Technologies shares were on track to close nearly 15% lower on Monday after the company announced that it will lay off 400 employees.
CEO Zvi Lando cited the need for "meaningful measures to ensure financial stability and restore profitability" amid declining revenues and excess inventory.
The layoffs, affecting 8.5% of the workforce, follow a previous reduction of 900 jobs in January.
Lando noted slower-than-expected solar installation rates in Europe, with slight growth in North America.
Headquartered in Israel and publicly traded on the NASDAQ, SolarEdge Technologies specializes in solar inverters and photovoltaic (PV) systems.
The market value of SolarEdge has drastically fallen from its August 2022 peak of $20 billion to $1.8 billion.