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Enphase Energy
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Latest analysis
Updated Oct 27, 2026
Enphase Q3 2026 revenue $293.3M misses sell-through targets as U.S. resi solar weakens 35% YoY; IQ SST data center pivot and Gen 5 battery frame 2027 growth thesis
Enphase reported Q3 2026 revenue of $293.3 million, with global sell-through up only 1% sequentially against a 10% target, as U.S. residential solar demand fell 35% year-over-year on sustained interest rate pressure and the expiry of the 25D tax credit. Management is redirecting the growth narrative toward five discrete vectors — Gen 5 battery, Propel TPO, commercial solar and storage, bidirectional EV charging, and the IQ Solid-State Transformer for AI data centers — framing these as demand-independent drivers targeting over $200 million of incremental annual revenue by 2027. The IQ SST disclosure is the most consequential new development: Enphase has demonstrated 13.8 kV-to-800VDC conversion in its Austin lab, expanded its pipeline to 50-plus potential customers including a named hyperscaler and a global AI computing leader, and set a $1 billion annual revenue target from SST by 2030.
Tone: mixedRevenue
$1.5B
ENPH 10-K · FY 2025
Employees
2,872
Revenue FY2024
$1.3B
Founded
2006
Profile
ENPH 10-K Item 1 · Feb 17, 2026Enphase Energy is a global energy technology company that designs, develops, manufactures and sells home energy systems integrating solar generation, battery storage, EV charging and load control on a single intelligent platform. Its flagship IQ Microinverter converts energy at the individual solar module level, differentiating it from string inverter architectures. As of December 31, 2025, the company has shipped approximately 86.4 million microinverters and deployed more than 5.1 million systems across over 160 countries.
Read filing description ↓ Collapse description ↑
We are a global energy technology company originally founded in March 2006. We deliver smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. Our intelligent microinverters work with virtually every solar panel made, and when paired with our smart technology, result in one of the industry's best-performing clean energy systems. We design, develop, manufacture and sell home energy solutions that manage energy generation, energy storage, and control and communications on one intelligent platform. We have revolutionized the solar industry by bringing a systems approach to solar technology and by pioneering a semiconductor-based microinverter that converts energy at the individual solar module level and, combined with our proprietary networking and software technologies, provides advanced energy monitoring and control. The Enphase Energy System brings a high technology, networked approach to solar generation plus energy storage, by leveraging our design expertise across power electronics, semiconductors and cloud-based software technologies. Our integrated approach to energy solutions maximizes a home's energy potential while providing advanced monitoring and remote maintenance capabilities. The Enphase Energy System uses a single technology platform for seamless management of the whole solution, of IQ Microinverters, IQ Batteries, IQ Load Controllers, and IQ EV Charger, allowing rapid commissioning with the Enphase Installer App, consumption monitoring with our IQ Combiner device with our Enphase IQ Gateway device, and our Enphase App, a cloud-based energy management platform. We have transitioned from solar only systems to complete energy management solutions, which consist of solar, batteries, load control, electrical vehicle charging, compatibility with third-party generators, and grid services.
Primary products
- IQ8 Microinverters
- IQ8P 3P Microinverters
- IQ9N-3P Commercial Microinverter
- IQ Battery 5P
- IQ Battery 10C
- IQ PowerPack 1500
End markets
Geographies
Named customers
In the years ended December 31, 2025, 2024 and 2023, one customer accounted for approximately 39%, 48% and 40%, respectively, of our net revenues.
Named competitors
“We believe that our microinverter solutions offer significant advantages and competitive differentiation relative to traditional central or string inverter technology, even when supplemented by DC-to-DC optimizers on the roof.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenues increased from $1.33 billion in 2024 to $1.47 billion in 2025, recovering partially from the significant decline seen in 2023 when revenues were $2.29 billion.
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