Enphase, a global provider of solar microinverters and distributed battery energy storage, reported a $263.34 million in Q1, 2024 earnings, falling about 5% short of consensus estimates. The company’s revenues were split 57% in the U.S. and 43% internationally, with European revenues increasing by 70%. The company shipped about 506,000 microinvers from its contract manufacturing facilities in the United States, making them eligible for the 45X production tax credit. Once fully ramped, Enphase expects to have a global capacity of 7.25 million microinsverters per quarter, 5 million of which will be produced in the US. CEO Badri Kothandaraman stated that the industry is beginning to shift towards a more stable model in the industry, with industry shifting towards a third-party-owned model.
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
