Home Batteries Deliver Enphase A Brighter Quarter, But …

While the second quarter of 2024 was kinder to microinverter, battery and EV charger manufacturer Enphase Energy, revenue was still a far cry from the same period last year.

Enphase had a pretty rough Q1, but CEO Badri Kothandaraman held hopes at the time of a turnaround; believing the company was starting to climb out of “the bottom”. So, how has that belief held up?

Enphase reported quarterly revenue of USD $303.5 million for the second quarter of 2024, significantly up on $263.3 million in quarter one, but well down on the $711.1 million in Q2 2023.

During Q2, the company shipped:

• 1,402,602 microinverters – similar quantity to Q1.
• 120.2 megawatt-hours of IQ batteries, compared to 75.5 megawatt- hours in Q1.

Figures were not provided for EV charger shipments.

In the United States, revenue for the second quarter increased approximately 32% compared to Q1, but revenue in Europe remained flat. Commenting on the situation in Europe, Mr Kothandaraman said the company was still “underpenetrated” in markets such as the UK, Italy, Spain, Belgium, Luxembourg, Switzerland, Austria, Sweden and others.

In terms of Australia, Mr. Kothandaraman said there was “interest” in the Enphase Energy System (battery + microinverters + app), but he didn’t provide an indication of shipments. He mentioned the company will be introducing more products into Australia, including IQ8X microinverters that support high-powered PV modules. When that will happen is anyone’s guess. After the lengthy delays on the IQ8 arriving on our shores (now available), I’ve learned not to ask – but Mr. Kothandaraman suggested “later this year”.

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UPDATE July 25. It seems Mr. Kothandaraman is a bit behind the times. We’ve been informed by Enphase today that the IQ8X microinverter has been available in the AU market for several weeks, from all the company’s distribution partners.
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Looking at the current quarter, Enphase expects revenue to be within a range of $370.0 million to $410.0 million, and increased shipments again of IQ batteries – 160 to 180 megawatt-hours. Further ahead, Enphase plans to pilot its fourth generation battery in the US later in the year and begin production in early 2025. Mr. Kothandaraman says it will feature a “better cost structure” and a smaller form factor.

More On Enphase

Enphase Energy was founded in 2006 in California. By mid-2008, the company had launched the world’s first microinverters. As the name suggests, microinverters are much smaller versions of string solar inverters most commonly used in home solar installations. Instead of having all panels sending their output to a single large wall-mounted inverter, these paperback sized devices are installed on racking beneath the panels – usually one per panel; although some microinverters can handle multiple modules.

While bringing microinverters to the world and remaining the leader in the space, Enphase isn’t the only show in town for these devices. Among competitors of note are Hoymiles and more recently, Sungrow’s microinverter – which was only very recently unveiled and is yet to prove its mettle.

Enphase’s first effort in home energy storage solutions was the AC Battery, installations of which began in Australia in 2016. A modular system, each battery module provided 1.2 kWh of energy storage and just 260W of continuous power output. Enphase batteries have come a long way since. Its third generation product, the 5P, is another modular system with total usable capacity of 5 kWh and a continuous power rating of 3.84 kW. Further details of the 5P can be found on SolarQuotes’ solar battery comparison table.

Additionally, the company manufacturers home EV chargers – but we’re yet to see those available in Australia. Enphase is also still working on a bi-directional EV charger for V2H and V2G applications.