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.
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| 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?
Research analysts who have asked questions during Enphase Energy earnings calls.
Brian Lee
Goldman Sachs Group, Inc.
6 questions for ENPH
Colin Rusch
Oppenheimer & Co. Inc.
6 questions for ENPH
Philip Shen
ROTH MKM
6 questions for ENPH
Christine Cho
Goldman Sachs Group
5 questions for ENPH
Dylan Nassano
Wolfe Research
5 questions for ENPH
Julien Dumoulin-Smith
Jefferies
5 questions for ENPH
Praneeth Satish
Wells Fargo
5 questions for ENPH
Maheep Mandloi
Mizuho Financial Group
4 questions for ENPH
Mark W. Strouse
J.P. Morgan Chase & Co.
4 questions for ENPH
Austin Moeller
Canaccord Genuity
3 questions for ENPH
Kashy Harrison
Piper Sandler
3 questions for ENPH
Andrew Percoco
Morgan Stanley
2 questions for ENPH
David Benjamin
Mizuho Securities USA LLC
2 questions for ENPH
Joseph Osha
Guggenheim Partners
2 questions for ENPH
Vikram Bagri
Citigroup Inc.
2 questions for ENPH
Chris Dendrinos
RBC Capital Markets
1 question for ENPH
David Arcaro
Morgan Stanley
1 question for ENPH
Dimple Gosai
Bank of America
1 question for ENPH
Dushyant Ailani
Jefferies
1 question for ENPH
Eric Stine
Craig-Hallum Capital Group LLC
1 question for ENPH
Gordon Johnson
GLJ Research
1 question for ENPH
Jeffrey Osborne
TD Cowen
1 question for ENPH
Jordan Levy
Truist Securities
1 question for ENPH
Pavel Molchanov
Raymond James
1 question for ENPH
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.
- 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.
- 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.
- 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.
- 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.
- 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
- 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.
- 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.
- 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.
- 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.
- Enphase introduces the IQ Battery 5P with FlexPhase in Australia, an all-in-one AC-coupled storage system with scalable capacity from 5 kWh up to 70 kWh and a 15-year warranty.
- The system supports both single-phase (1.65 kW–3.84 kW) and three-phase (0.61 kW–1.28 kW per phase) configurations for flexible backup power and grid-tied applications.
- Launch aligns with Australia’s Cheaper Home Batteries Program, offering homeowners ~30% upfront discounts on eligible systems.
- The IQ Battery 5P with FlexPhase is also available in 12 European countries, reinforcing Enphase’s global rollout strategy.