Enphase Energy, Inc. · NASDAQ:ENPH
Enphase Energy — Q2 2025 Earnings Presentation
37 slides from Enphase Energy's earnings presentation, Jul 22, 2025
Slide 1: Investor Presentation July 2025
S ENPHASE. Investor Presentation July 2025
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 LitigationReform Act of 1995, including, but not limited to, Enphase Energy's financial performance; its business strategies, incl
Slide 3: Our Business
Our Business S ENPHASE
Slide 4: A leading energy technology company in the world
A leading energy technology company in the world Founded in 2006, with 2,734 iy Over 4.9 millionsystems! in more employees as of June 30, 2025 than160 countries? @ Headquartered in Fremont, California 2.05 GWh of energy storage systems with offices globally shipped? eS Our customersare distributors,
Slide 5: Management has deep semiconductor and solar expertise
Management has deep semiconductor and solar expertise % As, Badri Kothandaraman President and CEO Lisan Hung SVP, General Counsel, and Corp. Secretary © ENPHASE Mandy Yang EVP, Chief Financial Officer Nitish Mathur SVP, Customer Experience Raghu Belur ‘SVP, Co-founder, Chief Products Officer Sabbas
Slide 6: Enphase microinverter versus traditional string inverter
Enphase microinverter versus traditional string inverter Enphase solar energy system Traditional solar energy system Distributed architecture Solar panels Semiconductor integration Contain photovoltaic (PV) F | cells which convert sunlight cE 1 Converts DC to AC at each panel into direct current (DC
Slide 7: Solar Storage Grid
Solar Storage Grid Load control Generator Heat pump AC EV
Slide 8: The power of semiconductors, software, and Ensemble technology
The power of semiconductors, software, and Ensemble technology High quality Safety Fewer components No high-voltage DC Reduced thermals LFP battery chemistry! Exceptional Supply chain value efficiency Higher efficiency Single hardware platform Al-based HEMS* software-defined SKUs Great customer expe
Slide 9: Operational excellence
Operational excellence Customer experience Laser focus on quality and customer service 8x’ 500 dppm Better than Reliability target for M-series microinverters 77 <1 min Worldwide NPS Wait time target rs to actual failure rate results of IQ™ and M215™ microinverters as of June 30, 2025 © ENPHASE S re
Slide 10: Our resilient business model
Our resilient business model CAPEX lite OPEX efficient AMER: Brazil, Canada, Mexico, U.S. INDIA APAC: Australia, China, New Zealand, EMEA: Austria, Belgium, France, Germany, Italy, the Netherlands, Poland, Spain, Sweden, U.K. © ENPHASE Percentage of worldwide headcount as of March 31, 2025 © 2025 En
Slide 11: Global supply chain
Global supply chain Microinverters * Currently, 4 manufacturing sites with capacity at Las Vegas, NV,USA letem, Seaman, 7.25M micros/Qtr. aigaes China [ae Netherlands * Leveraging Inflation Reduction Act (IRA) to bring high-tech manufacturing and jobs to the U.S. r WorthTX, USA Xiaoshan, Hangzhou, C
Slide 12: Advancing a sustainable future for all
Advancing a sustainable future for all & 72 million . . metric tons ot COze prevented from Reducing our carbon footprint of clean energy entering the atmosphere, enough to * Achieved 13.4% reduction in Scope 2 emissions in 2024, compared to 2023 Production power 14.9 million homes with energy * Oper
Slide 13: Our Strategy
Our Strategy Build best-in-class home energy systems and deliver them to eae homeowners through our installer
Slide 14: The Enphase Energy System
The Enphase Energy System ENPHASE CLOUD 1Q MICROINVERTERS 1Q EV CHARGER \\ wut AN 19 SYSTEM CONTROLLER 1Q BATTERY ENPHASE © 2025EnphasoEnergy.Inc, 14
Slide 15: S ENPHASE
S ENPHASE Y) ~ O 2) me) O = OW _ 5} O
Slide 16: IQ8 Microinverter
108™ Microinverter * World’s first grid-forming microinverter * Upto 384W AC Power handling 14A panel current * Residential market - shipping to 58 countries worldwide ENPHASE
Slide 17: IQ8P Microinverter
IQ8P™ Microinverter * Upto 480W AC Power * Small commercial market North America, Latin America and the Caribbean, Europe, Asia occ g o * Residential and small-commercial market Brazil, Mexico, South Africa, India, Spain, France, Switzerland, Poland, Philippines, Thailand, Columbia, Panama, Costa Ri
Slide 18: IQ Balcony Solar System
1Q® Balcony Solar System Watch the video here Shipping IO Balcony Solar Kit (two IQ8HC Microinverters, one Gateway, and IQ Cables) to Germany and Belgium Kit is bundled with panels and racking and sold by retailers. The system can be scaled up to seven panels Balcony solar systems are popular in Eur
Slide 19: IQ Battery
1Q® Battery 1Q°® Battery 10/10T and 3/3T (1st and 2"4 Gen) * Shipping to U.S., Puerto Rico, Canada, Mexico, Australia, New Zealand, Germany, Belgium, U.K., Italy, Austria, France, the Netherlands, Spain, Portugal, Luxembourg, Finland, Switzerland, Sweden, Denmark, Greece * One-stop-shop, reliable, s
Slide 20: IQ Battery
1IQ® Battery 1Q® Battery 10C (4* Gen) makes backup simple Shipping to the U.S., including Puerto Rico 10 kWh battery capacity; 7 kW of continuous power * Neutral-forming; no 1Q® System Controller required * 30% more energy density * 62% less wall space than prior generation + LFP Chemistry, No dange
Slide 21: IQ EV Charger
1O® EV Charger * Shipping the first-generation |Q EV Charger to U.S. and Canada * Wi-Fi-enabled with smart control and monitoring capabilities * Integrates into Enphase’s solar and battery system to help homeowners maximize electricity cost savings 1 EV CHARGER 2 * Shipping the CS-100 EV Charger for
Slide 22: Bi-directional EV Charger (V2X)
Bi-directional EV Charger (V2X) * Vehicle-to-home (V2H) and vehicle-to-grid (V2G) functionality and green charging * Capable of providing simple backup to the home when integrated with the IQ Meter Collar + Seamlessly integrates into Enphase home energy systems with grid-forming lQ10 Microinverters
Slide 23: IQ Energy Management
1IO® Energy Management * Launched the lO® Energy Router™ family of devices in Germany, Austria, Switzerland, France, and the Netherlands + Enables Enphase solar and battery systems to work with third-party EV chargers, heat pumps and hot water heaters + Hot water heater compatibility just released i
Slide 24: IQ Energy Management
|Q® Energy Management Maximizing savings in a dynamic rate environment + Launched to manage Dynamic Electricity rates in the Netherlands, Belgium, and Germany + Alengine optimizes energy utilization based on tariff, production, and consumption + Alengine automatically curtails Solar PV and increases
Slide 25: IQ PowerPack 1500
1Q® PowerPack 1500 Energy security for the home and Energy-On-The-Go * 1,500 Wh, LFP Storage Capacity, 2500 cycles * 1,500 W Continuous power with 2X peak power * Smart, Connected Wi-Fi, BLE, Cellular plus Enlighten App (iOS, Android) * 120V AC, Solar and 12V DC Charges via 3 sources of power * AAC,
Slide 26: The Enphase Installer Platform
The Enphase Installer Platform * Reduce installation soft costs * Integrate all services for installers * Focus on ease of doing business for installers Lead Management Provide leads to Installers with the SolarLeadFactory acquisition Design and Proposal Solargraf makes state-of-the-art design and p
Slide 27: Solargraf
© ENPHASE Solargraf Design and Proposal More than 1,300 installers in 6 countries — U.S, Canada, Brazil, Germany, Austria, the Netherlands, France Features: New UI/UX, Auto Roof Detection, Smart Designer, NEM3.O support, Power Control System (PCS) support, System expansion, Single Line Diagrams, Mul
Slide 28: The Enphase Installer Platform - Components
The Enphase Installer Platform - Components System Estimator ROOFGRAF SOLARGRAF SOLARGRAF Installer Toolkit App | | | | T | a) Emphases | 6t@imune hoa 78 — £2 SOLAR! Enlighten Manager Enphase Store Enlighten MyEnlighten — Homeowner App PRONTO © ENPHASE ©2028 EnphaseEnergy.inc. 28
Slide 29: Financial
Financial
Slide 30: Our financial performance
Our financial performance Quarterly revenue by year $800.0 $726.0 $700.0 $600.0 $500.0 $400.0 $356. $300.0 263. $200.0 $100.0 $0.0 a $7 $5511 $363.2 380.9 $3827 | I $302. a2 a3 Q4 Quarterly operating expense % by year 35.0% 31.4% 30.0% 25.0% 22.3% 20.0% 15.0% 13.5%| 10.0% | fei a S ENPHASE 28.6% 26.
Slide 31: Increasing Our 'Share of Wallet' Per Home
Increasing Our ‘Share of Wallet’ Per Home 2019' 107™ family offmicroinverters? $2,000 i Enphase potential per home! 2021 107 ™ family of microinverters? $2,300 +10™ Battery $6,7004 Enphase potential per home! 2022+ 1Q8™ family of microinverters> Premium for grid-forming +1Q™ Battery $6,5004 +1Q™ Loa
Slide 32: Just the beginning
Just the beginning Great Technology Over 420 patents globally Innovative Products Home Energy Systems and installer platform Massive Market $25.4 Billion! SAM in 2025 ‘S) ENPHASE. 1 Wood Mackenzie, S&P Global , LCP Delta, and Enphase intemal dat@l@si6f 2024 ~y
Slide 33: S ENPHASE.
—— SENPHASE. ~ —_
Slide 34: GAAP to Non-GAAP reconciliation
GAAP to Non-GAAP reconciliation ce (GAAP) $198.3 $170. Stock-based 37 3.4 27 35 42 2.9 37 42 43 compensation Acquisition related amortization 18 19 19 19 19 19 19 17 16 16 Gross profit (Non-GAAP) 3319 328.6 = 266.6 15211216 = 142.8 = 183.0 203.7 174.0 176.4 Gross margin (GAAP) 45.0% 45.5% 47.5% 48.5
Slide 35: GAAP to Non-GAAP reconciliation (continued)
GAAP to Non-GAAP reconciliation (continued) FY'24 $inMUSD ACT Net income (GAAP) $102.7 Stock-based compensation 21.0 Acquisition related amortization 20.4 Restructuring and asset impairment charges 13.2 Non-cash interest expense 86 Non-GAAP income tax adjustment (34.9) Net income (Non-GAAP) $321.0 ©
Slide 36: Acquisition history
Acquisition history SOFD=SK CLOSED ON JANUARY 25, 2021 Solargraf® offers a simple platform to accelerate the end-to-end sales process across the residential solar industry. SOLAR CLOSED ON MARCH 14, 2022 Provides consistent high-quality leads to solar and storage installers, resulting in lower custo
Slide 37: Trademarks and copyright notice
© ENPHASE. © 2025 EnphaseEneray. All rights reserved. Enphase, the Enphase logo, Ensemble, 10, 1Q7, 107+, |O7X, |Q7A, 108, |Q8+, IBA, IQBH, IQBHC, IO8M, |QBP, |O10, IO Balcony Solar, IO Battery, IQ Battery SP, IQ Battery 10C, IQ Meter Collar, IQ PowerPack 1500, IQ EV Charger, Enlighten, IQ Load Cont