Enphase Energy to cut 11% of workforce

According to Enphase’s 2015 Annual Report, total employee headcount at the end of the year was 543, indicating that around 60 jobs would be lost in the restructuring. Image: Enphase

Updated: Microinverter producer Enphase Energy said it was restructuring due to the competitive environment with the loss of approximately 11% of its global workforce and the elimination certain non-core but unspecified projects.

According to Enphase’s 2015 Annual Report, total employee headcount at the end of the year was 543, indicating that around 60 jobs would be lost in the restructuring.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

In an SEC filing, Enphase said that it expected to incur restructuring charges of around US$3.0 million in the third quarter of 2016, which included approximately US$1.7 million in cash-based severance and related benefits, and approximately US$1.3 million in non-cash asset impairments and write-offs related to property and equipment. 

The restructuring was said to be completed in the fourth quarter of 2016. 

“We made these decisions as part of our efforts to increase our competitiveness in an environment where industry dynamics are constantly evolving,” said Paul Nahi, President and CEO of Enphase Energy. “We believe these restructuring actions will better align Enphase's resources with our long-term competitive growth strategies and market opportunities. I would like to express my sincere gratitude to those employees affected by today's announcement for their many contributions to Enphase.”

The restructuring is expected to reduce annualized operating expenses by around US$20 million per annum.

The company also announced that it was also planning to raise an unspecified amount of new capital in a stock market offering. 

Enphase also reiterated that it expected revenue for the third quarter of 2016 to be within a range of US$87 million to US$93 million, and GAAP and non-GAAP gross margin to be within a range of 17% to 20%.

Enphase has since announced the pricing of the stock offering, which is expected to provide approximately $15.6 million before deducting the underwriting discount and other estimated offering expenses.

The company alos noted that certain directors, officers, and employees of Enphase were expected to purchase approximately US$1.2 million of common stock in the offering. 

Read Next

February 7, 2024
Enphase Energy has published its financial results for the fourth quarter of 2023, which includes quarterly revenues of US$302.5 million.
December 20, 2023
SunPower has breached a credit agreement, and Enphase Energy has announced layoffs, raising concern over the companies' ability to operate.
October 5, 2023
Ampt and Enphase discuss the importance of optimising solar inverters, and what this could change in the broader energy industry.
September 11, 2023
US solar prices per watt increased to US$2.9 in the first half of 2023, representing a 1.8% increase from H2 2022.
July 31, 2023
Microinverter supplier Enphase Energy has offered a lower-than-expected guidance revenue for Q3 2023, on the back of a stagnating second quarter.
July 6, 2023
Microinverter supplier Enphase Energy has inaugurated a new manufacturing facility in Columbia, South Carolina in partnership with international manufacturing company Flex. It is the first of up to six planned US facilities, Enphase has said.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Upcoming Webinars
July 10, 2024
9am (BST) / 10am (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland