The bi-directional EV charger from Enphase Energy
Image: Enphase Energy
Enphase Energy has unveiled plans to cut 17% of its global workforce, affecting a total of around 500 employees and contractors, as part of a major restructuring.
The company said in a statement to the U.S. Securities and Exchange Commission that it aims to align its operations and workforce with current business needs, focusing on cost reduction and streamlining production to four locations by mid-2025.
The company said it will streamline its operations by consolidating production at four locations and ceasing contract manufacturing in Guadalajara, Mexico.
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Despite these cuts, Enphase Energy noted that it plans to maintain its global microinverter production capacity at 7.25 million units per quarter.
The company said it expects to incur $17 million to $20 million in restructuring and asset impairment charges, with most of the costs incurred in the fourth quarter of 2024. It also said it aims to reduce non-GAAP operating expenses to $75 million to $80 million per quarter by 2025.
In addition to workforce reductions, Enphase Energy says it is introducing a number of cost-saving measures, including customer service automation, marketing efficiency through AI and streamlining non-essential expenses.
In July, Enphase Energy began shipping US-made IQ8P-3P microinverters for small-scale commercial solar installations, supporting peak output power up to 480W.
The Nasdaq-listed shares of inverter manufacturers Enphase Energy and SolarEdge fell last week after US President-elect Donald Trump’s victory in the 2024 US presidential election.
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