While some in the solar industry media like to paint all news as bad news, Wall Street understands that this is positive news for the company. At the same time, certain directors, officers, and employees of Enphase are expected to purchase approximately $1.2 million of common stock in this offering.
Our recent growth in market share—today GTM Research released preliminary Q2 U.S. residential inverter market share numbers showing Enphase gained very significantly, growing from 22% in Q1 2016 to 24% in Q2—and the positive response to the launch of our next generation product at SPI leaves us confident in the market demand for our solution.
At the same time, Enphase is restructuring the company to better align our resources to ensure that we can achieve our strategic plan both in the short term and in the long term. As part of this process, we are decreasing our worldwide staff by approximately 11%, consolidating some teams, and reducing Operating Expense significantly.
Our restructuring enables the company to continue delivering on our most important products. Our promise is to offer you the smartest, simplest products to enable your business to grow. We have retained our North American sales and customer support, and maintained or strengthened the engineering and other functions essential to delivering the AC Battery, IQ 6 and IQ 6+ Micros, our AC Modules with our partners in the module industry.
The restructuring puts a laser focus on delivering our core products—the Enphase Home Energy Solution—to our customers. This week’s financing round shows that others believe in our vision and market potential, and we believe our streamlined organization will deliver on that promise.