Enphase Shipped 2 Million Microinverters In Q4 2024

US microinverter and battery storage company Enphase Energy has announced its results for Q4 2024, and provided updates on its 4th-generation battery, IQ9 microinverters and IQ EV Charger 2.

The firm states it shipped approximately 2.01 million Enphase microinverters, or 878.0 megawatts DC, in Q4 2024; with 1.69 million of those units manufactured in the USA. The overall tally was well up on Q3’s 1,731,768 microinverters and Q4, 2023’s 1,595,677 units.

In the final quarter of last year, Enphase IQ battery shipments were also well up on Q4, 2023 – 152.4 megawatt-hours compared to 80.7 megawatt hours. However, it was a drop on Q3 2024’s 172.9 megawatt-hours. According to Enphase Energy President and CEO Badri Kothandaraman, this was due to less channel restocking that he said the company had previously anticipated.

Revenue for the quarter was USD $382.7 million, compared to $380.9 million in Q3, and $302.6 million in Q4, 2023.

Comparing Q4 to Q3 2024, Enphase said its revenue from sales in the United States increased by around 6% due to higher microinverter sales. But Europe decreased approximately 25% as result of a further softening of demand in that region.

“The overall business environment across the region is still challenging, but we are maintaining discipline on controlling the channel and expanding our served available market by introducing new products,” said Mr. Kothandaraman in the earnings call that followed release of the report.

Revenue results for the full year of 2024 compared to 2023 weren’t pretty – $1.33 billion compared to $2.29 billion. For the current quarter, Enphase estimates revenue to be within a range of $340.0 million to $380.0 million, and shipments of 150 to 170 megawatt-hours of IQ batteries.

4th Generation IQ Battery Update

Mr. Kothandaraman stated Enphase is making “excellent” progress on its fourth generation IQ battery. He said the new battery uses 60% less wall space due its integrated battery management and power conversion architecture.

“The battery pairs with our IQ meter collar and new enhanced combiner, reducing installed costs by approximately $300 per kilowatt hour for a typical backup system, making us highly competitive across all use cases.”

He expects to pilot the new battery in the US sometime this quarter.

IQ9 Microinverter Progress

The IQ9 family of microinverters, which use gallium nitride (GaN) high voltage transistors, has been designed for higher DC input currents and support a wide range of AC grid voltages.

Mr. Kothandaraman says the firm remains on track to launch IQ9 in the second half of this year for both residential and commercial markets. Whether that will include Australia isn’t yet clear and it’s probably best to not hold your breath based on what happened with the IQ8 (but it did eventually happen).

Learn more about microinverters.

Enphase IQ EV Charger 2 Rollout

Enphase kicked off shipping its new IQ EV Charger 2 across several European countries during Q4, which can work as part of the Enphase Energy System or as a stand-alone product. Among the IQ EV Charger 2’s features are dynamic phase switching and fine current control, dynamic load balancing, and according to Mr. Kothandaraman, support for AC bi-directional vehicle expansion.

I don’t when/whether we’ll see this in Australia¹, but I noticed a local major solar hardware wholesaler has it listed as “coming soon” (perhaps that’s just wishful thinking?). Still, we’re spoiled for choice of home EV chargers in Australia these days (minus the bi-directional bit for now).

On Australia generally, it often gets some sort of mention in Enphase’s financial reports or earnings call transcripts – but there was nothing this time around that I could see.