08:50 AM EDT, 06/25/2024 (MT Newswires) -- SolarEdge Technologies ( SEDG ) shares were down nearly 18% in recent Tuesday premarket activity after the company said Monday that it may not be able to collect the $11.4 million it is owed by PM&M Electric.

PM&M Electric, which owes the money under a secured promissory note, has filed for Chapter 7 bankruptcy so SolarEdge ( SEDG ) cannot guarantee the recovery of the owed amount or the timing of any recovery, the company said in a regulatory filing.

Additionally, SolarEdge ( SEDG ) said it continues to expect $250 million to $280 million in revenue for the quarter ending June 30. The company said it anticipates using about $150 million in free cash flow in Q2 as a result of investments, credit extensions, unexpected increased working capital for US manufacturing, and slower accounts receivable payments.

Price: 27.30, Change: -5.95, Percent Change: -17.89