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Enphase Energy, Inc. is a global energy technology company that offers smart, easy-to-use solutions for managing solar generation, storage, and communication on a single platform . The company sells microinverter units, IQ Gateway and IQ Energy Router, cloud-based monitoring services, storage solutions, EV charging solutions, and various design and support services . Enphase Energy generates revenue by selling these solutions to distributors, large installers, OEMs, and strategic partners, with revenue recognized when control of goods or services is transferred to customers .
- Microinverter Units and Related Accessories - Provides advanced microinverter technology for converting solar energy into usable electricity, along with necessary accessories for installation and operation.
- IQ Gateway and IQ Energy Router - Offers devices that facilitate communication and energy management between solar systems and the grid.
- Storage Solutions - Delivers energy storage systems that allow users to store solar energy for later use, enhancing energy independence and reliability.
- Cloud-Based Enlighten Monitoring Services - Supplies a cloud-based platform for monitoring and managing solar energy systems, providing insights and analytics over time.
- Electric Vehicle (EV) Charging Solutions - Develops solutions for charging electric vehicles, integrating with solar and storage systems for efficient energy use.
- Design, Proposal, Permitting, and Lead Generation Services - Offers comprehensive services to support the design, proposal, and permitting processes for solar installations, as well as generating leads for service providers.
- Platform for Cleantech Asset Owners - Connects cleantech asset owners with a local and on-demand workforce of service providers, facilitating maintenance and operational tasks.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Badrinarayanan Kothandaraman Executive | President and Chief Executive Officer | None | Joined ENPH in April 2017 as COO, became CEO in September 2017. Previously EVP at Cypress Semiconductor. Holds 8 U.S. patents. Education: IIT Madras, UC Berkeley, Stanford Executive Program. | View Report → |
Mandy Yang Executive | Executive Vice President and Chief Financial Officer | None | Joined ENPH in October 2018 as VP and Chief Accounting Officer. Promoted to CFO in February 2022 and EVP in January 2024. Previously at Tesla and SunPower. CPA and CFA. | |
Mary Erginsoy Executive | Vice President and Chief Accounting Officer (Principal Accounting Officer) | None | Joined ENPH in 2019 as Senior Director and Corporate Controller. Promoted to CAO in April 2024. Previously at SunPower and 8point3 Energy Partners. CPA in California. | |
Joseph Malchow Board | Director | HNVR Technology Investment Management (Founding Partner); Enovix Corporation (Board Member); National Civic Arts Society (Board Member) | Director at ENPH since February 2020. Entrepreneur and investor with expertise in software and data security. Education: Dartmouth College (BA), Stanford University (JD). | |
Steven J. Gomo Board | Director | Nutanix, Inc. (Board Member); Micron Technology, Inc. (Board Member) | Director at ENPH since March 2011. Former CFO at NetApp and Gemplus. Extensive financial expertise. Education: Oregon State University (BS), Santa Clara University (MBA). | |
Thurman John Rodgers Board | Director | Enovix Corporation (Chairman); Complete Solaria (Board Member) | Director at ENPH since January 2017. Founder and former CEO of Cypress Semiconductor. Education: Dartmouth College (BS), Stanford University (MS, PhD). |
- As you mentioned, revenues in Europe were down significantly this quarter, with a 34% decrease in sell-through compared to Q2 . Given the challenging business environment and declining power prices, what specific strategies are you implementing to reverse this trend and when do you expect to see improvement in this region?
- With the anticipated launch of the IQ9 microinverters delayed to the second half of 2025 , how are you addressing the risk of losing market share to competitors in the interim, especially considering the demand for higher power solutions in both residential and commercial markets?
- You've indicated that the bankruptcy of a large U.S. customer will impact your Q4 revenue . Can you elaborate on the extent of your exposure to this customer and what measures you're taking to mitigate risks associated with customer concentration moving forward?
- In previous years, Enphase focused on cost reduction and passing savings to customers, but recently there seems to be less emphasis on cost-cutting in microinverters . With the upcoming IQ9 potentially reducing costs, how do you plan to balance cost savings and pricing strategy to regain competitive advantage, and why hasn't there been more progress in cost reduction recently?
- Given concerns about potential changes to the 30% residential tax credit under the IRA and its importance to the U.S. market , how are you preparing for possible policy shifts that could negatively impact demand, and what is your strategy to diversify market dependence away from such incentives?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
A competitor in both the inverter and storage markets, offering string inverters with and without solar optimizers. They are significantly larger and may have greater financial, marketing, and distribution resources, as well as broader brand recognition in certain markets. | |
Huawei Technologies Co. Ltd. | Competes in the inverter and storage markets, providing string inverters and integrated storage systems. They have more resources and experience in developing new products and technologies. |
A competitor in the inverter, storage, and EV charger markets, offering integrated storage systems and EV charging solutions. They are noted for their significant resources and market presence. | |
Sungrow Power Supply Co., Ltd. | Competes in the inverter market, providing string inverters. They are part of a competitive landscape with companies offering various inverter technologies. |
Growatt New Energy Co., Ltd. | A competitor in the inverter market, offering string inverters. They are among the companies competing with microinverter solutions. |
BYD | A competitor in the storage market, producing battery cells and integrated storage systems. They are part of a competitive environment with other storage solution providers. |
Franklin Solar Battery | Competes in the storage market, offering integrated storage systems. They are among the companies producing battery solutions. |
A competitor in the EV charger market, providing EV charging solutions. They are part of a competitive landscape with other EV charger providers. | |
Competes in the EV charger market, offering EV charging solutions. They are noted as a competitor in this growing market segment. | |
JuiceBox | A competitor in the EV charger market, providing EV charging solutions. They are part of the competitive landscape in EV charging. |
EVBox | Competes in the EV charger market, offering EV charging solutions. They are among the companies competing in this market. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
GreenCom Networks AG | 2022 | Acquired on October 10, 2022 for $34.9M in cash with an additional $0.6M in acquisition costs; the deal strengthens Enphase’s European presence by adding IoT software solutions and a local engineering team to integrate home energy management solutions such as microinverters, batteries, EV chargers, and heat pumps. |
SolarLeadFactory, LLC | 2022 | Acquired on March 14, 2022 for $26.1M in cash (with an additional contingent payment of up to $10M in stock) to boost Enphase’s installer platform by providing high-quality solar leads; the purchase price allocation included tangible assets, identified intangible assets, and $0.4M in acquisition costs, aligning with strategies to reduce customer acquisition costs and improve conversion rates. |
Recent press releases and 8-K filings for ENPH.
- Q1 2025 Financials: Reported $356.1 million revenue, 48.9% non-GAAP gross margin, GAAP net income $29.7 million and non-GAAP net income $89.2 million, showcasing strong profitability.
- Operational Performance: Shipped approximately 1.53 million microinverters, 170.1 MWh of batteries, and generated $33.8 million in free cash flow.
- Share Repurchase & Liquidity: Repurchased 1.59 million shares for about $100 million (average price $62.71) with additional authorization of $298.7 million, ending Q1 with $1.53 billion in cash and equivalents.
- Q2 Guidance: Anticipates revenue between $340 million and $380 million (including about $40 million safe harbor revenue) and battery shipments projected at 160–180 MWh.
- Tariff & Supply Chain Impact: New tariffs expected to impact battery gross margins by 2% in Q2 and 6–8% in later quarters, with ongoing supply source diversification aimed at mitigating effects by Q2 2026.