California-based Enphase Energy, a company known for its solar power and electric vehicle (EV) charging technology, announced it is laying off about 500 workers. The company in a Nov. 8 filing with the U.S. Securities and Exchange Commission (SEC) said a challenging economy for the solar power industry requires reduced spending. The cuts come less than a year after Enphase cut about 10% of its workforce. The company in December 2023 said regulatory changes and low consumer demand for solar power technology were impacting its business. "The ongoing challenges from a tough 2023 solar market have continued to impact us and our industry partners throughout 2024," CEO Badri Kothandaraman said in a message to Enphase employees. The cuts announced Friday impact about 17% of the company's global workforce. Kothandaraman said the layoffs would help the company "manage the continued economic challenges in the solar industry." The CEO said the decision to cut staff was not related to the election of Donald Trump as U.S. president, an outcome seen as worrisome to renewable energy because of the Republican Party's support of fossil fuels.
Enphase in the SEC filing said it would continue to consolidate its manufacturing business. The company in reducing its workforce last December closed facilities in Wisconsin and Romania, and now plans to pull contracted manufacturing operations out of Guadalajara, Mexico. The company said, though, it will not cut its microinverter manufacturing. Microinverters transform the electrical current generated by solar panels into usable electricity. Enphase has said the company shipped more than 73 million microinverters this year. "We are decreasing spending in every department by reducing headcount, non-people related expenditures, or both," Kothandaraman wrote in the SEC filing. "These actions are not a reflection of poor employee performance, but we believe they are necessary in the current market environment." Kothandaraman said Enphase as part of its cost-cutting would integrate more automation and artificial intelligence tools across its operations, and would reduce reliance on external contractors. Enphase in an October financial report said the company had about $1.8 billion in cash and marketable securities. It reported a profit of $45 million in its most recent quarter, though that was down from $114 million in the year-ago period. The company also is valued at about $8.6 billion, but its stock price is down 80% from its late 2022 high.
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