Enphase Energy To Reduce Workforce By About 10%, Impacting Around 350 Contractors And Employees

Enphase Energy Inc ENPH:

• ENPHASE ENERGY INC - DECIDED TO REDUCE OUR GLOBAL WORKFORCE BY APPROXIMATELY 10%, IMPACTING APPROXIMATELY 350 CONTRACTORS AND EMPLOYEES

• ENPHASE ENERGY - STREAMLINING OPERATIONS BY CEASING OPERATIONS AT CONTRACT MANUFACTURING LOCATIONS IN TIMISOARA, ROMANIA AND WISCONSIN, UNITED STATES

• ENPHASE ENERGY INC - ESTIMATED IMPACT OF CHARGES RELATED TO PLAN NOT EXPECTED TO BE MATERIAL TO CO'S FINANCIAL RESULTS OR OVERALL FINANCIAL CONDITION

• ENPHASE ENERGY INC - WILL CONTINUE OUR HIRING AND TRAVEL FREEZE THROUGH 2024 AND CUT DISCRETIONARY SPENDING ON SEVERAL OTHER FRONTS

• ENPHASE ENERGY INC - STREAMLINING ITS OPERATIONS BY RESIZING ITS OTHER CONTRACT MANUFACTURING SITES

• ENPHASE ENERGY - TO FOCUS ON MANUFACTURING MICROINVERTERS IN UNITED STATES WITH 2 EXISTING CONTRACT MANUFACTURING PARTNERS IN SOUTH CAROLINA & TEXAS

• ENPHASE ENERGY INC - ALL OF ACTIONS TOGETHER WILL RESULT IN A ONE-TIME RESTRUCTURING AND ASSET IMPAIRMENT CHARGES OF ABOUT $16 MILLION TO $18 MILLION

• ENPHASE ENERGY INC - FINANCIAL OUTLOOK FOR Q4 OF 2023 REMAINS UNCHANGED EXCEPT FOR GAAP OPERATING EXPENSES

• ENPHASE ENERGY:MANUFACTURING EQUIPMENT CURRENTLY LOCATED IN TIMISOARA, ROMANIA, WISCONSIN TO BE REDEPLOYED FOR USE AT SOUTH CAROLINA, TEXAS FACILITIES

• ENPHASE ENERGY: ONCE OTHER U.S. SITES HAVE FULLY RAMPED PRODUCTION, SEES GLOBAL CAPACITY OF ABOUT 7.25 MILLION MICROINVERTER UNITS PER QUARTER

• ENPHASE ENERGY INC - LOOKING TO CUT EXPENSES FURTHER BY CONSOLIDATING FACILITIES ACROSS OUR WORLDWIDE SITES

• ENPHASE ENERGY INC SEES Q4 GAAP OPERATING EXPENSES TO INCREASE BY ABOUT $15 MILLION OF RESTRUCTURING AND ASSET IMPAIRMENT CHARGES IN CONNECTION WITH PLAN

• ENPHASE ENERGY INC - ALSO INCORPORATING TIGHTER PROFITABILITY CRITERIA IN OUR EMPLOYEE CASH BONUS PROGRAM

• ENPHASE ENERGY INC - FOCUS IN THE FIRST HALF OF 2024 WILL BE ON CLEARING THE EXCESS INVENTORY IN THE CHANNEL WORLDWIDE