Enphase Energy (ENPH) Company Report

Enphase Energy partners with Green Mountain Power to launch a home battery lease program in Vermont, bolstering GMP's 75 MW virtual power plant—the state's largest dispatchable energy source.
The program offers customers a ten-year lease of two IQ® Battery 10C systems for $55/month or a $5,500 one-time payment, backed by a 15-year warranty and 24/7 support.
Customers can share stored energy during peak demand to reduce costs and enhance grid resilience amid severe storms and grid events.
Enphase and GMP plan to introduce the IQ® Bidirectional EV Charger in 2026, enabling electric vehicles to power homes or the grid during outages and peak periods.

Nov 12, 2025, 1:00 PM

Press Release

Enphase Energy’s IQ Battery Systems Eligible for San Diego Solar Rebate Program

ENPH

Product Launch

Enphase’s IQ® Battery systems are now eligible for San Diego Community Power’s Solar Battery Savings program, offering $350/kWh for new solar-plus-battery installs and $250/kWh for adding batteries to existing systems, plus $0.10/kWh in performance incentives for discharged energy.
New market rate customers can install up to three IQ® Battery 10C units without exceeding the $10,000 upfront rebate cap.
The 4th-generation Enphase Energy System—comprising the IQ Battery 10C, IQ® Meter Collar, and IQ® Combiner 6C—is now available, providing whole-home backup with a 15-year warranty and simplified installation.
IQ Battery 10C units with a “DOM” suffix (domestic content) are shipping from U.S. contract manufacturers and may qualify for the Domestic Content Bonus Credit when paired with U.S.-made microinverters and racking.

Nov 4, 2025, 1:00 PM

Press Release

Enphase Energy reports Q3 2025 results

ENPH

Earnings

Guidance Update

In Q3 2025, Enphase delivered $410.4 million in revenue (highest in two years), shipped 1.77 million microinverters and a record 195 MWh of batteries, generated $5.9 million in free cash flow, and achieved a 49% non-GAAP gross margin and 30% non-GAAP operating income.
Regionally, U.S. sales (85% of revenue) rose 29% sequentially, while European revenue fell 38%, reducing Q3 results by approximately $25 million.
Channel inventory levels normalized for microinverters but were slightly elevated for batteries ahead of ramping the fourth-generation IQ Battery 10C production.
For Q4 2025, the company guides revenue of $310 million–$350 million, expects 140–160 MWh of IQ battery shipments, and forecasts a 42%–45% non-GAAP gross margin.

Oct 28, 2025, 8:30 PM

Transcript

Enphase Energy reports Q3 2025 results

ENPH

Earnings

Guidance Update

Product Launch

Enphase Energy reported Q3 2025 revenue of $410.4 million, including $70.9 million of safe harbor revenue; shipped 1.77 million microinverters and 195 MWh of batteries, generating $5.9 million of free cash flow.
Achieved 49.2% non-GAAP gross margin (GAAP: 47.8%) and delivered non-GAAP EPS of $0.90 (GAAP: $0.50).
Provided Q4 guidance of $310 million–$350 million in revenue and 140–160 MWh IQ battery shipments, and preliminarily projected Q1 2026 revenue of $250 million.
Advanced product portfolio with fourth-generation IQ Battery 10C shipments beginning August, IQ9 GAN microinverter start in December, IQ EV Charger 2 rollout, and a bidirectional EV charger slated for mid-2026.

Oct 28, 2025, 8:30 PM

Transcript

Enphase Energy reports Q3 2025 results

ENPH

Earnings

Guidance Update

Product Launch

Reported Q3 revenue of $410.4 million, shipped 784.6 MW DC of microinverters and 195 MWh of IQ batteries, generated $5.9 million of free cash flow; non-GAAP gross margin was 49.2% and operating expenses were 19% of revenue.
Issued Q4 2025 revenue guidance of $310 million to $350 million (implying $350 million–$400 million sell-through) and IQ battery shipment guidance of 140–160 MWh; provided a preliminary Q1 2026 revenue outlook of $250 million.
Launched the fourth-generation IQ Battery 10C in August (40% of U.S. battery shipments in Q3), opened U.S. pre-orders for the IQ9 GAN microinverter (shipping December), and will ship the IQ EV Charger 2 in the U.S. in Q4.
U.S. revenue comprised 85% of sales and grew 29% sequentially, while Europe revenue declined 38%, negatively impacting Q3 by approximately $25 million.

Oct 28, 2025, 8:30 PM

Transcript

Enphase Energy reports Q3 2025 results

ENPH

Earnings

Guidance Update

Revenue of $410.4 M in Q3 2025; non-GAAP gross margin of 49.2% (GAAP 47.8%)
GAAP net income of $66.6 M (diluted EPS $0.50) and non-GAAP net income of $117.3 M (diluted EPS $0.90)
Generated $5.9 M free cash flow, exited Q3 with $1.48 B of cash and marketable securities; shipped ~1.77 M microinverters and 195 MWh of IQ Batteries
Q4 2025 guidance: revenue $310–350 M, GAAP gross margin 40–43% (non-GAAP 42–45%), GAAP opex $130–134 M, non-GAAP opex $77–81 M

Oct 28, 2025, 8:06 PM

8-K

Enphase Energy provides investor update on business operations and financial performance

ENPH

Product Launch

Revenue Acceleration/Inflection

Enphase reported 2024 revenue of $1.3 billion, operating cash flow of $513.7 million, GAAP net income of $102.7 million and non-GAAP net income of $321.0 million.
Q3 2025 revenue was $303.5 million with a non-GAAP gross margin of 49.2% and operating income margin of 21.7%.
Product pipeline includes IQ9 GaN-based microinverters expected to ship in Q4 2025 (commercial) and Q1 2026 (residential), alongside the new 4th gen IQ Battery 10C now shipping in the U.S..
Supply chain leverages four manufacturing sites (7.25 million microinverters/quarter capacity) with majority U.S. content and achieved a 13.4% reduction in Scope 2 emissions in 2024 vs 2023.
Enphase has shipped ~84.8 million microinverters (~30.21 GW), serves over 5.0 million systems globally, and has 2,010 installers in its network as of September 30, 2025.

Oct 28, 2025, 8:00 PM

Presentation

Enphase Energy announces off-grid solar and battery solution in U.S.

ENPH

Product Launch

Enphase launched a complete off-grid system capable of operating without a utility connection, using IQ® Battery 5P, IQ8™ Series Microinverters with Sunlight JumpStart™, and a third-party standby AC generator.
The IQ® System Controller 3G provides 120/240 V split-phase power, integrates generator support, and enables up to 15.4 kW of solar, 40 kWh of battery storage, and 46 kVA off-grid output.
The IQ® Combiner 5C HDK consolidates solar interconnection, communications, and metering, featuring an integrated 4G LTE Cat 4 modem with dual-SIM automatic failover for real-time monitoring and diagnostics.
Over 100 fully off-grid sites are already operating; the solution is available now in the U.S. with expansion to additional countries planned in 2026.

Oct 27, 2025, 12:00 PM

Press Release

Enphase Energy releases North America & Europe Low-Voltage Inverters Market Report 2025-2035

ENPH

ResearchAndMarkets report estimates the North America & Europe low-voltage inverters market to grow from USD 3.18 B in 2025 to USD 7.74 B by 2035 (CAGR 9.3%).
North America market to expand from USD 1.63 B to USD 3.64 B (CAGR 8.37%) driven by industrial demand and distributed renewables, while Europe is set to grow from USD 1.54 B to USD 4.09 B (CAGR 10.21%) amid aggressive decarbonization.
The 96V–120V segment leads, rising from USD 2.15 B in 2024 to USD 6.09 B by 2035, supported by industrial and energy storage applications.
Three-phase inverters dominate with projected growth from USD 2.24 B in 2025 to USD 6.09 B by 2035 (CAGR 10.48%), while single-phase units grow from USD 931.1 M to USD 1.64 B (CAGR 5.87%).
Key market participants include DANA TM4, Enphase Energy, ZAPI GROUP, and Schneider Electric, reflecting strong competitive dynamics.

Oct 20, 2025, 2:02 PM

Press Release

Enphase Energy launches IQ Battery 5P with FlexPhase in India

ENPH

Product Launch

Enphase Energy launched its IQ Battery 5P with FlexPhase in India, offering reliable backup for residential and small commercial markets with both single-phase and three-phase support.
Each 5 kWh battery delivers up to 1.28 kW per phase in three-phase or 3.84 kW in single-phase and is modular up to 40 kWh, utilizing LFP chemistry for safety and thermal stability.
The system ships with a 15-year limited warranty, pairs with the IQ System Controller 3 INT for microgrid operation and integrates with IQ8 microinverters; shipments to Indian customers have begun.

Oct 6, 2025, 12:09 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Enphase Energy.

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