SolarEdge Technologies (NASDAQ:SEDG) experienced a significant 17% drop in its share price during premarket trading Wednesday. This decline came in the wake of the company’s fiscal Q4 results and FQ1 2024 guidance, both of which fell short of analyst expectations. Despite a narrower-than-expected loss of $0.92 per share, its $316.04 million revenue for the quarter missed the $324.2 million forecast.

The company also reported a drastic decrease in non-GAAP gross margin, plummeting from the previous year’s 30.2% to 3.3%. Looking ahead, SolarEdge anticipates revenue in the range of $175 million to $215 million for the next quarter, significantly below the $373.44 million forecast, with its solar segment expected to contribute between $160 million and $200 million.

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