Another Cracking Quarter For Enphase Energy

Microinverter and battery storage manufacturer Enphase pleased shareholders once again, delivering another strong quarter.

In a report covering financial results for the fourth quarter of 2020, Enphase says it achieved revenue of USD $264.8 million, well up on Q4 2019’s $210.03 million. Enphase exited the quarter with $679 .4 million in cash and $41.8 million in inventory.

For the full year 2020, revenue was $774.4 million , compared to $624.3 million in 2019.

Microinverter Shipments In Q4 2020

Enphase said it shipped approximately 762 megawatts DC, or 2,292,132 microinverter units, during the quarter. Looking back at Enphase Q4 2019 results, the company shipped approximately 677 megawatts DC of its microinverters in that quarter, or 2,112,725 units.

A microinverter is a miniaturised inverter that is paired with a solar panel rather than the conventional arrangement of a multiple solar panels hooked into a single string inverter. The microinverter is either bolted beneath or beside the panel, or in the case of AC solar panels, it is factory-integrated into the back of the panel; taking the place of the junction box. You can learn more about the different types of solar inverter here.

The company states it has shipped more than 30 million Enphase microinverters to date, and approximately 1.3 million Enphase-based systems have been installed in more than 130 countries.

What’s Happening With The Enphase IQ8 Microinverter?

According to an edited earnings call transcript, there’s been more movement at the station in relation to the long-awaited and eagerly anticipated Enphase IQ8 microinverter. This will be a “grid-independent” unit, meaning solar power systems using the IQ8 will be able to continue to supply electricity to a household in the event of a blackout.

“We already have IQ 8 alpha systems with and without Enphase storage running at various sites,” said Enphase President, CEO & Director Badrinarayanan Kothandaraman. “We expect to complete beta installations and expect to begin shipping production in Q2.”

Mr. Kothandaraman said similar progress has been made with the company’s small commercial solution based on IQ8D 640-watt microinverters.

Enphase And Australia

Australia was specifically mentioned on a couple of occasions during the call, with Mr. Kothandaraman stating Enphase achieved record quarterly sell-through and record installer count in Australia in Q4.

“The results were fueled by the launch of our Enphase Installer Network or EIN as well as growing demand for our high-power IQ7A microinverters plus a favorable competitive environment as regulations continue to shift towards safer and smarter solar,” he stated.

Mr. Kothandaraman also said he expects to introduce the Enphase Storage system to the Australian market during the fourth quarter of this year.

The Encharge 10 AC-coupled storage system is comprised of three base Encharge 3 storage units (usable energy capacity of 3.4kWh each) that provides a total usable energy capacity of 10.1kWh, plus twelve embedded grid-forming microinverters. Also part of the Enphase Storage family is the Enpower smart switch that connects the home to grid power, the Encharge storage system and solar panels, and the Ensemble communications kit.