Enphase reports 3Q revenue rebound, aided by new storage product

An improved quarter for Enphase was carried partially by the U.S. launch of the Encharge storage system, as well as impressive revenue improvements in the European market.

From pv magazine USA

Enphase Energy reported a 42% revenue rebound in the third quarter, aided by the new Encharge storage system, which accounted for 10% of the company’s total revenue for the three-month period.

In the United States, Enphase credited volume shipments of Encharge, which began in July, to the market’s 39% quarter-over-quarter revenue gain.

“Resiliency is top of mind for people working from home,” said Enphase President and CEO Badri Kothandaraman.

Enphase hopes to be ready to introduce Encharge in Germany and Italy in the third quarter of next year.

About 78% of Enphase’s overall $178.5 million in third-quarter revenue was generated in the United States but revenue growth from Europe, which came in at 67%, was materially stronger.

“We added several new installers and distributors during the quarter, including top distributors in Belgium and Netherlands,” Kothandaraman said.

Enphase also launched its IQ 7A microinverter in Europe and announced a strategic partnership with module manufacturer Sonnenstromfabrik to develop a high-efficiency Enphase Energized AC module for the European residential solar market.

Looking ahead

For the next quarter, Enphase said that it thinks that revenue, excluding any safe harbor shipments, will fall within the $245 million to $260 million range.

“We cannot predict how Covid-19 is going to play out in November or December. So, that’s always a risk. However, we feel very good about the progress we are making and the demand that we are seeing for both micro-inverters and Encharge,” Kothandaraman said.

When the company started shipping its Encharge system in July, it also introduced online training and certification for its long-tail installers. Within the first few weeks of the product’s rollout, Enphase identified a few things to iron out, Kothandaraman said, adding that his company is currently laser focused on maximizing its installers’ productivity.

“We expect to get this activity done in the fourth quarter through software upgrades to our Enlighten platform,” he noted.

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