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					</table><p>Microinverter and battery storage supplier <a href="https://enphase.com/en-in" target="_blank" rel="noopener">Enphase Energy</a> recorded a net income of $48 million during the first quarter (Q1) of 2024, a year-over-year (YoY) decrease of 75% from $192.32 million as the demand in its primary U.S. market witnessed a drop.</p>
<p>In Q1 of 2024, the company reported quarterly revenue of $263.3 million, a 63.7% decrease YoY.</p>
<p>Enphase&#8217;s revenue in the U.S. declined by roughly 34% compared to the fourth quarter (Q4) of 2023. The drop in revenue was attributed to seasonal factors and a continued softening in U.S. demand, as they persisted in reducing shipments to manage channel inventory.</p>
<p>Badri Kothandaraman, President &amp; Chief Executive Officer, said, &#8220;In the U.S., we see stable share for our microinverters and batteries based on both internal and third-party data. There have been several changes in the market over the last year, including a shift away from loans and towards lease and PPAs. Our continued strong market share is a testament towards our installer relationships and the differentiated value proposition we provide them with our products.&#8221;</p>
<p>Conversely, the company&#8217;s revenue in Europe increased by approximately 70% compared to Q4 2023.</p>
<p>The operating income amounted to $39 million, excluding $60.8 million for stock-based compensation and $7.3 million for amortization of intangible assets and restructuring. This marks a fall of 83.3% on a YoY basis compared to $233.56 million.</p>
<p>Kothandaraman added, &#8220;We have been managing through a period of slowdown in demand. We believe Q1 was the bottom quarter. Europe has already begun to recover, and we expect the non-California states to bounce back in Q2.&#8221;</p>
<p>The company closed with $1.63 billion in cash, cash equivalents, and marketable securities, generating $49.2 million in cash flow from operations.</p>
<p>Capital expenditures for the same period amounted to $7.4 million, a decrease from $20.1 million in Q4 2023, primarily due to reduced U.S. manufacturing spending.</p>
<p>During this quarter, the company repurchased 332,735 shares of common stock at an average price of $126.21 per share, totaling around $42 million.</p>
<p>Enphase also began shipping its &#8220;IQ8P Microinverters,&#8221; which claim to offer peak output AC power of 480W. These target the small-commercial market in North America and grid-tied residential applications in several countries, including South Africa, Mexico, Brazil, India, Thailand, the Philippines, France, and Spain. Currently, IQ8 microinverters are shipped to 24 countries worldwide.</p>
<p>Enphase shipped 75.5 MWh of IQ Batteries, now in their third generation, to various regions, including the U.S., Puerto Rico, Australia, the United Kingdom, and Italy. Over 4,900 installers worldwide are certified to install their IQ Batteries.</p>
<p>Approximately 506,000 microinverters were shipped from their contract manufacturing facilities in the U.S. during Q1 2024, qualifying for 45X production tax credits.</p>
<p>Upon full ramp-up, the company anticipates achieving a global capacity of approximately 7.25 million microinverter units per quarter, with 5 million units in the U.S.</p>
<p>The company&#8217;s profit for the Q4 of the financial year 2023 <a href="https://www.mercomindia.com/enphases-q4-profit-falls-slowing-demand" target="_blank" rel="noopener">fell</a> 65% from the previous year as the Nasdaq-listed company faced slowing demand and high inventory levels at its distribution partners.</p>
<p>Enphase&#8217;s net income also <a href="https://www.mercomindia.com/enphase-reports-income-decline-to-142-million-in-q3" target="_blank" rel="noopener">fell</a> by 19% in the third quarter, owing to adverse macroeconomic conditions. Specifically, revenue within the U.S. decreased by about 16%.</p>
<p>Last year, Mercom reported that inverter costs <a href="https://www.mercomindia.com/inverter-suppliers-optimistic-chip-availability" target="_blank" rel="noopener">increased</a> by over 10% as manufacturers struggled to meet demand due to the limited availability of semiconductors, crucial components for inverter manufacturing.</p>


Enphase Energy Reports Net Income Drop of 75% in Q1 on Weak Demand


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					</table><p>Microinverter and battery storage supplier <a href="https://enphase.com/en-in" target="_blank" rel="noopener">Enphase Energy</a>’s profit for the fourth quarter (Q4) of the financial year (FY) 2023 fell 65% from last year as the Nasdaq-listed company faced slowing demand and high inventory levels at its distribution partners.</p>
<p>Enphase reported a net profit of $73.4 million versus $212.4 million last year. Its quarterly revenue also fell by about 58%, from $724.6 million to $302.6 million in Q4 of FY 2023.</p>
<p>The company attributed the decline in its revenue to sequentially lower sales from the U.S. and Europe by about 35% and 70%, respectively.</p>
<p>Owing to reduced demand, the company said it is ceasing operations at its contract manufacturing locations in Romania and Wisconsin. It will instead focus on manufacturing microinverters in the U.S. with its two existing contract manufacturing partners in South Carolina and Texas.</p>
<p>The company now expects to have a global capacity of about 7.25 million microinverter units per quarter, of which 5 million units of capacity will be in the U.S. It shipped about 913,000 U.S.-made microinverters in the quarter.</p>
<p>As for battery storage, Enphase shipped about 80.7 MWh of its IQ Batteries in the fourth quarter of 2023.</p>
<p>“We have been managing through a period of slowdown in demand,” said CEO Badri Kothandaraman during a post-earning investor call. “We think Q1 could be the bottom quarter. Europe is already showing early signs of recovery, and we expect the non-California states to bounce back quickly,” he added.</p>
<p><strong>Full Year 2023</strong></p>
<p>Enphase’s full-year profit was also marginally lower, by about 5%, compared to last year. The company reported FY 2023 profit of $613 million compared to $647 million last year.</p>
<p>Meanwhile, its revenue fell by 1.7% to $2.29 billion from $2.33 billion last year.</p>
<p>In July of 2023, the company approved a share repurchase program of up to $1 billion of shares of its common stock.</p>
<p>Enphase’s net income <a href="https://www.mercomindia.com/enphase-reports-income-decline-to-142-million-in-q3" target="_blank" rel="noopener">fell</a> by 19% in the third quarter as well, owing to adverse macroeconomic conditions. Specifically, revenue within the U.S. decreased by about 16%.</p>
<p>Last year, Mercom reported that inverter costs <a href="https://www.mercomindia.com/inverter-suppliers-optimistic-chip-availability" target="_blank" rel="noopener">increased</a> by over 10% as manufacturers struggled to meet demand due to the limited availability of semiconductors, crucial components for inverter manufacturing.</p>


Microinverter Firm Enphase’s Q4 Profit Falls 65% on Slowing Demand

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