US Solar Inverter Giant Enphase Energy Announces Restructuring, Plans Layoffs and Mexico Business Scale-Back
US solar inverter manufacturer Enphase Energy recently announced a restructuring plan aimed at reducing costs and improving efficiency, according to MarketWatch on 8 November. The plan involves laying off around 500 employees and scaling back solar inverter operations in Mexico, with the layoffs expected to be completed by mid-2024.
Enphase has faced a challenging year, with its stock price down 49% and revenue for the first three quarters of 2024 dropping by 52% to $948 million. Net profits fell by 90%, down to $40 million.
Financial pressures likely spurred the restructuring, with Enphase aiming to improve its financial health and market competitiveness. The company described the plan as part of a broader strategy to adapt to market conditions and support long-term growth.
Enphase plans to stay focused on innovation, solar inverter development, and enhanced customer service as it works to recover, though the impact of these changes will unfold over time.