Enphase Energy’s Revenue Surges 66% YoY to $530 Million in Q2 2022
Strong demand for microinverters and IQ batteries fuelled the growth in quarterly revenue
Microinverter-based solar-plus-storage systems company Enphase Energy recorded second-quarter (Q2) revenue of $530.2 million, a year-over-year (YoY) increase of 66% from $316.05 million in Q2 2021.
The company said that the growth in the quarterly revenue was driven by strong demand for Enphase Energy Systems, powered by IQ® microinverters and IQ Batteries. IQ8™ microinverters constituted 37% of all microinverter shipments, while the company shipped a total of 3,348,553 microinverters in Q2 2022.
The company shipped 132.4 MWh of IQ batteries in Q2, a quarter-over-quarter (QoQ) increase of 10% from 120.4 MWh in Q1. Enphase said battery shipments to the United States, Germany, and Belgium added to the revenue growth.
The IQ battery shipments in Europe fuelled the company’s revenue growth in the region by 69%, led by strong growth in the Netherlands and Germany. The revenue rise results from the rising demand of households for home electrification driven by EVs and natural gas shortages. The company plans to introduce IQ Batteries in more European countries during the second half of 2022.
The company’s non-GAAP operating expenses totaled $71.2 million, a YoY surge of 38% compared to ~$52 million in the same period a year ago. The company stated that the spike in expenses was due to increased investment in R&D, customer service, sales, and IT infrastructure.
Enphase’s gross margin for Q2 was 42.2% compared to 40.8% in the same period last year. The company’s operating income amounted to $152.4 million in Q2, a YoY surge of 98% from $77.16 million in the second quarter of 2022.
The company has completed five acquisitions in the last six quarters, including one for electric vehicle (EV) chargers and the other four to help create its installer platform.
Enphase Energy shipped over 8,250 ClipperCreek EV chargers to its customers in the U.S. in Q2. The company is now planning to expand its production in Mexico with its manufacturing partners, aiming to integrate the EV chargers into Enphase’s home energy management systems.
The energy technology company had posted revenue of $441.3 million in Q1, a YoY increase of 46.2% from $301.7 million in the same period last year.