Enphase Energy, Inc. · NASDAQ:ENPH
Enphase Energy — Investor Presentation (2026)
19 slides from Enphase Energy's investor presentation, 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 contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Enphase Energy’s business strategies, including anticipated trends a
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: The shift to 800 VDC architecture
The shift to 800 VDC architecture Source: NVIDIA white paper "800 VDC Architecture for Next-Generation AI Infrastructure" by Jared Huntington & Mike Tu Opportunity • Convert MV AC to 800 VDC and deliver directly to GPU rack • Reduce complexity by eliminating multi-stage power conversion • Eliminate
Slide 7: The IQ SST solution: supports two use cases
The IQ SST solution: supports two use cases Enphase's differentiated solution: SST coupled with a BESS in the medium voltage section, and an SST for the compute load in the low voltage section Enphase differentiated solution • IQ SST supports two use cases: 1. Without LV battery: Sub-millisecond re
Slide 8: 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 c
Slide 9: 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 No single point of failure. Single-stage power what we've been shipping 99.999% availability. conversion with sub- for two decade
Slide 10: 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 11: Our distributed architecture
Our distributed architecture 43 mm Enphase power module 605 mm • 4 kW building block; over 98.5% peak efficiency expected • 250 – 500 kHz switching frequency; control ASIC: Kestrel (proprietary Enphase) • BDS and UDS GaN for input and output power stage • Weight: ~8 lbs; plastic enclosure with silic
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 2.5 MW rack @ 34.5 kV
Demo system available in Q4 2026 IQ SST 2.5 MW rack @ 34.5 kV 5.4 feet 6.25 feet • Power: 2.5 MW, ambient-air cooled • Architecture: supercluster of 672 power modules (Δ configuration) • Will support 35 kV and 15 kV utility interconnection classes • Designed for five-nines availability • 10-year lim
Slide 14: IQ SST roadmap
⊖ ENPHA SE. IQ SST roadmap From functioning power modules to volume shipments 9+ months of active 120+ Engineers dedicated 20+ Prospective customers & partner development to IQ SST engagements PRODUCT ROADMAP Q2 2026 Q4 2026 2027 2028 Functioning Power Functioning power Modules modules Full system d
Slide 15: Designed in Silicon Valley. Manufactured in Texas and South Carolina.
Designed in Silicon Valley. Manufactured in Texas and South Carolina. In the heart of the AI revolution, with current U.S. manufacturing and FEOC-compliant supply chain built to scale. • High-volume automated manufacturing • Leverages existing manufacturing processes • Made from standard off-the-she
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
Slide 17: Appendix
Appendix © 2026 Enphase Energy, Inc. 17
Slide 18: 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 19: 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