Enphase Energy, Inc. · NASDAQ:ENPH
Enphase Energy — Investor Presentation (2026)
16 slides from Enphase Energy's investor presentation, Apr 28, 2026
Slide 1: Intelligent power for AI
Intelligent power for AI IQ SST: Distributed, solid-state transformers for AI data centers
Slide 2: Safe harbor
Safe harbor Use of Forward-Looking Statements This presentation c ontains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Sec urities Litigation Reform Act of 1995, including, but not limited to, Enphase Energy’s business strategies, including anticipated trends
Slide 3: 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 4: 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 5: AI also has a dynamic load problem
AI also has a dynamic load problem AI training loads can swing from idle to full power several times a second. Power infrastructure must respond in milliseconds, not seconds. Picture every light in San Francisco going dark. Then blazing back on. 4 Hz · 1 cycle = 250 ms Then dark again — several time
Slide 6: AI has an efficiency problem
AI has an efficiency problem Today’s architecture has too many conversion stages. IQ SST will convert medium-voltage AC directly to 800 VDC, reducing sidecar infrastructure and power losses. Source: Based on NVIDIA, “800 VDC Architecture for AI Data Centers”; NVIDIA Developer Blog, “NVIDIA 800 V HVD
Slide 7: AI needs a new power architecture – IQ SST
AI needs a new power architecture – IQ SST IQ SST will be a distributed solid-state transformer that converts medium- voltage AC directly to 800 VDC for next-generation AI racks. Today Tomorrow Architecture UPS, PDU + sidecar (PSU, BBU, CBU) Reduced sidecar and backup infrastructure. More space for
Slide 8: Why Enphase, and why now?
Why Enphase, and why now? AI is setting a new standard for power delivery. Enphase is ready. A 20-year head start Distributed by design Performance The core technology is what No single point of failure. Single-stage power conversion we've been shipping for two 99.999% availability. with sub-millise
Slide 9: 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 10: 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 11: 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 12: 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 c
Slide 13: IQ SST Roadmap
⊖ E NP HA SE . IQ SST Roadmap From functioning power modules to volume shipments 9+ months of active 80+ Engineers dedicated 20+ Prospective customers & partner development to IQ SST engagements PRODUCT ROADMAP TODAY · Q2 2026 2026 2027 2028 Functioning Functioningpower Powermodules Modules Full sys
Slide 14: Designed for AI. Built to scale in the USA
Designed for AI. Built to scale in the USA IQ SST is designed around Enphase’s high-volume manufacturing playbook: automated production and standard high-volume components. • Automated manufacturing designed for repeatability and scale • Existing Enphase processes adapted for SST power modules • Sta
Slide 15: 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 16: 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