Enphase Energy, Inc.

enphase.com

What Do They Do?

Sells solar microinverters, battery storage and home energy management systems to distributors, installers and other business partners.

How Do They Make Money?

Customers generally pay for products when they ship and for professional services when delivered. Software subscriptions are billed in advance for the contract term; some gateway products also include monitoring service over time.

FY2025 revenue

Who Are Their Customers?

Solar distributors bundle Enphase products with other equipment and resell them to installers. Enphase also sells directly to select large installers, module makers and strategic partners, and sells some products to homeowners through third-party marketplaces and its online store.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 40% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 12 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.

Operating income, FY2025

11% of revenue

▲ +104% vs FY2024 ($77.3M, 6%)

Net income, FY2025

12% of revenue

▲ +68% vs FY2024 ($102.7M, 8%)

Free cash flow, FY2025

7% of revenue

▼ −80% vs FY2024 ($480.1M, 36%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −20%; vs $363.2M in Q2 FY2025
Net income: ▼ −3%; vs $37.1M in Q2 FY2025

Apr 6, 2026 Cut first-quarter gross-margin guidance The tax-credit sale was expected to reduce GAAP gross margin by approximately 6.7 percentage points compared with prior guidance.

Flat. Revenue was $1.5B in FY2025, about the same as the $1.4B of FY2021.

Who Do They Compete With?

Competes with SolarEdge Technologies, Huawei Technologies, Tesla, Sungrow Power Supply, Growatt New Energy, BYD, Franklin Solar Battery, Wallbox, ChargePoint Holdings, and EVBox Group

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