Enphase Energy’s Q1 Profit Surges 183% to $147 Million on Higher Shipments
The microinverter shipments grew by 7% YoY during Q1 2023
Enphase Energy, a microinverter-based solar and storage systems supplier, posted a 183% year-over-year (YoY) surge in profit at $147 million for the first quarter (Q1) of the financial year (FY) 2023, mainly driven by increased microinverter and battery shipments to new regions.
The company’s revenue grew by 65% YoY for the January-March quarter to $726 million. It began shipments to new regions, including France and Switzerland.
Enphase said that its global capacity has increased to around 6 million microinverters per quarter, enabling the company to improve the delivery timelines to European customers.
The microinverter shipments grew by 7% YoY to 4,830,589 or approximately 1,957.2 MW in Q1, while the company shipped 102.4 MWh of Enphase IQ batteries.
President and CEO of Enphase Energy Badri Kothandaraman said, “IQ8 Microinverters constituted approximately 65% of all our microinverter shipments during the first quarter of 2023.”
“We recently started shipping IQ8 Microinverters, with peak output AC power of 384W, into France, the Netherlands, Spain, and Portugal to support newer high-powered solar panels. In addition to North America, Germany, and Belgium, we recently started shipping to customers in the Netherlands, France, Austria, and Switzerland. We expect to introduce IQ Batteries in more countries later in the year. Approximately 2,900 installers worldwide are certified to install our IQ Batteries,” the CEO said.
In the previous quarter, the company said it planned to add manufacturing capacity in America to address the demand and build on the incentives related to the Inflation Reduction Act.
The company’s gross margin stood at 45% in Q1 compared to 41% in the same period a year ago.
In January this year, Enphase announced a partnership with Enerix, Germany’s leading network of specialist companies for decentralized energy systems, to expand Enphase product offerings to Enerix’s network of over 100 franchise partners across Germany and Austria.
In April, the company announced the launch of new IQ8 microinverters for high-powered solar panels in Spain and Portugal.
The company said the new IQ8 microinverters are designed to maximize energy production and manage a continuous DC of 14 amperes.