Energy technology company Enphase Energy Inc. plans to lay off almost one-fifth of its workers in an effort to "accelerate its path to profitability."
The latest restructuring will eliminate approximately 18% of the company's workforce, adding to an 11% cut that Enphase announced in September 2016.
"This is a challenging decision, and we are very grateful for the hard work and professionalism of all affected employees," Enphase President and CEO Paul Nahi said. He added that the layoffs are necessary to improve the company's financial position "while we deliver the new and innovative products we have promised our customers."
The company, which lost $18.8 million in the third quarter of 2016, has been cutting product costs in an effort to regain its share of the microinverter market. Recent market share gains, along with a "positive reception" of the company's energy storage systems in Australia, the U.K. and the U.S. "validate Enphase's ability to continue to lead the industry," Nahi said.
On Jan. 10, Enphase said it received a $10 million investment from T.J. Rodgers, the founder and former CEO of Cypress Semiconductor Corp., and John Doerr, chairman of venture capital firm Kleiner Perkins Caufield and Byers.