Microinverter supplier Enphase Energy has revealed in a US Securities and Exchange Commission (SEC) filing that it will reduce its workforce globally by nearly 160 jobs.
This would affect less than 6% of the company’s entire workforce, while the company added that it will prioritise research and development investment in core products and software, as well as scale productivity through the use of artificial intelligence and automation. Enphase expects to make the jobs cut during the first half of 2026.
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Only days after filing the 8-K with the SEC, the company unveiled its fourth-quarter 2025 financial results, which showed a decline in both quarterly and yearly revenue. Enphase registered revenues of US$343 million in Q4 2025, down from a two-year high of US$410 million in the previous quarter, and also lower than the US$382 million registered in Q4 2024.
According to Enphase, revenues were down quarterly both in the US and Europe, by 13% and 29% respectively. The decrease in revenue in the US was due to lower safe harbour – which was US$20.3 million in Q4 2025 compared to US$70.9 million the previous quarter – and storage revenue. The European decline in revenues was due to a “further softening in European demand”, said the company.
The decline in inverter demand from the European market in Q4 2025 is forecast to continue in 2026, according to a recent report from analyst Wood Mackenzie. WoodMac forecasts that global inverter shipments will contract by 9% in 2026 to 523GW, with major markets such as China, the US and Europe confronted with new volatility.
However, revenues for the entire 2025 financial year were slightly up, from US$1.33 billion in 2024 to US$1.47 billion in 2025.
Microinverters shipments stagnate in 2025
Shipments of microinverters have also experienced a similar fate to revenues during Q4 2025, with both a quarterly and yearly decrease. Enphase shipped 682.6MW of microinverters in Q4 2025, nearly 200MW fewer than the same period in 2024 and 100MW fewer than Q3 2025, as shown in the chart below.
Overall, at 2.8GW, shipment figures for the whole of 2025 are on par with last year, with a less than 12MW increase. Shipments remain far below 2022 and 2023 levels, when the company shipped well over 5.5GW each year.
According to the company, most of its microinverter shipments come from its US facilities, which are located in Texas and South Carolina. The Texas facility is also home to the company’s battery production. Speaking of batteries, the company shipped 150.1MWh of its IQ Batteries in Q4 2025, down from 195MWh in Q3 2025.
During the last quarter of 2025, the company also began shipping its first microinverter produced using gallium nitride (GaN) technology, which meets both domestic content requirements and Foreign Entity of Concern (FEOC) rules for commercial solar projects.
Looking forward, Enphase forecasts revenue in Q1 2026 to be between US$270-300 million, with nearly US$35 million of safe harbour.
