Enphase Energy, Inc.

The grade, in three tenses

Headline 5.2 out of ten, 9 of 9 metrics filed: past 5.3 out of ten, present 5.8 out of ten, future 4.2 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 2.9 out of ten. 1 warning event since 2017; the latest 2017-06-28. 29th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 6.0 out of ten. +22.7% a year over 9 filed years; profitable in 7 of 9. 60th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 8.4 out of ten. Share count shrank 2.2% a year. 69% of cash flow returned. Insiders: 8 sales, 7 purchases. 84th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 5.9 out of ten. ROE 16%: 16¢ of profit per shareholder dollar. Leverage 69%: owes 69¢ per asset dollar. 59th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 5.1 out of ten. top 49% of 97 in its family; net margin 11.7%. 51st percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 6.7 out of ten. top 33% of 66 in its family for leadership; chief executive since 2017. 67th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 4.0 out of ten. bottom 40% of 94 in its family for room to expand. 40th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 3.4 out of ten. bottom 34% of 93 in its family for growth drivers. 34th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.2 out of ten. top 48% of 88 in its family for expectations against reality. 52nd percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-17 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-07-28 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-07-28 (on EDGAR). Newest filing: Form 144, 2026-08-14. Filings on record since 2009. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-17.

The people

Badrinarayanan Kothandaraman has run Enphase as president and chief executive since September 2017. He joined in April 2017 as chief operating officer after a career at Cypress Semiconductor that began in 1995 and ended with him running its data communications division as executive vice president. Mandy Yang, the only other executive officer, has been chief financial officer since February 2022 and an executive vice president since January 2024; she joined in October 2018 as chief accounting officer, from a group controller post at Tesla, and earlier worked at SunPower Corporation. [1, 2, 3, 4]

Steven J. Gomo, chief financial officer of NetApp until December 2011, has been a director since March 2011 and is the independent chair. The other outside directors are Benjamin Kortlang (since May 2010), a partner at the venture firm G2VP; Richard Mora (since February 2014), a former chief executive of Landis+Gyr; Thurman John Rodgers (since January 2017), who founded Cypress Semiconductor; Joseph Malchow (since February 2020), a venture investor; and Jamie Haenggi (since August 2020), a former president of ADT Solar. At the 2025 annual meeting Rodgers did not win a majority of the votes cast but was elected under plurality voting. Shanker Trivedi began filing as a director in June 2026. [5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15]

Two directors are tied to SunPower Inc., a company Enphase does business with: Rodgers has been its chief executive since April 2024 and Haenggi has sat on its board since May 2025. Since the start of 2025 Enphase has received about $634,000 in payments from SunPower, and in September 2025 it paid $6.3 million for $7.0 million of SunPower convertible notes on the same terms as other investors. BlackRock owns 14.0% of Enphase; the directors and executive officers together own 2.9%. [11, 13, 16, 17, 18, 19]

Enphase had 2,872 full-time employees at the end of 2025: 1,300 in sales and marketing, 1,081 in research and development, 254 in general and administration, 148 in manufacturing and 89 in solar design and permitting services. By country, 1,743 worked in India, where it does most of its research and development, procurement, customer support and back-office work, 717 in the United States, 202 in Europe and 133 in New Zealand. None belong to a union, though its staff in France are covered by a collective bargaining agreement. [20, 21, 22]

How it operates

Enphase designs and sells home energy systems built around the microinverter, a small power converter fitted to each solar panel that turns the panel's direct current into household alternating current, instead of one central string inverter for a whole roof. Around it sit IQ Batteries, EV chargers, load controllers, gateways and the Enphase App, run as one system from its cloud software. By the end of 2025 it had shipped about 86.4 million microinverters, and more than 5.1 million Enphase systems were deployed in over 160 countries. [23, 24, 25]

It sells mainly to solar distributors, which bundle its products with panels and racking and resell them to installers. It also sells directly to large installers, to panel makers that build its microinverters into their products, and to partners such as companies that finance home solar through leases and power purchase agreements, known as third-party ownership (TPO). One customer accounted for about 39% of 2025 revenue, after 48% in 2024 and 40% in 2023, and at year end three customers owed 31%, 22% and 14% of its receivables. Its installer network counts more than 1,900 installers. [26, 27, 28, 29]

The United States brought in 1.2 billion dollars, 80.7% of 2025 revenue, up 27.2%; international markets 284.3 million, 19.3%, down 28.2%. The American share has climbed quickly: 81% of revenue in 2025 against 64% in 2023. [30, 27]

Contract manufacturers build much of what it sells: Flex, Salcomp Manufacturing India and Sunwoda Electric assemble and test microinverters, batteries, EV chargers and gateways, and DHL, Flex and others run its logistics. It has moved a large part of production to the United States, to plants in South Carolina and Texas, including its own facility in Arlington, Texas, where Enphase manufacturing began in November 2025; with Flex, its American lines can make about five million microinverters a quarter. It still uses contract manufacturing in China and India, and the lithium iron phosphate cells in its batteries come from only two vendors, both in China. [31, 32, 33, 34, 35, 36, 37]

The specifics

Enphase was founded in March 2006 and says it pioneered the semiconductor-based microinverter. It argues that string inverters are the most common part of a solar installation to fail, typically carry warranties of only 8 to 12 years and run high-voltage DC wiring that creates a fire risk. It holds about 400 patents with 200 applications pending, mostly on DC to AC power conversion and energy storage. It bought Sofdesk, the solar design business of DIN, 365 Pronto and ClipperCreek in 2021, and SolarLeadFactory and GreenCom Networks in 2022. [38, 23, 39, 40, 41, 42, 43]

It names its competitors by market: SolarEdge, Huawei, Tesla, Sungrow and Growatt in inverters; Tesla, SolarEdge, Huawei, BYD and Franklin Solar Battery in storage; and Wallbox, ChargePoint, Tesla and EVBox in EV chargers. [44, 45]

American tax policy shapes both its demand and its margins. The One Big Beautiful Bill Act of July 2025 ended the Section 25D credit for homeowners who buy systems with cash or loans on December 31, 2025, added timing rules to the Section 48E credit used for leased systems, raised the domestic content bar for that credit's bonus to 45% from 40%, and brought in foreign entity of concern (FEOC) content rules from 2026. In California, the NEM 3.0 policy in force since April 2023 cut what solar owners earn for power sent to the grid to about $0.05 to $0.08 per kWh, from $0.25 to $0.35. [46, 47, 48, 49, 50, 51, 52]

Its distribution channel is under strain: the filing says the prolonged softness in solar demand has left some distributors and installers short of cash, bankrupt or closed, hurting its revenue and profit. [53]

What drives growth, line by line

Revenue rose 11% to 1.5 billion dollars in 2025, driven primarily by a 36% jump in battery shipments, to 706.1 MWh from 521 MWh, partly offset by a 2% fall in microinverter units, to about 6.4 million from 6.5 million. The fourth-generation system with the IQ Battery 10C, which the company says is 30% more energy-dense than earlier models, began shipping in the United States in June 2025. [54, 55, 56]

United States. 1.2 billion dollars, 80.7% of revenue, up 27.2%. The filing credits higher demand and $91.2 million of microinverter shipments tied to safe harbor transactions with customers, which came through agreements with solar and battery financing companies that offer leases and power purchase agreements to homeowners. [30, 57, 58]

International. 284.3 million dollars, 19.3% of revenue, down 28.2%, which the filing puts down to continued soft demand in Europe, slower economic growth there, changes in government policies and lower utility rates. [30, 59]

Gross margin slipped to 46.6% from 47.3% on product mix and higher tariff costs, even though the US manufacturing credit (AMPTC) contributed $238.7 million, or 16.2 percentage points, up from 11.8 points, as more of what it sold was made in America. Restructuring at the end of 2024 cut research and development spending by 6% and sales and marketing by 4%, and net income rose to 172.1 million dollars. [60, 61, 62, 63, 64, 55]

What comes next, in the company's own words: it expects third-party ownership to be an important growth channel for American home solar and batteries now that the Section 25D credit has expired, and expects the European business environment to remain constrained in 2026. In December 2025 it began shipping the IQ9N-3P commercial microinverter, which it calls the first microinverter powered by gallium nitride. [58, 65, 66]

What the desk infers (inferred, not filed)

• The customer that took 39% of 2025 revenue is almost certainly a solar distributor buying mainly for the United States. Because: The filing says it primarily sells to solar distributors, which resell to installers. [26] One customer took about 39% of 2025 revenue, 48% in 2024 and 40% in 2023. [27] International revenue was only 19.3% of the total, less than that one customer's 39%, so most of what it bought must have been for the United States. [30, 27] Three customers owed 31%, 22% and 14% of receivables at year end, the shape of a channel run through a few large distributors. [28] Confidence 75 of 100. Wrong if: A filing naming the 39% customer as an installer, a panel maker or a financing company, or placing most of its purchases outside the United States.
• Enphase's profit now leans on American tax policy at both ends: a manufacturing credit supplies a large part of its gross margin, and homeowner and lease credits shape its demand, and the 2025 law changes both. Because: The manufacturing credit for US-made microinverters and batteries (AMPTC) contributed $238.7 million and 16.2 of its 46.6 points of gross margin in 2025. [62, 61, 60] It says it moved manufacturing to the United States in part to benefit from incentives under the IRA. [67] The homeowner credit under Section 25D expired at the end of 2025, and new foreign-entity content rules apply to projects and components from 2026. [48, 50] Its battery cells come only from two vendors in China. [37] Confidence 75 of 100. Wrong if: A year in which gross margin holds near its 2025 level with little or no AMPTC benefit.
• Part of 2025's American growth came from customers buying microinverters ahead to secure tax credits under safe harbor agreements, rather than from more homes being fitted that year. Because: US revenue rose 27%, which the filing credits to higher demand and $91.2 million of microinverter shipments tied to safe harbor transactions. [57] The safe harbor agreements were with solar and battery financing companies offering leases and power purchase agreements, signed as the homeowner credit ran out at the end of 2025. [58] The 2025 law ties the credit for leased systems to when projects begin construction. [48] The filing says the timing and structure of these transactions made its quarterly revenue more variable. [68] Confidence 60 of 100. Wrong if: A filing showing that the microinverters shipped under the safe harbor transactions were installed on homes during 2025.

Sources

1. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Mr. Kothandaraman, 54, joined Enphase in April 2017 as Chief Operating Officer (“COO”), before being appointed President and CEO and a member of the Board in September 2017. Prior to Enphase, Mr. Kothandaraman served as Executive Vice President of the Data Communications Division of Cypress Semiconductor Corporation, a semiconductor design and manufacturing company, from April 2011 to September 2016. He started his career with Cypress Semiconductor in 1995”
2. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Ms. Yang, 50, has served as our Vice President and Chief Accounting Officer from October 2018 until her promotion to our Vice President and CFO in February 2022. Ms. Yang was appointed Executive Vice President in January 2024.”
3. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Previously, she was senior director and group controller at Tesla, Inc. from February 2017 to September 2018. Prior to that, she served in various positions at SunPower Corporation”
4. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Because we only had two “executive officers” as defined in Exchange Act Rule 3b-7 during 2025, we have two NEOs.”
5. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Mr. Gomo, 74, served as Executive Vice President of Finance and CFO of NetApp Inc., a computer storage and data management company, from October 2004 until December 2011”
6. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Steven J. Gomo Chair of the Board Director since March 2011”
7. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Mr. Kortlang, 51, has been a Partner with G2VP, LLC, a venture capital firm since August 2016.”
8. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Benjamin Kortlang Director since May 2010”
9. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Mr. Mora, 61, served as the CEO of Landis+Gyr, an energy management company, from April 2017 through March 2020.”
10. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Richard Mora Director since February 2014”
11. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Mr. Rodgers, 78, founded Cypress Semiconductor Corporation in 1982 and served as the President, CEO and as a member of the Board of Directors until April 2017. Mr. Rodgers currently serves as the CEO of SunPower Inc. since April 2024.”
12. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Mr. Malchow, 40, has served as the founding Partner at HNVR Technology Investment Management, a venture capital firm”
13. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Current Public Company Boards SunPower Inc. - since May 2025 Jamie Haenggi Director since August 2020”
14. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “At the 2025 Annual Meeting, Mr. Rodgers did not receive a majority of the votes cast but was elected under our plurality voting standard for directors.”
15. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
16. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “Mr. Rodgers was appointed as the CEO of SunPower Inc. (formerly Complete Solaria, Inc.) in April 2024, and we had an existing business relationship with SunPower prior to his appointment. All agreements were entered into within the ordinary course of business. Since January 1, 2025, we had received payments from SunPower of approximately $634,000.”
17. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “In September 2025, we invested $6.3 million in cash to purchase convertible notes with an aggregate principal amount of $7.0 million issued by SunPower, on the same terms as other investors.”
18. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “BlackRock, Inc.(2) 18,461,738 14.0% Named Executive Officers and Directors”
19. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “All current executive officers and directors as a group (8 persons)(11) 3,874,130 2.9%”
20. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “As of December 31, 2025, we had 2,872 full-time employees. Of the full-time employees, 1,300 were engaged in sales and marketing, 1,081 were engaged in research and development, 254 in general and administration, 148 in manufacturing and 89 in solar system configuration design and permitting services. Of these employees, 1,743 were in India, 717 in the United States, 202 in Europe, 133 in New Zealand, 21 in Australia, 21 in China and 35 in other countries.”
21. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “As of December 31, 2025, approximately 61% of our total employees were located in India, where we primarily conduct our research and development activities, procurement, customer support services, and other general and administrative support functions.”
22. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “None of our employees are represented by a labor union; however, our employees in France are represented by a collective bargaining agreement.”
23. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “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”
24. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “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”
25. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “As of December 31, 2025, we have shipped approximately 86.4 million microinverters, and more than 5.1 million Enphase residential and commercial systems have been deployed in over 160 countries.”
26. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “We primarily sell to solar distributors who combine our products with others, including solar module products and racking systems, and resell to installers in each target region. In addition to our solar distributors, we sell directly to select large installers, original equipment manufacturers (“OEM”) and strategic partners. Our OEM customers include solar module manufacturers who integrate our microinverters with their solar module products and resell to both distributors and installers.”
27. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “In the years ended December 31, 2025, 2024 and 2023, one customer accounted for approximately 39%, 48% and 40%, respectively, of our net revenues. Our revenue generated from the United States market has represented 81%, 70% and 64% of our net revenues for the years ended on December 31, 2025, 2024 and 2023, respectively.”
28. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “As of December 31, 2025, amounts due from three customers represented approximately 31%, 22% and 14% of the total accounts receivable balance”
29. Enphase Energy, Inc., Form DEF 14A filed 2026-04-01: “More than 1,900 installers in the Enphase Installer Network”
30. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
31. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “We utilize Flex Ltd. and affiliates (“Flex”), Salcomp Manufacturing India PVT and Sunwoda Electric Co. Ltd. to assemble and test certain of our IQ microinverters, IQ Battery storage systems, EV chargers and IQ Gateway products.”
32. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “DHL, Flex and other service providers also provide receiving, kitting, storage, transportation, inventory visibility and other value-added logistics services.”
33. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “We are currently shipping both residential and commercial IQ Microinverters and IQ Batteries with higher domestic content from the U.S.-based manufacturing facilities in South Carolina and Texas”
34. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “In November 2025, we commenced Enphase manufacturing at our Arlington, Texas facility previously operated by Salcomp Manufacturing USA Corp.”
35. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “These arrangements maintained a combined manufacturing capacity of approximately five-million microinverters per quarter.”
36. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “We have relocated a significant portion of our manufacturing to the United States while continuing to utilize contract manufacturing in China and India; however, certain critical components remain sourced from outside the United States.”
37. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “For example, lithium iron phosphate ("LFP") battery cells used in our energy storage systems are still supplied exclusively by two vendors located in China.”
38. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “We are a global energy technology company originally founded in March 2006.”
39. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “Traditional string inverters are the single most common component of solar installations to fail, resulting in system downtime and adversely impacting total energy output. As a result, string inverters typically carry warranties of only 8 to 12 years.”
40. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “String inverter solar PV installations have a wide distribution of high-voltage (600 volts to 1,000 volts) DC wiring. If damaged, DC wires can generate sustained electrical arcs, reaching temperatures of more than 5,000°F. This creates the risk of fire for solar PV installation owners and injury for installers and maintenance personnel.”
41. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “As of December 31, 2025, we have approximately 400 global patents and 200 pending patent applications.”
42. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “A majority of our patents relate to DC to AC power conversion, energy storage devices and related energy environments.”
43. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “For example, in 2021, we acquired Sofdesk, the solar design business of DIN, 365 Pronto, and ClipperCreek, Inc., and in 2022, we acquired SolarLeadFactory, LLC and GreenCom Networks AG.”
44. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “Competitors in the inverter market include, among others, SolarEdge Technologies, Inc. (“SolarEdge”), Huawei Technologies Co. Ltd., (“Huawei”), Tesla, Inc. (“Tesla”), Sungrow Power Supply Co., Ltd., Growatt New Energy Co., Ltd and other companies offering microinverters and/or string inverters with and without solar optimizers.”
45. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “Competitors in the storage market include Tesla, SolarEdge, Huawei, BYD Company Limited (“BYD”), Franklin Solar Battery and other producers of battery cells and integrated storage systems. Competitors in the EV charger market include Wallbox N.V., ChargePoint Holdings, Inc., Tesla and EVBox Group, among others.”
46. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “In July 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted, introducing material changes to certain federal clean energy tax credit programs that are significant to our business”
47. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “The OBBBA scales back the Investment Tax Credit (the “ITC”) available under Section 25D of the Internal Revenue Code of 1986, as amended (the “Code”), for residential solar and storage systems purchased through cash or loans.”
48. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “Under the new law, the Section 25D credit expired on December 31, 2025. In addition, the OBBBA imposes new timing requirements for eligibility under Section 48E of the Code, which governs ITCs for leased solar and storage systems.”
49. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “The OBBBA also amends the domestic content bonus credit rules for Section 48E projects. Projects commencing construction after June 16, 2025 must meet a 45% domestic cost threshold, up from 40%.”
50. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “These provisions establish an escalating threshold of non-FEOC content that must be met by solar and storage projects beginning construction in 2026 and by manufactured components produced beginning in 2026.”
51. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “In December 2022, the California Public Utilities Commission (“CPUC”) approved a NEM policy, called Net Energy Metering 3.0 (“NEM 3.0”), which went into effect starting April 15, 2023.”
52. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “The average hourly export rate in California under NEM 3.0 is approximately $0.05/kWh to $0.08/kWh compared to the prior average of $0.25/kWh to $0.35/kWh under Net Energy Metering 2.0 (“NEM 2.0”).”
53. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “The prolonged softness in demand in the solar industry has continued to adversely impact certain distributors and installers, contributing to reduced liquidity, bankruptcies and business closures across the channel. These disruptions have negatively affected our revenue and profitability”
54. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “Net revenues increased by $142.6 million, or 11%, in the year ended December 31, 2025, as compared to the same period in 2024, driven primarily by a 36% increase in IQ Batteries MWh shipped, partially offset by a 2% decrease in microinverter units sold. During the year ended December 31, 2025, we sold approximately 6.4 million microinverter units and shipped 706.1 MWh of IQ Batteries, as compared to approximately 6.5 million microinverter units and 521 MWh of IQ Batteries shipped in the year ended December 31, 2024.”
55. The record on this page: the filed annual figures (EDGAR's company facts)
56. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “We started shipping our fourth-generation Enphase Energy System, featuring the IQ® Battery 10C, IQ® Meter Collar and the IQ® Combiner 6C into the United States in June 2025. The IQ Battery 10C is designed to be 30% more energy-dense, occupy 60% less wall space, and cost less than previous models.”
57. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “Net revenues in the United States were $1,188.7 million in the year ended December 31, 2025, as compared to $934.7 million in the same period in 2024, an increase of $254.0 million, or 27%, primarily driven by higher demand and $91.2 million of microinverter shipments that are associated with safe harbor transactions with customers.”
58. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “During the year ended December 31, 2025, we entered into multiple safe harbor agreements with customers, including solar and battery financing companies that offer TPO arrangements to homeowners, such as leases and power purchase agreements. These agreements reflect our increasing engagement in the TPO segment, which we expect to be an important growth channel for U.S. residential solar and battery adoption following the expiration of the ITC available under Section 25D of the Code on December 31, 2025.”
59. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “Net revenues from international markets were $284.3 million in the year ended December 31, 2025, as compared to $395.7 million in the same period in 2024, a decrease of $111.4 million, or 28%, primarily driven by continued softening in demand from customers in Europe, which was impacted by overall slower economic growth in Europe in addition to changes in government policies and lower utility rates.”
60. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “Gross profit $ 687,004 $ 629,138 $ 57,866 9 % Gross margin 46.6 % 47.3”
61. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “The decrease was primarily due to product mix and increased tariff costs, partially offset by the recognition of a 16.2 percentage point AMPTC benefit in the year ended December 31, 2025, as compared to a 11.8 percentage point AMPTC benefit in the same period in 2024, due to a higher proportion of sales from U.S. manufactured microinverters and IQ Battery MWh shipped.”
62. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “This increase in cost of revenues was partially offset by benefits recognized from tax credits under the AMPTC for U.S. manufactured microinverters and IQ Batteries MWh shipped to customers. The AMPTC benefits recognized were $238.7 million for the year ended December 31, 2025, as compared to $157.5 million for the same period in 2024.”
63. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “Research and development expense decreased by $12.2 million, or 6%, in the year ended December 31, 2025, as compared to the same period in 2024. The decrease was primarily due to actions in connection with the restructuring initiatives implemented at the end of 2024”
64. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “Sales and marketing expense decreased by $9.0 million, or 4%, in the year ended December 31, 2025, as compared to the same period in 2024.”
65. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “In Europe, the overall business environment across the region is still challenging, and is expected to remain constrained in 2026.”
66. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “We began shipping our new IQ9N-3P™ Commercial Microinverter in December 2025. This is the first microinverter powered by advanced gallium nitride technology”
67. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “Moving manufacturing to the United States allows us to benefit from certain incentives under the IRA, improve service to our customers by reducing delivery times, diversifying our supply chain and supporting solar projects to qualify for the Domestic Content Bonus Credit.”
68. Enphase Energy, Inc., Form 10-K filed 2026-02-17: “The timing and structure of these safe harbor transactions have resulted in higher variability in our quarterly revenue recognition and overall financial performance.”

Where the revenue comes from

By geography: United States 81%, International 19%. As tagged in its annual report (Form 10-K, filed 2026-02-17).

Who runs it

Kothandaraman, Badrinarayanan (President & CEO); Yang, Mandy (EVP, Chief Financial Officer); Erginsoy, Mary (VP, Chief Accounting Officer); Mora, Richard (director); Trivedi, Shanker (director); Gomo, Steven J (director); Haenggi, Jamie Elizabeth (director); Kortlang, Benjamin John (director); Malchow, Joseph Ian (director); Rodgers, Thurman J (director). 10 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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