Enphase, the California-based company known for its solar inverters and batteries, alarmed investors on Thursday with its bleak revenue projections for the current quarter. The company stated that the slowdown in solar-product sales is expected to persist until early next year, sending shockwaves through the market.
As news of Enphase’s disappointing forecasts spread, the company’s stock took a significant hit, falling approximately 17% in recent market action. This decline mirrored the afterhours selloff experienced on Thursday. With the stock now trading under $80, Enphase reached its lowest levels in over three years.
Investors have had a rough time with Enphase this year, as the stock has dropped approximately 70% since the beginning of 2021. The company’s struggles have not gone unnoticed by its peers, as shares in SunRun and SolarEdge Technologies also experienced significant tumbles in response to Enphase’s projections.
Enphase’s lackluster revenue forecast raises concerns about the state of solar-product sales and the overall health of the renewable energy industry. With the company expecting this sales slump to continue into early next year, industry analysts and investors will closely monitor any developments that could shed light on the future trajectory of Enphase and its competitors.