Enphase Energy, the largest global supplier of solar microinverters, has had a difficult year, with its stock falling more than 75% from all-time highs. The company has seen significant decline in demand due to high interest rates, regulatory changes like California’s NEM 3.0, and stabilizing energy prices. Enphase delivered $551 million in Q3, 2023, falling short of consensus estimates of $556 million. This is a sharp drop from the previous quarter, with U.S. revenues falling 16% from the last quarter and Europe seeing a 34% drop in revenues. The firm also delivered 3.9 million microinvers and 86 MWh of batteries in Q2, generating a free cash flow of $122 million. However, Enphase management stated it is not making any price reductions and expects to maintain healthy margins.
Solar Dominates US Energy Capacity Growth
The Federal Energy Regulatory Commission (FERC) has published data showing that solar accounted for over 75% of US electrical generating
