Enphase Energy, Inc. · NASDAQ:ENPH
Enphase Energy — Q4 2025 Earnings Presentation
40 slides from Enphase Energy's earnings presentation, Feb 3, 2026
Slide 1: Investor Presentation
Investor Presentation February 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 • Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP Litigation Reform A
Slide 3: Our Business
Our Business © 2026 Enphase Energy, Inc. 3
Slide 4: A leading energy technology company in the world
A leading energy technology company in the world Founded in 2006, with 2,872 Over 5.1 million systems1 in more employees as of Dec. 31, 2025 than 160 countries2 Headquartered in Fremont, California 2.39 GWh of energy storage systems with offices globally shipped2 Our customers are distributors, inst
Slide 5: Management has semiconductor and solar expertise
Management has semiconductor and solar expertise Badri Kothandaraman Mandy Yang Raghu Belur Hans Van Antwerpen Aaron Gordon Jayant Somani Gokul Krishnan Ravi Pervela President and CEO EVP, Chief Financial SVP, Co-founder, SVP, Chief Technology SVP, Systems SVP, Digital SVP, Consumer SVP, Cloud, Secu
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) cells which convert sunlight Enphase® Microinverter into direct current (DC) Converts DC to A
Slide 7: 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 8: 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 9: 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 Reliability target for Performance, Quality, IQ8+™, IQ8X™, IQ8MC™, M-
Slide 10: Our resilient business model
Our resilient business model CAPEX lite OPEX efficient Capital Efficient Manufacturing 1 Headcount Footprint 61% 60% 26% 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 11: 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 12: Advancing a sustainable future for all
Advancing a sustainable Clean energy production future for all metric tons of CO2e 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 1 power 14.9 million homes with ener
Slide 13: Our Strategy
Our Strategy Build best-in-class home energy systems and deliver them to homeowners through our installer and distributor partners, enabled by a comprehensive installer platform © 2026 Enphase Energy, Inc. 13
Slide 14: The Enphase Energy System
The Enphase Energy System © 2026 Enphase Energy, Inc. 14
Slide 15: Our Products
Our Products © 2026 Enphase Energy, Inc. 15
Slide 16: IQ8 Microinverter
IQ8™ Microinverter IQ8P and IQ8P-3P Microinverters IQ8P-3P MICROINVERTER • IQ8 Microinverter, the industry’s first grid-forming microinverter, support 14 A panels and ships to 58 countries • Delivers up to 480 W AC power for residential and commercial applications with CEC efficiency of up to 97.5%
Slide 17: IQ9 Microinverter
IQ9™ Microinverter IQ9N-3P MICROINVERTER • IQ9N™ Microinverter is Enphase’s first GaN-based grid-forming microinverter • 427 W AC power for residential and commercial applications with CEC IQ9N MICROINVERTER efficiency of 97.5%; handles up to 16 A panel current • IQ9N-3P™ Microinverter supports 480Y
Slide 18: IQ Balcony Solar System
IQ® Balcony Solar System IQ BALCONY GATEWAY Watch the video here • Shipping IQ 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 s
Slide 19: 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, Australia, New Zealand, Germany, Belgium, U.K., Canada, Australia, New Zealand, U.K., Italy, Italy, Austria, France, the Nether
Slide 20: IQ Battery
IQ® Battery IQ® Battery 10C (4th Gen) • Backup is made simple with the 4th gen 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 than prior generation • 62% les
Slide 21: 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 p
Slide 22: IQ EV Charger
IQ® EV Charger • Shipping the second-generation IQ EV 1 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 23: 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 b
Slide 24: IQ Energy Management
IQ® Energy Management IQ EN ER G Y R O U TER + CO N N ECTIVITY A N D CO N TR O L • Launched the IQ® Energy Router™ family of devices in Germany, Austria, Switzerland, France, Belgium, and the Netherlands • Enables Enphase solar and battery systems to work with third-party EV chargers, heat pumps, an
Slide 25: IQ Energy Management
IQ® Energy Management Example: Maximizing savings in a dynamic rate environment • Launched to manage Dynamic Electricity rates in the Netherlands, Belgium, and Germany • AI engine optimizes energy utilization based on tariff, production, and consumption • AI engine automatically curtails solar PV an
Slide 26: IQ Energy Management
IQ® Energy Management Example: Maximizing savings via hot water heater steering + / • Launched the IQ® Energy Router™ family of devices with IQ Energy Router 1 phase 3 phase support for water heater in France, Switzerland, Belgium, and the Netherlands • Key features: Green heating, scheduled heating
Slide 27: Enphase VPP
Enphase VPP Utilities need Flex capacity • 50+ VPP programs underway and accelerating • Extensive API portfolio enables low-friction utility onboarding • PowerMatch leads to better dispatch accuracy and lower costs U.S. utilities are embracing Enphase as VPP enabler • San Diego Community Power; Gree
Slide 28: IQ PowerPack 1500
IQ® PowerPack 1500 Energy security for the home and Energy-On-The-Go • 1,500 Wh Battery LFP, 2500 cycles IQ PORTABLE PANEL • 1,500 W Continuous power and 2X peak power • Smart, Connected Wi-Fi, BLE, Cellular plus Enlighten App (iOS, Android) • 120 V AC, Solar and 12 V DC Charges via 3 sources of pow
Slide 29: 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-the
Slide 30: Solargraf
Solargraf Design and Financing and Permit Plan Proposal Contract Sets More than 1,300 installers. Available in U.S, Canada, Direct Integration with Fintech partners Covers all 50 states and AHJs Brazil, Germany, Austria, the Netherlands, Australia, France, India TPO partner acceptance and integratio
Slide 31: The Enphase Installer Platform - Components
The Enphase Installer Platform - Components System Estimator Installer Toolkit App Enlighten Manager Enphase Store Enlighten MyEnlighten Homeowner App © 2026 Enphase Energy, Inc. 31
Slide 32: Financial Overview
Financial Overview © 2026 Enphase Energy, Inc. 32
Slide 33: Our financial performance
Our financial performance Quarterly revenue by year Quarterly gross margin % by year $8 00.0 $726.0 $711.1 55.0% 53.2% 2023 $700.0 50.3% 48.9% 48.6% 48.4% 49.2% 50.0% 46.2% 47.1% 48.1% $600.0 $551.1 45.7% 46.2% 46.1% 2024 45.0% $500.0 $363.2 $410.4 $380.9 $382.7 40.0% 2025 $400.0 $356.1 $343.3 $303.
Slide 34: Just the beginning
Just the beginning Great Technology Approximately 400 patents globally Innovative Products Home Energy Systems and installer platform Massive Market $19 Billion1 SAM in 2025 1 Q4 2025 Wood Mackenzie, S&P Global , LCP Delta, and Enphase internal data © 2026 Enphase Energy, Inc. 34
Slide 35: Appendix
Appendix © 2026 Enphase Energy, Inc. 35
Slide 36: GAAP to Non-GAAP reconciliation
GAAP to Non-GAAP reconciliation $ in MUSD Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Gross profit (GAAP) $326.4 $323.3 $262.0 $146.7 $115.5 $137.2 $178.2 $198.3 $168.2 $170.5 $196.2 $152.0 Stock-based compensation 3.7 3.4 2.7 3.5 4.2 3.7 2.9 3.7 4.2 4.3 4.1 4.5 Acquisiti
Slide 37: GAAP to Non-GAAP reconciliation (continued)
GAAP to Non-GAAP reconciliation (continued) FY’24 FY’25 $ in MUSD ACT ACT Net income (GAAP) $102.7 $172.1 Stock-based compensation 211.0 213.5 Acquisition related amortization 20.4 17.9 Restructuring and asset impairment charges 13.2 7.1 Non-cash interest expense 8.6 4.2 Non-GAAP income tax adjustme
Slide 38: Increasing Our 'Share of Wallet' Per Home (a U.S. example)
Increasing Our ‘Share of Wallet’ Per Home (a U.S. example) 1 2019 2021 2022+ IQ7TM family of microinverters2 IQ7 TM family of microinverters2 IQ8TM family of microinverters3 $2,000 $2,300 Premium for grid-forming +IQTM Battery +IQTM Battery $6,7004 $6,5004 + IQTM EV Charger Grid Services, AI Softwar
Slide 39: Acquisition history
Acquisition history CLOSED ON CLOSED ON CLOSED ON CLOSED ON JANUARY 25, 2021 MARCH 31, 2021 DECEMBER 13, 2021 DECEMBER 31, 2021 Solargraf® offers a simple platform A leading provider of outsourced Provides a platform to match Offers electric vehicle (EV) to accelerate the end-to-end proposal drawing
Slide 40: Trademark notice
© 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, IQ Meter Collar, IQ PowerPack 1500, IQ EV