Enphase Energy, a California-based provider of solar microinverters, energy storage, and other related technologies, reported a 35% drop in Q4 2023 revenues in the US and a 70% loss in Europe. The company attributed these losses to high interest rates and regulatory changes in the U.S. and Europe. Despite improvements to its gross margins and cutting operating expenses, Enphase expects revenues to continue to fall in the first quarter of 2024, with the shipment of 70 MWh to 90 MWh of its IQ Battery expected. Despite this, the company exited 2023 with $1.7 billion in cash, cash equivalents, and marketable securities. Enphase’s co-founder, Raghu Belur, expects 2024 to be a year of recovery for residential solar, noting that the fundamentals of rooftop solar remain strong.
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
