Enphase Energy, Inc. · NASDAQ:ENPH
Enphase Energy — Investor Presentation (May 2026)
38 slides from Enphase Energy's investor presentation, May 13, 2026
Slide 1: CEO Presentation
CEO Presentation Enphase Energy, Inc. May 13, 2026
Slide 2: Safe harbor
Safe harbor Use of Forward-Looking Statements This presentation contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation • AMPTC adjustment: In the first quarter of 2026, the Company decided to sell its Advanced Manufacturing Production Tax
Slide 3: Our Business
Our Business © 2026 Enphase Energy, Inc. 5
Slide 4: A leading energy technology company in the world
A leading energy technology company in the world Founded in 2006, with 2,725 Over 5.2 million systems1 in more employees as of March 31, 2026 than 165 countries2 Headquartered in Fremont, California with 2.50 GWh of energy storage systems offices globally shipped2 Our customers are distributors, in
Slide 5: Our core differentiation
Our core differentiation Solar Storage Grid Load control Generator Heat pump AC EV Semiconductor integration Software-defined Ensemble energy and predictive control architecture management technology © 2026 Enphase Energy, Inc. 7
Slide 6: The power of semiconductors, software, and Ensemble technology
The power of semiconductors, software, and Ensemble technology High quality Safety Flexibility Fewer components No high-voltage DC Modular design Reduced thermals LFP battery chemistry1 AC marketplace Exceptional Supply chain Low value efficiency cost Higher efficiency Single hardware platform Power
Slide 7: Operational excellence
Operational excellence Customer experience Gross margin management Laser focus on quality and customer service Product innovation, maximizing value, multi-sourcing Quality Price 8x 500 dppm Value Pricing Segmentation 1 Better than M- Reliability target for Performance, Quality, IQ8+ , IQ8X , IQ8MC
Slide 8: Our resilient business model
Our resilient business model CAPEX lite OPEX efficient Capital Efficient Manufacturing Headcount 1 Footprint 62% 60% 25% 27% 7% INDIA AMER 6% AMER: Brazil, Canada, Mexico, U.S. INDIA APAC: Australia, China, New Zealand, Japan EMEA: Austria, Belgium, France, Germany, Italy, the Netherlands, Poland, S
Slide 9: Global supply chain
Global supply chain Microinverters • Currently, 4 manufacturing sites with capacity > 5M micros/Qtr. • Manufacturing microinverters in Texas and South Carolina with domestic content • Majority of our global microinverter shipments are now from the U.S. factories Batteries • 2 cell pack suppliers in
Slide 10: Advancing a sustainable future for all
Advancing a sustainable Clean energy production future for all Reducing our carbon footprint 137 TWh 92 million of clean energy metric tons of CO2e prevented • Achieved 23.3% reduction in Scope 2 emissions in 2025, compared to 2024 production 1 from entering the atmosphere2 • Operations run on 84% r
Slide 11: Our Strategy
Our Strategy Build best-in-class distributed energy systems and deliver them to homes and businesses through our installer and distributor partners, enabled by a comprehensive installer platform © 2026 Enphase Energy, Inc. 13
Slide 12: The Enphase Energy System
The Enphase Energy System © 2026 Enphase Energy, Inc. 14
Slide 13: Our Products
Our Products © 2026 Enphase Energy, Inc. 15
Slide 14: IQ Microinverter
IQ® Microinverter IQ9N - 3P COMMERCIAL • IQ8 ‒ the industry’s first grid-forming microinverter ‒ supports 14 A MICROINVERTER panel current and ships to 58 countries • IQ9N is Enphase’s first GaN-based grid-forming microinverter IQ9N RESIDENTIAL MICROINVERTER • 427 W AC power for residential and com
Slide 15: IQ Battery
IQ® Battery IQ® Battery 10/10T and 3/3T (1st and 2nd Gen) IQ® Battery 5P (3rd Gen) • Shipping to U.S., Puerto Rico, Canada, Mexico, • Shipping to U.S., Puerto Rico, Mexico, Canada, Australia, New Zealand, Germany, Belgium, U.K., Australia, New Zealand, U.K., Italy, France, the Italy, Austria, France
Slide 16: IQ Battery
IQ® Battery IQ® Battery 10C (4th Gen) • Backup is made simple with the 4th-generation battery • Paired with IQ® Combiner 6C and IQ® Meter Collar • 10 kWh battery capacity; 7 kW of continuous power • Neutral-forming; no IQ® System Controller required • 30% more energy density, 62% less wall space tha
Slide 17: PowerMatch Technology
PowerMatch Technology Microinverter status during low consumption Watch the video here Microinverter 1 • Only the power you need – exactly when you need it ACTIVE Microinverter 2 • Most homes operate at very low load for much of the day ACTIVE Microinverter 4 STANDBY • Traditional inverters waste po
Slide 18: IQ Vault – Commercial Battery
IQ® Vault –Commercial Battery A 3-phase small commercial battery compatible 208 V and 480 V grids • 80-kWh cabinet with fully integrated battery packs and inverters • Scalable up to 2 MWh with 25 units; supports 2-hour and 4-hour configurations • 480Y/277 V, 40 kW continuous power; 96 A peak output
Slide 19: IQ EV Charger
IQ® EV Charger • Shipping the second-generation IQ EV1 Charger 2 into the U.S., 18 countries in Europe, Australia, and New Zealand, with features: • 22 kW 3-phase, green charging, dynamic phase switching, dynamic load balancing, MID meter, OCPP 2.0.1, ISO 15118 IQ EV CHARGER 2 • Shipping the CS-100
Slide 20: IQ Bi-Di EV Charger (V2X)
IQ® Bi-Di EV Charger (V2X) • Provides Vehicle-to-home (V2H) and vehicle-to-grid (V2G) IQ METER COLLAR IQ BI-DI EV CHARGER functionality and green charging • Charger taps into the DC port of the car – compatible to 400 or 800 V DC; inverter is located inside the charger • Capable of providing simple
Slide 21: IQ Energy Management
IQ® Energy Management IQ ENERGY ROUTER+ CONNECTIVITY AND CONTROL • Launched the IQ® Energy Router family of devices in Austria, Belgium, France, Germany, Luxemburg, the Netherlands, Switzerland, Australia, and New Zealand • Enables Enphase solar and battery systems to work with third-party EV charge
Slide 22: The Enphase Installer Platform
The Enphase Installer Platform • Reduce installation soft costs • Integrate all services for installers 1 Lead Management Provide solar appointments to Installers with the SolarLeadFactory acquisition • Focus on ease of doing business for installers 2 Design and Proposal Solargraf® makes state-of-th
Slide 23: Intelligent power for AI
Enphase IQ SST Intelligent power for AI Distributed by design. Backed by 20 years of Enphase. Learn more at enphase.com/iq-sst
Slide 24: AI data centers create a new power problem
AI data centers create a new power problem Three constraints emerging at the same time: capacity, dynamic response, and efficiency Capacity gap Demand is growing faster than active AI-dedicated capacity and available power infrastructure. Dynamic loads AI training loads can swing from idle to full p
Slide 25: AI demand is outpacing power infrastructure
AI demand is outpacing power infrastructure U.S. data center power demand could reach ~80 GW by 2031, far ahead of expected AI-dedicated active capacity ‒ and today's power architecture cannot deliver it efficiently. AI-dedicated active capacity versus power demand for U.S. data centers 90 90 80.0 G
Slide 26: We changed solar. Now we're bringing distributed power to AI.
We changed solar. Now we’re bringing distributed power to AI. 20 9 ~87.8M ~5.2M years of distributed Microinverter Microinverters Systems power electronics generations shipped worldwide ~31.5 GW ~2.5 GWh 165 ~550 of managed of deployed Countries patents and pending solar systems energy storage serve
Slide 27: IQ Solid-State Transformer (IQ SST)
IQ® Solid-State Transformer (IQ SST) • Power: 1.25 MW, ambient-air cooled • Architecture: supercluster of 342 power modules (Δ configuration) • Will support 35 kV and 15 kV utility interconnection classes • Designed for five-nines availability; 10-year limited warranty • Modular hot-swap design — se
Slide 28: The building block: Enphase power module
The building block: Enphase power module • Designed on nine generations of microinverter technology • 4 kVA continuous peak power • Single-stage power conversion • Custom Kestrel ASIC and bi-directional GaN switching • Over 98.5% peak efficiency expected • High-frequency transformer (>250 kHz averag
Slide 29: Heart of the Enphase power module
Heart of the Enphase power module Two breakthroughs, one single-stage converter Kestrel ASIC GaN bi-directional switch • 5th-gen custom 22 nm control ASIC powering the single-stage converter • Bi-directional GaN switching technology proven in IQ9 Microinverters • Multi-core software with built-in co
Slide 30: Rearchitecting AI power — the Enphase advantage
Rearchitecting AI power — the Enphase advantage Reduce or eliminate sidecar infrastructure Sub-millisecond response Less power infrastructure. More space for Single-stage power conversion. GPUs. More tokens. More revenue. >250 kHz average switching frequency Five-nines availability Lower field servi
Slide 31: Financial Overview
Financial Overview © 2026 Enphase Energy, Inc. 33
Slide 32: Our financial performance
Our financial performance Quarterly revenue by year Quarterly gross margin % by year $450.0 $410.4 55.0% 53.2% 2024 $400.0 $380.9 $382.7 48.9% 49.2% $356.1 $363.2 50.0% 48.6% 48.1% $343.3 47.1% $350.0 $303.5 46.2% 43.9% 46.1% 2025 $282.9 45.0% $300.0 $263.3 $250.0 40.0% 2026 $200.0 35.0% $150.0 30.0
Slide 33: Just the beginning
Just the beginning Great Technology Approximately 550 patents and pending applications Innovative Products Residential, Commercial and Data Centers Massive Market $19 Billion1 SAM today, expanding as Data Center demand accelerates 1 Q4 2025 Wood Mackenzie, S&P Global , LCP Delta, and Enphase interna
Slide 34: Q&A
Q&A May 13, 2026 © ENPHASE.
Slide 35: Appendix
Appendix © 2026 Enphase Energy, Inc. 37
Slide 36: GAAP to Non-GAAP reconciliation
GAAP to Non-GAAP reconciliation The sum of quarterly figures may not reconcile to the annual total due to rounding, as amounts are presented in millions, except percentages.
Slide 37: GAAP to Non-GAAP reconciliation (continued)
GAAP to Non-GAAP reconciliation (continued) The sum of quarterly figures may not reconcile to the annual total due to rounding, as amounts are presented in millions, except percentages.
Slide 38: © 2026 Enphase Energy. All rights reserved. Enphase, the Enphase logo, Ensemble, IQ, IQ7,
© 2026 Enphase Energy. All rights reserved. Enphase, the Enphase logo, Ensemble, IQ, IQ7, IQ7+, IQ7X, IQ7A, IQ8, IQ8+, IQ8A, IQ8H, IQ8HC, IQ8M, IQ8P, IQ8P-3P, IQ9, IQ9N, IQ9N-3P, IQ10, IQ Balcony Solar, IQ Battery, IQ Battery 5P, IQ Battery 10C, PowerMatch, Power Control, IQ Meter Collar, IQ PowerPa